The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-05-22
No. Is
BONDS AGAIN.
The Bankers Bond--How it Would Help
the Industrial Glasses, Etc.

ne BANKERS 6onQ--7oW 1C Would Help
the Industrial Glasses, Etc.
Mr.. EDITOR: The United States bond
has given the monied class of our
country such an advantage over the
laboring man that the very name of
bond has come to be looked upon with
a degree ofsuspicion, and the bond itself
to be regarded as an enemy of the
laboring masses. But as is sometimes
the case an original good may become
an evil. (The Democratic party was
originally great good so that which
was or is an evil may often be so modi
fed as to become q good. The United
States bond which for many years has
so well served the monied class, may
be so modified as to prove helpful to
the Industrial classes.
The bankers bond, referred to in
The PROGRESSIVE FARMER of May 1st,
is to be for the banker only, to be used
only for banking purposes and that on
condition that the bank make all it's
loans at certain low rate of interest,
say or A per cent.
These bonds cannot be taken out of
the United States, neither can the capi-
talist buy them and store them away
for securities collecting his regular
semi annual interest.
They could only be bought by the
banking company and placed in the
bond vault at our national capitol as a
security for the 80 per cent. of national
bank notes printed by the government
and turned over to the bank as cir
culating medium-as a money for car
rying on the business of the country.
Now how would this work and what
class would it favor9
When the banks have been organized
Gas they would be under the advantages
given by the bankers bond, y and be-
gin to loan money at or per cent.
interest the capitalist will have to do
the same or not loan at all. AS a rule
the interest paid to the private individ
ual rarely rises above that required by
the banks.
When the capitalist can neither in
vest his money in bonds nor loan it at
high rate of interest he will be more
inclined to employ it in manufacturing.
The manufacturer who is working on
borrowed capital can now obtain
money at a rate of interest which he
can afford to pay. The farmer can pay
off the old mortgage with new one at
at lower rate of interest, and now by
paying 4 per cent. instead of he can
begin to pay off the principal. The
outcome of it all would be substantial
prosperity and multiplicity of the
manufactures of the country, a new
ray of hope to the mortgaged farmer
and a new spirit Of thrift throughout
all the industries This revival of busi-
ness would result in an increased de-
mand for laborers. The armies of the
unemployed would melt away and the
associated charities for feeding their
families would disband. Plutocracy
would have the black-eye, and the eyes
of honest toll would look up in hope.
The interest taken, by reduction,
from the income of the money loaner
would only follow it's natural channel
and go to increase the wages of the
common Iaborer.
Now the bankers bond" is not
offered as the one panacea for all ills
but as a kind of homeopathic tonic
that may revive the country's business
and keep it going until a revised ma
tionaI fraternity may determine upon
some economic remedy that will work
a radical cure. I. w. W.
Guilford College, N. Q.