The times. [volume] (Richmond, Va.) 1890-1903, 1893-02-26
HOW THE FARMERS DEMAND FOR
FREE COINAGE INJURIES HIM.

1
silver do so for the reason. as they claim.
that there is not enough money In the
| United States OF America for the reeds
Of the people In effecting exchanges OF
from the farmers, and, as hnanciai laws
exist at this time, candid and frank men
iaust admit that these. the complainants-
the farmcrs-are unable TO get the money
which their necessities require and which
their property and means entlue Them
o: right TO get when they desire 1t. The
farmers are mistaken, however in the
reason which operates TO prevent tner
securing the money which they need.
That reason is not because the supply OF
money is II sufficient for the necessities
OF the country. There Is an abundance
of money for all purposes. The reason
they are unable 10 secure money when
they need II is that the existing laws
conAne banking to commercial centres.
The money OF the country. all. inevita-'
bly,, finds its way to the banks. Inc
banks are managed by men In the COM
mercial centres who have no acqdalnt-
ance with the farrers. Bank onicers
lend money upon knowledge OF the Dor
,ower's character and not merely on ac-
count OF the property that he appears 10
own. The bank officers do not kno"
the farmers. and for that reason they
will not lend them money.
The farmers difficuity, therefore, Is not
on account OF any construction OF money.
There Is an abundance OF that. HIS dirn-
Guilty arises from the fact that he IS not
allowed TO open a home bank, whose
managers would know him and wouid
therefore lend him money on
knowledge of his property and character
combined. Instead. therefore, OF ASKING
FOR the free coinage OF silver, which wouid
do him no sort of good. since 1t would all
go into the present banks. which would
still refuse to lend him money, ne shooia
demand the repeal of the laws when
prevent him from establishing his nome
bank. that would lend him money In MS
necessities.
The laws respecting silver. which have
been passed in obedience to the FARMER
demand. have now been IN force long
enough for more than four hundred mil
lion dollars OF silver money and silver
certificates TO be added TO the general
stock of money. But. has this addiuon
tended in the slightest degree to case
that tightness OF money from which the
farmer suffered when he commenced his
demand for free coinage of silver? 1t
has not tended thereto in the slightest
degree. The farmer should ponder this
fact well.
II is easy OF demonstration. however.
that this regular forced addition TO the
money Of the country. over and above the
supply which comes in obedience to nat
ural demands for Il. does the farmer
distinct injury 1t all goes by natural
laws into the banks, which. Of course.
seek a use for It. 1t is not required in
the ordinary channels OF trade, so the
banks hunt up outsiders to lend II TO.
These are not difficult 10 find. Every
country is full of venturesome spirits OF
opinion that prices will be better. They
buy up the farmers wheat, corn, pork
and cotton. paying for 1t with the surplus
money the banks have, which they lend
them on the produce purchased, and then
the Spectator holds that produce for the
expected rise, paying the banks interest
in the meantime. In this way the specu-
lators store away and hoard up very large
parts Of the annual production OF staple
articles The Daily Commercial Bulletin,
Of New York, is authority for the state
ment that the stock Of cotton held in this
country to-day is 1,i2S,OOO bales. as against
S9i, 900 held at this time three years ago,
an excess Of $4,000 bales. worth $4,000. COO;
that the wheat now held in the United
States is Sl,OO0,OOO bushels, after 4 crop
said to be 1901 900 bushels short. which
is 4O,0O0O 300 bushels more than was held at
this time last year. after the largest crop
ever grown, and that the figures In pork
correspond with those Of cotton and
wheat.
A very large part OF these boarded
stocks are stocks carried on borrowed
money by s1eculators. The accumulation
of stocks, Withdrawing so much from use,
caused the farmer TO increase the quantity
raised this keeps the price Of the article
down, the expected rise In price fails TO
come, and the Spectator is consequently
forced at last to let his supply go upon the
market for sale. This brings about glut in
the market, and consequent depression
in price. which puts the article 50 low
that the farmer is unable to raise 1t at
profit. All this evil comes to the farmer
from his forcing money upon the public
that he never sees dollar Of. and that
the public has no need for
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