The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-05-16

rency burnt up, destroyed, CONVEX,
into interest bearing bonds; 10, 265 foS
ures reported, involving a loss of s2n
900, 900. For ten years this cont,s.
ton, or. positive withdrawal Of c,
rency amounting to 81, 400, 900, 900 w.,
allowed by the Congress of the UntS
States to continue, and here is the snn
total of the damage done to busino~r
interests of the country. During t$s
time were AZ, SOB business reported i
the United States, involving a loss y
81, 432, 900, 600. Of course it can nevo%S
be correctly calculated to what ANON,
the farmers suffered in consequence ~
this cruel, vicious and destructirSs
legislation. q
Gold advanced in price, money pron
scarce, the banks were hoarding \
they knew what they were able to6GE5N
would be doubled in a few years i
purchasing power. The number Il
idle men seeking employment in
creased. Tramps multiplied. Wag,
we're cut down. Strikes became pr3r
aIent. Pauperism increased ahundrpd
fold. Crime growing out of the gpN
eral depression of business and the wan,
Of the n~ecessaries of life, increased n
an enormous extent. Farming produces
declined year after year IN prOportim
to contraction. Wheat declined from
2. 25 in 1867 to rs cents in 1892. Cr
ton from 26 cents in 1867 to 6 and
cents in 1892. Billions and billions The
farmers have lost on account of te
contracting act, passed by Congress
the United States for the benefit n
national bankers, for the benefit d
those having fixed incomes, such AZ
salaried once-holders, and those ha7.
ing money to loan. Especially wa
this law highly beneficial to foreign
capitalists, and judging from legis8
ton which subsequently followed, The
foreign capitalists played a full hand
in it's enactment. Millions of persons
are yet grooming under the weight Of
debts created before and during the
contracting period. The contracting
act was passed to make the rich richer
and the poor poorer.
Now, farmers, it is pretty clear that
the enactment of this "contractng
act" has been the prime cause of the
great evils which are affecting the in.
du5triaI classes of the United States
Ere this act, we had in circulation Of
$50 per capita. Now we have only
about So per capita.
You now also know that the two old
parties are responsible for the destruc
tion of values belonging to the farmers
and wage-workers of the land. There.
fore, if we want reform, we must not
set Jul reform eggs under old party
hens.
The people submitted to this great
crime of contraction. They were mostly
ignorant of its passage, nor were they
aware of it's effect upon their industries
until its destructiveness was sapping
their very life's blood. eff a govern.
ment contracted a debt with a certain
amount of money in circulation, and
then contracted the money volume be-
fore the debt was paid, it is the most
helnOus crime a government could
commit against the people," Abra.
HON Lincoln. ITO be forced to pay a
debt in money dearer than when the
debt was contracted is a cruel law and
works a hardship on the debtor class
which is grossly unjust"
The amount Of mortgage indebted.
ness resting upon the farms and homes
of the people in the United States, from
the best and most reliable information,
is estimated at sixteen billions of dol.
lars, The interest on this vast sum at
8 per cent. is 81, $780, 600, 900. This is
the amount Of money the farmers and
people are paying annually to the
money-lender5 of Europe and America,
To properly appreciate the magnitude
of this enormous annual interest sum,
it is in accordance with the facts to
state that it is more than the value OF
the entire wheat, cotton and corn crop:
of the United States for one year, and
fOur-ffths of this heavy mortgage debt
is attributable to Congressional legis.
latiOn, to the enactment of this con.
tracing act.
This contracting act was conceived
by the bankers, the money lenders and
plutocrats Of the country. 1t was
financial system copied after that Of
old England. Those who advocated
its adoption knew from it's effect dem
onstrated in England that it would en-.
rich the few and destroy the many.
1t was no-new experiment.. The sy8
tenn was fashionable and aristocratic
across the Atlantic, It was the Eng
fish style, don't you know?" 1t wa:
the English style Of enhancing the in
terest of the rich. 1t was done, as all
subsequent financial legislation wa:
done, for the aggrandizement of the
few.
Secretary Window once said, "what
shall be thought of a free people that
will thus submit to be bound hand and
fOot?" 1.-THE man that does not pro
vide for his household is worse than an
lntidel." The man that votes to per
petuate either of the two old parties in
power, is simply voting to enslave him
self, his family, his posterity for gen.
erations to come. The two old partie:
are united on the present and past
financial policy of the countrywide
battles have been fought on the right
and left wings of main and true issues
The centre, the ramparts of the pluto,
Gratis, have never been assaiIed.
Why, what is the matter? 1t is that
most of NV1v ao~&oSoo 4411-o1- nO1