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

dollars, or of gold and silver dollars
and paper money based upon these
metals, is therefore utterly impossible,
such dollars having always a growing
power over labor, until the masses are
brought hopelessly under the heel of
legalized ~plutocratic despotism.
The solution of the money question,
is the solution of the usury or interest
question. A circulating medium of I'm
fuctuating, un~appreciating power over
labor is impossible under unlimited
gold and silver coinage, as is shown by
the known usury exactions of thirty
four centuries of bimetallic money his
tory. 1t is not possible either, as we
have seen, to prevent private money
monopoly and usury if the money Is
made partly or wholly of paper based
on gold and silver coin. And 1t Is not
possible to prevent the money n cap
ital concentrating power of usury II
| our money is issued by the government
in a fxed-per capita amount (6fty dol
lars, or any other sum- and simply paid
out TO meet some of the current govern
ment expenses. So paid out and linn
tied, in the shape of rents interest and
net profits, by ear of other monopo-
lies, it would soon flow into the hands
of the few, when the money monopoly
would be as powerful and absorb the
property and liberties of the people as
rapidly as it is now doing.
Then shall we say there is no safe,
certain way to regulate the value of
our money and cut off it's property alb
sorbing, liberty destroying power.
Gen. Warner thinks we must still
cling to gold and silver money with all
its historic evils, evils greatly increased
by modern commercial needs and in
dustrial conditions. He is not aware
that a scientifically perfect financial
system has been devised, a system
which would fasten to the dollar an I'm.
changing value, and furnish a currency
which would be expanded exactly as
fast as, and no faster than the needs of
the people would demand, a currency,
moreover, which could not be loaned
p~roftably by private parties and so
drawn into few, hands. The principal
PARTS Of this financial system are found
In the demands of the national platform
of the Peoples party. Putting these
demands into their natural connection,
or relations, and logically d~evelopinga
complete, perfectly guarded financial
system therefrom, we have the follow
ing, which we submit to Gen. Warner
and others for their careful consider
alton:
Postal savings banks to be established
by the government for the safe deposit
of the earnings of the people; to loan
them money, also, at cost of investi-
eating and providing adequate securi-
ties and to facilitate exchange. A ma
tional currency issued by the general
government only, a full legal tender
for all debts, public and private, dis
tributed through the postal savings
banks in volume to meet all present
needs and increasing as needs shall in
crease, loans to be secured by abun-
dainty adequate first mortgages, and
further secured by local property tax
alton to make good any possible loss
each county where the loans are made.
Under this financial system all
money savings would be deposited for
perfect safety in the postal savings
banks, and when the infowing stream
Of deposits equaled the sum of money
demands the currency issued would be
in volume just equal to the needs of
the people, The volume would need
to be increased now, and from time to
time, just to keep deposits and legiti-
mate demands balanced. But if dur
ing any part of the year less money is
needed than when great crops are be-
ing moved, it would be deposited in
the banks, and, so withdrawn from
circulation, would not affect the pur-
chasing value of the money unit of e.
change.
With this financial system in opera
ton there could be no stringency in
the money market, no bankers panic
to stop the wheels of industry, no lack
of capital to keep all at work, no net
profits and interest incomes taken from
labor's earnings, leaving the workers
insufficient money to empty the mark
cts and leading to periodic stoppage of
work and starvation, Or lower wages.
1t is the demand and supply money
system of most advanced statesman
shin q SuStnnn mhinh nkrikns o GnStrnu-