The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-01-14
THE SUB TREASURY L A

the Georgia Alliance, in, a recent inter-
view relative to the St. Louis meeting,
published inthe Southern Alliance Farmer,
says: -. . .
We adopted a plan for the extension of
the present banking system, requiring the
Government to build one warehouse in
every county in zach State in the Union
of sufficient capacity to hold the entire
agricultural products of that country,
giving the privilege to every producer to
deposit his products there when ready
for market, the. Government advancing
81 per cent Of their value in Treasury
notes, non-inter6St bearing, and receiv-
able for all dues and import duties; these
products being allowed to remain in the
warehouse twelve months at the option
of the producer, the Government charging
one per cent of value advanced, with
actual cost of storage, no more and no
less. :
This is not a revolution by any means,
but an enlargement and extension of the
present system. Capitalists are now
allowed to deposit in the Government
vaults 500, 600 in Government bonds, of
no intrinsic value, bearing from 4 to 6
per cent interest, the Government adj
vancing to them 80 per cent instead Of
so as to US allowing them the use OF the
80 per cent for twenty years free of
charge, while we ask only one year and
to pay l per cent. periannum; our deposit
being of actual value, their deposit being
based upon heindebtedness of the country,
our deposits being the absolute products
or wealth Of the country. The same plan
has IL ng been adopted with the whiSkey
producers, who are allowed to put their
output into bonded warehouses at the
expense of the Government. This plan
will give us a flexible currency-the only
currency that can meet the wants of the
properly adjusting itself to all
and all enterprises.
The currency system is owned and con-
troIled by the few at the expense of the
many, stimulating and producing specula-
ton, monopoly and trusts. Our system
and excites the production of
values and the necessities of life. Under
this system if a man wants money he
must produce something. Under the
present system if he wants money he
must be a non producer, ~speculator or
swindler.
AS to the remainder Of your questions,
capital will oppose us, especially
that of Europe, which is now through
s~yndicates and combines, investing mill
of money in lands, mills and various
enterprises in this country, simply because
money is scarce and high with III and
property cheap. All of which is the
result of our present monetary system.
Will this system not be extremely
expensive?
The producer pays the entire expense
the present method of handling and
crops. Our plan is much less
expensive, bringing the producer and con-
sumer into immediate contact.
Displacing all spectators and combines
trusts, leaving the Government in their
place. With only a charge against the
producer of one per cent, per annum for
advances, and less than one-half of the
present rates of insurance and storage.
What will these warehouses cost, and
where is tue money to come from?
They will cost about $4,000, We now
nave 500, 900, 900 of gold that has been
deposited for a long while for the purpose
Of ~redeeming that amount of outstanding
treasury notes. Congress has passed a
%forbidding the redemption of these
treasury notes, which leaves said amount
n the treasury unappropriated and unem-
From this fund we propose to
OulId these houses.
What are a few advantages of this
First, a change of financial masters
that of bankers and speculative
capitalists to the Government. The one
With no sympathy or interest in US or for
save that of gain. The other wholly
dependent upon us-interested in u
morals, intelligence, our physical ability
% produce, wi contentment, all of which
enter into good citizenship. From the
our advances are 80 per cent.
value, n per cent. per
annum. With the other one advances