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w VOL. XXVIII INDIANAPOLIS. IND. NOV 4, 1893. NO. 44 Bullion and Paper. Editors Inoiana Fabmeb: Is the following so impracticable, or so visionary as to render it unworthy of consideration by those who are seeking a solution of the difficulty now before us? I have proposed it many times in the past two years, and it has not seemed visionary to thoughtful persons. Let the Government cease the purchase and the coinage of both gold and silver, and let it receive on deposit, instead, at the Treasury both gold and silver bullion and issue against that certificates which would read after this fashion: "There have been deposited with the treasurer of the United States 10 ounces of pure silver which will be delivered to the bearer on presentation of" this certificate." These certificates should not be, and they need not be, made a legal tender. They should be permitted to circulate at their market value. Let all the gold and silver now coined and .in circulation, remain in circulation and the same of the paper money. As a result of this action we should have all the money that we now have. All contracts which are made payable in "gold coin of the United Sates, of the present weight and fineness" could be as easily paid then as now. But a new circulating medium would gradually work its way into use. The certificate!, would be deposited in bank, and the depositor would be credited with so many ounces of silver or so many grains of gold; and when he withdrew certificates of bullion, he would be charged with the proper weights. The Government could lose nothing by fluctuations in price for it guarantees no price on the bullion deposited. This action would demonetize gold and in one sense it would remonetize silver. It would place both metals on the same basis as money metals. This would give gold its actual relative value as a metal of exchange and arrest its appreciation as the only legal tender metal. Gradually the certificates would come to be used in making exchanges, especially in making large settlements. The tendency would ba for the smaller exchanges and purchases to be made in the coined metals. When gold had to be sent abroad to settle balances the certificates or their bullion would go, instead of our coin, and thus our supply of coin money would not be lowered by a balance of trade against us. Before a great while the stores would announce in their daily advertisements in the newspapers what price they were allowing for bullion certificates, and a customer intending to purchase on any given day wonld be able to determine what price he could get at a store in barter for his bullion certificates. Trade would begin to assume the form which it actually is, barter of a commodity for a commodity, instead of appearing to be, as it now appears to be, an exchange of a commodity for money. I believe that in time the use of coined money would almost cease, as people came to learn that the 11 actuations between the two metals was not great nor rapid; and that it was true, as is now supposed, that one day a certificate would have one value, and to morrow another and widely difierent value. There is in fact no such rapid and wide fluctuation between the value of the two metals where both circulate side by side under identical conditions. This action would give us all the gold and silver in the country as a circulating medium. Neither would "drive the other out." It would throw upon the gold monorne- taliststhe burden of the solution of the problem, as it would be an implied declaration that the country had taken the first step toithe demonetization of gold, and that gold would remain demonetized until they found a solution satisfactory to the country as well as to themselves. The chances are that by the time they found a solution, the country would have reached a point where it would do without coined money, and would transact its business by barter, using the precious metals as a medium of exchange. The day that the bill becomes a law, gold would begin to decline in price, for it too would then be a commodity, and silver would advance, until the two metals had reached their natural relation in value, and the relation would remain with few changes, thereafter, and those the result of natural and not legal causes. What possible harm can come from a trial of this plan? It deprives us of no money which we have now. It involves the Government in no chance of loss. It involves the banks in no chance of loss. It involves the mass of the people in no chance of loss greater than they now have; for if there is to be a loss, they in the end must stand it anyhow. There is no compulsion about the circulation of the certificates, and if they do not pass from hand