The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-04-17

able in taxes, debts and the ordinary
n-ecessaries of life. But the idea that
n currency is, or should be, redeem
able in another currency should be for
ever abandoned. National banks could
not then create panics to order.
G.-Has Congress the authority
under the constitution to issue a fiat
full legal tender paper currencyG
T.-Yes. The Supreme Court has
decided that it has such authority,
therefore Congress has ample power TO
order the issuing of all the fiat money
that may be needed. But the principal
difficulty in the way is the money
power-the national banks and the
bond holders. They have every indus
trial interest by the throat, endeaFor-
ing to carry them down to suit their
own selfish purposes. Their opposition
is we'll expressed by = clause in the
Buell. circular: Let the government
issue the metal money and the banks
issue the paper money" They want a
policy that will make millionaires of
the few and paupers of the masses, and
the paupers are fast being made.
From 1880 to 1889 real estate mort
cages increased about 22O per cent. In
1880 the total private indebtedness of
of the American people was only So
$50, 600. 900. Last September 1882 it
was $19. 700, 600. 600, an increase of
nearly $I3 900, 900 in twelve years"
See Nonconformist in The PopWlist of
Conway, Ark, Dec. 8, 1889
H.-What amoun of new currency
will be required to make u circulat-
ing medium. per capita, equal that of
France3
TAT least 81, 900, 600, 600. This with
the $24 per capita that ought to be IN
circulation (the most of it is hid away
would give US about $54 per capita.
We have nearly 178 900 miles of rail
roads to sustain, which is over half Of
the mileage of the world, in addition
to which we have a more expensive
pension system than any other nation
in the world. Consequently we need
more money per capita than any other
nation on the face of the globe; and the
longer we attempt to do business with
the meager supply of $24 per capita
the greater will be the distress and
ruin among the people.
The Venetian Republic during her
palmy days had about $50 per capita.
Glow would you distribute the
81, 600, 600, OOOi
T.-About 81, 800, OOO, 900 should be
divided pro rata among the States and
Territories and by them subdIvided
among the several counties, which
should then be loaned by the counties
in sums not exceeding five hundred
dollars to any n person, on long time,
say not exceeding twenty years, on
real estate security, at not more than
3 per cent. interest. payable semi
annually. The interest should be ap-
piled to school or other purposes, as
may be directed by the several States.
The principal would thus go into circu
lation and the interest would be ap
piled to tightening the taxes of the peO
pie, instead of building up millionaires
under the present usurlOus system. The
present county officials could handle
said loans without any additional ex-
pense.
The residue, $500, 900, 900, could be
applied to the expense of the general
government.
H.-Have we any precedent where
money has been distributed by a State
among the counties thereof to be loaned
by the cOuntiesI
T,-Yes. The State of Indiana fur
nishes an excellent example. She has
a permanent school fund of 90, $50, O85
that Is divided among the counties and
loaned to farmers or others on real
estate security at 6 per cent. interest.
An annual school fund of 1891, 395 is
thus provided. The plan has been
operated twenty eight years and works
well. (See the Southern Mercury of
Nov. % and the Alliance GQ3ette of
Dec IA, 1898.
G-But instead of increasing the
volume of the circulating medium 1T
has been contracted. Can you tell US
to what extent and for what purpose
it was contractedG
Recommending in 1865 and ending
in 1868 the currency was contracted
81, 27I, 273, 900, bonds drawing interest
being exchanged therefor and the cur-
rency destroyed The following is the
amount of bonds issued, with dates of
issue, as shown by the treasury report:
1892 Z go QS2 45O