The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-05-29
MONEY AND PRICES.
The Volume of Money Does Not Determ-
inc Prices--Our Position Defined
Redemption Ida Exploded--The
Burning Ism---Creditors Con-
troll the Padaamar

troll the Redeemer.
Mr.. EDIToR:-I noticed an article in
The PROGRESSIVE FARMER from Harry
Hinton stating that Murdock and others
advocated the principle that the
amount in circulation will determine
it's exchangeable value" ''Then to
sum their financial theory" "a suffi-
clent amount of greenbacks restricted
as to circulation so as to judiciously
regulate prices, and no metal dollars"
Harry Hinton is mistaken as to Muir
docks position. The volume of money
never did nor never will regulate prices.
Money Is inert, and within itself DOS
sesses no power. Those who control
the money have the power to fix values.
If 1T is In the hands of the creditor class,
they fix it's value in their interest by
squeezing more Of the necessaries and
luXuries of life into their dollars. If it
is in the hands of the people, they price
their products so as to command more
All debts are made payable in gold, and
the creditor class of the world has a
corner on it and fixes its value and con
trolls prices. 1t is immaterial whether
there is ten or one hundred dollars per
capita, the product of the farm, ex-
ported, is sold in competition with the
world for gold, and those who give the
most of their products get it, and all
sell at the same price without regard
to the volume of money possessed by
each. India, with s. per capita, gets
as much for the same grade of wheat
as the French with $50 per capita, and
as much for the same grade of cotton
as received by the United States with
S25 per capita.
Harry, don't you see the amount of
money in each country has nothing to
do with fixing prices9 1t is the ability
of class to fix prices that determines
values The creditor class has a corner
on gold, and competition for it to pay
interest on a mountain of debt enables
them to enhance it's value by depre-
ciating the value of the output of the.
farm, mine and factory, and through
this power they have squeezed 12O per
cent more Of the products Of labor into
the dollar in % years
Establish Harry Hinton's plan and
deposit 25.8 grains Ct gold to redeem
five to ten promises to pay, would that
remove the corner on gold and prevent
the creditors from pricing the export
able products of the world2 Would it
advance prices so that the products Of
labor would receive as many dollars
for a given amount of labor as in 1861
Harry Hinton's plan will not remove
the corner on gold and the creditors
would advance its value 12O per cent,
as under the present system.
Every seven years we double our
ability to produce wealth, increasing
the demand for money to make ex
changes, and the output Of gold and
silver is not increasing in the same
ratio. Under your plan, each year we
must increase the promises to pay, in
creasing the demand for coin to redeem
aud giving the creditors a stronger
grip on the people. Harry, there are
two classes in the world trying to fix
prices-the producers Of wealth and
the creditor class of the world. The
creditor class having piled up noun,
tain Of debt on real estate and On
government bonds made payable
in gold, they are able to price the
output of the farm, mine and fac
tory, and the weaith-producers are
unable, under this, and would be
under yours, to price anything.
The creditor class is an excresent,
a. drone in the bee hive of industry.
The producers of wealth should be able
to determine the price Of the output
of the farm, mine and factory, and this
means the annihilation of the credit
system and the class who controls
values. Place the wealth producers
where they can price their labor, the
output of the farm, mine and factory.
Harry, the creditors have control OF
vour redeemer, and can take 1T from
the government in forty eight hours
and place a premium on it, and this
thev intend to do when we establish an
economical system that will enable
each class to co operate and price
their product
would inform Harry that Murdoch
does not deal with theories. He gIances
over the world, sees their condition.
| then deals with them.
raa time for theorizing Is passed,