to hand, and gradually work their way into accep{ance, the plan simply ceases of its own accord. And there is a chance that it may open up a new method of transacting business which may result in solving the so-called money problemist. Louis, Mo. B. C. Keeler. —The trouble with this is that, in fact, "trade" is not and never will be even barter of a commody for a commodity, for we sell some countries three to one we buy of them, and coin is alone satisfactory to pay balances and will be till swords are beaten into plowshares and spears into pruning hooks. The balance of trade should always be in our favor and will be paid in agreed coin and not paper certificates. The certificates might go well in domestic trade, bnt with blockaded posts in war and such disturbances as arise between nations they would be worthless, just as our bank bills would be. If all our trade was domestic, deposited bullion would serve perfectly as a basis of the paper circulated.—Eds. The Hoad Question—A New Solution. Editors Indiana Farmer: I read with mnch interest the article on the road question contributed by Albert A. Pope. On first reading I rather liked the idea, but the oftener I read and the more I thought about it the less I liked the succession tax plan he proposes. I don't like the idea of imposing a burden on one class of people to benefit another. Mr. Pope's plan is to make a class who seldom if ever use it improve a road for the benefit of those who make a living by its use. If a man's parents or other ancestors have prospered $1,000,000 worth he proposes to tax this man who receives the inheritance f 10,000, such tax to be used for the improvement of the roads. The larger the inheritance the heavier the tax. Isn't that putting a premium on idleness and carelessness? It would be a nice thing if these millionaires would give each of us "hired hands" 40 acres of land and team and tools to work it with. They could, but would it be right to make them do it? Mr. Pope says "the succession tax that I have proposed will not fall on the poor. Those whose estates amount to $10,000 can well afford to give $100 to the State In return for all the protection of its laws which has enabled wealth to be accumulated and enjoyed." How many farmers are there in the State worth $10,000 who are not already complaining of burdensome taxes? Yet he proposes to add another $ 100 to their tax list. Again he says: "The succession tax is founded on the broadest principles of equity." Webster defines equity as "justice impartiality." Is it impartiality to tax a man $100 who is worth $10,000 and let his neighbor worth $9,000 go free? I have a plan (notorglnal) which I think will enable us to have good roads without burdening the rich, and yet will benefit the poor. The plan is to let the Government Issue an amount of money sufficient to improve the roads, say $500,000,000 in greenback, black or any other, good for all debts created in this country but not redeemable in gold or silver. When a bill becomes mutilated let it be replaced with another of the same kind. This money to be divided among the different States to be expended for grading, graveling or whatever thoy may need. By this plan more money will be put in circulation and employment furnished for the hundreds of thousands of idle men. I think it would come nearer restoring the "peoples' confidence" than anything the present Congress has yet done. I will issue no pamphlet but desire to hear from others of a different opinion. Fountain Co. Kolen Yerkes. Insects in Foreign Grains at the World's Fair. Editors Indiana Farmer: - While in Chicago a few days ago I visited the Agricultural Building for the purpose of investigating the wosvil in foreign grains, about which so much has been said of late. In the exhibit from Cape Colony, South Africa, I found only a single species, Calandria Oryzae, or rice weevil. It was working in both wheat and corn. This weevil seemed to be more widely distributed than any other as it waa found in grain from New South Wales. In grain, starch and sugar from Brazil; in wheat from Mexico and rice from Slam. Another very small red bettle was found in large numbers in corn meal from Brazil. It is closely related to our grain Sylvanus which has done much damage in this State, but it is much smaller and evidently prefers flour or meal to the whole grain. The An* gumois grain moth Gelcclda Cerealella was also found scattered around promiscously through the different exhibits. In the Brazilian bean exhibit was found large numbers of the bean weevil (llruchusob tec- tun). The exhibits from Kussia and many of the colder countries were found to be remarkably free from all insect pests. There are doubtless other species infesting these grains which were