The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-02-21

I6CSINO d Ildu . uOGC 1OI POU, UL1O NC1
lidity of that note depends upon the
sOlidity of his financial condition.
If his financial condition is solvent, no
one doubts the value of that note; it is
good for it's face value anywhere; it
can be exchanged in any commercial
intercourse, and no one will sustain
any loss whatever. But when it be-
comes apparent to the world, and is
fully made known to money eX-
changers that the man whom it is
upon has become insOlvent, and lost
his commercial integrity, that note will
be as dead as the North Carolina notes
I saw the other day fastened on the
wall Of dining room.
Mr. Editor, [ have no ambition to
criticise the author and supporters of
this bill now pending before the legis-
lature | would not say any ything de
rOgatory to their patriotic standing, for
| know they are Jealous in their incli-
nations to liberate the down trOdden
sons of toll thereby perpetuating
possibility Of eXculpating themselves,
that they may stand prominent before
their constituents two years hence.
| have read this bill with both eyes
open, have Investigated it's provisions
with a mind unhampered with preju-
dice, and with due respect to its author
and supporters, and l must say I can
see it only in the light of bOOdleism, a
scheme intended to fatten the usuTeT
by depressing the poor. In the first
place, the basis of it's issue has no
foundation. The bill provides that any
one wishing to go into the banking
business shall purchase from the State
four per cent. consolidated or six per
cent. construction bonds, and deposit
them with the State Treasurer. I know
but little of consolidated bonds, and
still less about construction bonds, but
| do know thl8-When bonds have been
issued to the amount of $l0O,0 and
the legislature Of North Carolina by
headlong and hast legislation apprO-
PIRATES that money to any other use
save redeeming said bonds, the notes
outstanding against these bonds will be
as dead as q note upon an insOlvent in
dividual. You know, sir, that the
Constitution of North Carolina has no
provision regulating the operation Of
the banking Industry; it remains to be
restricted by law, and you know that
law under the present administration
is by no means conducive to the Dor
roWer's interest, but seeks to accom-
plish the emOluments of the lenders
upon every occasion.
This bill provides fer the establish
ment Of banks of deposit. These de
pOsits that are to be held in reserve as
security for this money would, in many
cases be, if not directly, indirectly, in
the hands of the bankers themselves |
as our National legislature Is made Of
and by National bankers. So would
the legislature Of North CaroIina be
composed of State bankers. AS the Ma
tiOnal legislator manipulates Congress
to his own advantage, so would the leg
islature of North Carolina be controlled
by bankers to the bankers advantage
But to say nothing of the danger of
money to be issued by banks,
this bill has in it's provision a feature
that discloges the whole intention of
the plutOcracy. You know that a
fractional currency is the medium Of
the peoples exchange.
This bill, if understand it, provides
for nothing less than one dollar note.
If | have three chickens to sell at 25
cents a chicken, under a distribution
of currency similar to the one pro
posed in this bill | would be compelled
to barter them off for trade, sacrifice
them to the remOrseless greed Of the
5DeculatOr, whose inOrdinate desire for |
gain would be the means of my mis-
fortune. NJ B CHAMBLY.