The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-11-18
PLuroCRATIC NEWSPAPERS
AND THE SUB-TREAS-
URY BILL.
BY L FoGY.

profess to be friendly to the farmer
always advising the farmer and laborer,
and telling how much they have done
for them; but they never forget the
allegiance they owe to the plutocrats
that control them. | am reminded
frequently of an interview that occur,
red 1850 years ago, when the God
given reformer was placed on the
mountsin.top and the great %plutocrat
of the universe was prominent IN Civ
iny advice. Let me quo e from a
paper that processes ca to be friendly
to the people:
"BETTER THAN HI SUB TREASURY,
was the taking caption, and then in
the body of the article commands the
borrowing of S32 on each bale Of cot
ton at 4 per cent. interest, so as to hold
the option until it will bring satlsfac
tory prices.
WHY it is better to get advances on
two instead of on seven millions of
bales of cotton, has not been shown.
Why a rich farmer, or a part of the
farmers of the country ought to have
the advantage of holding their cotton
for better prices, while the poor farmer
has no such opportunities, has not
been made clear.
But borro wing money at 4 per cent.
is the part that seems pleasing to the
oracle of ~plutocracy, an this makes
it better than the Sub. Treasury plan.
have repeatedly charged that the
real objection to- TIE Sub Treasury
bill is, because it would make money
plenty and the rate of interes1 10 v
so low that the poor man would have
an opportunity to get money to i'm,
prove his farm, or his surroundings in
life.
Under the plan, which is said to be
better than the Sub Treasury plan,
the cotton farmers of the South will
have to pay So, $50, 900 in interest on
money to hold 1000, 900 bales of cot
ton one year.
Under the Sub Treasury plan the
interest is paid, not to ~plutocrats, but to
the government, thereby lessening
their taxes in other directions 500,
900 on the same amount of cotton for
the same length of time.
Farmers, you who know what pay
ing interest means, take this pertinent
and practical illustration as an index
of the b ne6ts under the Alliance
plan, and see for yourselves which
plan would be best for you. Private
capitalists are doing just what we ask
the government to dO-loaning you
80 per cent, of the value of your cot
ton; the difference is, you pay SO cents
per bale more to capitalists than you
would to the government. | confess
that l can see how this plan, advo
Gated by plutra ic newspapers, will
benefit the English banker ST $40, 900,
but | see at the same time that those
dollars must come out of-the labor of
the farmer and laborer of the South.
Apply this plan to the whole crop.
To borrow $32 on each bale raised, so
that the poor man could hold his cot
ton as we'll as the rich man, and the
amount would be 1925, 900, 900. The
interest on this sum for one year
a 4 per cent. would be $4,000, 900,
while under the Sub Treasury plan it
would be only two and one quarter
millions, or a difference in favor of
the Sub Treasury plan of Sc, $50, 900.
1t means that the Sub, Treasury plan
would add ID the wealth of the South
in a single decade $40, 600, 900 in in
terest alone.
What does all this mean? 1t means
that the English banker is willing to
placate the Southern farmer-to try
and win him from standing up for his
brother in the West who raises wheat;
it means that they would rather loan
at 4 per cent. than have the people
have an abundant currency at l per
cent. This difference of interest goes
into the bankers Golfers, and comes
out OF the hard-earned dollars which
the farmers crops sell for.
Why all plans that benefit money
loaners are good, and all plans that ben,
eft the poor, who have to barrow, bad
may be easily explained. However
bad a case may be, the attorney who
is paid for his services will get up a
defence, and these p~lutocratic news.
papers juggle in the same way.
Again we find that the editors OF
Wall street organs, whether branded
Democrats Or Republican, always as.
sert that they have been pointing out
the decline of the farmer
This is an insult to the farmer.
Just as if he did not know his fnan
cial condition without a ~plutocratic
editor Or member of Congress telling
him of it.
# these q told you so Solomons'
knew all they now claim to, why have
they not pointed out a method of re
lief What have they offered as 8
measure of relief 2 Invariably they
have recommended standing up tc
their party as q ana for all ills