overlooked in a hasty examination, but those named seemed to be doing the greater amount of damage. It will be noticad that all these Infested grains came from a warm climate. I am of the opinion, therefore, that they will not prove very much more troublesome through the distribution of this grain for seed, than many of them are already. In numerous instances sacks and jars of grain, starch, etc , were found wide open giving these insects the greatest of freedom "to go out and possess the land" if they felt so inclined. It would be well, however, In order to guard against any possible outbreak from this source, to treat all of these grains before sowing with bisulphide of carbon. If left under the influence of its fumes for twenty-four hours it will destroy all insects in whatever stage of development. J. Troop. Lafayette. of humanity usually accept unchallenged any idea that is presented to them either socially, politically or religiously. When it is asserted that farming don't pay, all who have not made a success of the business are ready to join in the same cry of calamity. When It Is said that a farmer has to work like a slave, all who work hard and think little, concede the proposition." So I think when a paper like the' Farmer asserts that the millionaire Is a menace to society and to the prosperity of the masses, too many will at once conclude that they are personally wronged, because it has not been their fortune (I will not say good fortune because I do not think immense wealth desirable) to amass millions. The Declaration of Independence says all men are created free and equal, so I believe anyone has the privilege of becoming a millionaire, but all have not the talents. It was the man of five talents that added five more, and not the one of one talent that hid it in a napkin that received the masters approval. So I think if a man is capable of making money he does wrong not to do so. I do not claim that all millionaires are philanthropists, but I think as large a per cent of them give according to their means as the masses. -1 also think they have as good right to surround themselves with "costly articles" as we are to luxuries that do not cost as much, for he cannot better put his money, into the channels of trade. Justice. —Our fair correspondent is right. Millionaires who properly earn or inherit their fortunes and use them wisely are very useful people. And it is no doubt true, also, that as large a proportion of them properly use their fortunes as there are of other classes. The Bible reference quoted by our correspondent is the true philosophy on this question. It is not the earning of large sums legitimately, but the propei use that is criticised by this philosophy of life. . We personally know men who have become very wealthy by invention, by good business management, good judgment, industry and frugality, and who have become a great blessing to society. Bight to Become Millionaires. Editors Indiana Farher: Referring to your paper of 30th of September in an article on taxes, I find a paragraph where you say almost every village has its shylock. You use it where you say some would have to borrow money to pay their taxes. ' In the report of the Salem Farmers' Club Mr. Elliott expresses the very idea that I wish to convey when he says: "The bulk Salt and Gypsum on Wheat. Editors Indiana Farmer: When is the best time to sow salt and land plaster on wheat? How much should be sown to the acre? Does it pay to sow 'hem? j. j, s. Pyrmont. —About 800 pounds of salt and 600 pounds of land plaster, or gypsum, per acre are the amounts generally used. We do not know of the two minerals being used together, but plaster alone is very beneficial, especially to clover, and salt sometimes increases the yield and quality of wheat considerably. In Prof. John B. Lawe's experiments he found in one case that 330 pounds of salt per acre gave but a mere trllle better result than was gained on an acre along side without salt, but at another time the salted plat gave a bushel and a half more wheat. At still another sowing, however, the salted plat seemed to be damaged by the application, as it gave a less number of pounds than those unsalted. Gypsum applied at the rate of 000 pounds to the acre has been known to Increase the yield of grain by 33 per cent, but, as stated, its greatest benefit is found in increasing the yield in clover, which on most soils is itself our best fertilizer. Fall is usually considered the best time for applying either of the mineral fertilizers named, Let us have the facts on this subject by any readers who have had experi- F. E. Walker, of Denver, Colo., in alighting from a train at Pendleton, stepped on a banana peel, which threw him. In the fall his thigh was broken.
