The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1898-01-25

ENEbCW bAEu0A G1G40C S0~'
We will proceed to enlarge on these
objections. But let me first say my
objection is mainly directed against the
one per cent. We are agreed that the
dignity Of a sovereign power, not TO
speak Of its usefulness to the people, is
more consonant with it's being a lender
OF money than q borrower. This thing
of the governments borrowing money
and becoming s~ubservient to money
concerns relegetes us back to the bar
baric ages. Il is high time that the
government should assert it's complete
sovereignty and owe no man anything
In the way Of bonds. This per cent.
should be 30 high in the commence.
ment OF this law as not to create q dis
trust OF the money and not ~disarrange
private businessmen to food the
country with deprecated money; for
the government can pass nc law inter
fering with legitimate private con.
tracts.
It is unattainabIe. It will have the
opposition of the money lenders and
the money lenders rule all civilized
countries to-day. tt will have the op,
position of persons who are neither
lenders nor borrowers, as something
visionary and impracticable. If very
desirable, it will require twenty-five,
years of hard party warfare to indoc
trinate the people.
The government has no moral right
to become d deadly competitor, etc
Now to prevent this the government
should charge q reasonable interest and
after paying its present obligations,
~curtailing extravaganza expenditures
and accommodating a surplus it could
commence to loan money.
My position is, the revenues from
the government lending money and
from other enterprises in which it may
engage shall render it Unnecessary TO
collect any internal taxes, direct or in
direct save a graded income tax. Ac-
cording to II. w. Ewing, of Maryland,
l think a system of banking should be
framed for the government and the
government should reap from this
source one hundred and fifty millions
a year, but the government should only
become a healthy competitor. There
are other things which the government
could undertake and reap a proat-in
all say a profit of two hundred and
fifty millions of dollars. Then there
would be 10 need Of q graded advalo-
rem tax, which will require say forty
years to change the constitution 80 as
to collect such q tax.
We do not agree with the prevalent
idea first granted to a class of bankers
that money should be loaned at one
per per cent.-that the government
should become q distributor of charity
as it did in Rome once.
There is another idea which is very
unsteady-that the credit of the gov
Iernment and a proposed basis for legal
tender money is all sufficient. All ar
guments on this line will hold good to
a limited issue Of paper money and
might hold altogether good if this coun
Try was a seagir5 islandIand with no
communication with the outside wick
ed world. SO we had better look
around to see how far we can pander
20 the idolatry of King Mammon and
at the same time achieve our purposes
TO this end we bring from the depths
of the past an idea advanced by Col
L. L Polk, that the government collect
all it's import duties In coin and we say
impound them, gold or silver, in the
treasury and issue legal tender, dollar
for dollar sc impound8d; then have a
law to pay out this money only for
bonds or by a special act of Congress
FIR q special purpose, naming the
amount and kind of coin to be paid u
This provides for the payment of the
bonds and provides for any foreign
complication, which may arise and the
government can give consolation to
all idolaters that it has plenty of hard
money.
Under such a law the impoundiug of
the tariff collected in coin will necessi.
tate the issue of about $3.50. OOO, 600 per
annum of legal tender. This will neces-
site after awhile the importation of coin
to pay this tax, and all coin imported
and legal tender issued in lieu thereof
will be an addition to the mount OF
money in circulation. The least de-
sirable coin will first come into the
knoor11ru cpS tho doDoan6 wSI1 oo-&irVr
until an equilibrium is restored
throughout the world-what the gold
hngs call EQUAL INTRINSIC value and pari