The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-15

NanCeUi'iiN- iplt tne great UldJ'i''S
those who voted for the free coinage OF
silver did so because they thought that
the system OF finance proposed could be
no worse than the one existing. THESE
people were willing TO admit that money
was cheap and abundant for commerce.
manufactures. and railways. but ihey
denied that 1t was so for the farmers.
The issue, 10 them. was one simply OF :"
choice OF evils. and 1t is sheer foilV 10
denOuncc this class as dishonest.
They were in error In asserting thae
the gold standard was the cause or eN-
listing evils. but they were not In error
i'm charging that there were evils IN
the present system OF finance. that az
fected injuriously the interests OF their
class.
The advocate for free silver voiced the
common sentiment when he said the peo-
pie wanted more money. Ii was not
good answer 10 say that there was
money, plenty OF money-a larger vol
ume OF currency than for any other
people OF equal population and wealth.
1t may be 30. he said. but II so, II Is
in tho hands OF the plutocrats. and u
don't get down to the people except
upon conditions that are ruinous 10
them.
Look herel he would saw. a man can
build log hut worth so. at the cross
roads for stOre-house, and with 500
30 TO town and buy 81. 900 worth OF goods.
The only security that the merchant has
for his money are the goods and the
house. His neighbor. a farmer with
land assessed at g 90. can't borrow 900
on "A mortgage upon his whole place. no
matter how badly no needs the money
for strictly business purposes-for seed.
fertilizer. labor. OF machinery.
We advocates for the gold rflnUn rl
can't whistle this allegation down the
wind. There IS too much truth In II.
ana unless some steps are taken 10 amend
tho state OF things. the oppressed and
disconnected class will IN the end work
Creator ruin than was threatened I'm
the fight JUST over.
Money. like any other commodity,
ought In the nature Of things. 10 De as
free 10 ono class Of citizens as another.
All That money has q right TO demand
lor us use on Loan IS good security.
How is 1t that money on loan has IN
the past confined itsoli almost exclusive
ly 10 commercial and manufacturing cir
cies' or 10 railway and other CORPORA
lion bOndSY Experience has not ap-
proved these Investments as Of the best
or the safest. But there are so many
people who prefer 10 have their money
yield them fixed incomes. that II is not
10 pe wondered At that the class Of cou-
pom bonds which promised 10 pay inter-
est at stated periods was to them TIE
Investment TO be preferred over all
others. Then. too. there was the in
centiVe or being able 10 buy these bonds
on the market at less than their face
value thereby giving the investor
chance Tor more than legal interest. and
the nope or selling out. upon GuYrocia-
ton. al large profit.
Ihese no doubt have been the chief
inducements which have led 10 the invest
meht or the money Of the world in rail-
way and corporation bonds and stocks.
10 the exclusion. largely, Of al other
CLASSES of security
in the classes Of securities considered
investors have suffered great losses. and
perhaps It may be timely TO consider
other forms Of Security for Investment
ana loan and especially the class OF se-
curity offered by farmers.
Land. Why not?
AT - TO 2-S of its assessed value. what
better security can be found for money!
The charge that IL Is not convertible IS
no longer so true as II was. Indeed. there
are many facts 10 show that Il IS appre-
oiating every day In value The fact
above all others that gives it most sub
OF IL can live on it. when all else falls.
Commercial people say the farmer does
not need moneg. and he ought not 10
borrow. Tho facNis. that for the proper
conduct Of his business be needs money
and property more than anybody else
To begin business be must have the land
70 wok years supply Of food for nm
self and family. lie needs money for
seed, labor. ana Implements: and as he
will get no returns for a year. he cannot
borrow on short time.
IL IS STRANGE The cotton. tobacco and
corn he makes commands an the money
that is needed in second hands: why
should 10 be considered so bad subject
o. security IN first hands?
The farmer needs money. no matter
what the commercial people say 10 the
contrary, end the question is how may he
get f.?
Capital does not object TO long loans
n the principal and interest De safe.
Let me make this ugses ton: Organize
a loan agency for farmers upon the basis
or mortgage upon his Liud. and require
the mortgage % take ont "a life iusur-
ance policy 10 the amount borrowed. and
assign that policy 20 the debt.
Farmers would not object 10 that fca-
ture-most Of them would prefer H. 7 ann
sure that something is necessary 10 be
done IN the lines indicated 20 quiet dam
gerous ana growing discomfort. Higher
duties and heavier taxes won't cure the
evil. That would be giving stone for
bread.
Austria and Germany have given The
world proof that loan agencies FOR farm
ers are. perhaps The most Successful
OF all agencies for the loan. Of money.
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