Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-12-07
RELIEF FOR FARMERS
DISCUSSION or THE PROPOSED SUB
TREASURY SCHEME.
1ne Restoration OF silver Demanded BY
the Agricultural In
tercsts.
10 the Editor of the Dispatch:

-
farm investments has in q like ratio de-
cliped.
The same causes have produced even
worse conditions in other countries
which, like ours, are under the single
gold standard.
For many wears this subject has en-
gagged the attention, and complaints of
declining agriculture have been poured
upon the attention OF the British Par
liament until finally official investigation
by royal commission was ordered.
That commission in time agreed IN
their final report that the general decline
In prices ana OF prosperity was due to the
legislation OF the United States and oil
Germany, which demonetized silver.
Space will not permit any history OF
that legislation, aud it is now so gene
rally conceded that that was the cause 1t
IL not necessary here.
In our own country we were slow to
move but the conditions OF our sgrlcul-
tural interest were so much depressed
that farmers. in self-defence, all over the
Hand have been organizing into alliances,
wheels, oranges, leagues. and other asso-
Citations for the purpose OF securing re-
lief from most onerous conditions.
Among other forms Of relief proposed
by the National Farmers Alliance at its
annual meeting at st. Louis last Deem
Der is one which is known as the sub
Treasury plan.
Its purpose, as we understand 1t, Is to
secure from the General Government an
enlargement Of the supply OF money by
securing an issue OF legal-tender notes to
lie advanced 10 the producers of wheat,
corn, cotton, and other products, to the
extent OF 80 per cent OF the market
value when deposited in Government
warehouses erected all over the country
upon an improved system TO secure the
most perfect preservation and grading OF
grain and other products. Eighty per
cent. in money is to be advanced at a
charge OF per cent to cover expenses,
and certificates Issued for the quantity OF
wheat or other products, which must be
disposed OF within a year following by
the certifcste-holder. who then returns
the money 10 the Government and takes
his property.
To many members OF the Farmers
Alliance and citizens outside OF that or
ganizstion this appears to he one OF the
widest and most visionary schemes ever
devised, and one fraught with grave dan
gers.
For this reason we wish to call the at
tention OF your farmer readers to some
consideration CT 80 important subject.
at is natural for man to indulge IN
the illusions OF hope" said one OF Vir-
ginia's greatest orators
1t 10 natural for selfish men to wish
money cheap and plentiful when they
sell for that means good prices. Also,
to have money scarce and dear when
they purchase.
A little consideration OF tho nature and
functions of money simply as measure
OF value will convince any intelligent
citizen that one Of the very highest quail
ties of good money Is its constancy of
value. One cannot conceive that good |
money which is constantly fluctuatlng IN |
value, nor those laws wise laws which |
change the character and value OF the |
money of she realm.
In olden times autocratic kings, upon
occasion, would debase their coinage to
exc out their revenues but in all cases
evil results recoiled upon such bad
rulers. No modern ruler has dared to
thus rob his people, though an even
greater robbery has with all the sane
ton OF law been perpetrated upon
the people by the enforced change IN
the standard money; by decreeing that
gotd alone, instead of gotd and silrer,
should be the standard OF value.
The property of the world is mea-
sured by the money of the world. De-
stroy one half Of the existing money and
the remainder would have double the
purchasing power. This is admitted.
Now, what will be the possible results Of
the enactment into law of the sub-Trea-
sury scheme by bill-howeyer we'll
guarded in its provisions
We will first admit the existence of
growing conviction among all classes OF
the people, and among them very many
eminent bankers, that We need larger
issue OF currency, which is under our
present laws and habits, subsidiary
money, gold and silver being regarded
as the sole primary money of the world.
First. The erection Ga expensive ele-
vators and warehouses in every impor-
tant county all through the country at a
cost OF say $50, 10000.
What will he tho possible addition to
the present volume OF money? Let us
estimate it. AS the bare possibility of
securing good money-good. for 1t IS to
be legal tender money-at / per cent
will surely tempt to the fullest extent
the use OF sach golden opportunity to
get the needful." for it is to be per-
feet solvent OF debts-a regular debt
sqtclchcr.
All will seek to get all they can and
work to do 80 as diligently as ever did
gold miners.
As the value Of our crops are estimated
10 be now about IS, 900, 900. 600 it would
seem a moderate estimate to say that
$4,000. 900, 900 could DO secured by crops
deposited.
What then I? What would happen I'M
der the operation Of such free ride to
aflluence2
Let us start with wheat.
Farmer A deposits 1000 bushels OF
wheat and gets his certificate and Dor
rows $500 at o cost to him of IS and
still owns bis wheat,
Shrewd and clear headed. he sees his
opportunity and buys his neighbours GER
tiiicate); others go into the same opera
ton quickly, for they start on "the
ground floor" OF one of the grandest
schemes ever set on foot since George
Laws famous Mississippi scheme.
Thousands "cAtch on" Money becomes
abundant and all are getting rich.
Wheat is going up so FAST no one
wants to sell and every one wants to
buy.
"People have got to have it or
starve." But the holders see $40 per
bushel before them if they only hold
tight to the bag-strings.
Expectation has long ceased, and
finally wheat is imported from India,
paying the Mckinley duty of % cents.
Who cares? says the Spectator.
They have got 10 have my wheat or