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THE INDUSTRIAL AND EDUCATIONAL INTERESTS OF OUR PEOPLE PARAMOUNT TO ALL OTHER CONSIDERATIONS OF STATE POLICY. Vol. 6. RALEIGH, N. C, MAY 19, 1891. No. 13 CIRCULATION. The actual circulation of Volun 7, which closed with the issue of Febru ary 17th, 1891, was as follows February 1, 1890, 12.840 August F-ept. IP. 1 800. 16,680 12.-'1 20, " 16,00 March 4' 11. " IS, " 1, " 12,000 I0,5i0 10,500 10,800 10,800 10,K(IO 10,S00 10,HO0 11,010 11,010 11,100 11,180 11,44)0 11,2X0 11,2x0 11,400 11,400 11.400 11,530 H,ti40 12,300 ia.soo 10,320 10,080 16,800 16,800 17,U0 16,8 l 17,280 17,040 17,20 17,280 17,28) 17,280 17,700 17,760 17,760 18.2150 18,240 18,240 18.240 9, " 16, " it . 14, " 21, " 2, " 4. " 11, " 18, April Octoler 1 May Nov. 13, " 20. " June 3, " 10, " 17. " 24, " 1, " 12, " Decemb'i 0, " 16, " July January 6,1891,1.240 1:1, " 18J24J 20, " 18,240 27 " 18 240 February " 1240 10, " 18,240 17, " 18,240 AUgUbt, First 6 months, 307,080 Second 6 months, 458,160 Making a total circulation for the year of 765,240; averaging for 52 suc cessive issues, per issue, 14,710, and showing a net increase for the year of 5,400, or more than 113 per week. The above' statement is taken from the. records kept in the office of The Progressive Farmer, and n correct to the best of my knowledge and belief. J. W. Denmark,' Business Manager. I am Book-keeper for Edwards & Broughton, Printers and Binders, Ral eigh, N. C. The press-work on The Progressive Farmer has been done for the past three years by Edwards & Broughton, and I have kept account of the same. I have compared the above statement with the account I have kept, and find it tallies throughout, and is correct. T. J. Bashford. Personally appeared before me, W. T. -Womble, Notary Public, J. W. Den mark, Business Manager of The Pro gressive Farmer, als3 T. J Bashford, Book-keeper for Edwards ec Broughton, and m ike oath that the statements contained above are correct to the best of their knowledge and belief. In witness where )f, I have hereunto set my hand and affixed my notarial seal of office this day, February 26th, 1891. W. T. Wojible, Notarial Seal Notary Public. EDITORIAL NOTES. The New York Herald lately gave more than two pages to an account of the Tribune celebration. We commend this example of magnanimous journal ism. Such things make us to be sure that selfishness is not dominant every where. This action upon the Herald's part is all the more significant because of the fact that those great papers have long been rivals for public recognition. That savage in uniform, who calls himself the Czar of all the Russias, has suspended the edict of expulsion against the Jews. Suspended, mind you ! Not rescinded ! We hope some of the light of a Christian civilization is getting into the imperial narrowness cf that man's soul. If our hope shall turn out to be not baseless, we may look for the reversal of the cruel edict in the near future. Mr. Jay Gould is said to be laying new and comprehensive plans for cov ering some more important streets in New York with his severely artistic elevated roads. The people of Gotham may kick as much as they please. But if Mr. Gould has made up his mind to take possession of any of the streets of the city which his dirty greed may deem desirable, he will take them, and the property owners may help them selves if they can. The surplus lately in the Treasury of the United States has disappeared like the mists of a spring mornin and the Secretary is anxiously lookin around for ready cash with which to meet the current expenses of the gov ernment. This stato of facts shows that the affairs of the country have been for some time in .the hands of a lot of conscienceless scoundrels, who deserve punishment, for their roguish squandering of the people's money. The New York Herald has come out for Blaine as a candidate for the Presi dency. Tho Herald had such splendid success with Mr. Dana as a candidate for the Senate from New York that it is anxious to stay in the business. The Herald did not ask our permission be fore it came out for Mr. Blaine. But we do not care for that. 'We' are not at fdl sensitive about such matters. But, really, we do not see how the Hetald can spare the time from super intending the weather, and from prais ing iteelf for its enterprise in discover ing" the families of the Italians, mur dered at New Orleans, to take the man agement cf Mr. Blaine's campaign. We remind the Herald that over worked people sometimes die from brain softening. But we forgot for the moment that some people are in no danger from that disease. We are wil ling, upon reflection, to lt the Herald go ahead. If Mr. Blaine don't object, we don't object either. Rev. Phillips Brooks, of Boston, with ne exception, the greatest preacher in America, has been elected Bishop of the Protestant Episcopal Diocese of Massachusetts. Thus has an able man, a great preacher, and a most broad minded and liberal hearted churchman been elected to the Episco pate. The universal church will get great good from the influence of this great man upon the currents of relig ious thought of his time. We are not an Episcopalian, but we do rejoice in the election of Dr. Brooks to the Epis copate in Massachusetts ; and we hope his life may be long spared to serve God and the world. The President of the Haytian Re