The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-10
MONEY GOLD NOT NEEDED.

| or money! Its primary function Is 70
assist in making exchanges. It's sec
Ondary function is to pay debts and
taxes. Under a correct financial sys
| tenn there will be no deots and it will
be easy to devise a system of raising
revenues that would free real estate
| from assessment. Money is not wealth,
| but Is the representative or sign OF
| wealth. If you we're to create one
thousand million dollars of money,
you would not add one cent to the
wealth of the country. You would
! have created the tool Of trade that
would assist in creating wealth. AS
money is not wealth, and it's function
Is to make exchanges, it must be con
! fined by national enactment to per
| forming it's function without taxing
! production. The constitutional power
! to coin and Issue money carries with it
| the power to confine it to it's purpose.
! The government has the exclusive
power to coin money. and it must be
put into circulation by paying por
tiOn of the expenses of the government
making improvements or distributing
1T among the people in the various
States. Prohibit interest on money
and you destroy the credit bonding
| system that has piled up mountain
Of debt, and from this the interest is
depicting the money from the channels
of trade and cOngesting it into centers.
This credit-b0nding system cOmpels us
% pay every thirty years three to four
times the sum it would cost under the
cash system. The cash system would
save us an annual cost of two thousand
million dollars in distribution.
THE REMEDY FOR FINANCIAL DEPREs-
sIONs.
!. Abolish all banks of issue.
9 Issue sufficient volume Of money
! to make our exchanges on a cash basis.
8 Put this into circulation by pay
ing a portion of the government ex-
penses, making public improvements
or distributing it among the people in
the various States.
4 PrOhioit by national enactment
the banking money on interest.
5 Establish government postal banks
where depOsitors will be guaranteed
against aIl loss
6. Establish sub treasures at central
distributing points where the farmers
can send their non perishable products
Z Let the farmers and all other
| classes CO operate and fix a living
price on their labor an products.
s Levy a prohibition tariff on all
! that is raised on the farm in sufficient
| quantity to do the country that comes
| IN competition with the products of
other countries and reserve to the
| farmer the exclusive congrOl of his
! home market
| 9. Prohibit alien ownership of real
estate Financial refOrmors must bear
this in mind, that it is interest from
| money loaned that cOngests money to
| Il loo
whose interest is Numerically opposed
to each other. The creditor class is in
terested in squeezing more of the neces-
saries and luXurirs of life into their in
comes, and to do this they must have
| q small volume of money and control
it. The industrial lass are interested
in commanding the largest number of
dollars for q given amount of work,
and to do this they must have full
volume of money and control it. The
industrial classes of the United States
have no use for a creditor class.
LOANING MONEY ON LANDS.
There are nine million mortgages in
the United States, covering the best
property North, South, East and West,
! These have lost their credit and cannot
borrow, rs there would not be one fourth
enough issued to pay the mortgages.
large majority of the land in the
South is in such shape no company
would loan money on them. The class
that could borrow money on real estate
is small, while those who need it the
worst would be debarred
The Alliance plan of loaning money
on land Is impractiCable under existing
! circumstances. burdened with interest
| and unnecessary expenses, and 1T must
go the way Of all plans burdened with
interest. Money can and must be put
into circulation without taxing our IN
| dustries. Not one reason can be gwen
why the people should pay for the use
of their tool Of trade when it can be
avoided.
SPECIE.
Mr.. Lindsay says: " But what Is
our standard of valuation If we have
not the metallic dollar? VIII 1t be
bushel Of wheat or ten pounds OF cot
tOn9" A bushel of wheat and ten
pounds Of cotton possesses the same IN
| trinsic value as foo aud cluthlng they
did one hundred years ago. The gOld
dollar will measure twice as much as
it would in 1865. The unit in a paper
dollar is the same as unit IN gold
dollar, other things being equal, 1t Is
the volume Of money that determines
prices
= Double the volume of money, and
you decrease it's measuring power one
half. Decrease the number of dollars
one half and you double the measuring
power of the unit. To have uniform
measure of values, you must have a
uniform volume of money. Here is
one of the great dangers in allowing
corporations to issue and control the
volume of money. They can appreciate
and deprecate all wealth by contract
ing and indating the volume of money.
1t is conceded by all standard authOri-
ties that contraction and initiation de-
creases and increases prices of all
! articles measured. Mr.. Lindsay. don't