The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1891-10-16
FARMERS ALLIANCE.
Ex-senator Norwood Offers a Substi
tute for the Sub-Treasury Bill.
de Proposes the Creation of Billion
and Half of Paper Money to be
Distributed to the States and
Loaned to the Citizens.

L
| Distributed to the States and
Loaned to the Citizens.
| Thomas NJ. Norwood, Ex-United
states Senator of Georgia, by invitation
| OF tie Legislature of that State to adj
dress them on the Alliance sub-:reasury
plan, spoke at Atlanta few days ago on
the general question of the finances and
currency of the United States. He ad-
l-yapaede a plan of banking that is new.
hs contends that the accelerated accumn-.
] and IN the hands OF few persons is de.
s'ructive to tn, West and South, and will
finally destroy the Eastern States. 1t
produces congestion in one part of our
political body and paralysis in the other
parts. His plan is in brief, for Congress
to direct its Secretary of the Treasury to
prepare a sufficient number of legal ten
der notes of convenient denominations,
which, added to the existing currency,
will give thirty, forty, or fifty dol
lars per capita. These note, are to be re-
ceivable for all debts and dues except du-
ties on imports. They are 20 be redeemed
by tn, United States Government on pre-
sentation at the treasury or at sub treas
uries cstab ished Mt convenient cities.
The treasurer shall hold Mt least 25 per
cent. of the issue in coin, gold and silver,
to redeem the notes, that being enough
and rs much rs banks now hold for re-.
demption purposes. The percentage of
coin, however, can be regulated by cx
pcrience. He proposes to eadjust and
measurably equalize the circulation OF
! the currency in this way: Each State on
amount which added to its existing cir
culation will make the amount cr capita
decided on by Congress. The banking
capital in each State is to- be the standard
for ascertaining its circulation, unless G
better can be devised. TO illustrate
Gcorgia's population in round numbers i:
2,c0O,OO0 The amount per capita fixed
by Congress for the whole population
being $40, Georgia would be entitled tC
eighty million dollars, but her prcsen
banking capital being thirty millions
that sum must be deducted and herquot
of legal tenders would be fifty millions
The ratable amount of circulation he Pre-
poses shall be used hy each State accord
ing as the people of the State shall d,
tcrmine. That is, it may bo used
banking GG be let by the State actiu
through bureau of finance to indivi
D uals on such securities as prudent bar
k state to hold a percentage of this c'
G. ranqr-t IA, r,aat -snuaazaa- and -scnpns-
IS part and lend the remainder to indiv
u uals and corporations, that each st
/ shall fix by law reasonable rate of in,
J. est, not above per cent and by l
h namc. the securities on which the bure
h of finance shall lend, the percentage
: value TO be lent and time; that land sh
be one of the securities, and that en-
State shall lend on its own product
For instance, Georgia's great produ
= being cotton, it should be security or CT
lateral under proper and safe condition
wheat and corn being the chief produc
,r of Kansas, Iowa, etc, they should lei
on these products. Norwood conten
" that when money can draw to itself
D. per cent. by going into manufacture
re mining, ETC., it will go there, and tn
al all the natural resources of the State W
al be developed and its wealth increased
VS. the benefit of every citizen, where
m banking produces no wealth and benet
n only the few who receive the dividen'
.at Norwood took Georgia and Kansas to
,r- lustrate what can be done under his
.ra nanaiai- AZ ---tk-'-r-sr~.s--st1r'S-
an State should set aside not less Il
to 10 per cent. of the legal tenders to I
The tect its own citizens against tinan
Mt crises and squeezcs Georgia could
eat crease her banking capital $4,000,
as. and lend $50, 900, OO0 on long time,
ro. terest payable emi-annually, to indi'
Inc uals and corpor 'tions who have valuf
of mines to be developed and who desir
ef build cotton factories, to manufactu
4 of wooden wares and iron; in short,
eel bring into activity and use her nat,
ner resources, which are incalculablc
at which have laiu untouched for twcl
ace five years only because her people /
Ter had no money to work with. With
~ OOO, 900 thus lent by the State at
inc cent she would receive annually one
ing lion, five hundred thousand dollars il
s to terest With that she could cstabli
arc sinking fund of $500, 900 per annum,
Of in twenty years pay off her funded {
,tire With this in hand she could begin (
Id is Guce State taxation at once could la
900 increase her school funds, and establ
been bureau of immigration, aud in yer.
ssee wears discontinue taxation except
+ the county and municipal purposes.
~ i'll rowers from the State, would get
Alex received in the loan rs low int
ANY. would thus take the place of taxp'
tory. Kansas could lend to her citizens a
ANY, or three per cent and then they
water lift the present mortgage debt of I
J., to 600, 900, due mainly to the East, al
oiies; the same time put interest money er
Gun in the State treasury to relieve then
ost Of State taxation. He contends that
,wer; the monev that can be borrowed is
$780, Eastern States, it is practically usel
$685. the South and West. Under the s
n mo- he advocates the money and securit
nding in the same State are neighbors
70 i'm. will exchange and interc twill go
X; a benefit of both lender and borrow
10. 900 all the people in the State; whereas
'cxas; the interest paid, as a rule goes
bama; The interest now paid per annum
A. etc. whole people goes to enrich those
If the are already too rich 70 the safe v
owing ,,,;. and that ;nterest woald
xteud- nepuuic, ahu eas -, ,,oon,o