public, says the New Y'ork Herald, on a recent tour of the country took an escort of fifteen hundred troops with him for tho protection of his sacred person. This dark-skinned President bids fair to become in time as great a protectionist as Mr. McKinley. Fifteen hundred men for the protection of one isn'c bad. Mr. McKinley has some sixty-two millions of people working for the protection of a few thousands of manufacturers. Hippolyte and Mc Kinley tire evidently the two great pro tectionists of the most progressive century that history knows anything about. We congratulate them both. The Rev. .Dr. Briggs, of the Union Theological Seminary, in New York, is having a hard time just now. Some persons have discovered that his views of religious teaching are too broad and liberal to square with the Westminster Confession of faith: and 'hese men want the Doctor tried for heterodoxy. The demand for trial has stirred up all the men in the Presbyterian Church who lean to liberality, and they are com ing to the defense of Dr. Briggs in great numbers and with much enthusi asm. The wonder to us is, that any body of learned Christ ians can be found in the evening of the nineteenth cen tury who are willing to lend them selves to the work of strangling free religious discussion. There would be more prospect of the final triumph of Christianity over the minds and hearts and actions of men, if ecclesiastical bodies would throw their cast-iron creeds to the winds, and employ their time and energies in pursuing the simple practical lines of benevolence laid down in the Bible. Creeds, nailed up over our church doors, are, prac tically, notices to all comers that the institution within wants no more light upon any religious question. A New York paper recently headed an article, 4 4 A great rush to the sea side." Who are these people who are Hocking in great numbers to the pleas ure resorts upon our seaborrd. xVs a rule they are the people who are so full-handed as to be able to drop all useful emxloyments for month3 at a time and gi re themselves airs at New port and else where. Is t here not some thing wrong in the social system that sends the masses of . men into the hot stuffy shops and into the sun-parched fields to labor in all weathers in order that the few may rush to the seaside upon the coming of the first warm days in May? Does any preacher be lieve in the actuality and imminence of the punishment of sinners in hell, who shuts his church up three months in the year, and hies himself away to the mountains or to the sea side? Mind you, we are not opposeI to allowing, people some time for blessed unbending and rest. We only want our social and economic institu tions so modified as to secure some o the good of recreation to the masses of men. Let the small charlatans who tinker at our social and economic insti tution for five thousand dollars a year and . mileage, stick a pin down here, and address themselves to the task of so equalizing things as to make an oc casional breathing ppell a possibility to all classes. ... Bh sure and send us two new sub scribers and get our great picture of the Alliance leaders. ' ' ' ' - SILVER. 4 'Be it enacted by the Senate and House of Representatives of the United States of America in Congress as sembled that from and after the date of the passage of this act (an act to provide a unit of value and for the coinage of gold and silver and for other purposes) the unit of value in the United States shall be the dollar, and the same may be coined of four hundred and twelve and one-half grains of standard silver or of twenty five and eight-tenths grains of standard gold,and the said coins shall be legal tender for all debts, public and pri vate. The owners of bullion deposited for coinage shall have the option to re ceive coin or its equivalent in the cer tificates provided for in this act and such bullion shall be subsequently coined.'' The above extracts from Senate bill 4675, which was on Feb: 21, 1891, in definitely postponed, contains the financial policy that has for twelve months past caused more discussion, if possible than either the McKinley or Force bill. Senator Vance said in his speech in June, 1800: 44I favor the unlimited coinage of silver money and restora tion of silver as it was before it was demonetized and the coinage of the sil ver dollar was forbidden in 1873." This is where we stand and it is the policy and demand not only of the Farmers' Alliance of America but the combined voice of business interests both in the progressive South and new West together with the middle classes of the North. When we use the term middle classes we mean those who are engaged in honorable pursuits and not those parasites who feed on honest in dustry. "Far be it from us to call the working people the middle class, for God knows thev are the best citizens, the most loyal and trustworthy m the land. The gold bugs and speculators of Wall street, echoing the sentiment of the f-ame classes in old England and Germany, take a stand against silver as a circulating medium on an equal ity with gold from interested and sel fish motives. The cruise of the cry for silver is that the country lias advanced beyond the value of the currency, and as it is an elementary maxim in financial science that an abundance of money makes high prices for products and a scarcity of money makes low prices for