The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-08-29
THE FINANCIAL SITUATION.
More Money the Only Practical Plan for
Relief--Repeal of the Sherman Act.

MR.. EDIToR:-Unless proper means
for relief can be soon devised, the pres
ent financial stringency will ere long
develop into one of the most distress
ing panics that ever before swept the
country. shall not attempt to deal
with causes, but will submit few re-
marks on what appears to be the only
practical plan for relief.
The financial question, including the
value of the silver dollar and the
scarcity Of money, has been agitated
until feeling Of general distrust has
taken hold Of the masses of the people,
causing them to lock up their funds
AS the adrOit Snowman diverts atten-
tiOn from the point where the trick is
really performed, so must we in like
manner, divert the attention of the
people from the present financial strin-
gency. The most practical way to do
this is to start flow of full legal tender
U. S. notes at the rate Of fifty million
dollars per month, and continue slme
for the period Of about three years.
What inspiring feelings on the words
''relief is coming, fresh troops are close
at hand" gives soldiers when sorely
pressed on battle field. Even so with
our toiling masses; they are now sorely
pressed, and with what JOY they would
hail q similar declaration.
AN IECREAsE IN THE VOLUME OF CUR
RENCY FEASIBLE AND PROPER.
At the close of the war the popula-
tion Of the Northern States was about
twenty five million, and the circulat
ing medium nearly all paper-aggre
gated about two billion dollars, which
was some eighty dollars per capita.
Our population, including theSouthern
States, has since increased to about
sixty five million, and the circulating
medium has decreased to about one
billion, six hundred million dollars,
which is about twenty four dollars per
capita.
France is considered the strongest
nation financially on the face Of the
globe, having a circulation, including
coin ami paper, of about fifty seven
dollars per capita, and experience has
shown that it is none too much.
If our circulating medium we're in
creased to fifty dollars per capita, a
new issue of about one billion, six hun
dred and twenty-five million dollars
would be required.
By reason Of our large expanse of
territory and consequent expensive
railroad system, we can proftably EN-
ploy a much larger volume Of currency
than France. In addition to this, the
people of the United States have with
in a few years invested in Mexico to
the extent about three hundred and
forty five million dollars, which vir-
tually works a contraction to said
amount. More than this, our popula-
tion, including immigration, increases
nearly two million per annum. Con
sequently a new issue of by about one
hundred million dollars annually is
necessary to prevent virtual con-
traction by reason of said increase.
THE REPEAL OF THE SHERMAN ACT AND
AND IN LIRU THEREOF ANOTHER ACT
AUTHORIZING THE ISSUE OF FIFTY MIL
LION DOLLARS OF FULL LEGAL TENDER
UNITED STATES NOTES PER MONTH, TO
CONTINUE FOR THREE YEARS, RE
QUIRED.
An issue to the above extent by the
General Government (no national bank
or other currency needed would give
US about the necessary amount of cur
rency with which to transact the bust
ness of the country on a healthy basis.
If the paper be made full legal tender,
the same as gold, it will continue on a
part with gold, however large the
quantity issued may be. If times get
too good the further issue of new paper
can be discontinued, but this is hardly
probable.
An important reason why the Gen
eraI Government should issue all the
currency is that it reaches the people
free without the payment of any in
terest. But if national or other banks
issue the currency, interest is paid on
every dollar thereof whilst in circula-
tion Except the small amounts paid
out as expenses of the banks.)
With said exception, all money in
circulation is represented by notes in
bank drawing interest. Did you ever
think of this and what an immense tax
the people would be subjected to if said
banks were permitted to issue the cur
rency.
HOW THE NEW ISSUE IS TO GET INGO CIR
CULATION.
Ali pensions should be.paid out of the