The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1900-01-09
GAMBLERS, Monty CENTRRs
AND TRUS s


the com mercial centers for more
money aud interest bounds 40. l.
this demand for money for legitimate
or illegitimate purposes9 This qusE-
ton I propose to ans wer.
There are billions of bon Il and stocks
thrown on the market to be gam0led
upon. All of the farmers staple prod
ucEs are gamOled upon. Tneee fuc
tuate in value as the bulls or bears get
the advantage. Hundreds Of millions
Of dollars are placed on margins, the
bulls trying to force pr ces up, the
bears trying to force prices do Rn Not
one dollar Of this money is used for
Legitimate purposes and ev,ry dollar
is taken from the channels OF trade.
Yet not WithstaDding this diversion of
money from legitim ate purposes, ordi-
narHy there is enough money 10 trans
act legitimate and illegitimaee business
The bears C mbine and depress prizes
and the bulls rush to cover; that ls,
they must borrow more money to place
on margins thai will cover the diff ST
ence in depreciation of prices. Ii the
depreciation is a hundred millions
Of dollars, there is a sudden demand
for one hundred million dollars more
money, not one dollar to be used for
legitimate purposes. This Gauss 8
stringency of the money market and
interest gees bounding up and the
country Is threatened with a panic.
The wors features in this gambling
on margins is it places it in the power
O. a rev men to corner the money mar
ket, preventir g illegitimate and legiGi-
mate business from getting money.
producing a panic, and that, too, when
every industry is in a furnishing con
dition.
We will suppose that there are Eve
hundred million dollars in the banks in
New York city. A combine ia entered
into by the bears to deprecIste prices
Ten men in New York city can r
this money in n day.
This combine sends their agents to
the BANKS to borroW all the available
money Say the banbs; "What
security will you furniehH" The agents
reply: the best in the world. We
will pay you the interest and leave
every dollar deposited in the banks"
The money is borrowed and all the
available money is tied up, the ira is
sprung. the bulls rush TO corner, in
ter &c goes bounding up to one, then
three hundred per cent, but money
cannot be he'd at any price. E r the
want OF this money Legitimate bushes
is BE- uzht to a standstIll and every In
dustry threatened with paraly sis.
Toe increase of idle money at c7m
mercIal cen'ers incressas gambling on
marRIns. This moneye ed corr cred Oy a
combine may produce a panic that the
combine cannot courrol, or iE may be
turned loose, sending prices up after
the co nbine has made their tens of
millions and ruined thousands, It was
Jay Gould and a few others that Ger
nered the money in 1873 and opened
the B ack Friday on our commercial
interests that cost the country hun
dreds OF millions OF dollars and brought
distress to every class.
To issue more money under the pres
ent system Of economies will intensity
this evil Competition OF our farmers
on the worlds market with the same
class who employ labor for one fifth
paid the same class in this country,
keeps the prIca of farm produce down
They would get no more OF this money
than now, and this increase would go
into C Numerical centeTs and increase
gamOIIng. The only remedy for his
evil Is TO draw the money from the
commercial centers into the channels
Of e. ade, where it canno be c~ornered
or b proved for illegitimste purposes.
Increase the price of farm products
and wages, and you will draw the
money from commercial centers into
the Docks Of the people.
Farmers and ~laborers' trusts ia the
only power that can force no prices
and wages and draw the money from
commercial centers. IL is not the
trusrs that are doing the mischief; is is
those who gamble on margins and
make combines that should send everv
n to the penitentiary IL those in
teres5ed in destroying the rusts would
turn their batteries on the gamblers
and spectators and suppress the whole
business, they would do the whole
country a service of inestimaole value:
but these gentry are Interested in SUD
pressing everything but the gamblers
The ability of the farmers to fix nrlnea