The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-09-08

"Why," said Senator s., Its be-
lieve, in this great and glorious our
try, in rewarding patriotism. When
our country was trugglipg in the throes
of war, while property and houses were
being destroyed and the land deluged
in blood, the capitalist came to the
rescue and surrendered his gold for
bonds in order that the nation might
live"
"Why to be sure" said Uncle Ben.
81 hadn't thought of that. You see, I
didn't remember it just that way, but
it does sound grand, don't it now?'
Seems all right to a fellow who don't
know much, he added, with a twinkle
in his eye.
Yes" said the Senator, land there
are so many fellows in this country in
just that fix, in fact, Just as you were
some years ego, go busy at their work
that they are as innocent as lambsnoW;
but they think they do know, and that's
what gives us cur advantages. The
fools can't see that you can get some,
thing, and that when thousands Of men
| belonging to u class, are aCcumulat-
ing millions, the fellows are losing it.
They will see it some time, and we
must make hay while the shines. ;"
So Uncle Ber min started a bank in
New York, with a capital of $3.50, 900,
furnished by the government, at n
cent on the dollar, cheaper than Con
| federate scrip, and be has prospered
exceedingly.
In looking we the quotations of
stock of forty-four of the principal
banks of New York recently, l saw the
name of Uncle B9njamin's bank among
them. l also noticed that the stock of
one of them, the Chemical Bank"
was quoted at 81. $50 per 800 share,
which means that it is drawing AL
times as much income on it's capital as
legitimate business will bring.
The average price at which the stock
of these forty-four banks is quoted at
is 1896 per 500 share, this showing that
an investment in their stock at par,
will bring 4 and 36 100 times what it
will in any average business venture,
and when we further consider that
their capital was acquired mostly as
Uncle Ben's was, we may, to some
faint degree, realize "wnat the law did
for Uncle Ben"
But while Uncle Ben's wealth in
creased from 800, 900 to 1875, 900 in 80
days, and later on from $500, OO0 to
$3.50, 900 in another short period, and
still further by the use of funds fur,
nished by innocent believers in the
BEST Banking System the World Ever
Saw" (for Uncle Benjamin., his former
neighbors in the little town of x
did not prosper to the Same degree.
The reason was this:
When Uncle Benjamin exchanged
his greenbacks for bonds he withdrew
from the circulation of the country
over $500, 600 which was said to be re
deemed" and according to law was
burned, thus making it impossible to
employ labor again.
This, together with like Withdrawals
by other men with the same objects in
view, caused prices and profits to fall,
and conse quentIy wages dropped in
proportion.
the purchaser Of the factory at X
felt the pressure, and gradually low
cred the wages paid, until in 1873 he
failed, and turned one hundred men
adritt, leaving their families and those
dependent on their patronage, nearly
8 900 people, without the means of sup
port. But this was not ali; they were
not only deprived of a chance to earn
a living, but they had another expense
to meet which did not exist before.
They got into debt for the n~ecessaries
Of life they borrowed money to pay
their debts and maintain their honor;
they mortgaged their houses or traded
them for farms, and thus, instead of
U. s. bonds alone, they had personal
notes and mortgage bonds to pay also.
until at the present date the bonds,
National, State, municipal. railroad,
farm mortgage, etc and Individual
notes, all drawing interest, amount to
over $50, 600, 600, 900 or Sc, 900, 900, 900
more than the assessed valuation of all
the property of the U aited States.
Uncle BeDjamin's $500, 900 worth of
bonds was drawing $50, 900 a year in
terest, and they had to ply it, or at
least their proportionate share, fer
there was no escape
If Uncle Benjamin alone had made