The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-31
fro be CONTINUED J
STATE BANKS.

Mr. FDITOR:-Bllls are now under
discussion IN the Legislature to estab-
llsh State banks. 1t Is proposed to
base the Issue of their notes upon State
bonds the debts Of the people almost
an exact duplicate OF the present ma
tlOnal banking system, which has been
in existence ever since the lac civil
war.
This system has been condemned by
the farmers IN all their public expires
sions, aud its many faults have heeI.
so often pointed out, that it is surpris
ing to see with wat readIn-Es and
avIdidy some of our legislators seize
the CpQOrtunIty-thOugh to be at hand
by reason of the prospective repeal of
the 10 per cent aX-tO saddle the
farmers with additional financial bur
dens. If there are citizens who do not
wish to engage in productive industry.
they can, as well. buy national bonds
and engage in banking as at present
conditions; but let not our legislators
be guilty OF adopting All evil which has
been so universally admitted and con
dcmued by the people.
Ii needs no argument to prove to the
average farmer that he is not now, and
has not, for Il great number Of wears.
been aDle to realize hardly one per
cent.-after supp0Tt-upOn the crops
OF the farm TINS Is the condition that
CJnfrOntS the farmer, and yet it Is pro-
possibly his PROGRESSED frlends-t0 set
up q business, to De based upon his
credit, to enable a few men-bankers-
to realize s and 10 per cent.-after sup
port-by lending TO the farmers, at
present legal rates Of interest. which
will inevitably sink them under the
burdens of usury.
The farmers are very generally
agreed that the federal government
should Issue all money, and at such
rates Of IN crest as Will encourage and
not destroy productive industry. They
are entirely opposed to rates # interest
which absorb all the profits of the pro-
ducers, and give luxurious living and
support to a privileged few, while driv-
ing the masses to poverty and want.
The Constitution provides that Con
greSS shall coin money and regulate
the value thereof" and that mo State
shall emit bills of credit" which some
OF our legislators are nov proposing to
do, through State banks of issue. The
farmers have been saying all along,
and are still saying, that they will be
satisfied if Congress will regulate the
value OF money by fixing the rate of
interest at such a figure that they can
G.UOrd to borrow. An issue Of money
based upon land-the capital of the
farmer-ln such quantity as will meet
the needs of all kinds of productive in
dustry IS what he says he wants.
The farmers are not opposed to banks
or banking, but believe that both indi
vlduals and corporations should bank
upon their own money and not upon
State 0Onds, which are the debts of the
people. If they ali w a class of citi.
zene to make a living by the manipu
latiOn Of their debts-which are their
burdens-these burdens will soon be
lncrea 9ed. and command a premium
like the national bonds, because they
would afford q large income for a priv
legged class Of non-producers, whose
support also would be d4gEvn from the
already Overburdened industries of the
farmers and other labOrers,
1t Is to be hoped that the present
Legislature, whose members are known
to represent almost entirely the indus
trial class, will look well before grant
ing charters for State banks, which
can only prove additional financial
burdens upon their constituents.
ARATOR.