V
Ml I
MONEY, ITS HISTORY.
Gold and Silver.
BY L1 FOGY.
No. 2.
The Bank of Tenice was established
in 1171. There was a loan forced
from the wealthy Venetians to save
the Republic in a war against the
Grecian Emperor. Each citizen was
required to contribute according to his
ability and by a decree of the Great
Council the office oi Chamber of
Loans was instituted. The contribu
tors to the loan, were made creditors
to that office and received an annual
interest of four per cent. CotweU, p.
289.
These loans were incribed in a
book, authenticated and made evidence
of the whole debt, as well as what be
longed to each subscriber. The inter
est was punctually paid into the office
and thence distributed to each cred
itor. Econ Poletique, par Henri Siorch,
vol. 21, p. 95.
A medium of debt paying without
the use of a coin. This was a great
discovery.
BANI 0F GENOA.
The Genaese system of finance
was the most remarkable and
complicated one of which his
tory gives any account. In 1302
they reconstructed the system, and
- !..
the reconstruction was similar to re
construction on the South in its effects.
In 1407 the people demanded a
change. This banking system, like
our own, was not nearly as favorable
to the people as to the bankers.
Carlo Cuneo gives a table of rates
of value of shares: In 1559 shares
were 48, in 1582, 112; in 1606, 219,
and 1621 at 278.
While the bank of Genoa had
higher rates of interest than the Bank
of Venice, it never gained nearly so
much importance. It took quantities
from the government the Bank of
Venice took from the people.
The Bank of Genoa never attained
any greatness until it became a bank
Of iS3U3.
The Bank of Amsterdam was insti
tuted in 1609. While the Bank of
Venice had for centuries been excit
ing the wonder of the world, the peo
ple o Amsterdam were so wedded to
the gold and silver system that they
s -made their system much less practical,
more clumsily arranged and much
more expensive than the Bank of
Venice.
The Bank of Hamburg followed
and was similar to those already re
ferred to. It was founded in 1619.
Banking was introduced into Eng
land by the Lombard Jews who
brought the system with them from
Italy. The Bank of England transacts
the whole business of the government.
Adam Smith says of it: "The bank
acts not only as an ordinary bank but
as a great engine of State.'' It went
into operation in 1695. Its whole
capital was loaned to the government
and the interest secured by taxes. Its
first paper issue was for 20 pound
note3. In 1696 it suspended specie
payments. The design from the first
was to make an engine of power out
of the bank. For 175 years no de
positor has lost a dollar of his de
posits. The taxing power of the govern
ment is used as a base for issuing and
securing notes. At no time for a
century and a half has the silver and
gold in its vaults been anything like
its circulation.
1 will quote as an example the re
port of February, 1815, just half way
in the period I named.
Feb. 23t, 1815.
27,261,650 pounds.
11,702,250 "
Circu'ation.
Deposits.
Securities.
Bullion.
Surplus.
44,558,501
2,836,910
it
7,631,510
This report shows that circulation
and deposits are in excess over the
coin and bullion of $184,639,950 in
our money.
The Bank of Scotland is the best
yet devised. The Scotch banks were
created in the interest of commerce.
Its charter was granted by the Scotch
Parliament in 1695.
The Bank of Scotland started with
the design of making credits based on
property and not on com. It identified
itself with the people. The laborer
deposited his money and stood on an
equality with the lord. The bank
taid one per cent, less than rates of
interest to all depositors. Thus it was
a vast savings bank, a bank of deposit
and a bank of issue.
The Ensrlish have tried for a cen
tury to get the gold base attached to
me ocotcn oanK dui witnout success.
The great advantage in the Scotch
system is the loaning of the credit of
. - .
me DanK to those who use it. The
merchandise purchased is the base and
not the gold or silver on deposit. The
rebellion of 1715 nor that of 1745 nor
the disturbances following the French
Kevolution of 1793 or that of 1797,
nor yet the great crash of 1825 effected
tae ISank of Scotland, nor did the
people at any time made a run on the
Danl. JUe Wolf p. 133.
The early sellers of our country
adopted the English system. The ob
ject of our banks has been pecuniary
gain.
