The advocate., 1890-02-27

TO receive such agricultural products as arc
offered for storage and make careful o.
animation OF such products and class samo
as 10 quality and give a certificate Of the do
posit showing tho amount and quality, and
that United States logal-tender paper
money equal 10 eighty per cent, Of tho local
current value Of the products dopoatod has
been advanced on same on interest al the
rate OF one per cent. per annum, On tho
condition that the owner or such other por-
SON as he may authorize will redeem the
agricultural product within twelve months
from date OF the certificate or the trustee
will sell same ut public auction 10 the high
est bidder for the purpose Of satisfying the
debt. Besides che one per cent. interest tho
sub-treasurer should bo allowed 10 charge a
triAe for handling and storage, and reason
able amount for insurance, but the premises
necessary yforconduoting this business should
be secured by the various counties donating
TO the general government the land and the
government building the very bent modern
buildings, hre-proof and substantial With
this method in vogue the farmer, when his
produce was harvested, would place II Ia
storage where II would be perfectly safe and
he would secure fOur-Afths OF its valuo 10
supply his pressing necessity for money at
one per cent per annum. Ho would nog0ti-
ate and sell his warehouse or elevator oorti-
lcates whenever the current price suited him,
receiving from the person TO whom no sold,
only the difference between the price agreed
upon and the amount already paid by tho
sub-treasurer. When, however, these storage
certificates reached the hand of the miller
or factory, or other consumer, he 10 act the
product would have TO return 30 the sub
treasurer the sum OF money advanced, TO-
gether with the interest ON same and storage
and insurance charges on the product. This
is no new or untried schemes II Ia safe and
conservative; II harmonizes and carries out
the system already in vogue on a really safer
plan because tho products OF the country
that must be consumed every year are really
tho very best security in tho world, aud with
more Justice TO society at large, For pro
cedent, attention Is called 10 the following.
In December, 1slS, the London rimeo an
nounced tho inevitable failure Of the French
republic and disintogration Of French socie-
by in the near future but 30 wise was the
administration Of the statesmen OF that ma
tion that two months later II was forced 10
eat its own words-saying In los columns
February l6, 1S40i
As Rmore commercial speculation with tho
assets which the bank held In hand II might
then have stopped payment and liQuidatod
los affairs with every probability that a very
few weeks would enable IL TO clear OF its
liabilities. But this idea was not for mo-
ment entertained by M, DArgout, and no
resolved TO make every effort 10 keep alive
what may be termed the circulation OF the
lifeblood Of tho community. Tho task was
overwhelming. Money was 10 bo found TO
meet not only the demands ON the bank, but
the necessities both public and private, OF
every rank in society. II was essential 10. f,
enable the manufacturers TO work, lest their
workmen, driven to desperation, should
Eing themselves amongst the most violent
enemies Of public order. II was essential TO
provide money for the food Of Paris, for the
pay Of troops, and for tho daily support OF
the industrial establishments of the nation
A failure ON any one point would have led 10
a fresh convusion, but the panic had beon
followed by so great a scarcity Of the metal
lilo currency, that few days later, out OF IA
payment of 100000 fallen due, only 1900
francs could be recor ded In silver.
In this extremity, when the bank alone re-
tanned any available sums OF money, the
governments came to the rescue, and on tha
night of tho 18th OF March, the notes Of tho