The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-01-02
Thu SCIENTIFIC L L

AOA4 AL ~
We have been well acquainted with
the idea Of the dollar without q re-
deemer and have studied it from Alpha
to Omega out of due Difference to
James Nurdock. While we did not
agree with him we thought it would be
OF no utility to discuss the matter. 1t
appears that Mr.. Borland advocates
the same dollar. This dollar, be it
understood, is the greenback as origin
ally issued which had no redeemer till
the gold conspiracy passed a law max
ing it redeemable in coin and borrowed
one hundred millions in gold and placed
it in the vaults Of the treasury for it's
redemption. So James Murdoch, Mr..
Borland and Mr.. Ward have the same
dollar as the original greenback and
further they have not defined it, except
to have no other dollar to interfere
with it in it's practicable working. Very
true, they admit the principle that the
amount in circulation will determine
it's exchangeabIe value. Then to sum
up their financial theory: A sufficient
amount of greenbacks restricted as to
circulation so as to judiciOusly regulate
prices, and no metal dollars.
Now this proposition thus homely
stated we do not wish to combat in
this place. It is merely a theory and
its practical working would be a mere
matter of the most daring experimental,
ton. While it may happily succeed
yet the reform movement Is damaged
greatly by engaging the popular mind
in such matters hard to be appreciated
and which afford ~plutocracy such
potent weapons.
Easier to understand and less liable
to adverse criticism by the public is
the dollar of a fixed unit OF value in 70
many grains of silver and gold bullion.
This demonetizes both gold and silver
and they are held on deposit as a mat
ter of reference and exchangeable at
the option of the government. Gee D.
A. Reynolds Constitutional Money,
Lansing, Mich.)
Now for the difference of this dollar
and the dollar of Mr.. B5Tiand and
others. The exchangeable value of
this dollar is 4 9termined by a fixed unit
IN hand; the exchangeable value OF the
other by the amount in circulation.
This dollar as to exchangeable value is
based on values of universal accepta-
ton; the other on none at all except
the confidence of the people in the gov
eminent which is as variable al the
wild winds.
When Bellamy' nationalism becomes
o matter of fact such a dollar may do.
1t might even do by a thorough read
justment of sentiment and education;
but it ia so far above and out of reach
that as a matter Of business it is useless
to talk it.
The first thing 10 q direct issue of
money to the people at a low per cent.
banks and make the interest on the
debts of the people go towards the ex-
penss of the government. This 10 a
step easily digested. No metaphysics
in this concerning value subjective or
intrinsic or exchangeable.
No abstract theoriEing and splitting of
thought.
The next good money. It don't mat
ter what sort, gold, silver or paper 80
there 10 q plenty of it, say $50 per
The kind of money the govern
ment shall use don't involve any prin-
in the reform movement. AS a
of policy they advocate the
same minting privileges for ~silver41
and only a. a policy. But it the gov
ernment wishes to make it's money as
good as gold and will issue it direct to
the people $3.50 per capital, who caresl
The more exchangea6le value you can
pack in a dollar that much the better.
But / see what our friends are driv-
at: To free the people from the gold
the money monopoly and
tyranny. This is exactly the way to
do it. The shortest, the easiest and
most practical. The way proposed by
Dur friends uproots all previous Gus.
toms, wrenches away all previous
monetary relations and no people are
to take onto it unless after pass
ing through a previous training.
A great deal of the augmentation of
Mr.. Borland is good. The functions of
money, money as a commodity, the
fat stamp, etc, but his money unit
without a fixed measure of that unit is
she same as to talk of yards, feet and
inches with no measure to go by except
common consent. This may do or it