The farmers' union. (Memphis, Mo.) 1891-1895, 1894-01-18

been treacherouslv obtained and tho
power OF monopolies preserved and
strengthened.
These great monopelies have, by
law, control OF the money, transpor-
tat:on AMI, largely, the land OF the
people. Through their control Of
the circulating medium they con-
tracted the currency until they have
practically destroyed the value of all
fixed property and the products of
labor. and left the producing classes
ut the mercy Of those who are en-
gagged III that kin OF business which
concern the distribution OF wealth.
The producers of wealth with the
single exception of the manufac-
turers) have been driven to the wall,
and the country is bankrupt through
Il private Indebtedness aggregating
s2O.0O0,OOO. sum equal to. il it
does not exceed, the combined nat
ional debt Of all Europe.
| Theie are many questions that de-
mand solution. The controlling qucs-
ton for the present. however, is the
financial one. Relief Can only come
by the speedy increase Of the circu-
lating medium, to such an amount as
will restore the price OF property and
the products of labor to n bassis uf
adequate profit. This increased
circulation should be supplied directly
by the government through the free
coinage Of both gold and silver and
paper issue based upon coin and re-
deemablc in coin, and not through
private banking corporations, where
every dollar authorized by law comes
into cx,stance with an interest charge
fastend to it at the moment OF It's
creation.
Nor should This coin reserve be
procured through the sale Of interest
bearing bonds. A change in the law
50 rs to require the custom duties to
be paid in coin would supply the ncc-
essary coin reserve. Keep this coin
in the Treasury, and for every dollar
issue three or four dollars Of legal
coin certificates, until the circulation
becomes sufficiently abundcnt to re-
store prices to a nominal and prof.
table bassis, b. this means the circula-
ton can be increased readily $780,
OOO, 900 in single year, every dollar
as good as gold, and without cost to
the people. Toprevent any run upon
the Treasury IN the interest Of ex-
porters of gold authorize the Secrc-
tary OF the Treasury to refuse tempo
rarily to redeem certificates when the
coin is desired for export, or in case
of temporary premium on gold t0
change the amount Of this prcmiu IN
! for the coin and thus check its cx.
+ port.
: An adequate supply OF money thus
being provided, utilize the postoiliccs
as banks of deposit and exchange
J. where depositors can safely keep their
i money and handle it for their Ow,
u benefit, instead Ct turning it into tle
e banks to be used for the benefit cl
r such hanks. A great number Of Tux
e depositors would soon become money
q lenders, aud tue rates OF in:orcs,
y would fall, as there could b: no com
e biaation to raise the rates OF interest
j. as the banks now d.. In times Ol
e panic (f0r panics are inseparable frou
business), as soon rs property hcyyar
u to seriously decline, the deposition
u would seek for bargains; tl.c.r money
n would he withdrawn from the govern
e. ment vaults for Investment, and tlla
b panic stopped through relief Of til,
I. money market.
= You ask the for my views. Eavs
{ gwen some of them briefly. Ths
y PopuIist is the Only organized part,
X who e entire membership is d,votct
" to tue interests Of the mas es Of tht
- people. 1t has made aud VII make
- mistakes, but is sound at heart. and
( is the only organized party wl,icl
: places principal above party success
le | and .slal,os.l.uat.aS ihf. incra. l;l:aa.s