The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-12-18
RESULTS OF FARMING OUT OUR
CURRENCY.
The Richmond Times, goldbug organ.

AN @NbS~O 6S4~~NS N&6N"P
says:
Yesterdays press dispatches an
nounced that over 50, 500, 600 in gold
had been drawn out of the Treasury on
Monday and Tuesday. How long will
the proceeds of the $50, 600, 900 of bonds
just sold last at this rate9 We will
have to have another sale of bonds be-
fore spring. perhaps.
The state of the case is this: The
government has outstanding $500. O0O,-
600 of its notes, payable on demand,
which we call greenbacks and treas
ury notes. 1t must give gold for them
whenever gold lie demanded, or go to
protest, like a bankrupt merchant. Is
it good inanciering to keep these notes
outstanding9 It results in the govern
ment having to borrow Money at 8 per
cent. per annum interest to buy the
gold to take these notes up, which it
Immediately pays out, and they come
right back for gold again, and the gov
eminent issues some nor interest
bearing bonds, and SO the thing goes
on until it would bankrupt all the gov
ernments in the world.
1--WE might have gone on indefinitely
with the $345, 600, 600 of greenbacks we
had out before we issued the trea surY
notes under the Sherman act of 1890,
if WI had not alarmed the world re
speeding Jul ability to keep up gold
payments by coinage of a cheap
silver dollar. We resumed specie pay
ments in 1879. We then had accumu-
lated 800, coo, 900 of gold in the Treas
ury to meet demands for gold which
the $345, 600, 900 of greenbacks might
make. But from 1879 to 1890, inclu
sive of both years, people, knowing
they could get the gold, drew out of the
Treasury only $28, 00O, 600. But in 1890
our coinage of the cheap silver dollar
had made the world begin to ask very
seriously if We would be able to main
tain gold payments, and the world
shook it's head and answered that it
very much doubted. So it began to
ask for all American securities. The
consequen e is that in the years 1891
~92-93-94, the world has drawn out of
our treasury $24O, 900, 900 in gold"
We hope no sane person who has
sense enough to know that six and six
added together make twelve will be
lieve for even a moment that anybody
suspects the credit of this great nation,
with it's billions of property, every iota
of which is bound for the debts of the
government. American money is as
good as if the entire property of all the
balance of the world was behind it.
Who cares what our money is made
of9 Not the business or professional
men of the world; not the mechanics
or farmers Of the world. Who, then2
The goldbugs of New York, London,
Liverpool and Berlin. They have &C
cumulated a considerable amount of
gold and want our bonds. To get them
it is necessary to contract the currency
and create a panic. This was carried
out successfully. The world" says
the Times, ''began to ask seriously if
we would be able to maintain gold
payments" Now we will explode
that lie in a few words. The world
was not asking such foolish questions.
Nobody, except Would-be bond buyers,
had said a word. Now for the lie. If
the world at large Or a few individuals,
feared our ability to maintain gold
payments, would these individuals buy
our bonds so eagerly9 Is a q. s. bond,
printed on paper, any better than the
same promise to pay printed on silver
or greenback currency7 You see it at
once. It is a base falsehood and every
sensible editor, including the editor of
the Times, knows it is false.