The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-05-01
. BANKERS BoND--LOW RATS
OF INTRRRST.
A Nerth CarelInian Who thinks Bonds
at q Lew Rate Of Interest Will
Help Us Out.
Gv1LToRD CoLLBeH. N. G.

previous session, q few facts have been
made ssrikingly evident. First. That
there il q general depression in money
matters throughout The States. Sec
ond. That there are different opinions
in regard to the cause of this depres-
sion. Third. That there are different
opinions aS to the best way out Of the
difficulty; and fourth. That the party
in power the President, &C., has
totally failed to bring forth even a child
of relief.
1t has also become evident that there
are two classes Of people interested in
this financial question. First. There
il the moneyed class, composed mostly
of those who are out of debt and have
their resources largely in the form of
money, notes, stocks, &c. Second.
There 10 another class connected with
the various industries of the country
largely farmers) whose possessions are
in most part not developed, consisting
of farming lands, mines, water powers,
&C., with a considerable part of which
already mortgaged to the moneyed
class at q rate of interest which the
mortgage cannot afford to pay. Now
it 10 only natural that these two classes
should have different opinions as to the
needed haancial legislation. What
ever will make money scarce and in
crease it's power, will suit the first
| class; whatever will make money more
plentiful, and lower the rate of interest,
will seem proper to the other class.
The first class has tho advantage over
the second; the strong dominates the
weak. The weak needs the protection
of the law. Whatever the government
will do to make sound money more
plentiful and put it where honest in
dustry al get it at a lower rate of in,
tereet, will be helping to restore con-
f1dence in business circles and give new
spirit to the cOuntry's industries. At
present the man who is in debt can
hardly pay even his interest, and the
man in business cAn scarcely make the
interest on borrowed capital. Let the
government lower the rate of interest
and it will bring relief to the debtor
and encouragement to business.
This would be class legislation, says
one. Says another: How can it be
done without too much governmental
interference, &c.
Now q certain kind of class legisla-
ton is in line with our civil institutions.
The purpose of legislation is the pro,
lection of the weak. During the years
of 1888, when English capitalists
were about to crush out the manufac-
turing industries of this country by
the importation Of foreign goods, the
government answered the appeal of
our people and saved our young indus
tries by a protective tariff.
In o great and free country like ours,
where the welfare of all il 70 closely
related to the financial and industrial
interests Of the whole nation, any eco
nomlc legislation should be rather con-
sentative than radical, causing the
least possible change in the present
business system. 1t should be in the
interests of the whole rather than for
a certain class.
However opposite may seem the in
terests of the two CLASSES above referred
to, they are nevertheless bound to
gether by the strong ties of indie
pendence; neither can get along very
we'll without the other. Legislation,
or the delay of legislation that should
prove disastrous to either class, will in
the end be disastrous to the other
class also. The depression now resting
90 heavily On the farmers and other
producers, If removed, will be likely to
prove the most disastrous to the cap
italiGtg, and none should be more ready
to cooperate with the government in
anything that will bring about o whole
some adjustment of matters than the
moneyed classes.
Better a lower rate of interest than
the homes and lands of the mortgaged.
Better no interest for q time than the
bankruptcy of the industrial classes.
In q time of such general depression,
when willing tools are forced to be idle
and honest labor begs for work, the
spirit of patriotism should rise above
partyism and men and parties should
cooperate in some common effort for
relief. The weaker should be aided in
efforts to resist the en~croachments of
the stronger, and the stronger should
be assisted in plans for the relief of the
weaker.
What In thu hnnt hnnin fon n,,oh "a