The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-07-11
WHAT is BEHIND those BoNDsf ?
FAIR PLAY.

Reader, have you ever thought much
about that hundred millions in gold
held in reserve ostensibly for the re
demption of greenbacks2
How many dollars in greenbacks do
you suppose are to be redeemed by it9
Do you know2 1t is only $346, 900, 900
over three and quarter dollars in
greenbacks for one dollar in gold.
Is it not quite possible that the peo,
pie are somewhat fooled in this matter9
What is the situation anyhow9
At all hazards we must keep that
hundred millions in gold intact with
which to redeem over three hundred
millions.of greenbacks. In the twenty
years this hundred millions in gold has
been kept hourly ready for greenback
redemption no one has wanted to ex-
change greenbacks for it. But how
did we get that gold in the first place9
We got that hundred millions in gold
by selling national bonds bearing a
high rate Of interest to obtain it.
What did we do with the gold so
dearly bought when we got it?
We lockedit up in our strong vaults
out of harms way. In other swords,
prompted by the bankers, we took it
out of circulation!
The gold was buried and idle This
gold for twenty years has been dead
and buried-as native gold is in the
mountains. You can't get it till you
satisfy the bankers, and that will cost
more than to take it out of the noun
tains.
But are the bonds dead, too9 No,
they are very much alive and hungry.
They eat interest. They eat a great
deal of it. They are voracious, and
they eat nothing but gold.
In all these twenty years, day and
night, and every hour, they have been
eating gold at the rate of five per cent.
1t is shovelled in for them quarterly
in advance.
At this rate the bonds have eaten up
the vast sum of one hundred and forty
millions in gold as interest, and no
greenbacks redeemed. Let us see. At
five per cent simple interest the an
nual sum fed to these bonds is five mil
lions. In seven years they eat thirty
five millions; in twenty years, one
hundred and forty millions.
These bonds, you see, cost us dear.
What are they9 The governments
notes Of hand, it's promissory notes,
nothing more!
How are they secured so as to make
bankers willing to buy them with their
gold9 Reader, did you ever ask that
question and then dig out the correct
answer7
These bonds have no security what
ever except the good faith and honor
of the nation. The greenbacks have
the same security, without any gold to
redeem themI Then why don't bank
ers also require "a gold reserve" to be
held in tact in the treasury to redeem
the bonds9 Try to think out the true
answer to that question.
You will see that it would kill the
goose that lays millions of golden eggs.
Look at our national banking sys-
tent What Is ils foundation9 Ma
tional bonds, that is, the nations debt.
How is the debt secured7 By the
nations word of honor, its simple
promise to pay. Is that good security
Is it a safe foundation for the national
banking system7 Il seems so. These
banks flourish. They make millionaires
by the thousand.
The bankers want more bonds for
the perpetuation Of this banking sys-
tenn. They are struggling hard to get
them. If bonds are so good and so
safe, what is the matter with treasury
notes, bearing no interest, to be used as
money by the people themselves7
Why give the bonds, which are only
treasury notes bearing interest, to the
bankers and let them issue their bank
bills or notes to the people7
Are we nation of fools2
ALLIANCE PICNIC AND MASS
MEETING.
At Spanish Grove, Forsyth. county,