The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-12-11
THE ALLIANCES GLITTERlNG BUBBLE.
Uncle sam TO Lend money on the
Farmer s Cropsi
And Store Them Away In Big Gov
ernment Warehouses.
The Ridiculous Scheme Which the
New Party Supports.


| magnificent Congress in Washington. There
are enough members here who have been
squeezed under the Farmers Alliance drag
to give to all vivid idea of the powers of
that organization. The prospect, moreover,
that political movement looking to the run
ming of an Alliance candidate for the presi-
dency in 1892 has had its inception at Ocala
| has invested that Congress with renewed
interest Moreover. one of the leading agi-
| tators at the Ocala congress has been Con-
| gresham Pickler, of South Dakota, who last
summer introduced the famous "snb-treas-
1 ury" bill. This bill was heartily endorsed
by the Oeala congress and Mr.. Pickler him.
self eulogized its principles as those of the
| financial system of the future. OF course the
"sub treasury" bill stands no show whatever
| of passing or even being considered by the
| present Congress. The next CONGRESS with
its contingent of nearly fifty members of AL
lance sympathizers may be forced to consid-
1 er it but will not pass it. But meanwhile 1t is
undoubtedly the Alliance plan to push their
| organization for the presidential campaign
of 1892, when the "sub treasury plan" will
come before the people as an issue. No one
| expects that this country will go so far to the
dogs as ever to come anywhere near adopt
ing the Sub treasury plan," but undoubt-
| edly large number of men, strongly organ
lied, will push the scheme for all it is worth.
| Under these circumstances the Pickler bill
| has COD6 again luLO dLt6uLlOu equal at l6dsL
| to that enjoyed by the plan OF l0an1ng public
money out on real estate, as advocated by
| Senator Stanford. The Pickler bill pro
vldes that there may be established in each
| of the counties Of each of the states and ter
| ritories of the United States branch of the
| Treasury Department of the United States,
| to 90 designated and known as sub-treas-
| ury. When one hundred or more citizens of
| any county in any state shall petition the
| Secretary of the Treasury requesting the To-
| cation of sub-treasury in such county, and
| shall: First, present written evidence, duly
| authenticated by oath or affirmation of the
| county clerk and sheriff, showing that the
| average gross amount per annum of cotton.
| wheat, corn, oats and tobacco produced and
| sold in that county for the last preceding
two years exceeds the sum of five hundred
| thousand dollars at current prices in said
| county at that time; second, present good
| and sufficient bond for title tC suitable and
| adequate amount of land to be donated to
| the Government of the United States for the
| location of the sub treasury buildings;
and, third. a certificate of election
showing that the site for the To-
cation of such sub--tTeasury has been
chosen by popular vote OF the citiz4ns of
that county, and also naming the manager of
the sub-treasury elected at said election for
the purpose of taking charge of said sub
treasury under such regulations as may be
prescribed, 1t shall then and in that case be
the duty of the Secretary of the Treasury to
| treasury department in such county. 1t will
be noticed that the people in the district
where the crops are to be housed are also to
choose the man who is to do the business for
them with the general government. Of
course the people will choose the man who
will do the best by them. in other words, get
the most out of the government for them.
The bill next arranges that any owner of
| cotton, wheat, corn, oats or tobacco may de-
posit the same in the sub-treasury nearest
L pOipt nf ifc nrO6notiOn and rp0Qivn
| therefor treasury notes. full legal tender for
| all debts, public and private, equal at the
| date of deposit to so per centum of the net
| value of such products at the market price,
| said price to be determined by the manager
| of the suD-treasury. under rules and regula-
| tions prescribed by the Secretary of the
| Treasury, based upon the price cur
| rent in the leading cotton, TO-
nacco, or grain markets of the United States.
For these treasury notes.-the depositor of
farm products would be held to pay one per
cent interest per annum, which would have
| to be paid when the products should be re-
| deemed. The bill provides that it shall be
| the duty OF the manager of sub-treasury,
| when cotton, grain or tobacco is received by
| him on deposit, as above provided, to give
| warehouse receipt showing the amount and
| grade or quality of such cotton, tobacco, or
| grain, and its value at date of deposit; the
amount OF treasury notes the suo,treasury
| has advanced on the product; that the inter-
| est on the money so advanced is at the rate
| of one per centum per annum; expressly
| stating the amount Of insurance, weighing
| CHASING, warehousing, and other charges
| that will run against such deposit of cotton,
| grain, or tobacco. All such warehouse re-
| ceipts shall be negotiable by Endorsement.
| The method prescribed for the farmer to get
| his products cut of the warehouse, or for the
dealer to whom the farmer may transfer his
warehouse receipt, is for the holder to de-
/ posit the receipt and pay in lawful money of
1 the United States, of the same amount orig-
| nally advanced by the sub-tTeasury against
| the proguct, and such further amount as
i may be necessary to discharge all interest
| that may have accrued against the advance
of money made on the deposit OF produce,
| and all insurance, warehouse. and other
charges that attach to the product for ware
housing and handling.
The certificates of deposit may be redeemed
at the warehouse where the crop was origi-
nally deposited or at any other in the c0un-
try. It will be observed that this convenient
| arrangement would involve the necessity OF
transporting all the crops 10 order to have
| on hand the required amounts of supplies at
the places where the certificates would be
presented for redemption. Fol- instance, a
certificate given at a warehouse in he Gen.
tral part of Kansas would undoubtedly be
presented for redemption at some warehouse
located on the lakes or seab0ard or some
other convenient shipping point.
| In case commodities should remain toe
long in the warehouse without being taken
out. year is the limit. the bill provides fol-
| selling them at public auction in order to
reimburse the puf lie treasury.
1t may be urged that to sensible men such
| a scheme as this Is simply ridiculous. Bu
it is more than ridiculous when it is backed
by an oathbo political order that has
| already overturned the politics Of great
states like Kansas, Nebraska, South Caro-
lima and Georgia. and Is now preparing tC
move rn the Presidency Of the United
States. OF course no conservative mai
thinks the sub.treasury plan will succeed
| but until 1t dies out it must be fought.
As an example of what schemes will fine
favor in the opinions of men who might b.
expected to take different views, may be cit
ed the loan bill which was introduces
by Senator Stanford, of California
last session and has been again introduced by
him this session. Mr.. Stanford is busi
ness man who has accumulated millions o
money in business enterprises. has been en-
| gagged in the management of large railroad
Enterprises. has found d a magnificent insti
tuition of learning upon the Pacific coast
| and is a Senator of the United States frOH
| the great and intelligent aod progressiv
| State of California. Yet Senator Stanfor
print an unlimited number of greeDbacks O
| various denominations, which the treasure
3 | shall loan out to farmers at two per cent pc
annum, the government taking as securlt
mortgages upon farms. Senator Stanfor
entities this measure "a bill to provide tn
government with means sufficient to suppl
the national want of sound circulating Cal
dium."
Perhaps the continued ou terry of the silvt
men has had something to do with the ide
I prevailing in some quarters that the govern
ment should load itself up with crops {
with land When the silver men advance
the argument that the government should a
ford them a market Tor their silver, an
later, when the idea was broached that ii
government might take silver bullion an
upon it issue treasury notes or certificate
many people who are not to 0e blamed pc
haps because they do not consider silver di
ferent from other commodities, said at oni
L. that the government might al-o loan mont
on wheat or on land. The result is q nun
Der OF troublesome demands.
: FOUGHT BESIDE MAiNE MsH.
They Remembered Him and Hope