The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1898-04-19

Correspondence of the Progressive Farmer.

Correspondence OF the Progressive Farmer
CONTINUED FROM LAST WEEK.
In my last arClcle / tried to show
that the silver Democrats in their
Chicago platform not only did not &C
cept the financial principles of the
Peoples Party, but advocated princi-
pies directly opposed to them. /
claimed also that If these principles
enacted into law gave all that their
most sanguine supporters claimed
bimetalism-it would at best SIMPLY
restore the conditions that existed
from the foundation of our govern
ment until 1873 with the exception of q
few years during the var and as the
financial history Of our country, as
showed, had proved wretched failure.
Before proceeding to discuss The
financial principles of the Peopls's
Party l want to show more clearly
why coin redemption al the founda
ton of a financial system as is de-.
manded in the Chicago platform al
ways has been q failure and always
will be q failure so far as the best in
terests of the producing classes is con
cerned.
This system is based on the idea
that coin alone is money. That all
else used as money is not money, but
an evidence of debt and must, on de
maud be redeemed in coin.
There is not enough of the precious
metals, so called, insthe world { sup
ply the needs of commerc9 and as their
production does not keep pace with
the increase of population and more
especia ly with the rapid increase of
che commerce of the world this gap
is widening and with the rapid devel-
opment of commerce in Africa and
Asia is destined to widen more rapidly
In the future.
As metal money cannot begin to
supply the needs of the world substi
Gutes must be used in large quantities.
Under the redemption system of
finance these substitutes are not con
eIdered or treated as money but as
credits redeemaDle in coin. As q re
suit we have a financial system with
a small foundation of money and a
huge superstructure of credit, like a
pyramid set on it's apex. Is there any
wonder that it's chief characteristic is
Instability Is it any wonder that it
il easily manipulated by the specula-
4 &S1o 0lTrrVo1 md ha~Ho~eQ TTn1nm GR1nh
a system the spectators aided by the
banks, can increase loans and expand
credits and raise prices and cause a
boom in business only to be followed
in time by contraction with lower
prices, loss of confidence and a crash
enabling the big fish to prey on the
smaller ones
To prove that this was the case
under bimetalism with coin redemp
ton, I will give the testimony of two
of the greatest statesmen this country
has produced who lived under these
evil conditions that some are clamor
lag to restore
Mr.. Calhoun, III his great speech In
the Senate, August II, 1887, in con,
tending against the baIetul influence
and increasing power Of the banks and
their allies and advocating in the main
the financial principles that the Peo-
pies Party now stands for said Ito
give to corporations and individuals
the power to control the volume Of
currency is to put in their hands the
most powerful engine of oppression
that could be invented"
Webster said: people wonder why
panics 20 frequently. / can tell
them why. It is to the interest Of the
bankers and brokers they should oc
cur. 1t is one of the specious meth.
DDS by which these utterly useless
knaves rob the producing, manufac
turing and mercantile classes of their
honest earnings. 1t ia one of the chief
plans by which their infamous ring is
rIveting the chains of slavery on the
limbs of labor"
1t is true the Chicago platform de-
mands the abolition of national banks,
but Its Southern leaders want State
banks instead, and that would be Jump
ing from the frying pan into the
fire. The only weapon with which
we can successfully fight plutocracy is
full legal tender notes issued by the
general government directly 60 the