The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-07-15

currency law, which would emancipate the
people from the chains OF the money power.
This they soon did, by the means OF money
influence, which corrupt legislation remains
to-day on the statutes q foul crime against
the liberties of the working people OF this
country. / want you brethren to study this
question and become thoroughly acquainted
with it, then you will know It's roltonness
and be more able to understand the remedies
offered By the demands OF the Alliance. That
the Government can make paper dollar as
good as 4 gold one no one can deny. On what
is the Government bonds that bring such
premium, based. but the credit OF the Govern
ment? These bonds are then made basis
for the issue OF National Bank Notes, which
is good money, but we must get it through
the banks and pay n higher rate OF interest
therefor: that's where the robber comes in.
The banks get the money from the Govern
ment at about one per cent. and place the
| bonds as security-lheSe same bonds, mind
| you. that have nothing outside of the guar.
antcc of the Government to make them goou
then the banks, the only channel through
which we can get orr currency, lend inns
money to the farmer and laborlng classes at
| from ten TO twenty per cent. If that Is not
| robbery. what is 1t: These banks can con.
| tract the currency so that cotton Will not
bring but three cents per pound and other
produce accordingly. This government has
| run too long in tile interests OF the capital
ists-they have controlled legislation long
enough The Alliance is the way to find the
| relief we seek, and the subtreaSury Dill is
| the means. want every member TO study
this bill that the Alliance has endorsed, and
| | defy any man to prove that 1t Is not goou
| thing for the farmers.
The first great advantage the farmer Will
derive from this bill Is that IL viii give US
circulating medium in the fall that will en-
able us to dispose Of our cotton TN good adj
vantage. The circulating medium is so
small now that II viii tax tnke eyeeS e
States to handle the cotton crop alone.
Thus you see that cotton Is bound to pc
cheap because there is not enough money
to handle it. Under the sub-treaSury ware.
house plan this will be avoided. The farmer
can deposit his cotton, get eighty per cent. of
| It's value in money, with which TO pay his
debts and hold his cotton. Banks lend mon
ey on cotton, and are safe; and why not the
government? Cotton is just as good secur
| ity rs the bond deposited by the ban kcr with
The government ON which he gets ninety per
cent In legal tender notes; then why should
net the farmer get eighty per cent. on just ms
good security? Another feature of the bill Is,
| the government will deal directly with the
people and the lcgalized robbery Of the banks
| will be done away with, and the farmer sup
piled with money ut the same rates the BANK.
crs get. 1t is natural that the bankers ana
their sympathizers should fight this bill, be-
cause ii will take away from them the power
| to dictate terms to the farmer and. it will, in
n great measure do away with the money
lending Oh mortgages, out OF which the
banker has made millions or of the farmer
The tiIlcr of the soil can take his produce 10
| the Sub.treaSury warehouse and there get
| what money he needs for pressing demands.
and hold his cotton till the market pays Il
fair price. Under this plan cotton cant 90
down. Otherwise, the banker can reduce llG
| price of cotton to almost nothing and still
compel the farmer To pay hi IN Il high rate oi
| interest. Money will be plenty under TINS
plan but there will be no Initiation. The GER
tifcateS that are issued will he returned when
the produce las been sold and these notrS
will be destroyed. The next great benefit
will bc that the government VIII deal Iircc,
| ~ with the people in the distribution Of the
medium Of exchange, and that Will do away
| with the large t'-r cent. charged by the BANKS
| which under the present laws holds all pow
crfll control Of the circulation C: money. NO
one can doubt that the government Will 0c
amply secured under the terms Of this Dill
cotton Is good security for bankers. ana why
| not for the government? ] clai M that iarin
produce is lust as good u basis for the issue of
money as bonds which arc only backed up by
| the governments promise To pay. AS for
| the warehouses, l don care snap auont
them, If any one can devise some other means
by which the produce can be deposited and
| the government made secure for The money
advanced. l want every Allianccman here
| TO study this question for himself and settle
! 1t with himself believe that the sub.trcus-
ury bill is the best thing ever proposed for
the benefit of our laborng class. and will
stand up for ii until some one can show me
better plan; but let us all discuss IL and try
TO understand II, and if there Is anybody
here who does not endorse ii, let him say so.
Col. Bowen placed himself on record as op-
posed 10 the bill, but believed Il better thing
for the poor man would be the land loan
the officials who would handle the Govern
mcnt securities under the warehouse system.
Col. kcitt said that an Alliance Government
would be honest and fair and that we need
! not fear to trust the warehouses under the
control of the Alliance.
Capt. j. \. Griffin also said he feared the
class of officers that Republican admins
tration would put in control of the ware
house, but said If we had an assurance that
the Democrats would hold the reins for all
the time he would not object to the plan.