The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1890-10-22
THE SUB.TREASURY.
AN UNBIASED ANALYSIS OF THE BILL
BY a Successful Business Man Who Is a
Financial Authority-A Strong Docu-
ment Upon an Important Subject

ment Upon Sn Important Subject
The effort TO bt?ittle the subtreasury plan pre-
seuted by the Farmers Alliance has failed. No
measure ha, in years commanded so much atten-
tion n this state In spite OF the denunclaton OF
those who pronounce it undemocratlc class leSls-
lation, wild, impracticable, revolutionary and cal
culated If passed to debaSe the currency, and the
rldicu.e of those who declare they want no money
based on pumpkins and corn shUcEs, 1t has won
the support OF the farmers 20 a remarkable de-
gree Neither denuncation nor ridicule has
we:ik, ned its supporters. No mere absurd anu
ill-tilued pronoSi n could make such mead
way. the Very reception OF this
measure evidences in 4 high degree that the con-
ditions surrounding the farming class demand
improvement. But We. have no!need for evidence
on this subject
EVILS OF CONTRACTION.
That the business of the whole country
Is suffering through the contraction OF
the currency IS admitted by all parties. The re-
cent silver legislation IS the direct outgrowth OF
this adnis. ion. From the very nature of their
business the contraction OF the currency bears
with special weight upon the farmers. The
leading products ot their labor are harvested dur
ing Il lew months Of the year, while the whole year
is necessary To their consumption. The year sup
ply OF Their products cannot hc drawn out day
after day, with the manufacturer, but they
must prepare and sow and cultivate and harvest,
the country at time when every line of business,
stimulated by the marketing OF these very crops,
is most active. Thus the great bulk OF
their crops gathered within three or four months,
must be sold by the farmers, owing to the neceS-
sites OF their conditions, at 4 time when
money is most III demand, to those who are able
to carry them Unit. required for actual
consumption. The result is string
encv IN the money market, high rates Of
rates OF interest and corresponding depression
in the price of the productions OF the farm and Of
nearly all classes OF securities In the midst OF an
er, of great prosperity we have seen money lend
ins within the last thirty days, IL the city Of
New York, the financial center of the
country, at the rate o; lss per cent per annuni;
The country has leen Saved from 4 panic. and
thousands Of honest business men from bank
ruptrv only by the secretary OF the treasury
Offering TO pay Tor $4,000 uOc OF ~ per cent bonds,
principal and interest 70 date Of maturity, more
than twelve months before they tall due,
and by Offering 20 prepay years IN
ttrtst on all the pubic debt, aSg-egating
more than $GoO0oo,Coo. Several times dur!nS
the past three years the secretary OF the treasury
has OILY prevented panic by the purchase OF
government bonds 1t enormous premiums. Think
OF i more than S50000.0OO, IN round hgures, OF
the pecpie's money have been paid aS premiums Oh
4 and =. per cent bonds, and this payment
rendered necessary by the scarcity OF money, in
ord>r to prevent bankruptcy
To meet the evils from which they suffer IN COM
mon with all producers. the farmers have pre-
sented 4 remedy. Neither rd .cule nor denuncla-
ton is the proper weapon Tor its discussion, but
careful. patient and thorough investigation,
q calm and unprejudiced study. AS understand
it. the farmers are allied to no Spe-
cial details; they want q flexible cur
rency, issued by the federal government. that can
be made TO meet the Increased demands OF busl-
ness due directly to the great staple crops being
forced upon the mar, ct within short period Of
time. THIS is the great Prlnciple Tor which
they contend. The method they suggest
for carrying this principle into prac-
tice, is 70 base any increased issue of currency
upon the great staple crops, and to issue II, NOT
arh; fi.y 10y the government, bat only upon the
demand of those VINO wri deposit ample security
for it, They simply demand a safe. stable and
flexible currency Is that wild. or visionary, or
imprac.,cable? The method by which this cur
rency shall be issued the way in which it shall be
secured. they have expressly declared 4 willing
ness TO leave the best sense OF the whole coun-
try. Is that extreme, or radical. OF undemocratlc?
Now, as the evils ol contraction c"nteSseCly
exist, as every intelligent man admits Ii ~. and
every business suffers from them, the l:c OF wis
dom is 10 stop denunciaton and rldlcule, to quit
carp.nC over and criticiSing mere details, and to
unite all classes with the alliance in cordial
effort to provide q remedy. As the tight against
the farmers measure has been directed chiefly
against the methods they have suggested, will
pass to their consideration immediately, merely
noting that will reply later to the arguments
against the principle OF texibllity.
The important questions which undery the
mt thodS proposed are
THE PRINCIPLE OF THE sUBTREAsURY PLAN.
l. Can a safe, sound and flexible currency,
which will readily pass on parity with gold, be
based upon the great staple crops?
= Is IL posslois 10 oe'lsea letnou 1ot Ine IS
su of this currency that will be constitutional
anu in conSonance with the genius and spirit
OF free and democratic institutions,
which are opposed to all forms OF
pat.rna! government, and to an increase beyond
due limits of federal patronage?
Pause and reflect upon these propositions. II
these methods proposed DE the FARMERS cannot De
made to conform luliy TO them, they should not
be adopted: II they can, 90 they not deserve, and
Should they not receive the support OF All classes!
AT the forefront OF the argument 1t IS de-
mandcd that the proposed currency must be sound
and stable, and that 1t snail pass at all times on
gold basis; this is fundamental. The body polite
tlhors deprecated currency. BUSINESS con-
[eHt> oehea.n .ts n'sntis @ anu .,tS >eIiou
~. Zn amer p"nev can nermanentiv nsrform
Us, lu service i'll the present condition Of COM
merce and nnance throughout the word that
does not pass readily on parity with gold II,
therefore, it can be shown that money based upon
I'll, great staple crops will not so pass. there Is no
tuth,r room for argument and the whole fabric
must fail; there would be no use to consider
ways and means, government warehouses ana led
era. patronage. The whole 1aorlc being vlclously
de. ctive, it would make no difference how simple
were the means OF It's execution, they oughs not
to e set IN motion. But, on the contrary, II II
can beshown thata Sound ane stable currency
can he based upon the great crops "Qlcn Will