The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-10-15
RETIRING THE GRRENBACKs.


RETIRING THE GREENBACKS.
The organization of national bankers
is already at work upon it's financial
scheme, which it hopes to iDfict upon
an over burdened, suffering people by
undue influence with the inc, ming
Congress.
Their plausible and seductive argu-
ment runs in this way: The govern.
ment is ALE d upon to M aintain a re
serve of 800, 600, 600 in gold, because
the Government has issued legal ten
ders to the extent of $346 600, 900, which
are redeemable in gold, ard when re-
deemed are again paid out. The prac-
tical working Of such a system forces
the G )vernment to issue bonds to
maintain the gold reserve; therefore,
the $346 600, 900 legal tenders, or green
backs, should be retired by Issuing
bonds for them. The government
would then no longer be required to
keep gold on hand for redemption pur-
poses; the confidence in business Cir
cles would be restored and the cause Of
business depressfoh would be removed,
says the Brockton, Mass Diamond.
This is the argument from the side
of the banks. Incidentally, the banks
are to be authorized to issue their notes,
based on these new bonds, and these
bank notes are to take the place of the
greenbacks-but the bankers do not
say SO much about this.
That toe Government should be re-
lieved of the burden of borrowing gold
to support a financial system that bene
fits only the bankers is a very merito
rious proposition; but the method by
which it is to be accomplished, as sug
gested by this bankers association, is
vicious in every sense of the word and
will be oppos d By Populist Congress
men and others, who will endeavor to
protect the interests of the people.
The Congressman who oppose this
scheme of the banks will be denounced
as obstructiOnists; and upon them the
bankers and their cUckoos will en-
deavor to place the responsibility Of
retaining the present system and fore
ing another bond issue.
To expose the in~sincerity of this bank
ing clique, and to place the question in
such form that the people can under
stand the principles involved, calls for
constructive craftsmanship On the part
OF our Congressman who represent the
people. Tney should agree with the
bankers that it is worse than useless
for the Government to be for c9d to keep
800, 900, 900 in gold of the peoples
money locked up and dra wing interest
out of the earnings of the wealth pro
ducers, and should point out a very
simple, feasible, practical plan that
would place the responsibility for such
a condition just where it belongs.
That one simple, feasible, practical
plan is an amendment to the National
Banking Act, p "viding that the re-
serve dollars held by the national banks
as the basis of their wind" dollars,
shall be constituted of these legal ten
der greenbacks.
The last statement of the Comptroller
Of the Currency shows that the national
banks have issued about two thous and
million dollars of bankers wind-called
credit-and the reserve fund upon
which this volume is based is about
four hundred million dollars of money.
Sixteen hundred millions of their wind
is utilized by the wealth producers as
an exchange medium, because there
isn't money enough issued by the Gov
eminent for that purpose.
As an Offset to the bankers' nronosi
ton that Government legal 4
should be retired, our Populist Con
gressmen should suggest that this re-
serve of the national banks should he
made up of g~reenbacks. That will not
only retire the greenbacks, but it will
make them more valuable to the banks
than gold, and will send the gold now
held by the banks into circulation, be-
cause for each dollar in greenbacks
held by a bank it could loan three dol.