The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-01-15

| giving prhCLCd4 SAGSV W OAOSO SA0"0
| Our ranks have received a notable and
and weighty accession in the person
of MI. Leonard Courtney, whose re-
cent speech in Cornwall you may nave
seen. British economists are practi
tically unanimous upon what is really
the fundamental point, viz That the
monetary difficulty will never be set
tied upon a permanent and satisfac
tory basis until silver is again brought
into use as a standard money upon the
basis of an international agreement.
There are differences of opinion among
them, naturally, as to the precise ratio
between the metals which will give the
best guarantee of stability; but I do
not think these differences will prove
to be serious when we come to the
practical settlement of the question"
"Mr. Courtney recently observed
that the appreciation of gold had more
than neutralized all your efforts to
pay off the national debt since 1873,
even including the relief afforded by
Mr.. Goschen's convention in 1888. Do
you believe this9"
IT'S EFFECT ON FARMERS.
81 certainly do" replied Mr.. Fox
well, land more than that, the same
thing happens in the case of every
private debt, every advance and mort
gage, It is for this reason that the
American nation, and especially Amer
lean farmers, are in favor of bimetall-
ism. They are an active, industrious
enterprising community, and, there
fore, a community of borrowers. Here
your census statistics in relation to IL
dividual mortgage Indebtedness in
struct us. There you show a fixed
chage of $4OO, GOO, 900 annually on the
productive powers of the nation. 1t
takes nearly double the amount of
grain and farm produce it formerly
did to meet this fixed charge. Every
farmer who has raised money on his
little property finds that the weight of
this becomes increasingly oppressive as
prices fall, and he naturally objects to
to be made the victim of an artificial
construction of money. The manufac-
turer is in the same position, and I
need, not point out that anything
which increases the burden of the
fixed charge payable to capital can
not be for the advantage of labor. In
fact, if gold continues to appreciate
business will become so ruinous and
boarding so profitable that the Parable
of the talents will have to be reversed.
The really wise man will be just the
man who buries his talents in the
earth"
But you are a creditor country, so
urges Mr. Glfen, and, therefore, inter
es ed in everything which increases the
value of the gold due your capital
istsg"
II might reply that such falsiica-
ton of contracts is base and immoral.
1t would be unworthy of a great coun
try to make fraud the aim of it's none,
tary policy. Even ShyIock only
pressed for his pound of flesh. But,
as generally happens, the immoral is
also the inexpedient. 1t has been urged
that it is not to the interest of a cred
itors to crush his debtor. This is I'M
doubtedly the sound as we'll as the gen
erous view. England's greatest inter
ests rests or the ~solvency of the deb
tors, and the prosperity of her GUS
toners, both of them Slapped and en-
dangered by the insiduous process of
the appreciation of gold"
PROGRESSED IN SPITE OF IT.
And now I come to one Of the most
important and pertinent answers given
by Prof. Foxwell, because upon it, to
a very large extent I regard, hangs the
strongest argument both in favor of
bimetallism and a judicious protective
tariff.
Chow do you answer for Mr.. Glad
stones and Mr.. Citizens continuous
statements that great progress has
been made under a gold monometallic
policy9"
"Of course" was the prompt reply,
progress has been made, for a bad
monetary system cannot neutralize all
the forces Of civilization that are
working for improvement. But the
rate of advance has very greatly fallen
of. lido not wish to be misunderstood
here. Prosperity cannot be brought
about by monetary coDjuring. But If
you play tricks with money you may
SeriOuslv Petard n~PoeDeritv for tho