products, the classes' that have most to do with our material prosperity ask that more money be placed in the channels of trade, to co-operate with brawn in the development of our natural resources and aid in the speedy and more satis factory exchange of products. Senator Jones, of Nevada, in his famous speech in the Senate in 1876, said: "While the stock of money is increas ing, prices rise, exchange or commerce is stimulated, new enterprises are set on foot, the products of agriculture, manufactures and mining are in creased, the commercial and industrial classes find abunnant employment and earn remunerative profits and wages, bankruptcy rarely happen, education, intelligence, morality and the observ ance of religion are promoted and the general happiness of mankind becomes greatly advanced. While the stock of money is diminishing, prices fall, com merce is depressed, enterprises are abandoned or neglected, industry is paralyzed, its products are diminished, its supporters defeated in their just ex pectation or thrown out of employ ment, bankruptcies and forced sales are increased, crime increases and gen eral misery prevails." This law, technically known as Cres cendo et dimuendo, is but too true, and we have but too fully realized the ef fects of a contracting currency,' there fore we make no apology for the inser tion of this extract. The scarcity of money is not felt in Wall street be cause the greater portion of the gold of the United States is practically in their hands, and surely there is enough gold, for their interest-since at least 90 per cent, of their business is done by checks, drafts, etc., while the poorer classes must use subsidiary coin as their transactions are not on so large a scale. By means of silver and silver certifi cates the great bulk of the peo ple effect their transactions if they are not from the lack of a sufficiently f ul 1 currency, of necessity forced to a system of credit. Some hold that as money is only a measure of value it is immaterial whether our currency be great or small; that would be true if we were at the beginning of things and were now to establish prices without precedent, but as the prices of the past have been ' measured by a moderately large currency, and we have mortgages, leins and extended contracts on that "basis" it is playing di rectly into the hands of the creditor class to quietly allow the amount of the circulation to decrease,' and force the' debtor class to pay in a medium at a high premium -above that in use when the contract was made. Do you not see that the gold men holding or controlling the gold of the country de--siie the currency to decrease in order that their golds may increase in value and they obtain the unearned incre ment. - ' , The war against silycr is made by "the creditor class who consist to some extent of capitalists whose estates were hereditary, and by others whose estates were the result ot chance, unexpected death, unlooked-for legislation or ex traordinary or unforeseen events.. It is the creditor class whose garnered capital represents the results of past labor, that of the serf, the slave, the overworked, browbeaten, fagged and famished nation of toil." It is tho same class that demonetized silver in England and Germany the moneyed aristocracy, England and Germany being the great creditor na tions of the world, thought by the de monetization of silver to enhance the price of gold and force their bonds to be paid in the latter metal, thereby pouring into their own coffers the pre mium on gold wrung from the masses by the legislation of pampered aristo crats. It was a selfish policy on their part, and the New York and Boston financiers are becoming satellites of London, regardless of our national needs. Our bonds are forced on a European market and we pay interest in gold, thereby decreasing our stok, all because we cannot handle them at home for want of an individual and full currency. This groat demand for gold and the small amount available has forced it to a premium fluctuating from 15 per cent, to 25 per cent. The interest on the bonded indebtedness of the world exceeds $1,000,000,000, all of which must be paid in gold because London, a gold centre, holds the greater amount of these bonds and therefore shapes the basis. Such is the case when nine tenths of the human race use silver. All prices are paid in silver and com modities are purchased on that basis while the capitalist demands money at 20 per cent, premium to cancel his claims or pay the interest thereon. Let us'exarnine the available circulation, the needs and the supply of the country. The money in the United States available for circulation is variously estimated from $500,000,000 to $1,500, 000,000. (We will base our circula tions on the largo amount.) Given backs, $346,000,000 and $175,000,000 of national bank notes which are steadily decreasing, the remainder of gold and silver, certificates on gold and silver, also a small amount of copper- and nickel. As this is not sufficient for our needs and we afe opposed, as a people, to paper inflation without a basis, there- is no recourse to be had except to the precious metals, gold and silver. The act of last year ordered a coin age of $4,500,000 of silver per month, about the domestic output. The gold mines of the world produce about $100,000,000 of gold, of which the United States produces about $32,845,000. Of the $100,000,000 England and Germany seize on as much as can be spared for their own coinage, we cannot hope for gold then from any foreign source. Of the $32,845,000 produced at home, $18, 000,000 is used in the arts; watchmak ing, jewelry, regalia plate, pens, den tistry, etc. , therefore we cannot look to gold to increase our coinage, but must of necessity take its copartner, silver, for we cannot issue paper money based on land since France's policy, in 1793, fully attests the danger of such a step. But the advocates of the yellow metal say that if we mate rially add to our coinage of silver it will drive gold from the country and flood us with silver,.