The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-01-29
AN APPEAL TO THE PEOPLE
Against the Currency Scheme Now Be-
fore Congress, by the American
Bimetallic League. -
Correspondence of the Progressive Farmer.

Correspondence of the Progressive Farmer.
WASHINGTON, D. G.,
The bill now before Congress to radi
cally change our currency system by
greenback and coin-note circulation,
with the view of turning over to the
banks the entire control of the paper
currency of the United States, is the
most radical and dangerous measure
ever seriously presented in this coun-
try-at any rate, since the covert act
demonetizing silver in 1873. So sweep
ing and radical change in the none
tary system of any country cannot be
carried out without profoundly dis
turbing all industrial conditions, un-
settling prices, and creating confusion
in every line of business. Besides, the
proposition to tax the people to take up
and ultimately cancel our entire legal
tender paper currency, and leave it to
banking associations, organized for
private gain, at their will and as their
interests alone man dictate to supply
its place with promises to pay, ought
to arouse the most anxious concern of
the whole people. The greenback cur
rency cost the people nothing, is legal
tender, of the same value in every part
Of the country, and good anywhere in
the world. To ask the people to tex
themselves-for that is what it amounts
to-to take up this currency, in
order that banks may fill its place
with their notes, isaproposition, which,
if it had not come from the Treasury
Department, would have been deemed
insane, if not indeed diabolical. This
proposition, too, comes to the country
as bolt from clear sky. No politi
cal platform ever contained such a
proposition; nothing purporting such
a change was given out before the late
election. The people have had no op-
portunity to express themselves re-
specting it. 1t comes as all conspira-
cies do-as did the act demonetizing
silver-like a thief in the night.
There are more than ten thousand
banking institutions that under this
act may issue notes to circulate as
money. By what principle will they be
governed in the issue of this currency
By none in the world but their own
interests. Make it profitable to them
and they will put out any amount of
currency, regardless of consequences,
Immediately or remote. In turn, let
4 il become their interest to contract
the currency, and they will contract
it regardless of the effect on the busi,
ness world. That is the only kind of
elasticity" there is in this form of cur
rercy. Banks will issue it as long as
there is profit to them In doing so and
no longer. The experience of the world
has been that, under such a system,
there will at first be expansion -espan'
sion here, there, everywhere, all over
the country, regardless of the export OF
gold, except, perhaps, in the seaboard
cities, till, with codtinued loss of gold,
the limit of tension is reached, when 6
collapse will come, followed by long
continued contraction, general busi
ness stagnation, and the ruin oi
debtors.
This has been the history of such 6
currency. not only in this country, but
in every other county that has tried it
one time or another.
The creation and proper regulation
of paper money is inseparable from
the power to coin money; otherwise
paper money may be issued in suct
quantity as to displace coin altogether
as different periods of our own history
abundantly prove, and as stated by
Wester in 1888.
Neither power can be safely entrus
; ted to private interests. The Secre
tary of the Treasury, Mr.. A. j. Dallas
as long ago as 1916, said: 1.-The author
3 ity which is alone competent to estab
t lish the national coin is alone compe
8 tent to create a national substitute
3 Alexander Hamilton early expressed
r the same opinion.
The principle of regulating money
Z supply for the whole people as the In
8 terests of a few may dictate, regard
r less of the vastly greater public inter
). ests, is essentially bad, and had beer
j proven by experience, over and owe
j again to be utterly unsafe and ruinous
@ No principles in monetary scienc
a are better settled than that neither sc
: curity of final payment of bank notes
+ nor convertibility alone, can be relies
q upon to so regulate the quantity of
r paper currency as to secure stability Q
-oi,o vvbich ia the first requisite in