The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-08-05


country ITSELF and it includes and contempates the
legitimate interest of every man In the United States
who is doing legitimate business. All business
men in the transaction of their business outside OF
their relations to the farmers are cramped in the fall
that condition Of things because there is IN insu
cient circulation even during the leisure months OF
the year.
How then when an effort is made to abstract from
the natural channel portion of this fixed currency In
order the crop, how can they escape suffering
as we'll as the farmers? While it effects inluriousy
every commercial interest in the country II s espe
cialy hurtful to the farmer why? because he must
under the laws of nature wait and labor for twelve
months in the year before he can produce anything
before he can put thing on the Market therefore
the men who have control OF the money, who know
the conditions, know that at this Of the year
these vast products will be dumped on the market
and must be handled therefore they have the oppor
tunty at this of the year to get the money out
Of the way, consequently not only is every business
cramped for money but the farmer, who Is pledged TO
sell at that time in order to qudate his Indebtedness
must sell falling market and upon basis that is
wholly inadequate.
IF THE sUB-TREAsURY AFFORDS SPECIAL PRIVILEGES
TO TIE FARMER 1T Is TO EvEN-UP THINGS.
Let mo disabuse the minds of any gentlemen here
that this plan is designed to raise the price Of the far
mers products; that is not the purpose Of the meas
ure It is simply to relieve the farmer Of this abnOr
NAL condition. that depression Of the market wish
also to meet the argument that is sometimes made
against the measure that 1t proposes to give the far
mer special privilege l say that 1t is not special
privilege or II it is that it is rather in the line Of
evening.up things
THREE CLASSES OF PRODUCERS.
There are three classes Of producers in this country
those who are engaged In mining manufacturing and
agriculture OF these three two are not producers in
thing; he delves into the earth and brings that 70
light which is Of use to the commonwealth. He adds
his labor to itand puts it n shape so as to supply
needs and mine, but he has not produced anything
/ oppfoc cfpro nTf bo hp
raw material and modifies its form so that 1t meets
the requirements Of your needs He does not create
anything; but when the agriculturast goes into his
fields and he sows bushel of wheat and when he cul
tivaes that through rain and sunshine and harveste
ten bushels that represents creation Of nine bush.
els. He hes transmitted the sunshine and shower in
to something that did not before exist. He is In Pc
culiar producer. There two ways OF even.
ingup things when they are unequsl-one is to sub.
tract from the larger, and the other is to add to the
smaller. There is no other way OF equGlizng things.
There is inequality to-day. The men who own
United Stptes bonds and the men who own silver and
gold have the special privilege Of depositing these
securities or as basis, with the government and up
ON those basis the government issues the money.
EoUALIzrNG THINGS.
They have that exclusive privilege. There are two
ways in which that inequality can be equalized. One
is BY taking awoy the special privilege dare not
mtted that the amount OF currency Is Insufficient to
take away that privilege would be to deprive MS OF the
whole circulation We dare not attempt the subtrac.
tive process and consequently the only thing left is to
even up matters to place the farmer an equal
footing with he others. The classes have mention
ed already protected They protected by nat
ural law and by statute law. The miner Is enabled TO
put his product upon the market every month in the
year; the farmer cannot. The manufacturer under
the natural law Of supply and demand, can put his
product upon the market every month In the year,
consequently he does not need such provision as
this. So say that this Is proposition then to place
n Tpit nj oth
who are row enjoying special privileges.
THE FARMER SHOULD CONTROL THE rLExIBLrrr.
have before me a copy of the Forum, In which Da.
yid NJ. Stone, editor Of the New York Journal of
Commerce, comes out and explicitly admits the ne
cessity for o flexible currency. He does not call 1t
flexible, he calls it elasticity. He does not admit that
the Farmers Alliance plan is the plan, but offers o
plan Of his own. We are contending that the men
who produce the product should have control of the
fexibility.
