The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-05-01
AN ECONOMICAL ERROR.
False ReGsoning-Silver a Commodity
Shrinks as Other Values Shrink
Must Force Money Into the
Channels of fTrade--The Good
Old Democratic Idea.

Old Democratic Idea.
Mr.. EDITOR We have a class of
writer's who say because the depi ession
OF silver and cotton correspond, there
fore the depreciation of cotton is caused
by the depreciation of silver. If the
depreciation of cotton is caused by the
depreci alton of silver, then it is the
cause of the depreciation of all other
commodities. If this is true then all
that is necessary is to remonetize silver
and all values will advance as the price
or silver bullion advances and restore
prosperity. The demOneti7ing ofsilver
made it commodity, decreased it's
value and it shrinks in value as com,
pared to gold as other values depreci
ate. These writer's would make the
issue on the remonetiEing of silver and
ignore the real cause of shrinkages of
values. ShrinkageS of values are the
result of farming out our medium of
exchange to corporations and they
loanlng this at rates of interest that in
time piles up a mountain of debt, ex
hausts credit, and the interest from
this depletes the money from the chan
nels Of trade and congests it into the
hands Of the few. In the same ratio
that money is depleted from the chan
nels Of trade values shrink and the
ability Of the wealth,producers to get
it out decreases in the same ratio. The
history of all financial depreesions
teach us that as money is depleted
from the channels of trade and values
shrink, the holders of money refuse TO
invest. To restore prosperity we must
force this money into she channels of
trade. AS the interest on money accu-
mulateS money faster than the pro
ducers of wealth we must establish a
system that will enable the wealth
producers to accumulate money faster
than the interest on money. To accom-
plish this each class must be able to
place a price on their labor and prod
ucts that will give them a far profit
over the cost Of production, which
they cannot do under the present sys-
tenn. The coinage of few hundred
million of silver would not enable the
classes to place q price on anything.
The one billion and three hundred
million dollars locked up in the princi-
pal cities could be gotten out if the
classes could price their labor and
products.
The value of farm products of 1891
was four billion and five hundred mil,
lion dollars in gold. If this could have
been sold at the same gold value pro
duce brought in 1865, it would have
brought nine billion dollars One half
of this sold at 1865 prices would have
given the farmers two billions and two
hundred and fifty million dollars in
gold values more than they received.
The writer adheres to the good old
Democratic doctrine, vice, whatever
the individual, GLASSES or States can do
they should be left free to do it. 1t fol-
lows as logical sequence that which
the individual, class and States cannot
do the people of all the States should
do in a national capacity. PLENTY and
good prices are prosperity" We have
plenty, low prices and hard times. We
must have an advance Of prices all
along the line before we can restore
prosperity. Before we can do that the
classes must be able TO fix q fair price
for the products of their farms, mines
and factories and raise their share of
the output of wealth according to
merit. The improved Gub-treaGury,
postal banks and the cooperation of
the classes is the only plan 80 far de-
vised that will enable the producers of
wealth to price their labor and prod
ucts.
There is one issue before the Ameri-
can people pressing for q solution and
the solution of this will solve all the
others, viz: Shall our economical sys
tenn be 30 adjusted that each class can
price their products, or shall another
class control themi A class that can
not price the products of their labor so
as to receive their share of their ability
to produce wealth are slaves, out OF
this inability grows all other evils.
The remonetizing of silver, though
desired, will not assist the classes to
price their labor, either will any posi-
BILE adjustment of the tariff. As the
sub treasury, postal banks and CO.
operation is the only remedy suggested
they must be pushed to the front. A
party who leaves these out or subord1-
mates them to any other issue will be