Massachusetts made an issue of
paper in 1690. In 1702 South Caro
lina made similar issues. Pennsyl
vania made the first issue that could
properly be called money. It was en
tirely -under control of the Provincial
THE PKOGrRESSIVE FAEMEE MARCH
Government. Its loans were secured
by land or by plate deposited in the
office. The borrower was made to
pay 5 per cent. Gov. Powell, Dr.
Franklin and Adam Smith all com
mended the plan. Its issue of paper
based on merchandise or lands, never
sunk below the value of gold and silver.
Holmes, vol. 2, p. 110.
These credit bills of Pennsylvania
were so much better than those of
other States that there was a demand
for them in furnishing bills of ex
change. The first bank in the United States
was the bank of North America. It
was incorporated by an act of Congress
on the last day of the year 1781. Its
capital was limited to 10,000,000 in
holdings, but its issue was unlimited.
In 1782 the bank went into operation
with a subscribed capital of $400,000,
254,000 was taken by Mr. Morris for
the general government.
Thus banking was instituted with
out any capital. The prelended capi
tal was only the money which passed
through it belonging to the United
States a deposit rather tha a anything
else. Tha charter to the first United
States bank was passed on the 20th of
January, 1791 by the Senate. The
capital was ten million dollars, one
fifth was subscribed by the government.
Ihe government had no money to pay
its subscription, proposed to borrow it
from the bank. The bank having no
money to lend, passed a credit of two mil
lions on its bank to the government and
the government paid 6 per cent, on the
credit.
Under the charter of 1816 (its first
renewal) the capital was increased to
3o millions. The government sub
scribed 7 millions having no money
the bank again gave it credit.
The bank went into operation Jan.
7, 1817, and only about one per cent,
of it3 capital was paid in, yet it was
run on a " specie basis."
Our readers will see that it was not
a question of goodness of currency,
but the point then, as now, was and
is: " The power to oppress and the per
cent, of profit obtainable.
We are anxious for some opponent
to give us cause to bring out the par
ticulars of the banking scheme.
On the 4th of July, 1832, a bill to
re -charter the bank passed Congress,
but President Jackson vetoed it.
There were two considerations, one
political and the other State banks',
both opposing it. There were some
1,600 of State banks under free bank
ing or general banking laws, in 1860.
In March, 1836, the bank of the
United States had a circulation of
$19,195,817; it had of specie $12,-
175,476, ond deposits of $16,759,507.
The question is, how could the bank
pay the deposit of 16 millions with 12
millions of specie and then redeem
the 19 millions of currency ?
Again. Keports of Bank Com. of
Conn. 1837 to 1849, shows the aver
age circulatian of $11,669,457, and
an average of deposits of $478,719 of
specie, that is to say 4 per cent, on
the 100 dollars of paper.
Did the specie belong to the banks
or the people ?
THE WESTERN WAY.
The Leavenworth County Alliance,
Kansas, at a recent meeting, among
others, passed the following resolu
tions: Whereas, Many movements for
the advancement of the wealth pro
ducers, the agriculturists and the
laborers of this country have been
thwarted or wrecked by the subsidized
press, and
Whereas, To know the truth about
who and what is oppressing the people
and who is getting the profit and the
true remedies for the evils we endure,
some paper should be taken whose
speciality is the telling of these facts;
therefore be it
Resolved, That we, the Leavenworth
County Farmers' Alliance, do fully
endorse The National Economist, of
Washington, D. C , and highly com
mend The Advocde, of Topeka: The
Western Rural, of Chicago, III; The
American JSon Unormist, of Winfield,
Ks.; The Toiler, of Nashville, Tenn.;
The Progressive Farmer, of Raleigh,
N. C; The Alliance Tribune, of Topeka,
Ks.
Resolved, That we recommend that
each Sub Alliance subscribe for one
or more good Alliance papers for the
use of its Lecturer and that each
member subscribe for such papers for
his own use.
Resolved, That we urare all members
of the Farmers' Alliance to watch
their political papers closely, and if
any treat us unfairly in any wav see
that it enters your house no more
warming an adder in your bosom is
Daa policy."
When the masses of labor come to
understand the value of an economic
educatiou, we will hear no more
wrangles about the relative value of
parties and candidates. Officers-elect.
no matter who they are, will know
what will be expected of them. The
great work of the hour m which in
tellierent labor should eneaere is to edn
cate tne puonc mma on economic
questions, point out the errors of the
j 1 1 i -
, , 1 ! i
present system, and unite with all who
are willing to substitute a better.
