The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1900-03-13

preciated nearly 80 per cent. In the
last two years, a greater depreciation
than occurred during any similar
period bet ween 1850 and 1860 although
the PERCENTAGE of increase to the
worlds supply was greater then than
at present.
Toe first effect was to increase the
large surplus of m7ney in the great
money center of our country, New
York, caused by the prostration OF
business throughout the country which
developed intense speculation in Wall
street. As the increasing supply be-
gan tn awaken business activity and
enterprise throughout the country, II
caused the withdrawal Of a large part
| Of these funds in New York and brought
a cry Of distress from Wall street and
for sometime we have had the Disgrace
tul spectacle of a huge pyramid OF
credit there constantly threatening to
topple over, ami our Secretary of the
Treasury rushing in to prop it up. This
increases the speculation and the dan
gers and will intensity the disaster,
should it come.
Should disaster come to money
center it's eff 5cE will spread throughout
the country resulting 10 a sudden vita
dra val of credits, enforced settlements,
bankruptcies, stsgnati0n, and dis
tress. In that time Of SORE need what
will our fetish, gold. do9 1t will Olay
the CO ~ard as i6 has always done
scud across the seas, rush into vaults,
sneak into stockings and Old pots,
anywhere, any where out of the world"
Of misery it has created.
n1ther radical defect is a want
OF a9xibiliGy aud what is worse, il
possible, what hsx)bility it has is con-
trolled by corporations and individ
uals. Calhoun, condemuing the evils
of our financial system that have since
further Developed and intensified,
wisely said that to put such po yer in
the hands Of corporations and individ-
uals vas ito place in their hands the
most cruel engine of oppression that
could be invented" IL gives then
po Eer to raise aud lower prices at will
and thus puts the business of the cou
try at their mercy and enables them
TO rob and Ilundtr at wholesale This
evil is increased by the ineviGaO Q ten
dency in u system to accumulation
of money at our great business anu
money centers, which puts more money
and therefore more po Yer in the MAIDS
of speculative cliqIes.
Another fault IN our system is the
wrong Use made Of the credit or the
government which of right belongs 20
our people. IE is used Co their injury,
to burden them The credit of the
government is used al security for our
paper money 60 called, bu5 iE is 10 the
form OF BINDS, when tex the people
with IngeresF. In addition to 61i3 thy
are tRXsa with Interest o. he m1aay
furnished the banks. Sc,enc9 n 3, 8 made
amozIag progress Ill every dep .r5ment
of human thou 5hG save tnR5 OF m )ney.
In this we are sill travelling IN the
old ruts and cropping IN the DARK. II
is time to ex rcise soma common sense
in regard to this al important question
Of money.
Abolish all banks OF Issue, for, as
J fferson said, they are more danger
Gus than standing armies" L,E che
Ct neral GoVerumsnE make issue AID
contrJl IL. Accept ,hs truth as stated
by Aristotle, one of the WIsesG of tn
a%ncients, money is not a production
of nasure; it is a crea .ure Of law"
Mas e it, not of the cleGIi3 % {, but OF tie
cheapest material, secured by all n
wealth of this great country. Let It's
vsIus be regulated not by the uncer
tain value Uncertain not only from
natural eau ies, Ou far more from ar
tlicsal onee) Of one comm odIty, gold,
or OF two commodities, gold and silver,
but by the value of a large number of
them on the broad and universally &C
cepted theory that supply and d. mand
regulate price known when applied TO
money ss the quantitive theory of
money. Briefly stated, il is that, other
things being qlal, prices will depend
on he amounE of money in circulation
II prices are found TO be advancing, let
the amount Of money be curtailed; il
they are de clining, let the supply be
increased. In this simple way prices
would be kept at a uniform level and
We would forever end alternating
prices Of inh4tion and temporary pros
perisy followed by sudden and
severe contrac ion with resultant
increase in wealth to the few, ruin to