The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-10-27

is aUOrId aide for this redemption Of
paper money in coin is the GROWING
evil of our financial system that has
been such a curse to u country and
the chief agency in bringing us to u
present wretched condition. Tor Quire
a 80 called intrinsic" value in money
is to claim commerce to a complicated
! system of barter, which is a relic of
barbarism.
A BETTER A COMING.
Shall we have amazing progress IN
every department of thought, and yet
the science OF money, which is one OF
the most important of all. since it lies
| at the foundation Of civilization jog on
like the car of j lggernaut, leaving
destruction and misery Ill It's wakes
Nay verify |! a happier time is coming,
and I believe the Peoples party will
be privileged to usher it in.
WHAT IS TRUE REDEMPTION
of money! When the government that
issues it receives it in payment Of it's
dues, or when one citizen accepts it Of
another in payment Of a debt IN ex
change for property.
But before going further let me try
to decide
WHAT IS MONEY.
One Of the wisest philosophers and
statesmen among the anciente, whose
mighty intellect has stamped itself on
succeeding generations 81 rostOttLe-
said money exists not by nature but by
law" This short sentence contains
more wisdom than some large books
that have been written on money. The
Encyclopedia Britannica says: The
theory OF the intrinsic value of money
has been abandoned by the best writer's
and speakers"
John Stewart Mill: There is no
more insignificant thing, intringicaily,
in the economy Of society than money"
Ricards: just as it was a great ed
vance, when paper was added to coin
for use as money, SO will it be a still
greater Improvement when coin is dis
carded and paper alone used"
American Encyclopedia: AN ar
ticle is determined TO be money by rea-
son of the performance Of certain func
tions without regard to it's form Or
structure"
JEFFERSON: Treasury notes bottomed
on taxes should constitute our cur
reucy and will BE- cqaal TO any emer
geDcy."
Clay: "Whatever the government
agrees to receive in payment Of the
public dues is money, no matter what
its form may be-"
Calhoun: There is mortal war be.
tween coin and paper money, and in
the end paper will win"
"MOney then as not O. substance but
an impression Of authority" a printed
legal decree"
SOME FACTS FROM HISTORY,
Lot us BRIT fly tes5 these statements
by experionce-tho su=est guide. Dur
ing the latter part Of the 18Th century,
Venice being soroly pressed, opened the
bank Of Venice. 1t opened books OF
subscription and asked its citizens to
make subscriptions which should be
paid in coins. It was fully Understood
that the money would never be return
ed-be used by the government il
meeting it's expenses and carrying on
it's foreign wars. Certificates of sub
GcTiptiOn we're issued which were trans
ferable and receivable for ali debss pub
lie and private. At first they bore 4 per
cent. interest, but they went to such a
high premium, as much as 100 and 1870,
that early In the 18Th century ali inter
est was abolished. The bank continued
in existence 627 years, and during ell
this time they circulated freely as
money, and neUeT 1Uent belOW pur, al
though the interest bearing bonds OF
the State frequently did-sometimeg
going as much as 40 per cent. below
par. A careful examination Of the his
tory of Venice during, all this period,
shows no trace Of dissatisfaction with
it's operations. 1t was DESTROYED bv
Napoleon, who robbed it of a pittance
Of $l3 600.
England, when SO desperately strain
ed by her wars in the latter part of the
10Th century issued treasury notes.
which were receivable for all dues to
the government.
They never fell beJ0U par, although
her bonds bearing interests often did
sometimes dropping as low as 40 per
cent. below par.
During Colonialday the colonies we're