Labor must appeal to the virtue and
intelligence of the peoole and
their vices and their ignorance. Rock
j-sianaer.
RAILROADS AND RAILROAD
COMMISSIONS.
No. 9.
Cor. Scotland Neck Deaiocrat.
The. highest and most obligatory
duty of a sovereign State or power is
to refrain from oppressing or taking
advantage of any citizen subject to
that power. Its next duty is to see
to it that neither any of its creatures
nor any of its citizens or subjects
oppress any other citizen or subject
under cover of law. And as soon as
any law or granted privilege becomes
unjust and oppressive the law ought
to be repealed; and as soon as that
privilege, is exercised to the detriment,
damage or annoyance of the people, it
is the duty of the sovereign power to
withdraw it, and the State that fails
to do this falls far short of its duty to
its citizens. When these special priv
ileges to build roads and haul freights
and passengers were granted to the
railroad corporations fifty years ago,
and exempted them from taxation
until they paid a dividend of eight
per cent, on the capital invested, it
was not contemplated, nor even sus
pected, that these corporations would
become the controlling money power
of the State, and that they would ex
tend their power and influence into
every nook and corner of the State
and dictate the nominees for every
important office within the gift of the
people.
Our fathers in granting these special
privileges to these special corporations
thought not of the possibility, much
less the probability, of these organiza
tions combining and controlling the
power that makes and executes the
laws of the State. And yet every
well-informed citizen knows that the
railroad presidents and their paid at
torneys absolutely controlled the last
three legislatures on the subject of a
railroad commission, and to some ex
tent the legislatures for twenty -five
years past.
Now I am not making war against
these railroad kings. They are elected
by the stockholders to look out for the
best and greatest interest of these
roads. They are discharging their
duty as faithful servants. They are
doing what they have contracted to
do; and if they were discharging their
duty in the service of the people as
they are in the service of their present
employers, the people would say,
" Amen. Well done good and faith
ful servant.
Now, how shall these wrongs be
remedied? Surely not by abusing
the railroad authorities, or by break
ing down or even crippling these cor
porations. They are as indispensable to the
prosperity of the State as the farmer,
the merchant, the blacksmith, the
lawyer or the doctor. They are en
tided to make money and control the
State as much as any other class of
citizens, provided they use no corrupt
ing funds or undue influence.
The majority does not exist with
the railroad authorities, their attor
neys and stockholders. The people
constitute the majority in this State;
and if they desire to control the legis
lature and to test the constitutionality
of a railroad commission, its expedi
ency and its power to regulate the
tariff and transportation, let them see
to it in the primaries in all the coun
ties and townships in the State, that
none but good and true men are sent
to the county and State conventions.
Railroads control just as individuals
control by being kind and extending
courtesies to those who can help them
when they need help. When they do
a lavor or extend a courtesy they ex
pect a dozen in return. When they
allow a man to gather an apple from
their orchard they expect to gather a
dozen trom his. As soon as a man is
elected to the legislature they send
him a free pass- When a man is
elected or appointed circuit Judge or
solicitor tne.y send mm a tree pass.
All this is wrong. There is no
reason why a legislator, Judge, Solici
tor or Governor should not pay his
fare over the railroads. They have
no more interest in these roads than
other people, and no more right to
ride free than other people. In fact
it would seem that the man who gets
four dollars a day and ten cents a
mile going and coming as a legislator
is better able to pay his fare than the
man who gets fifty cents a day. And
the Governor or Judge who gets
twenty nve nundred or three thou
sand dollars salary is better able to
pay fare over the railroad than the
man who gets less than twenty-five
j n il i i -t
uuuars a inontn ior nis iaoors. Do
the railroads send free passes to farm
ers and laborers of the country? Well
why don't they ? Because as a rule
the latter have no apple orchards from
which twelve apples can be gathered
to one. Of course the railroads have
never intended to buy any of these
Governors, Judges Solicitors and leg
islators; nor did these recipients feel
like they had been bought when they
received ana usea tnese iree passes.
These little courtesies, running all the
way from thirty to three hundred dol
lars a year produce quite a kindly
feeling on the part of the free passers
towards the railroads. And perhaps
these' little courtesies might not influ
ence the most patriotic men that have
ever lived, but it is doubtful. Cesar's
wife ought to be above suspicion and
yssar ougnt to hold her above suspi
cion. inese omcials ought to be
above suspicion and the people ought
to hold them above suspicion.
