Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1890-08-28

paid for?
These questions are freighted with
controversy, and imply very radical
changes in our present methods.
Beyond and above these is the formu-
lated demand by one of the farmers
National organizations for warehouse
system for which the deposit of farm
staples on which the government shall
advance large part of the selling price
and thus lock them up and take them
out of the market until the owner shall
determine to sell them. This demand is
such radical departure from the pres
ent methods, and such long step in the
direction of genuine "paternal gov
ernment" that it is likely to have ar
rayed against it all the productive inter
ests of the country, whose products are
left to the ordinary laws of demand and
supply, but who will say that the gov
ernment shall purchase all the silver
bullion, one of the earth's products, and
lock it up in the vaults of the Treasury,
paying it's full value in the money of all
the people for it and placing it where
it iS-Of no more use than if still buried
in the deepest mine in the bowels of the
earth, and not purchase the great grain
products of the earth, much more vital
to national and individual life than sill
yer? 1t may be said that the silver be-
comes the basis of a currency for the
transaction of business, but would not
the land which produces not only the
silver but the grain and all other prod
uctS that are essential to life and pros
perity, be much more consistent basis
for good currency, sound,circulating
medium than any one of its many prod
ucts? Did you ever think of that?
OF all the beneiicent gifts of Infinite
wisdom, land is the most valuable, the
the most prolific, the most reliable and
the most indestructible. 1t holds with
in its embrace the minerals that enrich
and the harveSts that sustain the ma
tiOns. 1t is greater than the gold, sill
yer, copper, lead, iron and coal-mOre
than the rich grain and luscious
fruits for which you ask storage, for all
these and more and besides are yearly
extracted from its rich store-roOms,
exhausting its value or ex-
nauStlnS ltS power 10 yield.
If value and stability are essential
foundations for a good currency, here
they are in their highest form, and there
can be no safer, better basis for such a
than the land of the country.
The value of the land of the country
far exceeds the value of any possible
currency needed in the transaction of
business. 1t cannot get away. 1t can
not be destroyed. Why not make it the
basis of the currency, rather than any of
its products, or any credit due to its
ownership?
How can it be done? / cannot say,
exactly, but a way can be provided.
Not by destroying national banks, how
ever, but by simply changing the meth
ID of furnishing them their currency,
ind making them the medium through
which the General Government shall
distribute and circulate the currency.
Issue no more bank notes based on
Government bonds, no more greenbacks,
10 more gold certificates. Use gold and
silver as currency as far as the people
want such currency, and give both
demanded for use by the people, but do
lot compel the government to purchase
,ither or redeem either in any other cur
ency.
Let the government appOrtion the pa
yer currency to States and smaller di-
-isiOns on the basis of wealth and pop
Ilation, and issue to the banks of each
'tate or county the amount of currency
Iue to it upon the deposit with the Sec
etary of the Treasury. Mortgage bonds,
f varying denominations, drawing a
Ow rate of interest, based upon unin-
numbered lands within the county where
he bank is located, said bonds to be
edeemable after thirty years, or by the
epOsit of similar mortgage bond of
quail value; all bonds to be accOmpa-
led by an abstract title to land upon
Ihieh bonds are based, properly certified,
18th the actual value of such land as de-
by an official board of appraise-
lent, and the whole matter subject to
reguent investigations by official bank
hammers appointed by the Treasury
department..
Why can not the details of a system
f banking and currency be devised as
ill be perfectly safe, and that wonld
'Ork in a aperfectly satisfactory mannerr
Such a system would furnish an elastic
lrrency, adjusted to the wants of trade
ecause regulated by those in immediate
intact with the trade and business of
ieh county.
1t would elevate land as a security,
nd give to its owners better standing
financial transactions.
1t would decrease the rate of interest
the owners of land who are now dis
minated against by banking institu-
Ons, and relieve them from the present
lerous interest exactions.
1t would introduce new basic capital
to the financial transactions of COM
ercial life, that has great value in its
dinary use of supplying human wants,
of its stability and great
lIue as the depositary of all other
ltural basic values, and thus furnish
Institute that would avoid the strained
;e of credit which is of fictitious and
lcertain value.
N unpatriotic Congress may repudiate
'nds. A cOnquering army may capture
Id and silver deposits. A great panic
ay destroy the credit of banks, but the
nd survives revolutions, panics and
This suggestion may seem
ude and to some extent startling, but
ink of it, and it is possible that the
ore you think of it the more feasible
will appear.
In the meantime keep up your organ
,tion, study to understand economic
labor to acquaint yourselves
tn all questions affecting the public
terest, and above all things do not
ffer yourselves to be misled by appeals
prejudice or passion, but calmly weigh
suggestions and bring them under
e test of experience. Try all things,
{ hold fast to that which has been refin-
in the fires of experience.
HAPPY HO0SIERS.
VIM. Timmons, postmaster of Idaville,