The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-10-29

Aft it did not have the clause mo
currency, inconvertible with coin" it
would be a straight declaration
against free coinage, and in favor OF
destroying all our greenbaeks, would
it not2
R.-Yes, certainly, that is clear.
Snow this other clause mo cur
repcy inconvertible with coin" includes
all currency, redeemable by coin, other
than greenbacks. All silver certificates
are interconvertible into silver money.
That is, you can present them to the
treasurer and he must coin silver to
paw them, unless he a induce you TO
take gold; silver money Is coin; and ali
coin certificates are convertible, or re-
deemable in coin, which is either silver
or gold money, at the option OF Gne
government, and all coin cerGlncaCes
ara ~inconvertibIe in coin, which Is
either silver or gold. We cannot place
ourselves in the position of having no
in~convertible with coin until
we have retired and extinguished all
such currency, and that goes away
with all the three kinds of this currency
silver certificates, coin certificates, and
greenbacks. Then with silver as token
money by contract, and usage of the
Treasury Department., as we 10Y have
il. all contracts will have to be met by
gold alone, and the law authorizing
the coinage of our silver bullion, placed
in the treasury in pledge for coinage,
to redeem these silver and coin certif,
Gates, and legal tender when coined, to
pay the g~reenbacks, all government
bonds and private debts not containing
the gold clause, will be killed and these
certificates out of circulation, and the
bullion useless and almost worthless.
Q.-What amount of our money
would this destroys"
A.-The total of this certificate, or
currency money, including our green
backs, aggregates about $500, 600, 900.
The last report Of the Secretary of the
Treasury will give the amount accu-
rately. 1t is not now by me. The
1 director of the mint, in his last annual
report, states that on November LIST,
last, we had 1881, 143, 3O1 in silver GER
tiicates then in circulation, while our
greenback and coin certificate circula-
ton aggregates about, OF a little over
$500, 900, 900.
Q-Who holds this $500, 600, 900 OF
currency money that is to be retired
and d~estroyed3
A.-Private individuals and banks.
1t is not the property of the govern
ment. So far az the government has
possession of it, except as to a very
small sum. 1t holds as a trustee, not
as owner.
Q-How can the government get
possession of it as owner, so as to ex-
tinguish it?
A.-By purchase only, by paying its
face equivalent.
Q.-Howc can it get the money to do
this?
A.-By doubling the rate of our
tariff and internal revenue taxation, or
issue bonds for $500, 900. 600.
Q-Does the Hill factioned Demo
Gratis in New York favor this plank?
A-Yes. They helped to make it.
Hill was in the convention when it was
approved. More than this, it is the
policy outlined at the National Bankers
Convention held at Chicago last spring
In the speech made by the chairman OF
the New York State Bankers Associa,
ton. The Associated Press, for nearly
a month past, in it's dispatches about
the reserve fake, has been educating
the public to make it ready to endorse
this measure when congress shall meet
1t is the gold bond scheme, contained
in C~leveland's message last February,
which came so lear passing Congress
with 1891, 600, 900 added to it, in order
to wipe out the silver certificates, in
addition to the coin certificates and
greenbacks. Mark my prediction. Il
will be sprung very oon after Congress
meets, and fought BIS bitterly as the
repeal of the purchasing clause of the
Sherman law. 1t will have the sup
port of the Sherman end of the Repub
lican party, and of all the Hill and
Cleveland Democrats, also nearly al
the commercial press of the country
Q-What would be the effect of this
legIslation9
At would destroy n half of oul
money, depress prices, ruin debtors
l business, and add $500, 600, 900 to the
bonded debt of the nation. L woulc
IeaVe US u gold, a small amount q
coined silver. and nrohah hin