The advocate., 1890-05-28


Whereas, Tho aboring and producinl
ClassCa Of the United States are complain
Ing Of unremunerative returns for thel
labor for a great many years, with NJ
visible prospect for betterlng their cOndl
ton, nor ability 10 discharge their debt
under existing circumstances, due In
great measure 10 an insufficient amour
oi currency with which 10 transact On,
business Of the country on a oash system
and
Whorcas, The farmers Of the UniteC
States, In order 10 maintain romot,
semblance to cash system, arc com
pollcd 10 borrow money nc run0us ratel
Of interest paying from 10 30 per cen
and In most cascs from IN 3 per CEN
! bonus for the use of such moneys; and
Whereas, The farmers Of the CnlteC
States, in Ordor to carry on thoir voca
tlons, have by stress Of circumstance
been compelled ~ mortgage their lands
as security for moneys with which Il
continue their vOcatlons, thereby jcOp
ardiZing their homes, and In a great
many instances have been deprived OF
their lands by reason of foreclosure Of
mortgage, reducing Thousands Of once
prosperous farmers 70 want and poverty
and
Whereas, In tho history Of no civilized
nation OF modern times has there been
such stupendous artificial improvements
in any twenty-five years az have
boen designed and completed In the
the United States In the last twenty-five
years, building cities In former wilder.
nesscs, rebuilding destroyed and devas
tated cities, bringing vast regions OF
country into cultivation, and making the
once desert garden by our labor; and
Whereas, Tho manufacturers OF our
country havo been protected by leglsla-
ton, steamships subsidized for perform
ing services, railroads donated immense
grants OF our public domain, and public
credit extended them, wherein the bur
den OF final payment and adjustment
rested In a clrcultous way upon the agri.
cultural and laborlng classes In a greater
ratio than tho per cent OF increased wealth
OF agriculture and labor could boarthere-
by causing graded but sure retrogres-
sion In wealth OF those classes and
Whereas, The farmers of the United
States realize In point OF fact that all
wealth has lbs first great impulse in aRrl-
cultural products, and without the pros
perity Of tho farmer all other artificial
business will not prosper, and cannot
give employment with fair and just re-
muneratlon TO the laboring clusses; there
fore, be It
Resolved, That the agricultural classes
receive public credit from the United
States government on the following plan:
Flrst-That tho United States govern.
mont shall, by legislative enactment, ena-
ble tho farmers Of the United States 70
borrow tho public credit upon their
lands, mortgaged TO the government
Second To meet the calls FOR public
credit the United States shall Issue cor.
tifiCates, to bo known as redltg certificates,
in suitable denominations and loaned 10
applicants on land mortgage for forty
years ut 1 per cent per annum. Realty
certificates shall be used for domestic
purposes only, and receivable for I'll do
nestle taxes, state and federal, and 70.
Ceivable for all domestic trade.
Third-The basis for value Of lands
shall be tho actual cash value OF the pro-
ducts Of said land (n nearest market) for
the preceding aye years.
Four-Lands shall be rated In two
classes. Glass | shall include lands in
cultivation and producing marketable
crops. Glass 2 shall embrace al pasture
lands, and entitled TO one-half In amount
TO public credit that cultivated lands are
entitled TO-
Flfth-The maximum amount OF credit
shall not exceed 80 per cent OF fve years
value for the products Of the lands.
Sixth The user Of public credit shall
pay 219 per cent Of the principal credit
annually for sinking fund.