The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-03-03

1 w oily SSNJg N~S
man and his neighbors to keep what
they have or are trying to get, to the
amount of $500, 600, 600 per annum. The
question now is would that benefit any
individual man to any extent? The
answer is seen by dividing $500, 600 600
by 70, 600. 900 people. 1t would be a
little over 81 per annum for each man,
woman and child in the nation; or
about fifty dollars per annum for each
family of seven persons. Now with
the fact in view that such taxes fall
entirely upon consumption, 1t will be
| seen that people of small means cannot
paying their full proportion. Then the
| question arises, will it benefit a poor
mar to have his taxes of fifty dollars
| per annum remitted? Will it not be
equal in benefits to a direct gift to him
of fifty collars per annum7 VIII it
help him any
But there is another and broader
view on this subject. We are not now
suffering so much from the want of
money in existeI &c as from the fact
that the money in the country does not
circulate. Why Is this2
1t is because the population and the
needs Of the people for money are in
creasing and the volume of money ls
not. This condition of things causes
falling prices; ard money will not cir
Culate freely during a time of falling
prices. The men owning money place
1t in the bank or otherwise hoard it,
waiting for pr 3es to touch bottom. No
man will invest or pay out his money
during a time OF general falling prices
if he can help it. Why should he build
a house or buy a farm, or in any way
invest his money if it will cost him less
to do 50 a few months later2 He will
not do it.
SOour situation to day is this: Money
is hoardedand wilInot Circulate because
general prices are tending downward,
and prices Will not cease falling as long
as money is boarded. 1t is a game Of
f~reezeOut. One condition p~erpetuates
the other. Neither will yield. And,
without the assistance Of some outside
agency there is no escape from general
bankruptcy and ultimate ruin.
Now let the government enter the
field with new money to be paid out in
the usual expenses aad disbursements
of the government. The dead lock is
then broken. There is a general rise
Of prices. Individuals at once see that
there is a profit in the use of money.
Immediately the money is checked CIV
Of the banks and set to work; labor
finds employment in making long de-
ferred Improvements. Every man with
either property or labor for sale, to
meet his personal or family expenses,
finds a market for bis property an0
employ ment for his hands.
Now let us compare these statements
with recent facts Of history. The trans
actions ot the New York clearing house,
under the il huence Of the greenb8ck
currency we're steadily upward from
1861 to 1866. There was then passed l.
law for the contraction Of the currency
Immediately the clearing house bust
ness stopped increasing and began to
decrease. This caused hard times and
murmurs Of distress, which, III 1853,
caused the repeal of the CONTRACTION
law of 1866 Times at once recovered
and the New York clearings rapidly
increased to an amount not before
reached. Then came the law OF 1869.
making currency bonds payable in
coin, and the law Of 1870, refunding
certain monetary obligations that had
circulated as money into registered
bones which could not circulate. This
was q contraction of the currency. The
decrease of the New York clearings be.
gan promptly in 1870. The law of 1873.
demOnetizing silver, and the law Of
1875, preparing for specie a mente.
both acted as contraction laws, and the
decrease Of the business of the country
as shown by the New York clearings
was continuous, with only an OCca-
sional very slight rise. The clearipes
were about thirty seven billions in 1869,
had sunk to less than twenty-three bll
lions in 1878 And hard times was al
most in a stat2 of revolution. Strikes
of suffering labor were prevalent and
| cities began to burn.
In 1878 two remedial laws were
passed, one providing that no more
greenbacks should be retired, the other
that silver should be coined at the rate
Of two million dollars per month. There