The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-01-29
THE ONE GREAT ISSUE.

%@S@@ &@9gP%S9 @@ IAN SA@
ence Of the American Bimetal-
lie League, Held at st.
Louis, No., Nov.
II and IS,
1894.
It is an indisputable fact that the
monetary revolution inaugurated in
1873, by changing the money-standard
from gold and silver to gold alone, has
resulted in twenty years, in doubling
the value Of money and reducing the
general level OF prices 80 per cent, or
to one half the former scale. It is also
a fact that cannot be denied that the
repeal Of the so called Sherman law,
following the closing of the minis of
India to silver, instead of restoring
property to the country, as was prom
lsed when its repeal was demanded, has
resulted in an average fall Of prices in
the United States, of Is per cent. in
a single year-a fall unprecedented in
the annals of trade. This change in
the relation of money to commodities,
debts and taxes, is fast destroying the
independence of American farmers
and other industrial classes, and re-
ducing to a condition of dependence
and serfdom the entire producing and
laboring population of the country,
and will, if not arrested, undermine
the foundation of civil liberty.
Where, therefore, the ~far-reaching
and Unreasonable consequences to the
civilized world of this change in the
money standard are considerable
change clandestinely begun in a con
spiracy of the o producing, banking
and bondholding classes, under the
hypocritical pretence or honest money,
to plumber the world by doubling it's
vast debts. just then enormously in
creased by unfortunate wars, and to
enable the c~onspirators, their aiders
and abettors, to command the products
of life and labor at a lower rate than
open acts or even-handed justice would
permit-when these facts and their
effect upon mankind are considered,
and the records of the last quarter of
the 10Th century are made up, this
change in the money standard must
stand as among the most monstrous of
human race.
Nor is the end yet. The apprecia-
ton of gold and the fall of prices,
under existing conditions, must go on
indefinitely as population increases
and the gold standard is extended to
still other countries. There is no
remedy for the evils attending this con
dition of things but to remove the
cause. The proposition, therefore to
cure existing evils that are world
wide, and restore prosperity by chang
ing tarif-schedules, is SO puerile as to
merit only contempt.
Nor can the gold standard be main
tanned by issuing bonds, and borrowing
gold; and we denounce the issue of
bonds in time of peace and for the
purpose for which they are being issued,
as not only without authority of law
but utterly i~ndefensible as a public
policy; and we call upon Congress to
Immediately put a stop to this unlaw-
full and reckless use of the public
credit. What is needed now is more
standard money to carry on business
and pay debts and taxes with, and not
more promises to pay gold.
We denounce also the proposed pol
icy of delegating to banking institu-
tions, organized for private gain, the
power to issue and regulate the paper
currency of the country, q sovereign
power which the general government
alone should exercise. The policy of
permitting the issue and regulation Of
currency by banks, o. corporations of
any kind, has been discarded by every
enlightened nation on the earth, and it
would be a disgrace for this country to
return to it, and thus to turn over this,
one of the supreme functions of gov
eminent, inseparable from the power
to coin money, to thousands of bank
ing corporations.
We are a debtor nation, and must
pay what we owe other countries an
nually with gold OF with other COM
modities, and, under existing condi
tions, there is no way to pay with COM
modities and maintain the gold stan
dard, but to contract the currency,
restrict bank credits. and put down
prices till our creditors will take COM
moditi1s of us rather than buy else
where, and thus leave our gold here.
That this policy leads to Industrial