Object Description
Title | Indiana farmer, 1893, v. 28, no. 44 (Nov. 4) |
Purdue Identification Number | INFA2844 |
Date of Original | 1893 |
Subjects (LCSH) |
Agriculture Farm management Horticulture Agricultural machinery |
Subjects (NALT) |
agriculture farm management horticulture agricultural machinery and equipment |
Genre | Periodical |
Call Number of Original | 630.5 In2 |
Location of Original | Hicks Repository |
Coverage | United States - Indiana |
Type | text |
Format | JP2 |
Language | eng |
Collection Title | Indiana Farmer |
Rights Statement | Content in the Indiana Farmer Collection is in the public domain (published before 1923) or lacks a known copyright holder. Digital images in the collection may be used for educational, non-commercial, or not-for-profit purposes. |
Repository | Purdue University Libraries |
Date Digitized | 2011-01-24 |
Digitization Information | Original scanned at 300 ppi on a Bookeye 3 scanner using internal software. Display images generated in CONTENTdm as JP2000s; file format for archival copy is uncompressed TIF format. |
Description
Title | Page 1 |
Subjects (LCSH) |
Agriculture Farm management Horticulture Agricultural machinery |
Subjects (NALT) |
agriculture farm management horticulture agricultural machinery and equipment |
Genre | Periodical |
Call Number of Original | 630.5 In2 |
Location of Original | Hicks Repository |
Coverage | Indiana |
Type | text |
Format | JP2 |
Language | eng |
Collection Title | Indiana Farmer |
Rights Statement | Content in the Indiana Farmer Collection is in the public domain (published before 1923) or lacks a known copyright holder. Digital images in the collection may be used for educational, non-commercial, or non-for-profit purposes. |
Repository | Purdue University Libraries |
Digitization Information | Orignal scanned at 300 ppi on a Bookeye 3 scanner using internal software. Display images generated in CONTENTdm as JP2000s; file format for archival copy is uncompressed TIF format. |
Transcript | w VOL. XXVIII INDIANAPOLIS. IND. NOV 4, 1893. NO. 44 Bullion and Paper. Editors Inoiana Fabmeb: Is the following so impracticable, or so visionary as to render it unworthy of consideration by those who are seeking a solution of the difficulty now before us? I have proposed it many times in the past two years, and it has not seemed visionary to thoughtful persons. Let the Government cease the purchase and the coinage of both gold and silver, and let it receive on deposit, instead, at the Treasury both gold and silver bullion and issue against that certificates which would read after this fashion: "There have been deposited with the treasurer of the United States 10 ounces of pure silver which will be delivered to the bearer on presentation of" this certificate." These certificates should not be, and they need not be, made a legal tender. They should be permitted to circulate at their market value. Let all the gold and silver now coined and .in circulation, remain in circulation and the same of the paper money. As a result of this action we should have all the money that we now have. All contracts which are made payable in "gold coin of the United Sates, of the present weight and fineness" could be as easily paid then as now. But a new circulating medium would gradually work its way into use. The certificate!, would be deposited in bank, and the depositor would be credited with so many ounces of silver or so many grains of gold; and when he withdrew certificates of bullion, he would be charged with the proper weights. The Government could lose nothing by fluctuations in price for it guarantees no price on the bullion deposited. This action would demonetize gold and in one sense it would remonetize silver. It would place both metals on the same basis as money metals. This would give gold its actual relative value as a metal of exchange and arrest its appreciation as the only legal tender metal. Gradually the certificates would come to be used in making exchanges, especially in making large settlements. The tendency would ba for the smaller exchanges and purchases to be made in the coined metals. When gold had to be sent abroad to settle balances the certificates or their bullion would go, instead of our coin, and thus our supply of coin money would not be lowered by a balance of trade against us. Before a great while the stores would announce in their daily advertisements in the newspapers what price they were allowing for bullion certificates, and a customer intending to purchase on any given day wonld be able to determine what price he could get at a store in barter for his bullion certificates. Trade would begin to assume the form which it actually is, barter of a commodity for a commodity, instead of appearing to be, as it now appears to be, an exchange of a commodity for money. I believe that in time the use of coined money would almost cease, as people came to learn that the 11 actuations between the two metals was not great nor rapid; and that it was true, as is now supposed, that one day a certificate would have one value, and to morrow another and widely difierent value. There is in fact no such rapid and wide fluctuation between the value of the two metals where both circulate side by side under identical conditions. This action would give us all the gold and silver in the country as a circulating medium. Neither would "drive the other out." It would throw upon the