The comet. (Johnson City, Tenn.) 1884-1916, 1890-03-27
VOL. vi.
YANCE'S GREAT SCHEME.
A New Plan Fer Giving Everything to
EVerybOdy---The Government to
Make Loans on Crop Products
In Warehouses.


Make Loans on Crop Products
In Warehouses.
Senator Zeb Vance, OF North Caro-
lima, introduced into the upper house
OF Congress on February oath, nov
ell bill intended as relief measure
for the farmers. Briefly outlined the
bill appropriates $40,000OOO for the
erection of agricultural repositories
or warehouses in each county in the
United States where the sheriff and
clerk Of such county may certify that
the average gross amount per annum
of cotton, wheat, oats, and tobacco
produced and sold in the county for
the last proceeding two years exceeds
the sum of $500 900 at current prices.
One hundred or more citizens OF
country desiring such a depository
may petition the Secretary OF the
Treasury requesting its location, but
u sufficient title to an adequate
amount of land is required to be do
mated to the government for deposi-
tory purposes Each depository will
be provided with Il manager, salaried
by the governmer in proportion to
the amount of buiness he may do.
No salary less than 81 900 ormors than
$500 per annum. Managers will be
required to give bonds, and will be
held responsible on their bonds for
the weight and classification of all
produce and the performance of all
duties required OF them.
The scheme is to allow owners of
cotton, corn, ETC., to DEPOSIT the same
in the warehouse nearest the point OF
production, and receive thereof treas
ury notes equal at the date OF deposit
to twenty per centum Of the net value
ofsuch products, based on prices cur
rent in the leading cotton, tobacco
and grain markets of the United
States.
The bill authorizes the Secretary Of
the Treasury to prepair such treasury.
notes in such amounts as may be re-
quired to do business, but no notes SO
prepared are to be Of less denomina-
tion than one dollar or greater than
$1,000. These notes are made receiva'
BILE for customs and are to be legal
tender for all debts, beth private and
public.
When a farmer makes a deposit in
one of these prospective warehouses
it is provided that the manager shall
give him a receipt, showing the
amount and grade OF the product so
deposited, and its value at the date of
deposit, the amount advanced and
the interest on the advance at the
rate of one per centum per annum.
These receipts are to be negotiable
by endorsement and may be surren-
dered at any other depository.
The bill further stipulates that no
product stored in one OF these govern
ment buildings shall remain longer
than one year, and an auction sale is
provided for when such violations
may occur.
Without going further in the de-
tails OF the Vance bill, it may be stat
ed that it is gigantic scheme to have
the government lend money to the
farmers at the low interest OF one per
centum per annum.
1t will allow a farmer to hold his
goods, if he cares to, for better mar
ket without paying the enormous
rates charged by banks and unlicensed
money lenders 1t heads off all trusts
and combinations, and if it could be-
come law the suppositon is that
peace and plenty, il not luxury, would
once mere obtain throughout the
land