Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-08-21
THE SUB TREASURY PLAN RE-
VIE WE'D,

THE SUB TREASURY PLAN RE-
FIE WE'D.
AS the sub treasury project Is now uu-
der discussion by the state Alliance con-
vention at Dallas, 1t would perhaps be
profitable to take glance at the pro-
posed measure and learn some thing
about Its scope and character. 1t may
be profitable for the farmers themselves,
who, we think, are in the main unin-
formed as to the ex act nature of the bill +,
to learn something about 1t and under
stand lis full meaning.
The bill now pending in congress pro-
vides that the government shall establish
SUBJ treasures and erect public ware
houses in every one of the 2400 counties
in the United States that produces an
nually more than $500 200 worth of agri-
the owners of agricultural products in
such counties, whether farmers or not
may store their wheat, corn, cotton, or
what not, in such warehouses and re-
ceive from the government so per cent.
of the market value of said products, in
treasury notes to be issued expressly for
that purpose. That, in brief, is the
scope of the bill. 1t appropriates $780,
900, 900 with which to begin the con-
struction of the warehouses, although
many times that sum, collected in taxes
from the farmers as we'll as others, will
be necessary to complete the work.
OF course an army of employees, ware
housemen, clerks, keepers and officers
of many kinds, whose wages must be
met ultimately by the farmers, will be
needed to put the plan into execution.
Now, what are the objections to tine
bill? They are many and overwhelming.
In the first place the cost of the expert
ment which is stupendous. In the next
place, the army of officers and agents
necessary. In the third place, there is
according to good authority, not more
than one county in three of the whole
number that produces $500 900 worth of
wheat, corn, or cotton annually, so that
the plan would work only in the rich
counties, while the poor ones would be
left out in the cold. But these objeo-
tons which ought to be conclusive, are
only of minor Importance compared with
others that go to the root of the matter.
What class of farmers will haul and
store their products in the public ware
houses receiving for them only 80 per
cent. OF the marker price? Evidently
those who have a present and urgent
need for the money; that is, the poor.
How many of those when the allotted
time for redeeming their goods arrives,
will have the money wherewith to do it3
Not many, and those who have it not
will be compelled to sacrifice the 20 per
cent. value to their credit or sell their
warehouse certificates for whatever trifie
they can get. Here is harvest for the
speculator, of whom thousands will
spring up, living and growing fat on the
necessities of the farmer. The traffick-
ing in warehouse certificates will, of
Itself create d GENERALIZATION tlat would
prove fatal to any seheme or plan, no
matter how wholesome otherwise.
But suppose no one warehouses his
products but those able to redeem them,
what will be result? This, that thu
ssuing of millions upon millions of treas
ury notes at harvest time to meet the de-
mands OF the farmers, would suddenly
and enormously initiate the currency,
and cause corresponding rise in prices.
But when later, the farmers redeem
their pawned goods, the treasury notes
returned and destroyed-ss they must be
will cause a sudden and ruinous oon-
traction and decline of prices that, COM
ing just when the farmer has resumed
possession Of his products, will bankrupt
him.
No business could Withstand such sud