How can this be done ? By giving
these officials pay sufficient to live
uporf, and then make it a penal offense
to give or receive a free pass over a
railroad.
Then the railroads would be under
obligations to no one, and no one
would be under obligation to the rail-
roads. This would enable the rail
roads to transport every passenger for
a little less money. A railroad com
mission with the proper power would
look into all these evih and many
others not alluded to in this paper, and
would advise against their continu
ance.
Some motive always prompt the
acts of a sane man. And so some
underlying motive prompts the tender
of these free pisses. L leave that mo
tive to the honest judgment of the
reader. I have been told by good
authority that sometimes the railroads
fail to send these free passes, and that
they are very soon reminded of the
matter.
There are other things that railroads
ought not .to be allowed to do. I
have heard that several year 3 ago the
town of Enfield, Halifax county, be
came gready agitated because the
railroad authorities threatened to move
the depot outside the corporate limits
of the town. Everybody had bought
property, built and started business
with reference to the location of the
depot. But from some cause the
authorities desired to change the loca
tion; and I have been informed that a
money consideration from the people
of the town prevented the removal of
the depot.
When I was a young man there
was a depot on the Wilmington &
Weld on Railroad called Toisnot.
There were several stores and dwell
ings there. People had invested, built,
started business because there was a
depot at that point. From some cause
the depot was moved a mile or a mile
and a half down the road to a place
less suitable for a depot than the first.
The town died a natural death, and
property became almost worthless.
I remember that some years ago the
depot in or near Asheville was located
about seven or eight hundred yards,
or perhaps farther, from its present
location. I was informed that some
trouble arose between a citizen and
the railroad authorities; and, regard
less of the rights of others who had
bought lots and built there because it
was near the depot, the railroad au
thorities moved the depot.
Without very good reasons these
removals and attempts at removals
ought not to have been allowed. Rail
roads ought not to be allowed to
establish depots and induce people to
invest their money there and then
pull up stakes and locate elsewhere
without good cause. A railroad com
mission could prevent these corpora
tions from practicing such unbridled
injustice upon the free citizens of the
State.
THE FARMERS KNOW THEIR
BUSINESS.
Some of the Georgia editors are ad
vising their constituents to " give
politics a rest " and go to work on
their farms. We are disposed to think
that this advice is meant to be humor
ous only, and that the farmers, who
do not stand in need of it, appreciate
it as such.
The fact is, they are not taking any
undue interest in State politics just
now. While, as a matter of course,
they are alive to the issues of the
hour, and naturally take a keen inter
est in the political gossip that is going
the rounds of the press, they are not
losing any corn and cotton by it, not
leaving any ground unbroken, or any
seed unsown. This we infer from the
accounts that come to us from all sec
tions of the State of work mapped out
by the farmers for the year; and if all
signs do not fail which they are only
said to do in dry weather the farm
ers will do the hardest year's work of
their lives in 1890, and will add to the
prestige and plenty of 1889, a year
whose bright abundance topped high
their barns and storehouses and made
their purses fat.
No, they are not wasting any un
necessary time in political discussion
in the field or farm just yet; they are
plowing and sowing; they are adding
to their acres; they are strengthening
the sinews of the great alliance; they
are building cotton factories, and they
are interested in every worthy enter
prise which marks the industrial
growth of Georgia and the South.
Let them take as active an interest
in politics as they will; it is their
right to do so, as it is the right of
other men; they are not likely to neg
lect one duty for another, but as they
have proven in the past, they will do
their whole duty, now and in the
future. And in the meantime, the
grand old State of Georgia, with their
aid, m politics and at home, is moving
on to the music which means millions!
Atlanta Constitution.
j a b m i
Paper horse shoes are being ex peri
mented with in Germany. They are
said to adhere better to the hoof than
metal and to be very durable. As
they become rough from usage they
act as a security against slipping. It
is thought they may supplant the
metal shoe.
25. 1890
FARMERS' ALLIANCE AND IN
DUSTRIAL UNION. FOR
WARD, MARCH !