ANYTHING, GOOD LoID-wE WILL TAKE WHATEVER
WE CAN GET.
do not claim that Mr.. Stone is an advocate OF the
subtressury, but do claim that he is emphstcilly
converted TO the Farmers Alliance We willing to
take any other plan under heaven that will accomplish
that purpose and will not subordinate the producer
the will OF few men who control the money OF the
country.
The editor Of the Financial Record, Of New York
is clearly out in favor OF this elaaticty He does not
believe In the farmers pan but he is witness to the
fact that under existing conditions elastic currency Is
q necessity.
have sub-treasury warehouses nothing. We say II
that is not sound il that is not the best why give us
better, We will take 1t and thank the Lord for it.
FIAT MONEY HAS NO BASIS BEHIND IT.
There are just two ways of supplying the need /
have been talking about. One is by the issuance OF
fat moneYaud let me say that all money is more or
less fiat money; the only question is how much fiat
there is about it.
In response to question put to the speaker to ex
plain what fat meant, DR.. Stokes said
One is fat money, like greenbscks, because 1t reads
In this way, THE treasurer Of the United States will
pay to the bearer" SO many dollars. You just have
promise that the government will pay that demand.
That is fiat, pure and simple. II had the time
would read to you from Mr.. Calhoun's celebrated
speech his amendments to the United States Bank
act OF 49, which virtually is the doctrine Of fiat mon
W. One objection to 1t that 1t has basis behind
except the ability of the government to tax and the
only way the government could circulate that money
would BE- to the extent Of it's expenditure. The gov
erInent might print one hundred million dollars of
that money and they could not get it into circulation
beyond its expenditures.
PAPER MONEY ON A BASIS.
have stated s.iere are two kinds Of money, or
why's IN which this deficiency might be met. have
mentioned about fat money, and the only other kind
such we have now. Our silver and gold certificates
read this way: "This eerHes that so many dollars OF
silver gold have been deposited with the treasurer
Of the United States and the holder Of OF these
certificates may 60 there and demand gold or silver
dollars, or else get 1t from the National bank. The
National bank issue which you know is small certif.
cate in this way The holder Of United States bonds
deposits with the many dollars worth Of
bonds and he may receive 80 per cent. Of their par
value in bank notes.
There is absolutely hope Of increasing the cirou-
lation from either Of these sources. And why? Be-
cause in the case Of silver and gold-I have passed
that objection, which think is q serious one that 1t
enabled who holds one Of these gold certificates
to demand the gold, and in demanding the gold no
tires that much currency and hoard it until prices
are reduced one-ha, and thereby the people rob-
bed. This is precisely what has taken place during
the year. About $G00OO G0 have been taken out and
shipped to foreign countries as believe, for the spe
cfe purpose OF rendering the government incapable
OF paying off its $5l 100000 of bonds that mature on
the lst OF September thereby reducing the govern
ment to the necessity Of either continuing these
bonds or else going into the market aud buying god
and the gold is not here The same men who control
the bonds control the gold 1t is impossible to get ad
eQuate increase from this source because the entire
output of gold and silver in the United States for the
last four or five years has not changed as much as
$G00U,0OO.
WHERE WE WILL BE IN FORTY YEARS.
In 1889 the last report put It at $6O OO0 OOO but
about 40 per cent Of that Is used But suppose that
the whole Of it--every ounce of it-could be made
available money, either coined deposited and
tifcates issued you could not get on increase over
sec, 600 year to tho currency That would not
increase your circulation 81 per capita. The Alliance
demands that the circulation shall be at least $50 per
CAPITA II the Alliance position is correct in demand
ing $50 per CAPITA and the circulation Is not increased
over $4OO00O0 year It would take forty years for it
TO be increased to the proper ratio. We have wated
forty years for the increase. claim 1t could not be
done In that time even If were to wait forty years.
The majority of us would be dead and in our graves,
and If this vicious contracting system goes fear
that children aud their children would wish they
were dead before that time Is out.
We know the national banking system cannot give