The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-07-28
A NEW WAY TO PAY OLD DEBTS.

The Farmers Alliance held big conven-
ton. and nominated full state ticket at
Sioux Falls, South Dakota, the other day.
These farmers declare that they will make
no trades or combinations with either of
the old parties, as they have become well
satisfied that neither of them will accept
their view of what they consider the chief
issue of the campaign. That issue has
reference to means for preventing fore
closures of mortgages according TO prevail
ing methods, which they find inconvenient,
disagreeable and destructive of their prop
erty rights.
They therefore propose to give chief heed
to the choice OF members to the legislature.
and incidentally to the selection OF mem
bers of congress and United States Sena-
tors pledged to their views. The first step
win be state law peremptorily forbidding
the foreclosure of mortgages. In the case
of creditors on debts secured by mortgage,
the Register of Deeds shall give to such
creditor an abstract of title Of the mort
gagged estate and record OF the incum-
ORANGES due upon it. This shall be certi-
fed by the County Clerk under his official
seal. This certificate shall then be placed
on file in the Office of the County Commits
sioner. who. thersupon, shall issue draft
upon the United States Treasurer for the
amount OF the debt, interest and fees.
These drafts are to be made payable on de-
mand, and the amount charged against
the estate, upon which the federal govern
ment will hold lien. the debt to be paid in
twenty years, with interest at l per cent.
per annum.
If this had emanated from an insane
asylum, or il such projects were confined
to small body Of impoverished and des-
perate farmers in South Dakota, 1t might
be greeted with smile and passed without
further consideration. But it is sad and
humiliating fact that in many sections OF
the coantry there are large masses of the
people who appear to be completely capti-
waited and carried away by such wildly Chi
merical schemes.
Texas, short time ago, seemed in dam
ger of being swept by this and kindred mo-
tons, but there reaction seems to have
set in. But in Kansas, Georgia. Alabama
and South Carolina the people seem to be
given over to the widest vagaries. OF
course there are but two yiews--neither of
them defensible-to be taken by the Sioux
Falls pronunciamento. One is that by or
ganized political action. deliberately plan
ned, creditors are to be robbed under the
forms of law. The other is that the body
OF the people are to pay off these mort
gage debts and are TO accept per cent per
annum, interest for the money with which
the payments are made.
For unless the intention is to rob the
creditors. they must be paid by the govern
ment with good money. The government
has nc legitimate way of raising money
except by taxing the body OF the people.
All theories that attempt to evade these
conclusions are false and delusive. No
matter how good the credit of the govern
ment may be. the money which it compels
the people to pay in the shape of taxes is
worth more than per cent per annum to
them. To the extent that it is worth more
than per cent per annum to them, just
to that extent they would be robbed by the
government that compelled them to give it
up to be loaned at per cent. for the pay
ment OF the debts of the people.
But there is no suggestion and can be no
reasonable plan for restoring to the people
at the end OF the 20 years the amount they
will have paid in taxes for this purpose,
or for payment of the per cent. interest
from year to year. and. therefore, they
would have been robbed of the whole
amount. principal and interest. So that
the scheme Is outright robbery, anyway it
Is looked at. And yet it is publicly and in
all seriousness promulgated in free coun-
try. by people who assume to be capable of
intelligent self-government.