The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1890-06-13
(puBLIsHED BY REQUEST.
CONGRESSMAN MILLS
on THE
SUB-TREASURY BILL
WAsuINaroN, d. c., May IL, 1890.

Il
~ resolution adopted by the Farmers
.lliance, of Milan County, Texas, ON the
tn day of April, 1890: Il
"Whereas, The Milan County Farmers
Alliance did unanimously endorse III. X.
ill No. 7162, aud Senate bill No. 2SO6, now
'ending in Congress; and whereas, We are
cry desirous that one of said bills be
nacted into law at the earliest day possible;
therefore,, be it resolved by the Milan
Iounty Farmers Alliance, in session on the
9Th day Of April, 1880, that J. n. Barber
Ind J. Nj. Randolph be, and they are hereby |
appointed q committee Of conference, anu
are hereby instructed to lay before our |
Honorable X. =. Mills,
certified copy of these proceedings by mail,
and request him, at the very earliest day
possible, to inform said committee whether
he will support either one Of said bills; and
if so, which one; and that said committee
at once make known to the Farmers ALI
ance Of Milan County, in any manner they
may see proper, such reply rs they may re-
ceive from Hon. X. q. Mills, and that the
same be asked of Hon. J. ii. Reagan and
Hon. Richard Coke"
MR.. MILLS REPLY.
The two bills mentioned arc substantially
the same. They differ only in unimportant
details. They both provide for the erection
of q Government warehouse in every county,
in every State and Territory which, during
SOLD cotton, corn, wurut, "sJlicch mud
in excess Of five hundred thousand dollars
in value, that the Secretary of the Treasury
shall establish q sub.trcasury department in
each of said counties that a manager shall
be elected to take charge of said sub-treas-
ury that the owners of corn, wheat, oats
cotton and tobacco may deposit the same in
said Government warehouses nearest the
point OF production and receive United
States Treasury notes for 10 per cent. of
the net value of said products, said value to
be determined by the manager under regu-
lations prescribed 10y the Secretary of the
Treasury based on the prices current in the
leading cotton, tobacco and grain markets
Of the United States; that the Secretary of
the Treasury shall have prepared and issued
Treasury notes i'll such amounts AZ may bc
required for the purposes Of the act : the
notes shall he full legal tender for all debts
public and private and be counted as part Of
the lawful reserves of national banking aS-
sociations that the manager shall receive
the products provided for and give the dc
positor receipt for the same, stating the
amount and value of the products deposited,
the amount of money advanced, the interest
and insurance and other charges to hc paid.
The receipts arc made negotiable by indorse-
ment and the holder is permitted to redeem
the products deposited by paying back the
money advanced, with per cent per annum
interest and other charges. In case they are
not redeemed within - months they arc to
bo sold at public auction and tho proceeds of
sale are to be applied to the payment of the
money advanced with interest and charges
IL there should be an excess after such pay
ment tho tnme isto be pail to the holder of
the receipt. Tho sum of $4,000 is appro-
priatcd TO carry ont the provisions of the
bill.
1 cannot, i'll the scope Of letter, recount
oil the results that would follow the passage
Of either Of said bills 1t will hc sufficient
TO notice few of them The friends of thc
measure tell us that it will only be necessary
to build somo 500 houses, to store these
products; that there are only about that mum
ber out Of the 2 400 counties iu the Union
that produce and sell these named article,
in excess Of 100000 annually. But these
500 warehouses must be large enough 10
hold all Of these FIVE products, raised in the
counties where they are situated, and such
products of The other counties rs may be de-
posted. What will these warehouses cost
s,as tRs tw "9S Rg4Pg' abS esPasnss sEafsSss
by which one may determine that matter. il
will require n very large sum to begin with.
The Government had erected one public
building in the ninth Congressional district
in the city of Waco at q cost Of one Hundred
thousand dollars, aud am cure that if il
was filled from cellar to garnet il would not
hold onc-tenth Of the cotton raised ia Nc.
Lehman County, TO say nothing of the corn.
wheat and oats. IL the houses could be |
built at an average cost of 500, 600 il would |
require eighty million dollars TO build them |
Ihi. Is the smallest objection have to the |
system. If its effects were
otherwise good could support it over this
But suppose the houses cost
nothing, would it then he wise policy to
adopt: The most prominent feature of this
po!ioyis the entire absorption Of the private
business of tho people hy the Government.
me hlrahcc tell us that our farmers cannot
support themselves and those dependent on
them, unless the Government will take these
products and lend them money OH them
But 1t that be true how much better will he
be the next year than he is now? lie will
nave to borrow again, and as hc is not able
10 make his income meet his ont go without
borrowing he must get worse year by yoar,
.hd sink ut last into bankruptcy. When
he government begins to tako charge of
nc cotton, wheat, corn, oats and tobacco, il
Will go on, and bacon, pork, beef, butter,
cheese, lard hay and all other farm products
Will demand of the Government TO take
heir surplus and advance then SO per ccu..
'n 1t. AID in periods of manufacturing
md mining depression iron, steel. WOODEN
md cotton goods will demand 10 bc dcpo,i
ed and taken care Of aud msncy loaned to
lhe owners, and 50 will coal and ores and
lumber. If the policy is adopted it mus,
apply to all, and the power of those inter
ested III these proiscts will compel tile
Government to extend its patcrmal care to
hem. How much money will it take 20
make the so per cent advance on the five
articles provided for by the bill? It's friends
ay it will require enough Treasury notes to
Ibout double our present circulation. The
mount of money i'll the United States to-
lay, outside the Treasury. is about 81 100
100000. Will it put this amount of paper
money in circulation Say that it will in
'rease the circulation ouc.half oC that
AMOUNT, the first effect would be suspcnsion
If specie payments. Gold and sily.r r,o,Nh
quickly leave the channels of circulation
perhaps leave the country, and the bust
less Of the county would be floating on n
'aScillating volume of paper money All ,