The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-08-26
, THE
Rural Messenger

We take pleasure IN laying before
your leaders the following argument
on the pro side of the Sub Treasury
plan. 1t is from the pen OF Bro. B, B.
Turner, of Fauquier, a man of level
head and good judgment, and he dis
cusses the question in a cool, dispas
sionate way that is very refreshing
after the somewhat heated debate OF
the same subject that we have recent
ly had. We commend this paper
especially for the good temper it mani
fests-not a wry word, not the slight
est insinuation or inuendo that others
are willfully and p~reversely wrong
and that is right, nothing to Offend
but cool, clear argument all the way
through. If every contributor would
would follow this course, we believe
that our people would soon be drawn
together in a union tha3 nothing could
sever.
BROAD Run STATION, July IA.
Bro. E1itor-In your issue Of July
18th is an article from Bro. @. H.
Pierson relating to the Sub-Treasury
plan, in which he says: L" You suppose
the addition Of $50 millions, which
would be nearly Sc per capita, when
the per capita is only SIS, according to
the National Economist almanac
Therefore the Sub Treasury would
more than double the currency at Ger
tain times and therefore double prices.
AS the produce deposited was with
drawn, the currency would be con-
tracted one half, and prices would fall
one half" Now we do not suppose
that all of the produce which would
be put into the warehouse would be
put there at one time, but that it
would continue to be placed there for
nearly all the ye ar, first n article
and then another, and thus keep an
increase of currency. Say that wheat
was the first thing deposited, as PEG
pie would get it ready from August
LIST say to January lst; then corn
would come on to be deposited, say
from January lst to June lst, as PEG
pie get ready to sell; then wool would
take it's turn, so that for nearly the
whole year there would be something
deposited and some increase of cur
rency, thus at all times having a
tendency to keep up prices. Of course
l do not pretend to say that as much
would be deposited from March to
August as would be from August
until March, but if we look at the
markets we will fad that prices are
always higher during the latter period,
and that the smaller amount deposited
then would only have a tendency to
counteract that difference.
Nobody, | reckon, will pretend to
say that it takes as much money to
handle the farm products during the
rest of the year as it does from August
TO January, nor will anyone, [ think.
after careful consideration, deny that
the increased circulation would be in
proportion to the crop and therefore
to the demand to handle thu crop.
Bro. Pierson speaks Of the currency
being doubled at one time and
halved at Al o5n9r. | do not think
that he uses exactly the right terms
there, for although the currency may
be doubled at times, it is never halved,
nor at any time made less than it
would be without the Sub Treasury.
| see no reason why the nan who put
his wheat in the warehouse would get
any less price than he who sold at
once, for if there was less money in
circulation to buy his wheat, there
would also be less wheat to be sold,
and prices are fixed by the proportion
ate supply of currency and the article
for sale. 1t is for this reason that a
reduced currency bears harder on
farmers than on manufacturers, the
latter being able to curtail the amoun
of his commodity on the market in
proportion as the currency is lessened,
which the farmer is not.
| would also like to say in reply to
Bro. Julian Rufin, of Hanover, when
he says "its benefits will be confined
to a comparatively few rich and al
ready favored counties" Suppose
Bro. Rufin to represent his county on
the market and that he got there with
his wheat, say 100, 900 bushels, would
his chance for a high price be as good
if he should meet Bro. Brown, of Lou,
doun, there with 500, 900 bushels,
contending for a portion of the money
there to buy wheat, as it would be if
Bro. Brown had deposited his wheat
in a warehouse and 80 per cent. of
what his wheat was worth was on the
market in the hands Of Iaborers whom
Bro. Brown had paid off, to help buy
Bro. Rufin's wheat? We think not.
Further he says: "Only a few farm
ers adjacent to the warehouse could
deposit their produce" That depends
upon where the warehouse may be To-
Gated, which has not been decided
upon and may be amended. If located
at Manassas, for instance, all Of Eau.
quier, Culpepper and much of Prince