The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-01-03

Mr.. EDITOR:-In the December 18Th
issue of your valuable paper. Bro. w.
r Lindsay gives an interesting and in
structive article on Money! As one
who has studied finances, | wish t Osay
that ia reference to metallic basis for
our circulating medium, it IS absolu, ely
wrong. Because Of this wrong the PEG
pie are compelled to pay interest for
the use of it There is nothing palmer
to me than that the base Of money
should be th0t tChjcb 1T represents.
Now what does it represent? It repre
sents property or wealth; therefore
property or wealthshould constitute it's
basis. To say, as we and all nations
do to-day, that something else gold
and silver for example, is its basis, is a
falsehOo1 and a snare, and it has
brought upon us interest as a punish,
ment.
Interest for the use of money is
usury. All moral law and ethics of
political economy warrant our reform
taking this position. We must strike
at the root of this monetary disease
Let the government (the people, issue
money; gold, silver, niCkle or paper,
Ioanable direct to the people on a half
per cent. of their wealth as represented
in land-WhiCh is imperishable wealth,
say at 1 per cent. intere5t-Only enough
to pay the expenses of the loan and no
profits. The government also having
bought the railroads, or built others,
should issue a safe per cent. on their
value, if needed. They cost S., OOO,-
900, coo. and one fourth their value
would represent all the 'metalic basis"
gold and silver in the United States.
This our proposed basis of circulating
medium which is in accord with the
principles Of the Ocala, st. Louis and
Omaha platforms, will give an abund-
ance Of money, flexible in character
and with its true representative, and
with it's true representative, and not a
falsehood, as its basis, There would be
no better, safer nor more honest"
basis on earth. Ali absolutely a legal
tender.
On this principala s%uficiency money
would at all times be in reach of those
people who have the real im~perishable
which 1t represents. Also, off would
go interest for all time, that awful and
cursed yoke that is making slaves of
US all. In this way there is to be no
"mammOnite god set up, " for the great
industrial people would own the land
and there would be ten owners and
cultivators of it then to one there is
now-and would in a great measure
have the power to control the money
supply and hold or sell their products
at paying prices. Of course supply
n demand would be the greatest fac
Tor regulating prices, as it would in
any event under heaven; but the profits
or losses would issue to the producers |
n not to the spectators. Money |
would n be safe, sound and flexible
IN volume and panics would be a thing |
of the past.
In such a system, too, it is not ne ces, |
sary to stlpulate a certain amount of
money per capita, for the amount
would regulate itself by the needs of
the people. l know some object, and
say why not issue money upon anv |
and everything of value9 Simply be-
cause:
First, they are perishable, while real
estate property in land is imperishable
as gold.
Second, because landed real estate is
the basis of all industry and products
and less than half it's taxable value
would represent a volume of money
far above what we demand or need, in
GLIDING much of what we call money
of account.
Third, because all past experience
shows that only a small portion of the
wealth of a people is eve needed-un-
der the most extreme circumstances
as money or a circulating medium.
Whata spectacle American sovereign
people present in going over to Europe
TO consul L t2cial sovereigns as to