Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-08-25
d DEFENSE OF THE SUB TREAS
Try BILL


We take pleasure in publishing the
following reply to some remarks In THE
GAZETTE three or four days ago concern
ing the SUBJ treasury bill. The objections
to the bill reoited in these columns by
no means exhausted the subject. There
are many others, some of them more
forcible than any submitted by us.
Even though our friend had answered
conclusively our arguments against the
bill others remain to be answered yet Z.
We agree with him as to the need for
more money in circulation, but cannot
agree to the sub-treasury plan of cir
oulating it. The G. A. r. enforce their
claims for service pension bill by point
ing to the amount of good it will do in
circulating government funds among the
people. The sub-treasury plan is the
rankest form of paternalism yet sug-
gested; and that tendency in our gov
ernmental affairs is the one most dan
gerous to the general welfare, and the
to fight as long as vestige of it remains
above ground. But let US hear what the
undersigned writer has to say:
SrEPHsNvI1LE, TEX, Aug. %, 1890.
Editor Gazette.
/ have frequently noticed your illusions to the
sub-treasury bill as q fraud, farce, etc., but
until your issue OF the 2lst failed to see any
reason stated to why You thus referred to 1t.
L
objections.
l. Under the present system farmers are
lators. who hold for rise in prices, and the
difference between the prices the farmers sell
for and what the spectators sell for in one sea-
the sub-treasury bill. Thus they could be built
with less than the SPECTATORS profits in one
year, and afterward the profits of the Spectator
warehouses would give employment to labor
and put into circulation the money necessary to
build them.
2. AS to the army Of employees. ware
housemen, clerks, etc., it will require no
more, If as many, than the present sys.
tenn, a., which farmers have to pay, not
and interest on the money borrowed to pay for
the products. Under the sub-treasur y plan
the employees will answer for handling the cot
3. Admitting, which do not, that only one
county in three OF the whole number, produces
$500, 600 worth of cotton, corn, wheat, oats and
tobacco and that the products of those rich
counties was stored and held off the market;
that would prevent the overcrowding of the
to sell their products for better prices, and
when there was demand for the products
stored they could be sold. But You call these
'others that go to the root of the NATTER
l. The poor hard up farmers will store their
products and receive SO per cent. OF their market
not be able to redeem the products. This is
simple. When the products were sold they
would refund the 50 and reGse sh
to that refund they he Fss produces Cent stored aa
for o- they nr0 yGud have
the eighty cents. Isn't tina, simple?
2. The certificates would be worth 20 per cent.
spectators did handle them, their power would
only be one-ffth what it is under the present
system.
8. Glad you state that imitation would increase
prices. That is what people are finding out, and
that contraction of the volume of money is re-
sponsihle for the great agricultural depression.
But there is no danger in imitation and contrac-
ton under this plan, for the that it would
not be much greater than at present, as the
money that buys the products under the present
system comes from New York and other money
centers and pays for the products and returns
with the accumulated interest to the centers
from which il came; whereas, under the sub
was demand for them, so much per month,
thus preventing overlooking the market, and
by the time one years crops were marketed
another would be coming in. Wheat
and oats would be first, then would
come cotton, tobacco and corn,
and thus during nearly the whole year crops
would be storing and others selling when there
was a demand. So there could be no great infla-
ton and contraction. The people are learning
the secret of the depression, and that the ma
nipulation of the finances are responsible for
their oppression, and after years of investiga-
ton and discussion the sub-treasury plan was
formulated and presented to congress. Not as
perfection, but as embodying the principle for
more money, and demanded its enactment into
law or some other measure involving the same
principle. There have been many directors,
but so far as have seen none OF them-includ-
ing the GAzETTE-have proposed any other plan
of relief. The trainers and advocates of this
bill presented 1t as the best plan they could de-
wise and said so to congress and the country, and
that IL this plan was not proper or good one to
get up better, and we will be with you. But it
seems Directing is as far any Of the oppo-
nents can go. I can safely say that the sub
treasury plan will be held to until better one
is proposed and gotten in shape. The people
are The government-theoretic:ll at least-and
a greater volume of money is demanded. It is
only q question of time, and the sooner this is
recognized by congress and the engineers OF our !
system of finance the better it will be for all
concerned. Respectfully,
W. II. MNTzB.
THE farmer AT HOME AND IN