The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1891-08-07

principle involved. Their abhOrr0nce
for details grows out OF the fact that
neither they nor any other living man
could draft a law intended to put in
force their impracticable hereSieS, ,!with-
out bringing storm OF objections
against it's details. Details are always
troublesome when we would like to
accomplish an end without means.
Laughter and applause.l l would like
TO make all of my feIloW-cItlzenS pros
porous and happy, but l am at loss TO
find the way to 90 IL; Inc details are
are concerned L could not for the life OF
me, barring a few slight notifications,
draft bills better suited for carrying out
these impracticableisch than those
already offered in Congress Dy PIckIer
and Stanford.
But fellow-citizens, l join issue with
the apostles of this new political creed
on the principal underlying their
schemes.
The sub-treasury plan is not intended
so much to increase the currency as to
provide for an annual demand of the
farmers for currency adjusted TO their
wants. The cardinal doctrine on which
the plan is based is, that there is now
fixed and int1exible volume of currency
amounting to about 81 800, 100000, and
that this infiexible volume Is insult
tieient to handle the crops; therefore,
should be established in which the
farmer may deposit his non-perishable
products, consisting of wheat, corn, cot
ton, oats and tobacco, and the Govern
ment should loan him so per cent.
of their appraised value, and that these
appraised products should remain in
the warehouses until prices go up. The
money received in this way by the farm
or is what these political charlatans call
a flexible, adjustable, automatic cur
rency-a kind of indiarubber currency
that will enable the farmer to tide over
period of low prices.
Now, let US suppose that the scheme
would have this effect; the question
then arises, Ought the farmers OF this
country condemn national banks,
trusts and combines, and at the same
insist that the Government should loan
them money at per cent. on their farm
products, in order to enable them TO
form a great combine by which the
people who consume these products
will be forced to pay an unnatural ana
enhanced Price for them? Is 1t falr or
just or Democratic for the Government
to advance the means to any class OF Its
citizens for the express purpose of en-
abling them to corner the bread OF the
people? [Applause.l But will 1t have
this etfect7
1t is conceded by all economists that
an increased volume of currency Will
necessarily increase prices; it therefore
follows that when the Government ad-
vances to the farmers so per cent. OF the
proposed value of their products the
pay price for such articles as they
may purchase, price not only IN
creased in proportion to the increase OF
the currency, but inflated by the ire
deemable character of the money.
Again, when the farmers spend the
money thus received from the Govern
ment, how are they to redeem thelr
crops? They are necessarily forced TO
do one of two things; either to sell their
certificates of deposit to cormorant
spectators and money sharks, thereby
enabling them to bleed the people by
Withholding their bread, or instruct the
Government warehouses to sell their
crops and pay them any excess that
NAV remain after discharging their in
debtedneaS to the Government. The
sale by the Government would neces-
sarily reduce the volume of the currency
and in like proportion the price OF these
farm products. 1t therefore follows
that under this system the farmer
would buy articles he needed when
prices were high, and sell his crops
when prices were low.
Human ingenuity could not devise 4
scheme better adjusted for the manip-,
ulations of specula:ors. 1t would hoo9
the country with Federal officials and
convert the farmer into a helpless de-
pendent upon the Government;
The idea that this folly would furnish
flexible currency which would so
operate on au inhexible currency as to
relieve the farmer from embarrassment,
is ridiculous. Money does not COM
pose the currency of a country, as sup
posed by Macune, it does not compose
more than 8 per cent. of the currency
and the remaining " per cent. Is
made up OF faith and confidence De-
tween man and man in carrying on
their commercial transactions. ConSe-
quently when this spurious, flexible ana
so-calIed adjustable currency comes IN
contact with the great volume OF cur,
rency, consisting of confidence ana
lTth hot
silver would be boarded, confidence
would be destroyed, the wheels OF com,
merce wo"ld stop and the country would
be involN cd in financial ruin ana ols-
aster. Applause.
But the scheme is Objectionable on
another ground. 1t proposes class leg
islation in q most invidious and oHen-
sive form. What right has the Govern
ment to tax the stock raiser, tne lrul' @
grower, the gardner, the honest me-
chanic, or anybody else to. build ware
houses for the convenience of class OF
farmers who produce cotton WheSt,
corn, oats and tobacco for SAFER On
what principle can the government loan
money at per cent. to one class OF cltl-
zens and deny like privilege TO DorroW
to every other class? ,...
The mere statement of the proposition
brands it as sun-AmericRn and un- Demo-
cratic. 1t is q monstrous absurdity, and
the mOuntebankS who advocate IL
| know that it is heresy, as imPractieable
as it is absurd and foolish. Applause
Now let us pass for moment, fellow
citizens, to the land loan scheme. This
| is pretended by its advocate to be q
| method by which the currency is to be
increased in a volume.
If that is so, why not distribute 1t
| equally? This is the peoples govern
ment. One man is as much interested
! in 1t as another. One citizen Is as much
| entitled to receive government ald as
| another. Then II we are to nave the
L Cd hu "a
| irredeemable currency, why not dls,
| tribute it equally among the people ana
| give each man, woman and ehilo MS OF
| her equa! share? The land loan schene
| conteinplates that the Government shall
| loan to the land owner one half the ap'
praised value of his land at per cent
| for twenty years. Why not loan money
| to the mechanic on his tools, to the ten
| ant farmer on his horses, to the labor
| ing man on his capacity to toil?' why
| loan $4,000 to man on $40,OOO larIni
| thus enabling him to secure for twenty
wears at per cent. capital on Wnlcn
| he can earn or 10 per cent? Why ex-
tend this favor to him and deny 1t tG
the poor tenant who rents his lanu
| Applause. A.
temptation to fraud and rascallty whlcl
| such scheme would offer. Can th(
| Government secure honest appraisers
| all over the United States? Is not the
temptation to over-appralse ana u
| SWindl0 and cheat the GOV6Euh0uL tOt
| great for the ordinary man to resist it
Again, such scheme would destroy
| thrift and self-reliance. How many
men would mortagage to the Govern
| ment their inheritance and spend Sht
money to crafty their tastes or their
| passions?
This scheme is abhorrent to every
man grounded in the principles of De
| mOcracy because of its monstrous in
| Justice and partially, the temptations Il
offers to rascality and the premium Il
places on Incidence and extravaganza
tApplause.l A..
| Fellow-cftiZens, 1 am persuaded thai
the advocates of these measures do moi
contemplate their serious consideration
bv Congress. They are gang OF reck
Hess adVenturers who have selfish OBJ
| iects in view. Take Leland Stanford
1 The author of the land loan scheme
| Who is he? Is he a patriot whose hear
| beats in sympathy with the people
| Manv many times q millionaire, The
owner of almost untold wealth wrunt
| from the people by injustice. Th1
man. Leland Stanford, is q lifelong Re
Dublican and has contributed his ful
share to the burdens which you endure
| G. w. Macune is the author and pro
moter of the sub-treasury scheme
Who is he? / propose to arralgn hin
briefly before the audience on Allianc'
testimony.
In the 0cala Convention he demanded
an investigation of his character TO
honesty and integrity. Who ever hearG
of one Of the honored leaders of the De