The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-10-13
GUB-TREASURY OR SOMETHING
BETTER.

Mr.. EDITOR:-While | am who
honestly believes that there is nothing
better as a basis of issue than non per
ishable farm products and lands, L
understand the Alliance to be an or
ganizatiOn seeking the truth, and IS
willing, yea, anxious to have any and
all thoughts looking to reform IN our
financial system.
There have been many objections,
Ito my mind none worthy OF serious
consideration to the Sub-Treasury SyS-
tenn many of which can be overcome,
if the directors really desired a change
in the interest of the masses.
Having q system based on de6t,
rather than weuZth, it will be in line
with the present policy to let our re-
form be on a similar line, and it may
therefore meet with more favorable
consideration with the powers that be.
[ suggest the following that will
meet the demands of the advocates of
more money and the advocates of a
debt issue gather than a Uedltb issue:
Should Congress be induced to pass
a law authorizing the Secretary of the
Treasury to prepare and issue say $50
to $50 per capita l Treasury notes, to
be issued to the States upon the deposit
Cor warehOuseing) of State bonds not to
exceed in gross amount ~One-fOurth or
One-third of the taxable property IN
said States. Said bonds should bear
interest not to exceed 1 per cent. per
annum. The states taking advantage
of said act. could then loan to it's citi-
Gems said Treasury notes or money at
say from 3 or 4 per cent, taking as
security such forms of property Creal
or persOnaD as said States might divlse.
In this way what profit was made by
the States would be covered into the
Treasury and thereby reduce If not
entirely abolish the necessity OF States
taxation, while under the present syS-
tenn the people are compelled to do
business without a sufficient volume of
currency, pay ruinOuS rates for what
they use, and enrich the uSurer to
whom the government pays about 4
per cent. to furnish the basis of our
currency (the bank notes. and charges
only 1 per cent. for the issue, thereby
the banks instead of paying even 1 per
cent, the government practically pays
the banks about three per cent. to take
the currency.
If there must be a credit basis of
issue, why not let it be the whole PEG
pie the State) instead of the usurious
bond-holder, the majority of whom
refused and will always refuse to come
to the relief of the government in times
of trouble (war), The citizen who
barred his breast to the storm of battle
to maintain the country, should in
times of peace, at least have equal
showing and favOrS as those citizens
who boarded the money of the country
and refused the aid of that money in
time of its need.
l think l know something of the
temper of the Alliance people of North
Carolina, and if there is any one thing
on which they are agreed, it is that we
need more currency and that when
issued, it should be issued so that those
who have other forms of wealth than
gold. silver and bonds,
should have equal facilities for obtain
ing SAID money.
What we demand is more money,
issued direct to the people (the indi-
vidual or State without 3the interven-
ton Of spectators, and upon such
securities (wealth) as the people have;
that said volume of money should be
based on such forms of wealth as are
flexible in form because the demand
for money is flexible; and since supply
and demand govern prices the supply
of currency should be equal to the de-
mand thereby giving something like
stable money values.
I submit the above for what it is
worth, and if anything can be done to
harmonic conflicting opinions and
secure the desired end I shall be con
tent. Yours,
SUB-TREASURY ALLIANCEMMAN.
Raleigh, n. c., Sept. %, 1891.