The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1897-01-26
rHR PEOPLE ARB OUT OF DRBr."
A Dialogue
A Dialogue
correspondence OF the Progressive Farmer.
NEUTRALITY-SUSPICIOUS. :


TUTOR-GEORGE- HARRY
George.-Wnere, by nom and for
what purpose was the expression, the
people are out of debt " used2
Tutor = 1t is a quotation from the Re
port of Mr.. McCulIoch, Secretary #
the Treasury, made to Congress soon
after the close of the var His pur
pose was to fund, or invest, in interest
bearing bonds the paper currency that
had carried them safely through the
war, and then destroy sam4. The work
of funding and destroying was soon
thereafter commenced, IN accordance
with his recommendation.
Harry.-If the currency was suff
GENTLY good to keep the people out o.
debt, and as a result make times good,
Why did he wlsn to destroy 1t9
Tutor The ohj ,cC appears TO have
been Two fold.
1 To devise a cheap al q easy mode
of redemption. The paper currency
was understood to be q debt, redeem
aole in coin. Cons quenCLy the cur
rency destroyed would virtually be 50
much redeemed
2. IL was alleged hat by decreasing
the volume of paper currency suf1-
GENTLY 1t could be raised ts par, IL then
being considerably below par, meas
ured by gold or silver coin.
~ IA zaT1 Aoot~T4otSCn rccE1lE IN
any practlcal benef117
mo. After destroying a vast
amount OF currency and after starting
the people on the broad road TO indeb5
ednesa and ruin Congress III May, 1868,
ordered further DESTRUCTION 10 cease.
II Can you tell US the amount Of
currency that was destroyed2
T-C mmenctng IN 1865 and ending
in 1868 Dver one Dillon twO hundred
and nifty one million dollars were
fundel into bonds and the currency
destroyed, (more accurately 81 PSI,
473 9OW
G.-Tne enormiey Of said SUN will
O be comprehended by the average
reader. Can it not be made piainer9
TIT cen, and the following com
parison will convey a good idea OF the
vast SUM: A BIble is SAID TO contain
two million, seven hundred and twenty
eight Thousand one hundred q, 728 1901
letters. Now if we consider every
letter a dollar it will r. qlire over 4583
Bibles to represent the above sum.
q Did not the admission Of the
Southern States virtually work 8
further contraction?
T.-Yes. The population Of the South
ern States vas about SO per cent that
of Cne Northern States and c0nse
q1entIy we should add SO per cent TO
Sne BIoles. making 687f
G.-Do [ understand you to cay that
it would require the issuing Of as many
dollars of new currency as there are
letters in 687f BIOles to give US the
rency, per capita, that the Northern
States had at the close of the war2
That is precisely what l say, and
dS UH6 pSUuiALAOu HAS SIbCB AIiCE0aSSO
from 80 900 600 C. ab ru6 70 900 900 the
Bibles should be increased PROPORTION
aCely, thus raising them to l 6O44 In
order that We may geG ou5 of deOT and
have q country fG to live in there
should, with as little delay as circum
stances will admit of, be q proper issue
OF full legal tender U. s. Treasury
notes, irredeemaOle IN coin.
H.-What do you thick Of coin re,
demption9
Tit Is not only unnecessary but is
highly mlschlevous and VICIOUS Fiat
money, whether composed Of gold, sill
yer or paper, backed by the property
and laws of the government, is far
safer and better than coin redemption
franklin in speaking of money matters
said: 1.-The legal tender q lality of the
bank of Venice was a greater advan-
tage than coin redemption"
BRYAN TYSON,
Raleigh, N. Q.