-both domestic and foreign. First, as to the driving of gold from the country, this same cry was made in 1S78, when Ave began to coin $2,000, 000 per month and the gold did not leave us. Last year an act was.passed providing for a coinage of $4,000,000 per month, and, still our gold is not gone. Since 1878 our gold in circula tion has materially increased. McCul loch and Cleveland told us in 1SS5 we were coming to a silver basis, but on the contrary with the act of 1878 in force, our gold has increased more than $100,000,000. Then they say Gusham's law is against silver, but evidently practice and experience i3 better by far than any theoretical enunciation of a political economist. As to the flood of silver, whero is it to come from? The output of the world :is $142,000,000, of this $57,225", 000 is produced at home. Of - the total amount, China and adjacent islands take 30,000,000 India $35,000, 000, Europe $20,000,000, leaving only about $70,000,000 to be coined by us and used in the arts. - Taking into consideration the statistics of European and Ameri can financiers, we would have about $60,000,000 for coinage. . The flood can not come without a source, conse quently we need have "no apprehen sions on that score. . The speech of Hon. C. W. McClam my in the House in 1S70, telling them to dump all the silver they liked on our shores was to the point figures by the volume compressed in a laconic speech. The Royal Commission of England, representatives of a gold country, state in their report that silver had not decreased in use, notwithstanding that many of the European mints were closed against it except for sub sidiary coin, and with these facts how can it appear that its unlimited coin age in the United. States can work any damage. If all nations were to adopt the policy of the gold standard coun tries our currency would be decreased one half, and the result would be de structive and far-reaching. On the other hand what would be the effect on the general currency of the world amounting to more than ten million dollars if we should coin what silver we could purchase. Again the monometalists say that silver wolild be sent from Europe when the coinage ratio is 15 to 1 to tho United States where it is 16 to 1. Not only would it not coma but with a Bimetallic Basis and unlimited coinage we could not secure enough metal to meet the grow ing demands of our country. The gold standard countries use some silver and could not ship to us. The great howl about 4 'flooding" of silver and 4 'departure" of gold is a mere phantom concocted by Wall street at the insti gation of European capitalists to in fill nee the votes of America. Gold is continually appreciating in value and unless some action is taken a financial crisis without precedent is inevitable, but by a bimetal ic basis unlimited as to either gold or silver the one will be a check upon the other, when gold is fluctuating silver can maintain the standard on an equitable basis, and when silver is fluctuating gold can maintain the standard near an equilibrium. A double standard unlimited existed from 1793 to 1S73, and our salvation is a return to that basis, that the history of finance approves and some of our best financiers recommend. It is ad mitted that silver and gold can be ob tained at an expense of about 16 to 1 , and the history of the money of the world shows that whatever the ratio the two metals have ever fluctuated, sometimes gold at a premium, some times silver. All the great discoveries of the metals have had their influence on the money value of the world. The Australian and Californian gold mines, the Comstock lode, tho Washoe mines have been felt, therefore the greater necessity for a double standard to maintain an equilibrium. There is a cry that the silver dollar is not worth so much as the gold. It is true that the silver dollar contains bullion to the value of only S3 cents according to present quotations, but such a dol lar cannot be bought by any of the financiers for less than 100 cents. It is true that the fiat of the government makes the silver circulate on a par with gold and if the government can sustain - $350,000,000 of paper money assuredly it can sustain the value of all the .silver we can purchase, if it needs sustaining. But remember that the quotations on silver are at a timp when the power of the money lords and worshippers of the yellow metal have brought to bear all possible in fluence to depress silver, hoping there by to demonetize it. As an instance of money sustained by the government stamp in comparison with that having only the weight and premiums stamped thereon, the Bland dollar contains 6 grains pure sil ver less than the trade dollar, and is worth more as a circulat ing medium. The gold men present theories, conjectures, apprehensions, and all manner of subterfuges to call off the mind of the people from the adoption of unlimited coinage, but it must come, ' The world sees our determination; Mr. Fewen, an EnglislOconomist, says on the silver question : "I think farmers west of the Alle ghanies have suffered even more than in England since the monetary revolur tion of , fifteen years ago, and it is for this reason that the strength of the silyer -party is in the control, Western and Southern States. "i-vr.