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Newspaper
The Progressive Farmer
Location
Raleigh, North Carolina, United States of America
Date
Aug 22, 1893
Page
2
A dense editorial collage cites figures and events on silver, the Sherman act, and money politics. It portrays financial distress, bank and railroad fears, and calls for free coinage, postal savings banks, and anti plutocrat reform. It notes speeches by Weaver, Butler, and Kennedy era figures, plus local farm concerns.
Erie letters from Gen. Weaver argue the Voorhees bill would broaden national bank note power and rechannel money through banks. He warns Congress must issue money to the people, not banks, and urges broad public action to maintain constitutional control of currency.
The piece describes thousands of unemployed workers gathering at Valhalla Hall in New York to press Wall Street leaders for action. When the hall was locked, disorder erupted as doors and windows were damaged and police, aided by reserves, clubbed protesters, leaving many with injuries and wearying families. The author warns of rising idle numbers and potential riots if conditions worsen.
In initial notes we claimed the gold outflow was natural and seasonal not tied to the Sherman act. The reserve dipped to eighty eight million dollars for a few days, then rose above one hundred million, and now stands around one hundred twelve million and increasing.
The piece notes Senator Gordon of Georgia introduced a bill to suspend the tax on state bank notes for six months and permit state banks to issue notes up to 20 percent of capital. It argues temporary relief would favor a few owners while many North Carolinians receive no benefit, criticizing lawmakers for aiding national bankers over state banks.
In the Senate on the 14th Senator Vorhees proposed a bill authorizing national bank notes up to bond value, claiming nineteen million dollars more in circulation. Critics say the sum is too small for a 64 million population, would cost the public at least 8 percent annually, and urge a bolder reform.
Secretary Carlisle refused July purchases of silver per Sherman law, aided by presidential orders. Closure of western silver mines caused mass unemployment and a broad credit squeeze with exorbitant interest. The author urges impeachment of the entire cabinet for failing to enforce the law and causing a national panic.
President Butler discusses the original purpose and present duty of the organization, praising cooperation while warning that lack of social cohesion and cross-class exchange undermines progress. He notes the Alliance aims to unify rural and urban groups, promote intellectual development, and resist hostile legislative efforts. The piece signals continuation on the sixth page.
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