The Rock Islander (111.) says: That
money is the creature of law is now
admitted by all. The 5 cent nickle
coins are composed of seventy-five
parts copper and twenty -five parts
nickle. A pound of this metal costs
70 cents. It coins 100 5 cent pieces
which makes $5. Take 70 cents
from $5 and $4.30 remains, all made
by law.
Toe Nonconformist (Winfield, Kan.):
One hundred and thirty-six foreclos
ure cases on the docket this term of
court, said a member of the bar in our
hearing the other day in this city.
Kansas is a wonderful State, you bet.
She can produce bigger crops of corn,
wheat, mortgages, thieves and fools
than any Stite in this grand and free
country.
Alliance Motor (Broken Bow, Neb.):
A man can be longer starving to death
on a farm than in any other business,
but then we are not on the farm to
feed the world and starve ourselves.
We are there to succeed, by making
a profit on what we produce. That is
all we ask and that we demand. We
have had enough of the starving busi
ness; have done enough toward mak
ing millionaires, and now intend to
have a share of the profits. This is
an age of trusts and combines, and we
have trusted to combines long enough.
NOW HOWL, ISN'T THE WAR
OVER, NEIGHBOR? NO,
NOT UNTIL 1907.
The following is taken from the
speech of Mr. Beaumont, made at St.
Louis, to the Farmers' and Laborers'
Union and is of itself a full charge of
grape and canister fired into the bond
holder: Mr. Beaumont says: "When the
war was over they discharged the
soldier. They told me the jig was up,
laughter the fighting was all done
and that they did not want me any
longer. "But," said I, "you owe me
something." " Qertainly," said the
official, and I held out my hand and
they paid me off in legal-tender paper
money and I took it like a little man
and I have yet to hear of a soldier that
ever squealed about it, and all I ask
the creditor of the government, the
bondholder, is to display the same
kind of patriotism and take his pay in
the same kind of money. The gov
ernment discharged a million of men.
They all came home and found plenty
of work at good wages. Why was
this so? It was because there was
plenty of money among the people.
" That's why. There was over $2,
100,000,000 of money in circulation.
When I got home they began to tell
me that if the bondholder had not
bought the bonds of the government
we would not have been able to whip
the rebels. And I for a long time
thought that the statement was true.
But when I came to examine the re
port of the Secretary of the Treasury
in June, 1865, less than sixty days
after Gen. Lee surrendered, I found
"that the total amount of 5-20 bonds
that were purchased up to that date
did not exceed $625,000,000. Now
that is not the cost of the war, by any
means, fellow citizens. Applause.
Well, where did the money come
from that enabled us to carry on the
war? Why the government made
the money to carry on the war. Now,
one of the specie-basis fellows will
sing out: " How did they get it out?''
Why we fought it out. Laughter.
We fought out over two thousand
millions. You remember the last year
of the war the government paid us
soldiers off in the 7-3 10 bonds with
six little coupors on the end, and
every six months we would clip one
of them off and receive our interest
on it. And at the end of three years
it left the simple state of a greenback
dollar to transact vour business. The
government during the year of 1864
issued $830,000,000 of that kind of
money and it was used by the people
in transacting their business. Well,
I want to talk to the old soldiers,
when they were discharged, or after
the war. How about the other fellow
that enlisted when you did Mr.
Money? Did they discharge him? Not
a bit of it. Laughter. They put in
a new recruiting officer. Who was
that? Hugh McCullough. Who was
he? Why he was the tail end of the
banking firm of Jay Cooke & Co.
What was their businesss ? Why,
they said it was funding. What was
that ? Why, it was drawing in these
greenback dollars that we had faced
death to get out and putting out in
place of them a 6 per cent. bond.
Cheers. And in 1873 this country
was struck between wind and water
with a panic, and we had $2,100,000,
000 of bonds, costing us over $100,
000,000 interest annually, and only
$346,000,000 of legal-tender money
No w, let us reason together. How
does the soldier's account stand with
the bondholder ? Listen carefully
now until I relate it. To pay the sol
diers every dollar of bounty from the
time Fort Sumpter was fired on up to
July, 1886, to pay every dollar of
pension that has been paid from the
time Fort Sumpter was fired on until
July, 1886, $2,100,000,000. To pay
the bondholder for services of money
not since Sumpter was fired upon, but
since Lee surrendered at Appomattox,
April 9, 1865, to July 1886, $2,350,-
" 'IIM" M, Mm i, . I !
