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

lines, 0SC.
The alleged object of eontraeian was
to bring the greenback TO par, it never
having recovered from the exception
clause and consequent appreciation of
gold and silver. But the plan did not
work, and it was at least nine years
after contraction closed before the
greenback was practically restored to
par, when it was done after this man
ner: The Secretary of the Treasury,
Mr.. Sherman, Issued an order that
treasury warrants would, if desirable,
be cashed in silver coin to the amount
Of $50 q day TO any One person.
Greenbacks appreciated rapidly, and
in less than ninety days after the issu-
ing of the order they were on a par
with gold and silver coin. Thus less
than ninety days of practical recogni
tion that greenbacks were worth their
face value in coin restored them to par,
which three years of more than useless
and over nine years of waiting the re
suits thereof had failed to do.
H.-Could not Congress in like man
ner restore silver bullion and silver
coin to a parity, or equality, with
gold and silver c~urrenciesl
T-Yes, very easily. All that is
necessary to do this is to recognize by
law the equality of silver bullion and
coin with said ~currencies, OF in other
words repeal the fraud and swindle of
1873, demonetizing silver, and also re-
peal the recent act, legalizing said
fraud. The reconciliation of silver
would give US a vast advantage with
the nation g of the earth that use silver,
and we could thus soon bring England
and other nations to their senses
Glow many business failures
were there in 1865 when the circulating
medium for 25 600, 900 people was So
600, 900, O0O-$sO per capita, and the
amount thereof, and how many in 1898
when Ghe circulating medium for IS
900, 900 people was 81, 800, 600, OOO-$24
per capita, and the amount thereof
TIN 1865 we had, exclusive of the
seeded States, $50 failures with liaoil-
tiles a~ggregating $17, 625, 900. In 1898,
4 including all the States, we had 16, $50
failures. The strictly commercial lla
bilities exceeded 1891, 422 939. The
liabilities of banking and financial in
situations were 1910, O56, 864, and the
liabilities of railroads placed in the
hands of receivers, about$ 81, 212, 2I7, 033.
Said failures QS93y aggregate the enor
nous total of 81, 754 596, S36 (5ee the
NOncOmfOrmist of Jan, 4 and the
Farmers Tribune, Des Moines, Iowa,
of Jan. 10, 1894.
H.-WhaJ do you think of the plan
of issuing bonds and borrowing money
thereon with which to restore conf
denceH
T.-Bonds will afford no permanent
relief. We have issued far too many
bonds already, and it is to be regretted
that we did not issue fiat money dur
ing the late war instead OF bonds. The
war GOULD doubtless have been ended
at lees than half the cost, and we would
not to day be cursed with the disparity
bet ween tramps and milllonairee to
the extent we are. Fiat money, and
plenty Of it, is what we need-no more
bonds.
G-Will not an adjustment of the
tariff exert q beneficial influence in re-
storing conf1dencef
T.--Not to a sufficient extent to
afford the desired relief. The tariff
does not contain the right kind of food
for the times. Consequently neither a
high, q low nor o medium tariff will
start the wheels of ind lstry to NOV
ing. Before we can have relief meas
ures must be adopted that will cause
the people to voluntarily unlock their
boarded funds and put them into cir
c~ulation, and a proper increase of the
circulating medium is the only plan
that will do this.
H-Taken all in all, which is consid-
cred beet for the masses, q high or a low
tariff
Tt would say a tariff sufficiently
high to protect our industries and
laborers, coupled with a system of
properly restricted immigration, first,
last and all the time. Trusts, combina
tions and watered stocks also need
lOOlng after TO prevent exOrbitant
profits at the expense of the working
man.
Gas both the old parties recently
by their acts in Congress repudiated
their platforms, thus l~egalizing the
-- - --:-Al. e 4 GRO .L-.