The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1896-01-20
SWANSON ON THE CURRENCY.

1,to bouse having under consideration the
bill Gf. X. 2loD TO maintain ana prI,cL1
the coin redemption fund and to anthor-
izN the issue Of certificates OF 'nGepted-
ness to meet temporary Deficiencies Of
revesuc-
Ny Swanson said:
.,pe+ira inc greenbacks and coin notes
as proposed, and the taxes Of TIE country
och wear win be double the actual clrcu-
I,ti,n The census OF 1890 shows that the
aggregate minimum indebtedness OF lne
United states amounts to S2o--fl'p''i''
rims the indebtedness is twenty tunes
in excess Of the real circulation. Retire the
greenIstclls and coin notes ami II VIII De
forty times i'm excess Of il. The annual
interest charge in the United States. by the
census of 1880. amounts to Sil'"'l oi''0''
Thus at prcSC Mt. the annual interest cHdi9S
nj mis- country is about $l5o,0900t0.t7 in ok
cess of the real circulation. Retire the
rrccnbacks and coin notes and II VIII DC
more than double.
'.Thue if this legislation proposed here to-
day bv the republican party prevails the
taxes and interest paid each year by the
people will be four times more than the
real circulation among them.
This would mean such frghtul s3cIi-
fee of property as in many cases would
amount almost to confiscadon.
"a COMPARISON of the censuses OF ieto
and Of 1890 will exhibit the great loss sus-
tanned by the farmer on account 81 a con-
tractcd currency and the partial ihtrodlc-
tion here of the gold standard. ] will only
make the comparison in my own state,
YET those OF nearly every other state are
similar -
"in 1870 the capital invested in
farming in Virginia amounted TO SD
49, $50. and the value OF the productions
wa 81. 774S0l In 1890 TIE capital invested
in farming in Virginia amounted $i9iisS,-
5f9. and the v5ICe o. The products TO oniy
so 9ti rs Thus in 1880 tn formers han IN
vested III fanuiHs $S,3G,0l9 more IMAM IN
1870 vet received S95aD,@l3 less 4oE lheF
products In other words, the Farmers,
win am investment of ~ Per cont more OF
capital made n per cent less in prol-S IA
$3.50 than i'm 1870. in these dry ngurea can
be read the distress the poverty ana lhe
v.rctclcdness that mas oVertaheh the Idt-
mer They portray more FlVidly IMAM idh'
r1Iaa,c how each year his profits nave ulsaI-
Ueared in falling prize, until DIE is confront
ei with a load n indebtedness "h-lh ne '7
poycrless to remove.
NV vision stretches far beyond these
dry figures Of the census and see the
actliaIities of life which they Indicate IN
the ae4sregate OF taxes in excess or money
! soc The difficulties of the people in meet
in., taxation. | see a great Sacrll'ce OF
propery or else the tax collector sale
In Tho vast pile OF Indebtedness standing
out on the census report like some large
mountain peak, & see an accurulilted mass
Of woe aud Indebtedness. SEE moi '7iR'N
homes the occupants expecting each Jay 10
he tuy.rd adrift, without house or shei'er.
! sec large business houses, prohtlOle 70
ti,a country. oyershauoWed with DEP, ana
rotteringe on the verge of ruin ! see, as
tho collection of tLis vast Indebtedness
n,,,coeds. further fall in the prices OF all
nrop,rty. ana that men who think them
selves rich. i'm disappearing values, VIII
fnd themselves bankrupt (Appauae)
10 las fI~f & Retire
r--aepblclls and the coin notes without sub
shutting anything in their place as IS
here proposed, and all these evils viii be
do1itly intensified
..The currency of country must bear
a nroper proportion 10 it's property, taxes,
indebtedness ana business. Unless 1t does,
low prices. bankruptcy and general piraIy-
sis Of business must follow.
.aThe trouble with Us today iS that our
currency is too small in compa non with
our property, business, taxes debts.
when measused by these il is smaller to-
day than ever before known in our his
tory. II the greenbacks and treasury notes
are retired. you will next witness an as
sault upon the standard silver dollars IN
our circulation, amounting TO nearly $40
orc 600. The same powers today seeking
70 destroy the greenbacks and treasury
notes have declared war upon these No
currency has their approval except gold
and national hank notes redeemaole IN
gold. When they have destroyed the treas
my notes and greeubacSs and silver, as
is now contemplated, there will remain
nothing except gold to redeem the national
bank notes in. The national banks can
never bring any relief to the south and
west, FER every bank organized there VIII
decrease instead of increasing the cur
rcncy
III permission were given the banks. as
suggested. to issue notes Up 10 the face