Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1890-09-11

the price depending more upon the
quantity Of money than upon de-
mand and supply. The spIucculator
will get the benefit Of this inevitable
rise in price and not the producer.
FAYoRING A CLASS.
Another unanswerable objection to
this sub-Treasury nonsense is that it
provides for issuing several hundred
millions Of g%reenbacks in the form Of
advances OH only five agricultural
products. Is there any justice iii fa-
yoring or petting producers Of cot
ton, tobacco, corn, wheat or oats, and
leaving out the producers of rice,
sugar, groundpcas, rye, barley, lum-
Der, iron, cotton cloth at factories,
etc? What becomes of tho Alliance
motto: equal rights to all; special
~favors to none" How does this
pretty maxim comport with taxiTg
about two thousand small or poor
counties in the United States to
build a $4,000 warehouse in about
one thousand large.lo rich counties
that yield over 100000 worth of
the five favored products2
CONTRACTION AUTHORIZATION.
Leaving out of view the above
objections to the bill, there. is yet
another single objection which
ought to cause every honest man to
discard it. The bill provides for
putting into circulation, as advances
on five products, six or eight hun
drsa Hi;!!;o: dollars in grcenbacks in
in the first part of the crop year and
then calling it all in and destroying
it the second part of tho crop year.
What tho country wants is more
money all the time. What possible
permanent good Or relief will it be
for the farmers to have plenty of
money n part of the year and no
money another part of the year?
If this sub Trcasury bill should be
enacted into law there is hardly any
calculating how much the Govern
ment would lose each year. Every
body who owned any produce would
pawn it for 80 per cent. and let it
stay in tn" warehouse for an artif-
cial rise in price, when many would
sell, of course, but perhaps half tho
owners of pawned products, would
never sell them at all, but having
drawn 80 per cent. Of their market
price at an inflated value, when
money advances were most plentiful,
would simply allow the year to OK
pirc and force the government to
sell the pawncd products at auction
for whatever it could gct-at an
enormous sacrifice of course.
1t is a well-known. fact in tho
history of prices that in the ordinary
routine Of commercial business, con
nected with agricultural products,
they huctuate more than 20 por cent
almost every year-frequcntly as
high as 40 OF SO per cent, and some
times more; and if tluctuation is so
great in the normal course of trade,
how much more extreme and ruinous
will the tiuctuation be in price when
many hundred millions of dollars
shall be first issued and then de,
stroyed every year! The unwis-
dom-yes, the stupidity--of upset
ting all prices and dcmoralizing all
society by alternately expanding and
contracting the currency every year,
to the extent of six, eight or nine
hundred millions of dollars, must be
palpable.
OTHER OBJECTIONS.
There are at least n dozen other
insuperable objections to this sub
Treasury scheme, but the weather is
too hot to waste time pointing them
out. What | have said above has
been written with a galloping pen.
Very truly, =
G. ID. TllLMAN.