The state herald. (Holyoke, Logan County, Colo.) 1887-1921, 1891-03-27
The seKos OF THE FARMERS.
Head before tho Colorado Stale Grange Al
Its last annual session.
1T +. II. ALBION.
Worthy Mas,or, Patron. and rrlrnaal

Worthy Maatcr, Patrons and Frirndai
! was somewhat surprised several
weeks ugo upon receiving u letter from
your lecturer, asking me to prepare II
paper for this occas,on, and suggesting
that the financial bill introduced into
the United States senate, by Senator
Stanford, would be good subject for
me to considcr;nor do now understand
how he can expect me to BIO able to en-
terrain this body with subject so pro-
verbally dry.
l presume that you are all moro or
less familiar with this measure, for it
has been discussed pro and con, by the
agricultural press all over the country,
1t being one Of the many schemes put
forward to satisfy the popular demand
for "more money!" which We hear tier
ated and reiterated In the halls Of con-
gress, and echoed by almost the entire
press Of the country.
The principal feature Of this measure
Is for the government to print ii hun.
dred million dollars Of paper money and
loan It to the owners Of agricultural
lands, charging interest therefor at the
rate Of two per cent per year, the loan
to run not to exceed twenty years and
tho amount not to exceed one.half the
assessed valuation Of the land. What
strikes one most forcibly at nrst glance
is the fact that one hundred million
dollars will 60 but very little way
among the farmers Of this great
nation, and either only few favored
ones, who sit near the political throne
will DO benefited by this two per cent
rate, or We must consider this rs the
opening wedge to the issuing Of an un-
limited amount Of inconvertible paper
money. The first proposition,I believe
would not DO favored by any except
those directly benefited, and therefore
we must consider tho subject in the
light Of the latter: namely, the issuing
Of vast and unknown quantity Of pa
per money, legal tender for debts and
not convertible into coin.
The questions which now confront us
are: Will the issuing Of large amount
Of inconvertible paper money be wise
step for n nation to take and, does
the business OF the nation need more
1t has been said that the past is valu-
able only as guide to the future, and
In this case the history Of the world is
full Of experience which we can study
with profit. 1t will not be necessary for
us at this time. to consider those nations
that have issued paper money not loan.
ed upon land, for the application would
not be perfect, and, fortunately, history |
us with examples that do not
iiffer materially from this measure.
The most notable cases that l have
Tound are those of the colonies Of Penn.
'ylvania and Rhode Island. The Penn
'ylvania plan was in operation for forty |
Gears, until outlawed by an act Of par
lament in 1853. The money was print
I'd upon the press Of tho great philoso
pher, Benjamin Franklin, and was
Ioaned for periods Of sixteen years up
OH land Of double the value Of the loan.
The interest was payable in sixteen
annual iustallments. Franklin called
this money 'coined land" and David
Hume wrote that 1.-THE laud itself Is
coined and passed into circulation"
Its friends claimed that the plan
worked to perfection, but with in
creased loans and extensions In the
time Of payments, the money depreci-
ated nearly onc-half before the system
WINS abolished. Like all other kinds
Of inconvertible paper money, its value
did not change materially until the Is
sues became excessive.
Rhode Island loaned its money for
period Of ten years, at five per cent
The first issue was for 1000
pounds sterling. which was increased
1--WE years afterwards by 10000 pounds
more. Having tasted the sweets Of
more money" the peoDle continued IN