gold monorne- taliststhe burden of the solution of the problem, as it would be an implied declaration that the country had taken the first step toithe demonetization of gold, and that gold would remain demonetized until they found a solution satisfactory to the country as well as to themselves. The chances are that by the time they found a solution, the country would have reached a point where it would do without coined money, and would transact its business by barter, using the precious metals as a medium of exchange. The day that the bill becomes a law, gold would begin to decline in price, for it too would then be a commodity, and silver would advance, until the two metals had reached their natural relation in value, and the relation would remain with few changes, thereafter, and those the result of natural and not legal causes. What possible harm can come from a trial of this plan? It deprives us of no money which we have now. It involves the Government in no chance of loss. It involves the banks in no chance of loss. It involves the mass of the people in no chance of loss greater than they now have; for if there is to be a loss, they in the end must stand it anyhow. There is no compulsion about the circulation of the certificates, and if they do not pass from hand to hand, and gradually work their way into accep{ance, the plan simply ceases of its own accord. And there is a chance that it may open up a new method of transacting business which may result in solving the so-called money problemist. Louis, Mo. B. C. Keeler. —The trouble with this is that, in fact, "trade" is not and never will be even barter of a commody for a commodity, for we sell some countries three to one we buy of them, and coin is alone satisfactory to pay balances and will be till swords are beaten into plowshares and spears into pruning hooks. The balance of trade should always be in our favor and will be paid in agreed coin and not paper certificates. The certificates might go well in domestic trade, bnt with blockaded posts in war and such disturbances as arise between nations they would be worthless, just as our bank bills would be. If all our trade was domestic, deposited bullion would serve perfectly as a basis of the paper circulated.—Eds. The Hoad Question—A New Solution. Editors Indiana Farmer: I read with mnch interest the article on the road question contributed by Albert A. Pope. On first reading I rather liked the idea, but the oftener I read and the more I thought about it the less I liked the succession tax plan he proposes. I don't like the idea of imposing a burden on one class of people to benefit another. Mr. Pope's plan is to make a class who seldom if ever use it improve a road for the benefit of those who make a living by its use. If a man's parents or other ancestors have prospered $1,000,000 worth he proposes to tax this man who receives the inheritance f 10,000, such tax to be used for the improvement of the roads. The larger the inheritance the heavier the tax. Isn't that putting a premium on idleness and carelessness? It would be a nice thing if these millionaires would give each of us "hired hands" 40 acres of land and team and tools to work it with. They could, but would it be right to make them do it? Mr. Pope says "the succession tax that I have proposed will not fall on the poor. Those whose estates amount to $10,000 can well afford to give $100 to the State In return for all the protection of its laws which has enabled wealth to be accumulated and enjoyed." How many farmers are there in the State worth $10,000 who are not already complaining of burdensome taxes? Yet he proposes to add another $ 100 to their tax list. Again he says: "The succession tax is founded on the broadest principles of equity." Webster defines equity as "justice impartiality." Is it impartiality to tax a man $100 who is worth $10,000 and let his neighbor worth $9,000 go free? I have a plan (notorglnal) which I think will enable us to have good roads without burdening the rich, and yet will benefit the poor. The plan is to let the Government Issue an amount of money sufficient to improve the roads, say $500,000,000 in greenback, black or any other, good for all debts created in this country but not redeemable in gold or silver. When a bill becomes mutilated let it be replaced with another of the same kind. This money to be divided among the different States to be expended for grading, graveling or whatever thoy may need. By this plan more money will be put in circulation and employment furnished for the hundreds of thousands of idle men. I think it would come nearer restoring the "peoples' confidence" than anything the present Congress has yet done. I will issue no pamphlet but desire to hear from others of a different opinion. Fountain Co. Kolen Yerkes. Insects in Foreign Grains at the World's Fair. Editors Indiana Farmer: - While in Chicago a few days ago I visited the Agricultural Building for the purpose of investigating the wosvil in foreign grains, about which so much has been said of late. In the exhibit from Cape Colony, South Africa, I found only a single species, Calandria Oryzae, or rice weevil. It was working in both wheat and corn. This weevil seemed to be more widely distributed than any other as it waa found in grain from New South Wales. In grain, starch and sugar from Brazil; in wheat from Mexico and rice from Slam. Another very small red bettle was