The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-11-07

age if there was not collusiOn and ar
rangement with them beforehand9
Here is another proof of the Hessian
character of those repealers from the
very inception of their work to destroy |
silver money.
It is humiliating enough to have for
eign bankers write our news and edi
torials without having them write our
laws.
Our distinguished Congressman told |
US last fall in his speeches that the de |
sire to restore free coinage was headed |
by national bankers, who would get |
cheap silver bullion after the bill should |
pass, and have it coined to pay their
depositors We wonder if he has since
gro wn wiser, or does he think his con
stituents have grown too wise to re-
ceive such talk in the next campaign9
But few of these repealers have been
laboring to relieve our financial strin-
gency, OR are willing that it shall be re
lieved. Cleveland's orders to his Con
gress, (not the peoples Congress), have
betn no relief bill shall be considered
until the purchasing clause of the Sher
man law shall be repealed, and as he
owns the Congress, as he assumes,
Congress has not been permitted to
consider anything else.
About the first bill day Mr. Johnson,
of Ohio, introduced bill for an act to
permit any one with government bonds
TO go TO any sub treasury and deposit
them, stop interest, and get their face
sum in greenbacks. The bill still
sleeps in the committee.
The cOntractiOnists want less money,
the silver men want more greenbacks,
as there is not enough of both gold and
silver TO meet the money demand OF
the word, and never can be: but the
repealers when they shall make any
greenbacks, instead of putting our
own bonds IN as a basis and stopping
interest, they want TO draw In gold.
knowing that for the time they can
hold it in the treasury 1t will be out of
bottom OF the sea, so far as affecting
the money market, and then new bonds
Will be necessary to continue national
banking, after our present bonds shall
mature.
The Ohio Johnson's bill could have
been passed two months ago if Cleve
land and the repeal men had been will
ling, and added $500, 600, 900 to our Cir
culation, and have reduced our bonded
debt that much, but that was not de-
sired by Wall street, which is now
running this country and it's President.
This bill would save the government
$4,000, 900 annually in interest and les
sen our bonded debt $500, ,OOO, 900. The
course they desire will increase our
bonded debt the amount of our silver
certificates and silver money which ex-
ceed $500, 600, 900, and wipe out that
much from circulation, and take near
ly that much of gold out of circulation
by putting it into the treasury. The
extra $500, ZOO, 600 circulation would
have been loaned and re loaned to our
people and saved $500, 600, 900 from be
ing brought from the other" side, and
as every dollar in circulation is loaned
at least five times during tbs year at
an average of per cent this Johnson
bill would lesson the interest output
from this country Of $75,OOO,OOO an
nually, and help expand prices, while
the other policy would contract them.
Contraction is drifting us to bank
ruptcy. The Northern Pacific, whose
stock two years since was worth 78
cents, and the Union Pacific, which
has land grant greater than all of
France, are now IN the hands of re-
ceivers. Under the prevailing Hessian
policy before Mr.. Cleveland's time
shall have expired they will have
passed to foreign ownership, and the
guaranteed loan of the Union Pacific
will be thrown on the government to
pay. This will become the fate of
more than half tie railroads in the
country. This policy too will close
our banks and business houses. The
deposits of our banks exceed their total
circulation fourfold. These deposits
are loaned, re deposited and re.loaned
on equities, the notes of borrowers.
When contraction shall have disabled
oneffth of the note givers, to pay the
bank will be short it's total circulation
and close it's doors.
Our late panic did not arise until it
was known that the Sherman law was
likely to be repealed without any sub
stituted silver coinage, and it abated
after it became known that uncondi- |