The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1890-06-13
(ruBIIsHEp BY REQUEST.
CONGRESSMAN MILLS
on THE
SUB-T EASURY BILLS.
WASHINGTON, D. c., May II, Is

ing resolution adopted by the rarmers
Alliance, Of Milan County, Texas, on the
9th day of April, 1890:
"Whereas, The Milan County Farmers
Alliance did unanimously endorse ii. r..
bill No. 7l62, and Senate bill No. 2SO6, now
pending in Congress and whereas, We are
very desirous that one of said bills be
enacted into law at the earliest day possible |
therefore, be it resolved by the Milan
County Farmers Alliance, in session ON the
9Th day Of April, 1880, that j. n. Barber
and j. Nj. Randolph be, and they are hereby
appointed committee Of conference, and
are hereby instructed to lay before o"r
Representative, Honorable II. =. Mills,
certified copy of these proceedings by mail
and request him, at the very earliest day
possible, to inform said committee whether
he will support either one of said bills; and
if so, which one and that said committee
at once make known to the Farmers AlIi-
ance of Milan County, in any manner they
may see proper, such reply rs they may re-
ceive from Hon. X. q. Mills, and that the
same be asked of Hon. J. ii. Reagan and
Hon. Richard Coke
MR.. MILLS REPLY
The two bills mentioned arc subs bs.antially
the same. They differ only in unimportant
details. They both provide for the erection
of Government warehouse i'll every county,
in every State and Territory which, during
soiu cotton, cOrT, wurut, -v--,~-odi,ced and
in excess of five hundred thousand dollars
in value, that the Secretary of the Treasury
shall establish a sub.treasury department in
each Of said counties that a manager shall
be elected to take charge of said subtreas-
ury that the owners of corn, wheat, oats.
cotton and tobacco may deposit the same in
said Government warehouses nearest the
point Of production and receive United
States Treasury notes for so per cent. of
the net value of said products, said value to
be determined by the manager under regu-
lations prescribed by the Secretary Of the
Treasury based OH the prices current in the
leading cotton, tobacco and grain markets
of the United States that the Secretary of
the Treasury shall have prepared and issued
Treasury notes i'll such amounts as may be
required for the purposes Of the act the
notes shall be full legal tender for all debts
public and private and DC counted as part of
the lawful reserves of national banking as
sociations; that the manager shall receive
the products provided for and give the de-
positor receipt for the same, stating the
amount and value of The products deposited,
the amount of money advanced, the interest
and insurance and other charges to he paid.
The receipts are made negotiable by indorse-
ment and the holder is permitted to redeem
the products deposited by paying back the
money advanced, with l per cent per annum
interest and other charges In case they are
not redeemed within II months they are to
DO sold at public auction and tho proceeds of
sale are to be applied to the payment Of tn c
money advanced with interest and charges.
III there should be an excess after such pay
ment the snme isto be pail TO the holder Of
the receipt. Tho sum of $4,000 is appro-
priated 10 carry ont the provisions OF tho
bill.
l cannot, in the scope of letter, recount
oil the results that would follow the passage
Of either Of said bills. 1t will be sufficient
to notice few Of them. The friends Of the
measure tell us that it will only be necessary
to build somo 800 houses, to store these
products that there are only about that num-
ber out Of the 2, 400 counties in the Union,
that produce and sell these named articles
in excess Of 100000 annually. But these
SOO warehouses must be large enough 20
hold all Of these five products, raised in the
counties where they are situated, and such
products Of the other counties as may be de-
posted. What will these warehouses cost !?
1s bbw nqbf aatH14Pga hBg eSiashssaa sEsssa
by which one may determine that matter, it
VIII require very large sum to begin with.
The Government had erected one public
building in the ninth Congressional district
In the city OF waco at q cost Of one Hundred
thousand dollars, aud am sure that if it
was filled from cellar to garret it would not
hold one-tenth Of the cotton raised in Nc.
Lehman County, to say nothing of the corn,
wheat and oats. If the houses could be
built at an average cost Of 500, 900 it would
require eighty million dollars to build them.
This is the smallest objection have to the
sub-trcasury system. If its effects were
I :,
objection. But suppose the houses cost
nothing, would it then be wise policy to
adopt? The most prominent feature of this
polioy Is the entire absorption of the private
business OF the people by the Government.
The Alliance tell us that our farmers cannot
support themselves and those dependent OH
them unless the Government will take these
products and lend them money on them
But if that be true how much better will he
be the next year than lie is now? He will
nave to borrow again, and as he is not able
10 make his income meet his out 60 without
borrowing he must get worse year by year,
and sink at last into bankruptcy. When
the Government begins to take charge of
inc cotton, wheat, corn, oats and tobacco, it
Will go on, and bacon, pork, beef butter
cheese, lard, hay and all other farm products
will demand of the Government TO take
their surplus and advance then 80 per ceut
on 1t. And in periods of manufacturing
and mining depression iron, steel, wooden
and cotton goods will demand to be deposit
ted and taken care Of and msney loaned to
the owners, and so will coal and ores and
lumber. If the policy is adopted it must
apply to all, and the power of those inter
ested in these prodncts will compel the
Government to extend its paternal care to
them. How much money will it take to
make the 80 per cent. advance on the five
articles provided for by the bill? Its friends
say it will require enough Treasury notes to
about double our present circulation. The
amount Of money in the United States to-
day, outside the Treasury, is about 81 ,4OO,-
100000. Will it put this amount of paper
money in circulation Say that it will in
crease the circulation oue.half of that
amount, the first effect would be suspension
OF specie payments. Gold and sils>r would
quickly leave the channels of circulation,
perhaps leave the country, and the bust