-iv.'.' : i As a proof of the fact that silver can maintain itself if given an'equal chance with gold, previous to the passage of the act of demonetization in 1S73, the ratio was 15.75 of silver to 1 of gold, the coinage ritio being 16 to 1. In re gard to this act Ave cannot see why such a measure should have been passed when specie payments were suspended, unless as Mr. Potter,' of New York, says, 4 'it was for the ben efit of foreign creditors." It was slided through Congress without the country knowing what the bill rcally contained. Let us undo the forgery and renion etize while we can. If Congress does not give the needy people unlimited coinage, their actions will indicate that the capitalist shall have gold at a pre mium of 20 per cent, and the laborer be subject to his greed. The volume of currency is an index of a nation's prosperity, for from IS 10 to 1S40 when the metals were scarcest, political dis cussion, distress and national trouble were greatest. Since then you know the effect at different times. Throughout the discussion of the silver question you must bear in mind that although the United States is con sidered a bimetallic country, silver is made to play the part of a subsidiary coin and is not on a par with gold, Wo as a nation cannot alford to have our monetary system regulated by Eng land, to have our financial problem" manipulated by England, a nation hos tile to the United States. Let us deposit the silver in the mint . and issue silver certificates thereon ' and declare them receivable for all debts both public and private. One metal as a standard whether it bo the yellow or. the white must of necessity work disadvantageously t ) the nation so adopting, for it would f jrce the single standard nation to sell at low an I buy at high prices front i double standard nation. . The voice of authority is in favor of an unlimited coinage of silver at par with gold. Alexander Hamilton in his report to Congress in 1791, said: 'To annul the use of either of the metals as money is to abridge the quantity of circulating medium and is liable to all the objec tions which arise from a compromise of the benefits of a full with the evils of a scanty circulation." Baron Rothschild, a financier and a man of wealth, said : " The actual state of things, tha j is to say the simultane ous employment of the two precious metals is satisfactory, and it is the gen eral mass of the two metals combined which serves the masses of the valuo of things." Ernest Seyd, the economist : 4 The rejection of silver as a standard of value would be a most ruinous and dangerous proceeding." In the late Congress, some sound views were presented ; among the more striking are those of Vance, Carlisle, Morgan and Bland. You are on the safe side as servants of the people ! Let the gold bugs cry that the new order of things calls for gold alone, let them loan money on Western mort gages inserting a clause that the prin cipal and interest sh ill be paid in gold ; let Wall street use its influence against the will of the people, but notwith standing all this it is a 4 'condition, not a theory that confronts us," we must have more money and it must be silver unlimited. It has been put off by the influence of gold men but 4 'it is the last time, doubtless, that New England greed and Wall street strategy will control the committee." Jno. A. Gates, Jr. Huntersville, N. C, March 10, '91. Mr. Editor: The," principal reasch our friends, the enemy, give to sup port their system of rapine is that it is to deliver our people from foreign pauper competition. It has an effect the very reverse upon at least 40 mil- -lions of our people. Tako the farming class for example. Their produce of corn, cotton, wheat, Jiaj and all other exports must find a market on the very same level with all the world of pro ducers, nis products, wholly unpro tected, come into competition with the cheapest labor of the world. All Eu rope, Asia, with its half-breeds, Sepoys and every inferior race, and Australia and every other country; we then must find a market in competition with all lands, so we must sell in tho cheapest and buy those things we re quire in the very highest market upon the face of the globe. Here then comes in the stupendous evil of our boasted protection. All we produce is un shielded and all we buy is sold to us at high tariff prices. ---. Reciprocity is only another scheme designed to blind the people. The same classes that are now t the victims of the former will most assuredly, in its operations, be subject to' the very same evil'consequences. : ' Nrvrs. . .;- - - -
The Progressive Farmer (Raleigh, N.C.)
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May 19, 1891, edition 1
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