Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909Various
History
Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909
Various
United States -- Politics and government -- Periodicals
During the course of Mr. Watson’s speech he had occasion to coin the
following epigram: “If the farmers are the backbone of the country, we
have a complicated case of spinal trouble.”
The Georgian goes on to say that the farmer of today is in better shape
than ever before. If this statement had been made two, or even one,
year ago, it could have been overlooked.
To say that the farmer is in good shape now, or words to that effect,
is a great deal more misleading than the above epigram. The writer
lives in one of the very best and most progressive farming sections
of the state. He comes in daily contact with the farmer. Taking the
conditions that exist here as an example, we find the farmers as
a whole in worse shape than they have been in several years. As a
consequence of this those who depend on the farmer, as most everybody
does in the small towns, are in worse shape than the farmer. The
Georgian gives as a reason for the good condition in which the farmer
finds himself, that they are diversifying their crops. Our observation
that his failure to diversify is the main cause of his helpless
condition now. Too much cotton has broken, in a sense, the backbone
of the country, and, as Mr. Watson remarks, it is afflicted with a
complicated case of spinal trouble.
The Georgian merely has a pipe dream of what should be, and what would
be if the farmer would diversify, and arrives at the conclusion that it
already exists.—Royston Record.
THE CURSE OF THE NATION.
The banker organizes a national bank having $100,000 capital, with
which he buys $100,000 of United States bonds, “on which he draws
interest in advance and pays no tax.” The government engraves, prints,
and sends him notes to be used as money, to the face value of the
bonds. Nominally these notes cost him $5.00 a thousand. He lends them
out at from six to ten per cent on the thousand, or from sixty to one
hundred dollars on the thousand. Then by a system of bank credits,
which would be incredible if it were not so capable of proof, he
multiplies his loans until he draws interest on NINE times more money
than he ever put into his business.
To cap the climax, he gets the Government to surrender its revenue
to his keeping, lends out these millions also, ... DRAWING ANOTHER
INTEREST FROM THE TAX PAYERS WHOSE OWN MONEY HE IS LENDING BACK TO THEM.
Public-domain text, read in full here on John Shaqi.
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