The advocate., 1890-03-06
rHE sUB-TREAsURY PLAN.
Declaration Of tho Farmero Alliance
and lnduQiral Union.



adapted 10 further tho interests OF thespecu-
lating class, at tho expense and TO tho mani
fest detriment OF the productive class,
and while thore are many forms OF rellef
offered, there has up TO tho present time
been no true remedy presented which has
secured a support universal enough to rem
der its adoption probable. Neither OF the
political parties offer remedy adequate
10 our necessitios and the two parties that
have been in power since the war have pur-
sued practically the same financial policy
The situation 10 tlhsi The most desirable
and nocosaary reform is one that will adjust
tho financial system OF the general Govern
mont 20 chat its provisions cannot be utilized
by class, which thereby becomes privileged
and Is In consequence contrary 10 the genius
Of our Government, and which is to-day the
principal cause Of the depressed condition
Of agriculture. Regardless Of all this the
political parties utterly ignore these great
evils and refuse to remove their cause, and
the importunities Of tho privileged class
can, by means Of the power Of money to op-
PRESS exact from labor all that II produces
except bare subsistence. Since, then, IL is
the most necessary of all reforms, and re-
ceives no attention from any Of the promi-
nent political parties, II Is highly appropriate
and important that our efforts be concen-
tratod 10 secure the needed reform in this
direction, provided all can agree upon such
measures. Such action will In no wise con-
meet this movement 10 any partisan effort,
as II can be applied TO the party TO which
each member belongs.
In seeking true and practical remedy
for the evils that now flow from the imper-
fections In our financial system lot us first
consider what is tho greatest evil,
aud on what IL depends, the one
that outstrips all others no far that il is in-
stantly recognized as the chief, and known
with certainty to be more oppressive to the
productive interests Of the country than any
other influence, is that which delegated TO a
certain class the power TO fix the price Of all
kinds of produce and Of all commodities
This power is not delegated directly, but ii
Is delegated indirectly by allowing such
class 10 issue large per cent. of money used
as tho circulating medium Of tho country,
and having the balance OF such circulating
medium, which is issued by the Government,
q Axed quantity that is not augmented TO
correspond with the necessities Of the times.
In consequence OF this the money issued by
the privileged class, which they are at liberty
20 Withdraw AZ pleasure can be, and is, 80
manipulated az TO control the volume Of cir
culating medium in tho country sufficiently
to produce fluctuations In general prices at
their pleasure, u may be hkened unto
simple illustration in philosophy The i'm
Aexible volume Of the Government issue is
Che fulcrnm, the volume of the bank issue
Ia applied, and is either raised or lowered
with great certainty 10 correspond with the
volume OF bank issue. Any mechanic will
Instantly recognize the fact chat the quickest
and surest way OF destroying the power OF
the lever TO raise or lower price is 10 remove
the resistance offered by the fulcrum--the
inhexiblo volume Of Government issue.
The power 70 regulate the volume Of money
70 Us 10 control price is so manipulated as
10 develop and apply a potent force, for
which we have In the English language no
namei but IL is the power of money to OPP
press, and is demonstrated as follows; In
the last four months of the year the agri-
cultural products of the whole year having
been harvested, they are placed on the mar
ket to buy money. The amount of money
necessary 70 supply this demand ia equal to
many times the actual amount in circula-