"Their main idea seems to have been that their troubles as farmers were
chiefly if not wholly to be accounted for by certain vicious acts of
financial legislation, the effect of which they held had been to make
money scarce and dear. What they demanded as the sufficient cure of the
existing evils was the repeal of the vicious legislation and a larger
issue of currency. This they believed would be especially beneficial to
the farming class by reducing the interest on their debts and raising the
price of their product.
"Undoubtedly the currency and the coinage and the governmental financial
system in general had been shamelessly abused by the capitalists to
corner the wealth of the nation in their hands, but their misuse of this
part of the economic machinery had been no worse than their manipulation
of the other portions of the system. Their trickery with the currency had
only helped them to monopolize the wealth of the people a little faster
than they would have done it had they depended for their enrichment on
what were called the legitimate operations of rent, interest, and
profits. While a part of their general policy of economic subjugation of
the people, the manipulation of the currency had not been essential to
that policy, which would have succeeded just as certainly had it been
left out. The capitalists were under no necessity to juggle with the
coinage had they been content to make a little more leisurely process of
devouring the lands and effects of the people. For that result no
particular form of currency system was necessary, and no conceivable
monetary system would have prevented it. Gold, silver, paper, dear money,
cheap money, hard money, bad money, good money--every form of token from
cowries to guineas--had all answered equally well in different times and
countries for the designs of the capitalist, the details of the game
being only slightly modified according to the conditions.
"To have convinced himself of the folly of ascribing the economic
distress to which his class as well as the people at large had been
reduced, to an act of Congress relating to the currency, the American
farmer need only have looked abroad to foreign lands, where he would have
seen that the agricultural class everywhere was plunged in a misery
greater than his own, and that, too, without the slightest regard to the
nature of the various monetary systems in use.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account