The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1897-03-23
INADEQUATE CURRENCY CIRCU.
LATION.

Mr.. D. A. Tompkins, q well known
manufacturer at Charlotte, N. O., con-
tributed an interesting article to the
Manufacturers Record of March 19.h.
He takes the ground that the present
administration will not enlarge the Cir
culation of silver unless by interna.
tional agreement. This, we believe is
hardly probable, as the money manipu.
lators are not endeavoring to get what
they admit is ''just the thing"
We do not endorse all of MI. Temp
kin's visWs, but the article will do
good, for it tends to keep a very i'm
portant question before the people,
and, in this case, reaches a large num-
Der who seldom see an intelligent, un-
biased article on the financial question.
Strange as it may appear, bankers and
manufacturers, as q rule, know less
about the needs of the masses than
many other people. They are gener-
ally brainy men, business men They
know how to manage business and &C
cumulate, but know little Of political
economy. There is an old saying that
lit takes a thief to catch a thiet," but
it does not take a wealthy man to
diagnose the complaints of the masses
in the matter of finance. In making
such a comparison we do not intend to
reflect on the bankers.
The reason is plain. The banker
reads daily papers which are usually
filed with anything to obscure the real
issues. He associates with men who,
like himself, know but little about
finance. A we'll nan cannot get into
full sympathy with the delicate man;
the rich cannot sympathize with the
poor.
Mr.. Tompkins rightly says that "a
gold basis without circulation will not
be satisfactory" and that 'if the pres
ent status continues the silver senti.
ment will grow rapidly" True as
preaching. Nobody objects to the gold
standard. Gold is pretty. 1t is sub
stantial money, and notes based upon
it are all right. But gold don't circu-
late enough. There isn't enough of it
Rain is a good thing, but when the
food gates r closed up and drouth
prevails disaster follows. The country
is steadily drying up for the want of a
flexible, increasing currency. POpular
ton and volume of business expanding
and currency diminishing. Hard times
are the natural outcome.
Mr.. Tompkins gives some compari
SONS. In 1856 the circulation (gold)
per capita in Vermont was $12 60; in
1890 it was SO 80. not a great fall off.
In 1856 the per capita circulation in
Rhode Island was $3l 81; in 1890 it was
$21 O8. The circulation in New York
City was $40 80; in 1890 it was $13 65,
an increase. But in the State out
side the city in 1890 the circulation was
only So 81, while it was 81 As in 1856
The circulation In Virginia in 1856 was
$40. 81, while it was but 81 IA in 1890.
In 1856 the circulation in North Caro-
lima was S. 70; in 1890 it was but A
cents. The circulation in South Caro-
lima in 1856 was So "a; in 1890 it was
out 80 cents.
The above figures not only show the
fearful contraction OF gold currency,
but the unequal distribution of it.
Naturally the manufacturing States
have drawn the cash to them. But
times are just as hard there as in the
South. We have always managed to
get along on a little money, compare
lively speaking, while our northern
neighbors had an abundance of it up to
a few years ago. But the contraction
is felt in both sections alike. Our
northern neighbors would give up to-
day if they had our small per capita,
while if we had their present per capita
we would probably be boasting of good
times.
With the above facts before us it is
plain that if the ratio of contraction is
continued a few years longer we will
be in the condition of the Roman EN-
pire when it crumbied. Three per
cent. OF the population owned all the
property and the other ninety seven
per cent had lost hope, energy and
ambition. The Rockefellers, Wander
bits, Morgans, Havemeyers and a few
others who are responsible for the CON
traction will constitute the 8 per cent,
the balance will be paupers. This re-
suit is just as certain as the law of
gravitation unless the people can be
aroused and induced to throw eff the
yoke before it is too late. Figure it
out for yourself.