New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-10
UNLIMITED MONEY.

Fix COUNTY, Kansas, would seem to be that
particular spot where the raising OF wheat costs
more than any where else in this country. At
least this inference would be justified by the
resolutions adopted by the Alliance OF that
county. for they assert that the loan companies
and the banks have refused to lend any more
money in Kansas, and that while we have
made a good crop, the unjust hand of monopoly
has been so played as to make it impossible Tor
us TO sell the surplus for more than the cost OF
production. so that we are still left unable to
nav our mortgages" Now the price Of wheat
at Chicago is about SO cents, and by at least one
railroad the rates charged between dlNeEcnt
parts of Kansas and Chicago range from II to
Is cents per bushel, leaving for wheat at the
most distant points about 10 cents per buShel
NJ station. ii the farmers of Kansas cannot
get ANYTHING but bare cost Of raising, for wheat
al 70 cents per buShel and upward, they need
not wonder that sensible lenders hesitate 70
lend them money. The fact is that the cost OF
raising wheat is a great deal less. But the
lenders have observed the laws enacted by the
last Alliance Legislature, and they are pardon
able if they prefer to put their money where the
people do not want to repudate just debts.
The Elk County Alliance demands an i'm
mediate convention of the people to petition the
President to call an extra session Of Congress
Immediately, for the purpose OF authorizing loans
of public money to the farmers At low rate Of
interest, thus enabling them to pay their mott
cages. These persons evidently believe that
the Argentine Republic is financially wiser than
other countries. In that republic the cedulas
Inv tha 1l,nd mi N
the process of lending money by Government to
farmers, and now the paper has become nearly
worthless, the industries Of the whole country
are 'frghtfuIly Frustrated, the public debt
amounts to about $50 per inhabitant, and the
farms have not only fallen 80 per cent or more
in nominal value, but are practically unstable at
| any price. The Commissioner of immigration
| is issuing circulars to all the world offering
farms at the rate of eighty acres for $50, and
asking payment of only $50 in cash. Kansas
desires to repeat this delightful experiment,
perhaps believing that the climate is better fol
| big debts III the Northern than i'll the Southern
Hemisphere.
If circulating notes were issued to all the
farmers who want to borrow, how much would
such notes be worth? Perhaps the value OF
|
$50, 600, 000 900 or more, and at half their VALUE
$40, goo, 100, 600 could be loaned Even the 500
per capita for which the National Alliance ask.
tyoud not go far The increased issue oil
81, 900, 900 900 might answer for about sixth
of the farms. But with what decency can Gov.
eminent provide Tor small fraction and leave
the rest to suffer? Or by what practical method
can it coniine loans to actual owners of farmi
really cultivated, and prevent absorption of al
the money by real-e estate spectators and oper
ators in town lots? No prevention is possible
In order to have enough money to 90 arount
with the farmers, there would have to be is
sued two or three times as much as they woult
want. Meanwhile, long before the $50 pc
capita should be issued, the paper would hav,
dropped in value so that no farmer would wisl
to take it for his wheat, and yet he could &c
no other money, for gold and certificates ant
notes redeemable in gold would be locked IL,
and boarded
This scheme is good one to ruin all the res
of the farmers for the sole benefit of the few