000,000, or $250,000,000 more than
they paid in flesh and blood ior putting
down the rebellion, and there has not
been a battle fought in that time.
Now did you ever see a bond with a
leg or an arm off ? Laughter and
cheers. Did you ever see one lie
buried in a Southern grave ? Did you
ever see any widow or orphan of a
bond ? Now, what I want to know is
this: If this bond has ever been shot,
killed or wounded, what the devil is
he pensioned for ? Loud laughter.
Now I am not a pensioner, but if that
money is to be pensioned for thirty
years more, I want mine. I fought
just as hard as Mr. Money. Laugh
ter and applause. Again we have
paid $1,150,000,000 of the interest
bearing debt, since we were dis
charged, and still have now in the ser
vice of the government $250,000,000
whose term of enlistment will not ex
pire until 1907, and we must continue
to pay this pension until that time.
Again do you know, after having
paid over one-half of the principal of
this debt, that it will take more bush
els of wheat, more bushels of corn,
more days' laor to pay the $1,000,
000,000 still due than would have
paid the whole debt at the close of
the war."
OF IMPORTANCE TO FARMERS.
It is to be noted that while the
boards of trade and the exchanges are
doing their best to suppress the bucket
shops, they are not making any effort
to put a stop to the gambling that is
the basis of the bucket-shops. On the
contrary, the boards of trade and the
exchanges are suppressing the bucket
shops in their own, and not the public's
interest.
The vast amount of gambling that
is done in these small concerns they
hope to transfer to their own establish
ments. They are not trying to put a
stop to gambling and speculation; they
are trying to destroy competion. They
know the volume of gambling and
speculation will be as large when all
the bucket-shops are closed as when
they were running. .
The important fact to farmers in
connection with his speculative gamb
ling, is contained in a statement re
cently made by Mr. Pillsbury, the
largest miller in the country. Mr.
Pillsbury says that the indirect effect
of this speculation in wheat, corn and
other agricultural products is indi
rectly ruining farmers, and he must
be regarded as an authority on the
subject, since his large interests in
grain give him knowledge on the
subject.
Mr. Pillsbury says that the selling
of a million bushels of fictitious wheat
depresses the market just as much as
if the actual production were increased
that much, and what is true of wheat
must also be true of corn and oats,
and also of cotton. A fact of more
significance to the country and of
more importance to the farmers could
not be conceived.
This is a matter for the Alliance to
take up and dral with. Atlanta Con
stitution. Marion County Farmers' Alliance
(Buena Vista, Ga.) The object and
aim of the Farmers' Alliance and In
dustrial Union, according to our un
derstanding, is higher and grander
than is generally considered by the
majority. Our guns are not loaded
for small game. We see no justice in
the action of our government lending
its aid to national banks and wealthy
corporations, when the Kansas farmer
is burning corn for fuel, while men,
women and children are starving in
the coal mines of Illinois and Penn
sylvania. There is something radically
wrong in this state of affairs, and we
propose to ferret it out, even if it
takes two winters and the best part of
a summer. When a debating society
meets and the question is up, "Does
Farming Pay ?" and the spread eagle
orator on the affirmative side has
brought all his eloquence and logic to
bear to prove his premises, we do not
intend that it shall be answered and
annihilated by his opponent rising and
taking a shovel full of corn and throw
ing it into the stove without uttering
a word. Neither do we intend that
the same grade of cotton, which sells
on the streets of Buena Vista for 18
cents per pound, in January, shall sell
in the same market for 8, 9 j, and 9
cents per pound in September, October
and November. This applies with
equal force to the Americus, Columbus
and Savannah markets.
The Climax (Mo.) Advocate. If the
farmers and laborers are to be skinned,
it makes but little difference
which of the political parties skin
them. They are both running "cheek
by jowl " with national banking asso
ciations. Hence, there is but one way
out of their present dilemma, and that
is to stand squarely upon their decla
ration of principles and abolish this
infernal system of legalized robbery.
This hydra-headed monster is the head
and front of all the accursed combines
that are to-day sapping the wealth of
this nation. Kill the head, and the
tail will surely die.
Thirteen years ago a young man
commenced breeding sheep in Colorado
with 500 breeding ewes. He has
given his entire attention to sheep
ever since. To-day he has 25,000 and
his wool clip the past season brought
him $20,000.
f
y - r-- j