The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1890-10-09
THE SUB TREASURY BILL.

THE SUB TREASURY BILL.
In the discussion of this bill Con-
gressmen have given its merits very
little attention. The central Idea em-
bodied III the bill is government loans
direct to the people al low rate OF
interest. The necessity for an increase
of currency is sdmitted. The power
Of Congress TO furnish an adequate
amount of currency for the necessities
of the people has been affirmed by
decisions of the Supreme Court.
The equitable distribution Of this cur
rency among the people, including
the producers of wealth, is .ae point
sought to be adjusted by the Sub
Treasury plan.
Tho only way provided by the gov
ernment for the distribution ct cur
rency among the people is by the
payment of appropriations; by the
purchase of bonds; by depositing
with banks and by the National bank,
ing att. The emission of money tu
the people by depositilg in national
banks is unjust, because it enables
these banks to lend the peoples money
to the people, at high rate Of inter
est, while they, the banks, pay uo
Interest on the deposits. National
bank issues do not supply the demand
for currency. Their circulation is
being retired, insted of being in.
creased TO correspond with the in.
crease in population and business OF
the country. 1t is probable that with
III the next decade the last United
States bond will be paid. Then the
payment of appropriations Will be
the only means of emitting money tc
the people from the U. s. Treasury
Therefore if the constitution Of the
United States prohibits the emission
of currency through any other chan
mel than those now IN Use, aud which
have proved inadequate to the wants
of the people, it should be amended
to meet the exigencies OF our finances
and that without delay. Time is but
wasted in ridiculing and misrepre
sentinS the details of the Sub-Treas
ury Bill, or in asserting its unconsti
tutionality. The credit of the gov.
ernment is based on the taxes Of the
people. The wealth producers pay
rs per cent. of this tax. Then why
should not the government loan liz
credit to the producers who pay tie
tax, and emit money through them
ION an ample security rather thai
the bondholder who pays no tax
But the reverse is the practice and
the bondholder gets the preference
The objections urged against the Sub
Treasury Bill are very conflicting.
First they say: That it would me-
cessitate the building of too many
warehouses, and that it provides for
the building of too few warehouses
Second. That it would raise the price
Of the products warehoused, and that
it would lower the prices of said pro-
ducts, US the depositor would not be
able to redeem them and they would
be sold for the 81 per cent. advanced
by the government. Third. That it
is class legislation in the interest of
the farmer against the speoulator,
and would only benefit the speculator.
Fourth, it We uld be too long before
the warehouses could be built, and
they would be built TOO soon, even be-
fore the democrats would be restored
to power in the National government.
Fifth, that it would ill the country
with federal officials and turn the
Southern States over to the Radicals,
yet il provides for only 25 ware hous-
es in South Carolina, and l13 federal
officials (P. Ms were appointed last
year without any perceptible effect on
the political parties of tho State.
Such arguments 10 not touch the
merits Of the measure, and arc in
spired by the favored few who now
control the currency in their own i'll
terest by special and partial laws
which enables them to appropriate
the wealth produced by others. The
Alliance does not want class legisla-
ton, neither does it want to fill all
the Offices, where other classes bring
snch charges against the order they
reach the climax of ridiculous sub
limity. Lawyers constitute ne-tenth
of one per cont. of our population,
yet they ill three -fourths of the Leg
islatiye and Executive Offices, and ali
the judicial Offices of the United
States. ehave only Is farmers cut
of $50 representatives, and 2 farmers
ont of 81 Senators in Congress.
Tho bundholhpg bankers and the
spectators a-o immease pIraSites
fastened OH the backs Of the farmers.
They abstract do Per cent. of the val
ue of supplies purchased by farmers
and expended by them in the produc-
ton of crops. and they abstract 40
per cent. of the value of these crops
when marketed. The maws Of these
parasites arc Unsuitable, their vocation
is legalized by tho Natioual banking
act, which gives them control of the
currency OF the country. The huc-
tuatlon in prices Of cotton has aver
aged over ~ per cent. for the past
50 years. Forced sales is the cause
of fluctuations, and tho producers are
the losers. An abundance Of money af-
ter crops have been sold by tho pro-
dncers, causes rise in tho price Of
and the consumers pay 10
per cent. to the spcculator more than
the producer received on forced sales
when money WIS scarce. In 1859 the
increase in the price of farm products,