The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-10
N N

During the period of depressIm
which has affected alike mprcaDrI
and agricultural communities nr
financial difficulties have been aggn
waited by the system Of bankiny ami
currency for many years past. Their
have been many impractlcabla al
mands made upon the State and Ns
tiOnal governments by those havebe
taught that legislation could rpmop
the Ills from which they suffer Soma
of these losses and deficiencies result
from natural causes, Ove~r-produCtir
and over filled markets, the changed
channels of trade, the opening of new
areas of production, the keener comN
tltlOn from increased rail way CON.
municatiOn, the growth of new WIT
at home, the taste for the expensin
and luxurious, and the lack of divers
fed industry and home productions
But, undoubtedly, two great factors
in financial depression consist in high
tariff and the present banking system
The residents Of the great centres
commerce do not fully appreciate Cl
needs; men to whom money IS easy, Cd
call, at very low rates, having 50 large
a portiOnO of their wealth in COntvertba
securities, cannot realize the obstacIs
in the way of the agricultural COM
munities, who seek for mony for lPgh.
mate purposes at 8 per cent. and lower
The national banking system must
20 with the bonded debt of this county
and even much faster so far as It Is
factor in furnishing currency. II tf
affairs of the country shall be brou9t
back to an economical basis, and W
pension system reduced to its just pro
portions, rapid payments will ocCl.
again upon the principal OF the deg,
with a necessity shrinkage o. u
amount of bonds Of the United oa@
as a basis for banking. !.
The Democratic party has recognize
this by Incorporating a demand m5a
national platform for the repeal Oh T rL
10 per cent. tax on State banks liz
people have endorsed this by suOm1
ting to the party, after Mar n 4th nths
the entire responsibility OF exc 'uIl'
and legislative power, and II Is Ie"o ~,
able to suppose that a repeal may spG r
pace before the next General ASS7nl"
of this State shall convene c,r.
State banks are older than In5 U ~
stitution of the United States lI 4
ample. the charter of the pam ~
North America, by Massachusetts, M
anterior to the formation OF the OHuI
There is no reason whatever WI!
State bank should not be toGnuI5TL o and
securities intrins1cally as ValuaoIe, np
as readily convertible ID Cn1 The
market as United States OohoI limited
legislation against them Oy VH ifooted to
States was originally m anl amid
give increased value to the 0OnuS, ooad
the uncertainties of wal. The suPp and
interests of limited cOmmunlIl5S ms
an unreasonable Apprehension in the
to note holders have alone 1 If taxa
way of repeal of this prGtghn;ti long
ton, but in reality Pron
since. ,.,ds first
class securities long and wen apR&c ieDt
in financial circles ought to Dc st tbat he
basis. and 7 am frank to say W tn pep
charters If snch banks ought TO tSsr
90 ~ 'T1nencumbered nav IN
can an 1ooa anu u Mercantile and farm
communities on proper S WIN the pre-
more than 6 per cent. ~ trade. al
ent keen competition IL - e~nffceoi
small profits, 6 per cenS. for bf5
and the CRY of the PeoPIon oCnirip
rates than they have Oeen ICY
paw, is reasonable. hrsleA
But banks are ventures IL II ~ cJptf
not charitable institutions. roas0n
are imposed which destrTTIl poi b
able profits, State bank, - VIZ hn quickly
organized, or, if begun, VIII ne ~ esraO
abandoned. I recommend tn9 Iaw, 70
of a uniform banBlD e favor
become effective in the caSe u yithOui
able legislation by Congress ears; aI
the necessity of waiting TWO equal
charters should be alike Will