The advocate., 1890-03-06

been advanced on same on interest at the
rate OF ono per cent. per annum, on tho
condition that tho owner or such other per-
son as he may authorize win redeem tho
agricultural product within twelve months
from date Of tho certificate or the trustee
will sell same at public auction 10 tho high
est bidder for the purpose OF satisfying tho
debt. Besides the one per cent interest tho
sub-treasurer should be allowed TO charge a
trido for handling and storage, and reason
able amount for insurance, but the promises
necessary for conducting this business should
bo secured by tho various counties donating
10 tho general government the land and the
government building the very best modern
buildings, 6re-proof and substantial. With
this method in vogue the farmer, when his
produce was harvested, would place II In
storage where II would be perfectly safe and
ho would secure four-Afths Of its value TO
supply his pressing necessity for money at
one per cent per annum, He would negoti-
ate and sell his warehouse or elevator certi-
fcates whenever the current price suited him,
receiving from the person TO whom he sold,
only tho difference between the price agreed
upon and the amount already paid by the
sub-treasurer. When, however, these storage
certificates reached tho hand OF the miller
or factory, or other consumer, he TO get the
product would have TO return TO the SUBJ
treasurer the sum Of money advanced, TO-
gethor with the interest on same and storage
and insurance charges on the product. This
is no new or untried schemes II is safe and
conservative; ii harmonizes and carries out
the system already in vogue on a really safer
plan because the products Of the country
chat must be consumed every year are really
tho very best security in the world, and with
more justice to society at large. For pre-
cedent, attention is called to tho following.
In December, 1sl9, the London Times an-
nounced the inevitable failure Of the French
republic and disintegration Of French socie-
by in the near future, but 30 wise was the
administration of the statesmen Of that ma
tion that two months later il was forced TO
eat its own words--saying in its columns
February 16, 18l9;
As samere commercial speculation with the
assets which the bank held In hand IL might
then have stopped payment and lquidated
it's affairs with every probability that very
few weeks would enable it to clear off It's
liabilities. But this idea was not for a mo-
ment entertained by M D'Argout, and he
resolved TO make every effort to keep alive
what may be termed the circulation Of the
lifeblood of the community. The task was
overwhelming Money was TO be found to
meet not only the demands on the bank, but
the necessities both public and private, Of
every rank in society. It was essential to
enable the manufacturers TO work, lest their
workmen, driven to desperation, should
fling themselves amongst the most violent
enemies OF public order II was essential to
provide money for the food Of Paris, for the
pay of troops, and for the daily support Of
the industrial establishments of the nation.
A failure on any one point would have led TO
a fresh convulsion, but the panic had been
followed by 80 great a scarcityof the metal
lie currency, that few days later, out Of a
payment of 26,OO0,OOO fallen due, only 1900
francs could be recor ded in silver.
In this extremity, when the bank alone re-
tanned any available sums Of money, the
government came to the rescue, and on the
night of the 18th of March, the notes Of the
bank we're, by decree, made a legal tender,
the issue Of these notes being limited in all
to 350,OOO,OOO, but the amount of the lowest
of them reduced for the public convenience
to 100 francs, One of the great difficulties
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