found in large numbers in corn meal from Brazil. It is closely related to our grain Sylvanus which has done much damage in this State, but it is much smaller and evidently prefers flour or meal to the whole grain. The An* gumois grain moth Gelcclda Cerealella was also found scattered around promiscously through the different exhibits. In the Brazilian bean exhibit was found large numbers of the bean weevil (llruchusob tec- tun). The exhibits from Kussia and many of the colder countries were found to be remarkably free from all insect pests. There are doubtless other species infesting these grains which were overlooked in a hasty examination, but those named seemed to be doing the greater amount of damage. It will be noticad that all these Infested grains came from a warm climate. I am of the opinion, therefore, that they will not prove very much more troublesome through the distribution of this grain for seed, than many of them are already. In numerous instances sacks and jars of grain, starch, etc , were found wide open giving these insects the greatest of freedom "to go out and possess the land" if they felt so inclined. It would be well, however, In order to guard against any possible outbreak from this source, to treat all of these grains before sowing with bisulphide of carbon. If left under the influence of its fumes for twenty-four hours it will destroy all insects in whatever stage of development. J. Troop. Lafayette. of humanity usually accept unchallenged any idea that is presented to them either socially, politically or religiously. When it is asserted that farming don't pay, all who have not made a success of the business are ready to join in the same cry of calamity. When It Is said that a farmer has to work like a slave, all who work hard and think little, concede the proposition." So I think when a paper like the' Farmer asserts that the millionaire Is a menace to society and to the prosperity of the masses, too many will at once conclude that they are personally wronged, because it has not been their fortune (I will not say good fortune because I do not think immense wealth desirable) to amass millions. The Declaration of Independence says all men are created free and equal, so I believe anyone has the privilege of becoming a millionaire, but all have not the talents. It was the man of five talents that added five more, and not the one of one talent that hid it in a napkin that received the masters approval. So I think if a man is capable of making money he does wrong not to do so. I do not claim that all millionaires are philanthropists, but I think as large a per cent of them give according to their means as the masses. -1 also think they have as good right to surround themselves with "costly articles" as we are to luxuries that do not cost as much, for he cannot better put his money, into the channels of trade. Justice. —Our fair correspondent is right. Millionaires who properly earn or inherit their fortunes and use them wisely are very useful people. And it is no doubt true, also, that as large a proportion of them properly use their fortunes as there are of other classes. The Bible reference quoted by our correspondent is the true philosophy on this question. It is not the earning of large sums legitimately, but the propei use that is criticised by this philosophy of life. . We personally know men who have become very wealthy by invention, by good business management, good judgment, industry and frugality, and who have become a great blessing to society. Bight to Become Millionaires. Editors Indiana Farher: Referring to your paper of 30th of September in an article on taxes, I find a paragraph where you say almost every village has its shylock. You use it where you say some would have to borrow money to pay their taxes. ' In the report of the Salem Farmers' Club Mr. Elliott expresses the very idea that I wish to convey when he says: "The bulk Salt and Gypsum on Wheat. Editors Indiana Farmer: When is the best time to sow salt and land plaster on wheat? How much should be sown to the acre? Does it pay to sow 'hem? j. j, s. Pyrmont. —About 800 pounds of salt and 600 pounds of land plaster, or gypsum, per acre are the amounts generally used. We do not know of the two minerals being used together, but plaster alone is very beneficial, especially to clover, and salt sometimes increases the yield and quality of wheat considerably. In Prof. John B. Lawe's experiments he found in one case that 330 pounds of salt per acre gave but a mere trllle better result than was gained on an acre along side without salt, but at another time the salted plat gave a bushel and a half more wheat. At still another sowing, however, the salted plat seemed to be damaged by the application, as it gave a less number of pounds than those unsalted. Gypsum applied at the rate of 000 pounds to the acre has been known to Increase the yield of grain by 33 per cent, but, as stated, its greatest benefit is found in increasing the yield in clover, which on most soils is itself our best fertilizer. Fall is usually considered the best time for applying either of the mineral fertilizers named, Let us have the facts on this subject by any readers who have had experi- F. E. Walker, of Denver, Colo., in alighting from a train at Pendleton, stepped on a banana peel, which threw him. In the fall his thigh was broken. |
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