Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-09-01

that on account of the temporary iutla-
ton it would require twice as mauy dol
lara to procure ths same articles Us were
required before the deposits were ade.
THE LOGICAL RESULT.
The entire business of the country
would be thrown into the most profound
confusion twice Il year. Some would
find themselves suddenly Dankrupted by
the contraction of the currency and Il de-
cline in prices, while others would find
themselves suddenly enriched or ap-
parently enriched by the imitation of the
currency and rise in prices, but all
would share substantially II common fate
in the end, for the growth and prosperity
of the country as whole would be de-
stroyed as long Us such system existed.
But, during the time when these great
food products are looked up IN the ware
houses or in the sub-treasuries as they
are miscailed, what is to become of the
millions of people who reside in the
cities, towns and villages, and the other
millions who reSide in the country, out
own no wheat, corn or oats? They are
to be starved into submission TO the de-
mauds of spectators; they are to be de-
prived OF bread until such time as they
become willing TO pay whatever prices
the purchasers aud holders of warehouse
receipts may see proper to eNtort from
them. No such facilities as this scheme
will afford for controlling the markets
for purely speculative purposes have eyer
existed in this or any other country, and
no more perfect system for the oppres-
sion of the poor could be devised. The
exact quantities of products on deposit
in the several public warehouses will be
n ms rf,ia q
center, and combinations to purchase
and hold the receipts could be easily
made, especially when they can be pro-
cured by the payment OF a small per
centum OF the value of the deposits.
But 1t may be contenued that the
farmers can sell their products while
they are on deposit an receive the bene-
fit of the high prices which will tenn
porarily prevail on account of the infla-
ton OF the currency. If the volume of
currency were to be permanently in
creased so as to make prices permanently
high there would be some force in this
suggestion, though, even in that case,
the prices of everything the farmers are
compelled to buy and use would be in
creased in the same proportion, and they
would gain nothing substantial in the
end. But the volume of currency IN cir
culation is not to be permanently ill.,
creased under this plan, for, as already
stated, each imitation must be almost I'M
mediatelY followed by a corresponding
contraction. In view of this inevitable
contraction and consequent fall of prices,
of course, while the currency is inflated
and the prices are high, no actual con-
sumner will purchase the stored products
except in such small quantities az he is
compelled to use from time to time. The
regular and legitimate market, which the
farmer has heretofore enjoyed will be in
great measure destroyed, and the trade
will necessarily fall principally into the
hands OF combinations aud syudicates
of spectators who are able, by reason of
their large capital, to monopoliZe the
stored products and keep the prices up
for their own exclusive benefit after
they have purchased from the farmers.
The farmers cannot combine to keep
the prices up because, in the first place,
they are too widely scattered to
act in concert, and in the second
place, they are not in a pecunisry con-
ditlou to carry their products beyond the
end of the year, when they must be re-
deemed from the warehouses or sold at
auction by the government. II they
were in condition to do this, they
would not need public warehouses or ad-
vances of money from the government.
EFFECTs On THE COTTON CROP.
1t is claimed by some, however, that
whatever may be the case in regard to
other products, the entire cotton Drop
could certainly be sold during the year
to our own manufacturers and for ex-
portation TO other countries, and upon
this assumption strong and partially
successful appeal has been made to the |
planters of the South to give their sup
port to the so-called suo-treasury plan.
In my opinion our domestic manufacture
srs of cotton goods would be able to pur-
chase very little, If any, raw cotton at
any time If the proposed plan were
adopted. No one could successfully |
carry on the business of manufacturing
cotton goods, or any other character of |
goods, under fipancial system which |
Inflated the currency and increased |
prices when he wanted to purchase his |
materials and contracted the currency
and reduced prices when he wanted to |
cell his products. Such a system would |
soon close every cotton factory in the |
United States, because the owners would |
find it impossible to sell. the finished pro-
duct for enough to pay for the raw ma
terial used in its fabrication. But even |
if they could conduct their business at