The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-09-24

1hS Va J 49,
growing richer and the poor poorer
| That is fact, and it is nowhere more
strikingly exemplitied than in the
ownership of land. The census shows
that the proportion Of landowners Is
steadily decreasing.
Suppose, however, the "plan" were
put in operation, there must be some
limit to the loans. TO flood the country
with paper money would he to depre'
ciate it's value and run up the price OF
everything. The advocates ofthe 'plan'
saw the limit should be $50 per capita.
They say the per cap ia circulation now
is ONLY IS. There would, therefore, be
a sudden expansion Of the currency
ten-fold and a like increase in prices OF
every article the people have to buy
which might not make much differ
ence, if every body owned land and nom
perishable products, but would prove
ruinous to wage-earners and others
having neither. And no time is given
to prepare for this great flood Of mo
ney." The Alliance "platform OF de-
mands," adopted at Ocala, says: 1--WE
demand that the amount of circulating
medium be speedily increased to not
less than $50 per capita" 1t would
take $40 then to buy what 81 buys now,
and a thousand dollar note could be
paid eff with money worth only a
hundred dollars. Herein is the popu-
larity of the "plan." 1t appeals 10 the
debtor class, to which most ofus belong.
Were we out of debt the amount of
circulation per capita would be ofsmall
consequence, because the more abun-
dant money is the higher prices are,
and vice versa.
Fifty dollars per capita would amount
to s., ,OOO, 100000. Two per cent. is very,
very cheap for money. Everybody
would want all he could get at that
rate. Three billions would not last
long. The land in New York State
alone is worth more than $1,000, 900
and the annual products of the State
are enormous in quantity and value.
There certainly would not be near
enough to go around.
The scheme is jmpracticable. I be-
lieve it would involve the Government
and the people in financial panic and
disaster and bring upon US evils that
the present evils could not be compared
to.
If there is more money needed for the
purposes of trade and business, and
I believe there is, there are other end
safer means of getting it into cireula-
ton. Two hundred million dollars
could be paid in Government bills to
Government employees and pensioners
every year, until the volume Of curren-
cy was sufficient, the credit of the Gov
ernment being pledged to the redemp-
ton of the bills. A gradual expansion
of that sort would hardly depreciate
the currency, and would not be go hard
on the debtor class,and on wage earners
as would the rapid expansion contem-
plated in the sub-treasury plan.
But, after all is said, the remedy must
come from the people themselves more
than from the Government. Ireland
is productive and her people indus
trious, but they are not prosperous, be-
cause the great bulk of the money made
in Ireland is spent by alien landlords
in London and on the Continent.
The South suffers like misfortu e,
though in milder form. 4 large
proportion of the money made in the
South goes to pay Northern pensioners,
Northern manufacturers and Northern
bondholders. This cannot be helped
now. But another large proportion gees
to pay for Western mules. Western ba-
con and Western corn. That can be
helped. If the farmers will raise these
things and make cotton their surplus
crop they will yet be prosperous and
happy, Notwithstanding the national
burdens they are compelled to bear. To
comnenSate in some measure for those
burdens we have the best soil and the
best climate in the world, and with a
united people there is every reason to
hope for brighter day in the near
future. w. H. WALLACE.
Newberry, S. C..