The advocate., 1890-04-30

each month"; and shows opposite each month
tho local value OF the gross amount OF That
years crop consumed 40 the close OF that
month. The third column of figures ia
made by aubtracting tho value OF the gross
amount consumed nc the close OF each
month from tho value of the grOsg amount
marketed NO that date. For example, the
value Of the amounts marketed In Septem-
ber, October, November and December are
all added together, showing the gross value
OF the product marketed up TO December 3l
DO be S203,0O0, 1920. Of this amount, in
four months, the value OF actual conaump-
tiOn has been Sl0i ,OS2, 200, leaving net pro-
duct 10 the value of 500, ,Sl6, ,3A.9 for deposit
in tho warehouses no the close Of hatmonth,
provided every cotton producer In the whole
country ayailed himself OF the provisions OF
this bill. On the 3lst Of August the value OF
the gross product and the value OF the gross
amount consumed are an exact balance, con-
aeauently there could be nothing on depoait
according 30 these estimates. The greatest
amount at any one time on deposit IN the
government warehouses; had this plan been
I'm operation last year, would have been In
February, and would have been OF the value
of Sllb, ,29O, ,70B.G0 and had 10 per cent ot
the value OF the same been represented by
TREASURY notes the actual volume Of the cir-
culntng medium would have been increased
for n short time S02,l76,6l328. Taking
these figures In regard to the cotton crop as
n sample Of the operations OF this bill u Is
easy 10 estimate the probable amount OF the
transactions In the other products. These
figures will be found In every case very lib
ernl and calculated 10 understate rather
than TO Overstat0 tho side Of the affirmative
In this question; nevertheless they show with
great force that tho measure is very conser-
yatiyo and that the measure will be attend
ed with no imitation whatever; in fact they
lead Co the conclusion that the present cir
culating medium would not be moro than
doubled, and that only for about month at
time, when the products Of agriculture do
manded extraordinary Investments. Now
while II il true that the products OF agricul-
tre are equal TO four or five times the vol
ume OF money in circulation they will not
reduire mn addition Of the volume TO that
extent because demand for money quick
ems the speed of circulation, which in par
tial degree cOmpensates for lack OF volume,
and doubled volume is a safe and a con-
servatiye estimate OF the addition required
10 do quadruple business in tho time al
lowed
The financial features Of this bill ara con-
servative because they in no way oppose or
of government or che national banking syB-
tenn. 10 il taken for granted that the daily
and weekly business of the country needs oil
the money now in circulation by the gov
ernment and by the national banks, and
perhaps more of the same kind, or any good
safe kind ltis conservative again, because,
ns n financial measure, II involves only the
same principles now in force in the national
banking system, the only difference being
one of detail and not one Of principle, and
that il instead OF depositing bonds, which
are nothing but an evidence OF indebted
ness and are, therefore, promise to pay
value, this bill provides that the value itself
in the shape Of a consumable product shall
be deposited ns basis on which TO issue
treasury notes, There is an element OF con-
servatism, justice, stability and certainty OF
security and sOlvency that does not attend
the present system. II is conservative be-
cause 10 will be a cheaper basis on which to
issue the treasury notes than the bonds are,
for the reason tho1 the government pays in-
terest no not less than 3 per cent on the
bonds, while the agricultural deposits would
ask no interest, and would more than pay
all the expenses incurred, besides becoming
in time a valuable source OF revenue. In
this connection the following table, show
ing the number Of warehouses or elevators
each state would be entitled 30 under the
provisions Of this bill, provided every county
should avail itself of the plan, is presented.
This may not always be the case, but will,
no doubt be the rule. The census OF 1880
furnishes the data available for an estimate
on this question. The decline in prices
since that year fully meets the increase in
production, except in the newer states.
Though ia many senses incomplete, no better
data are 1T hand. rough estimate only
Can be made, but that given below is prob
ably correct in the main;
,, No, s.r,r,, NO,
STATE COUNTIES. STATE COUNTIES.
Alabama. "a Nebraska ,,.,,u,. iS
Arkansas ,,,,.,,,. 30 New Jersey ..,,,., =
California .......... 70 New York, .,,,,,,. 8