The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1890-07-17
THE sUB.THEASURY SCHEME.
Col. Ellison s. Keitt Takes Issue With
Senator Butler.
National Economist.

upon it. The Grecnvile News says
that Mr.. Tillman, the farmer cdndl-
date, fayors the repeal Of the lien law,
and argues that he must favor the
abo,ishment of the homestead law,
else how would the farmer Of modef-
ate means be able to secure credit? Inc
News adds that the sub-treasury plan
would render either unnecessary, but
pronounces it impracticable. This
paper wisely refrains from further dis
cussion.
Recently Senator Butler spoke at
Leesville, detailing the material work
ings Of the plan proposed in the sub
treasury rather lamely, closing with
an arpument as to the right Of Con-
gress to pass the measure, as follows:
Now. maintain in the first place
that Congress has no more rl9At 10
build an operative warehouse than II
has to send and have your and my cot
ton hoed. The treasury has no rlGht
TO loan money to individuals on III
terest. It is not bank. Its powers
are like those Of the State treasury,
limited to the collection ana discourse
ment of funds. There are many other
objections to the bill, but the cofst'I"-
tional one is sufficient.
Following in line Senator Hampton
visited his State from Canada to speak
in Columbia q few days later, and
among other topics finds time to say
something about the sub-treasury. he
mikes it up in a tumble with other
matters. giving his opinion on the LOT
with an assurance which indicates
that he expects his opinion to be ac-
cepted Us orthodox by all good Caroli-
mans, and caring not silver what III
different Carolinians may think:
My friends, you have seen that they
have proposed in Congress some meas
ures that they call the sub-treasury,
the warehouse system, and our olstin-
puisbed Senator from California, Stan-
ford. introduced bill the other day
bv which he proposed to lend money
~ the farmers Cd 4 mortgage or per
cent, and then lie very lnnocentiy
said that the farmers could make
money by lending it out at or per
cent. I hardly think that Stanford,
when he was railroad president,
would have conducted his business ON
that line. I hardly think the scheme
is good speculation. But 1t can not
pass. because both measures are aoso-
iutely unconstitutional. You would
hardly expect that any Of your Repre-
seutatives should violate the Constltu-
ton, which they swore to obey, by
voting for these bills.
The Charleston News and Courier
publishes q letter from Colonel Ellison
S. Keitt, prominent planter, taking
issue with Senator Butler, giving an
argument upon the measure:
from the News and Courler.l
l have read with surprise the speech
of Senator NJ. G. Butler delivered at
the Leesviile Institute, occupying the
position that he does and coming dl-
rect from the seat Of Government
where the chosen leaders Of the ALI
ance have just completed exhaustive
arguments upon the sub-treasury
bill before committees of each branch
of our national Legislature. 1t
might have been expected that III
discussing the bill he would at least
have touched upon matters that
affect it's merits. Judging from bis
speech any intelligent Alliance man in
the State could have given the Senator
valuable information upon the bill.
Theargumentsh he used are trite- thread
bare from reputation-the parrots
talk to Congressmen's constituents. III
is, indeed, humiliating to Alliance men
to be told by United States Senator
that the sub-treasury bill, upon which
50 much hope is centred-a measure
that has engaged the earnest thought
of the leaders of more than three mil
lions Of agricultural voters-advocated
by Polk, Macune, Livingstone, Robert
Beverly aud host of other patriots
resembles the "ofispring of a crank."
1t is surprising that one holding the
highest political position in the gift OF
the State should, with so much assur-
ance, undertake to advise upon 4
measure of such magnitude, when it Is
evident that he has not given the sub
= ject even az ordinary investigation.
.Alluding to the warehouses, the Sena-
tor says: "When built the products OF
my friend, Jack Bates, and myself,
corn, cotton, wheat, oats and tobacco,
can be placed in one of them, we re-
ceiving certificate to the amount OF
50 per cent. of the value of the products
stored, and that we can send the GER
titicate to Washington and get treas
ury notes at per cent. interest IhiS
statement is entirely erroneous.
The plan provides that upon receipt
of the products certificate Of deposit
shall be given, showing amount, quail
ity, etc, and that 50 per cent. Of value
in legal tender notes has been ad-
vanced; these notes to be paid at the
sub-treasury, not at Washington. The
Senator exhibits much prejudice against
the scheme. The Alliance does not
claim that either bill is perfect, and
our Congressmen are SO informed. 1t
is, however, the best that the ablcst
man of the order could p prepare, and
any improvement upon it will be
readily accepted, provided the princi-
pies set forth by the Supreme Council
at st. Louis are retained. 1t is admit
ted that the Cotton Belt enjoys supe-
rior agricultural advantages. But the
farmers Of South Carolina are subject