The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1890-06-07

more than one-third of them cOsld
possibly avail themselves of this plan,
if it were adopted. Ii will be seen,
therefore, at the very outset, that it is
a plan TO compel the Government TO
issue aud distribute money for the ben
eft Of the people living in the rich and
productive counties at the expense OF
the people living in the poorer and less
productive ones.
Moreover, it is plan 10 enable I'M
serupulous spectators to take advan-
tage of the farmers pecuniary necessi-
ties and extort exorbitant prices for
food from the people who reside in
cities, towns and villages, and from
people who reside in the country, but
do not own these particular agrieul-
tural products. 1t is evident that no
farmer will subject himselfto the labor
and expense of transporting his pro
ducts to the public warehouses and to
all the other charges which he must
pay for storage, for handling and for
taking care of them while there when
he has barns and granaries at home,
unless he is in debt and absolutely
need the money which the Govern
ment is to advance, and if he is in that
unfortunate condition, from what
source is he afterward to acquire
the means to redeem the products
by returning the money and inter-
est and paying the warehouse
charges!
In great majority Of cases, he will
never be able to redeem them, but will
be forced TO lose the remaining 20 per
cent. of the value of his products or
sell his warehouse receipt for whatever
he can get for it, which will be very
little, for il must be remembered that
after he gets his warehouse receipt he
has remaining interest Of only 20 per
cent. IN the product, less charges for
interest, storage, etc. And this is all
be can dispose Of He will find the
time rapidly approaching when he
must have money to redeem his pro-
ducts or sell his small remaining inter-
est in them or allow them to be sold
at public auction by the Government,
and they will be the golden opportu-
uity of the spectators, whose agents
will swarm all over the country, ready
to take the warehouse receipt from the
embarrassed owners for merely NOM
inal sum. Tho receipt is simply a
privilege redemption, like pawn
brokers ticket, and the farmer being
himself unable to redeem it, will be
forced ultimately to dispose of it at
any price offered.
do not think that any considerable
number of intelligent people in this
country will unite in asking the Gov
ernment to establish a system which
will compel them in large number of
cases to sacrifice products of their
labor. But suppose the farmers are
able to redeem the products in order
to offer them for sale in the market,
what would be the necessary effect of
the proceeding? When they deposit
their products in the warehouse the
volume of the currency is Immediately
expended aud prices rise, because the
Government has issued new Treasury
notes TO the amount of 80 per cent.
upon the products; but when they
withdraw the products for sale in the
market the volume of the currency is
Immediately contracted and prices fall,
because when the withdrawal Is made
all the Treasury notes originally issued
must be returned and cancelled. Thus
the very moment the deposits are
made, and as long as they remain in
the warehouses and beyond the control
of the farmer, there is an enormous
and dangerous imitation of the curren-
cy and prices are high, but the very
moment the farmers withdraw their
products for sale there Is an enormous
and dangerous contractlon of the cur
rency, and prices are low.
According to latest official report
upon the subject tho total amount of
currency in the country is S2,060,75S,-
OIL, but the sum of $622, ,764, ,27s is hold
in the Treasury of the United States,
leaving about $l,500,000,000 in active
circulation among the people. 1t was
said by one of the leading advocates
of this scheme, who appeared before
the committee, that in order to carry
1t out 1t would be necessary to double
the present volume of currency in cir
culation once every year, and, AZ the
products can remain in the warehouse
only twelve months, of course about
81 100000, 900 would have to be retir-
ed and cancelled every year, two
changes in the volume of currency
either of which would be absolutely
ruinous to all the commercial and in
dustrial interests of the people. No
business of any kind could be trans
acted in any country in the world
under such financial system as this,
and the farmers and the laboring peo-
pie would be the first to feel its fatal
effects.
Tho ahoxa 1..Atar ;a ill., all A. .s..s