The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-11-14
A STATE FINANCIAL SYSTEM
Harry Hinton Makes Suggestions and
Gives Figures for Your Study.

|
| Gives Figures for Your Study.
! MIR EDITOR: R:-Since the financial sys-
TENS of Europe engrafted upon re-
publican tree from q mOnarchial stock
have outgrown their usefulness, and
from a just sense of equity many new
ideas and plans have been invented
and published by the fertile American
mind to take their places, more in &C
cordance with the equal rights of man
and the demands for money. And
since to side track any and all Of these
plans or systems, partisan plutocracy,
ever on the alert to deceive the people,
prcp poses a State banking sys5t m on the
principle Of our present national banks,
III order to throw another fetter around
their victims. We will endeavOr also
to side track this new move on the part
of plutocracy by proposing financial
system for the States which will be
built up to fatte no class.
1. Let the State legislature authorize
it's treasurer to convert the paper
money collected for taxes into coin and
keep the coin stored in vault and issue
coin certificates thereon.
2 Pay these coin certificates out in
the settlement of State expenses.
3 They will be redeemable, dollar
for dollar, in legal tender money, and
will be quasi legal tender.
Let us see how this will work: For
the first year this State would issue say
$500, 900; the second year $500, 600;
making 81, 900, 600; the third year there
would be 81. 400, 900, fourth year So,
200, 900, fifth year $4,OOO,O00 and in
the tenth year $8, 100000 This process
to continue until the State has a sufi
cheney of local money, and until, to
gether with governmental money,
there is $50 per capita.
This calculation is based on the sup
position that there will be no demand
for redemption. But If there is, it will
only prolOng the time needed to get out
q sufficient volume. The difficulty
about this State money is it will be too
)od for local use alone, aud would
circulate all over the nation, and money
gamblers might endeavOr to deplete the
State Treasury IF its coin. To meet
this difficulty it should be made re
deemable half and half in gold and sill
yer. This would confihe it to legiti-
mate uses and still be as good as any
other money.
We think orders for redemption
would be few. No one wants coin for
business purposes except the gold
gamblers and export traders. This is
no State banking system; it is simply
State financial system which every
sovereign State ought to have. 1t is
the only way to be sovereign. Then
the sub treasury system or any other
financial So stem to make money flex-
ible and yield to the demands of trade
would be in the province and power of
the States, which from the present out
look is our only escape from capitals
tic slavery.
I hate the idea of doubling the in
terests of capitalists in order to fur
nish a sovereign State money, as in our
National bank system now proposed
for the States. hate also the idea of
giving corporations the special privi-
Iege of issuing two to three to one of
coin in vault. There is neither sense
nor justice in either State banking sys
tenn. Let the State have its own finan-
cial system, sustain it's own credit and
lend that credit, which belongs to every
tax payer alike, to no special class.
This it can do under the system pro
posed. It will take time, but it can be
done
Read this to the boys, Mr.. Farmer,
as you pass along down the line. Don't
let them be fooled and then robbed by
any State banking system proposed by
the political agents Of the money power.
They are New York confidence men.
If we must have State money, see that
every dollar is backed by dollar in
the grip of the State If we are to have
promises to pay mQRey, circulating as
money, let every laollar Of it Be issued
by a sovereign power Make note of
this. HARRY HINTON.
ss-Sso-
IS IsTHRDEocRATIc PARTY DRADa
If the Sherman law is really repealed
by the votes of Democrats whether un-
conditionalIy, or by force of a reason