The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1898-03-01

change" be t'sound and flexible, be-
cause most OF the issue will be under
&C." which is bottomed on the indie
structible property of an industrial
people that is as good and sound C
rity basis for money issued as there is
in the civilized world, gold and silver
not excepted, and flexible because of
times when money becomes plenty,
people will pay up and get rid Of even
1 per cent debts, which will contract
the currency" some, then when they
feel the want of it a new set Of loans
will be asked for, again expanding the
currency.
To-day the currency liz practically in
the hands of banks and when contrac
ted, interest-the price Of money
goes up; when expanded it goes down.
This is why the money people demand
a gold or gold and silver standard. They
are able to own, so as to control, all
the material substance which now con
stitutes the basis of money and they
are determined that the volume of legal
tender money shall not get beyond
that. COh, how long will Alliance
people be blind to their own rights
Under this new system proposed,
interest cannot Vary much, because it
is fixed at cost, for the great part OF
loans and the money will always be
there with no profits to pay to any
body.
This money system will not need any
Mosaic, thou shalt not exact usury,"
for it will adjust itself to varied re-
quirements so that loans outside Of
government issues will be compelled
adjust loan rates down to nearly one
per cent.
There would be no pains because If
every dollar in a bank be stolen in a
night, it would quickly be replaced.
There would soon be no government
debt, and we would soon owe nothing
abroad, interest bonds, notes and Sc
curities and all commerce, both foreign
and domestic, would soon settle to a
cash paying basis. Government own
ership of railroads and other utilities
would be practically in sight, and il
gold and silver went to Europe, we
could soon bring it back with wheat,
corn and cotton.
What a glorious brightness of new
liberty would open up all over the land
-practically no interest on money, no
panics and no broken banks.
This industrial plan of finance will
be opposed by bankers, money loaners
and loaniug corporations. COae in
surance company in New York con,
trolls one fourth Of the money in the
United States outside Of the treasury
IG will be opposed by all such concerns
and their legislative followers With
their supporters who are filed with
partisan or other pr JUDGES.
We cannot see how a true Alliance
man a oppose it unless he can break
it down, and I respectfully ask to be
present at the breaking.
IL is impossible to refer to one of a
dozen OF the evils resulting from the
present old monetary system or of the
benefits that must follow the new one,
in q few chapters which space is nee
essarily limited, but having spent SOM
fifteen years as a pretty close student
on political economy, including
finance. 1 am willing to discuss the
problem in all its phases, to any rea-
sonable length, with any person who
is able to handle the matter, in any
paper that is as credible and widely
read as The PROGRESSIVE FARMER.
/ am writing for the good Of my
fellow man and / think all who have
followed me along so far, and humbly
invite every to come and let US reason
together. Next chapter will com
mence a short series on Taxation, - the
next greatest and important question
presented IN the Alliance Demands.
SAMUEL ARCHER.
Mica, N. Q. ,
TO BE CONTINUED
VGTATR R~ TTI0A nSE AnnNTNT-