The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-05-08
LET EACH CLASS FIX PRICES
The Sub-Treasury is Suggested as a
Proper Plan to Solve the Problem
Between Labor and Capital.

our economical system that each class
can fix a fair price and absorb their
share of the output of wealth accord
ing to merit. Fair prices for the prod
ucts OF the farm, mine, factory and
labor will force the money into the
channels of trade, and this cannot be
as long as the accumulative power of
money loaned is greater than that of
the factory, farm and mine. We have
had a revolution in production of
wealth. The system of the hand loom,
spinning wheel and slow coach has been
superseded by the mammoth factories,
railroads and electricity. One man, in
conjunction with machinery, can do
the work of $50 men at the beginning
of this century. The financial system
that answered very imperfectly under
the old system will not respond to the
new system of production and there
must be a new financial system estab-
llshed that will secure an equitable
distribution of the output of wealth.
We double our ability every seven
years to produce wealth by the build
ing of factories, concentration of cap
ital and labor and improved methods
We have increased our ability twofold
per capita since1865 to produce wealth,
and with a correct financial system we
should enjoy twofold more. An eco
nomical system that deprives the
wealth producers and investors of cap
ital of this increased ability to produce
wealth is rotten from center to circum-
ference and must be superseded by
one that will secure all their share
according to merit.
The improved sub treasury, postal
banks and the cooperation of the
classes will secure all their share and
each can be held in check by national
board of equalization. The classes can
accomplish that which they and the
States are powerless to do under the
present system. No power can remedy
existing evils except the whole people
act in a national capacity. Any plan
that does not enable the classes to fix
fair prices that viii absorb their share
of the output of wealth will prove a
total failure. Plenty and good prices
is prosperity. We have plants and the
ability to double production, with low
prices and hard times.
The sub treasury plan is simple and
80 far the only one devised that will
enable the classes to fix good prices
and restore prosperity to all and stop
strikes and panics To illustrate the
workings of the sub treasury: The
producers of cotton co operate and
price their cotton, haul to the railroad
and receive a receipt which is good for
it's face at the postal bank. This goes
to the sub treasures, at central distrib-
uting points, the manufacturers buying
as there is demand for their finished
products and are able to transact their
business on a cash basis and with less
money than under the present system.
The raisers of cotton fix their prices,
labor makes and fixes the price on the
different grades of labor and the fac
tories buy their cotton at sub-treasury
prices, hire labor at their price and sell
at the price fixed by their class. Prices
are uniform, all conflicts removed be-
tween invested capital and labor as
each class fixes fair prices and one
class cannot interfere or oppress an
other. This system stops all gambling
on the necessaries of life and forces the
money now used for this purpose into
the channels of trade. Money will
represent the price fixed by each class
and will have nothing to do in deter
mining prices as-its holders have under
the present system. With the ability
of each class to fix prices it will be i'm
material to them whether there are
$40 $50 or 500 per capita, as they will
receive the prices fixed by each class
No one would be interested in making
money scarce as it would not effect
prices. II there is a delinquency In
the postal banks to pay for products,
the government will issue more. AS
long as there is money to make ex-
changes and labor is employed on full
time, the volume is ample. This sys-
tenn will run the farm, factory and
mine on full time, double and soon
treble the output of wealth per capita.
The forces Of the nation ARE not over
one third realized under the present
system and they will decrease as long
as we have a system that piles up a
mountain of debt and the interest from
this depletes the money from the chan