The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-07-29
HOT WORK IN TEXAS.
A LARGE BODY OF ALLIANCEMEN PRO-
TEST AGAINST THE sUB-TREAsURY.
Macune is Denounced .-- Error is
Pointed Out. and New Platform
iS AdOntetl.


is Adopted.
FORT WORTH, TExAs, July 1.-THE Conven-
morning by President kendrick there being
about 1lnO delegates in their seats. The as
Srlnblage was marked by the absence OF the
suh-treasury element, there not oelng one
present. As soon as The Convent ion came 10
order President kendrick Introduced PreSl-
dent L. =. Hall. of the Missouri State All
ance. who. according 10 the programme, M.
dressed the delegates on Alliance matters, his
chief point being an attack on the Sub-treas-
ury scheme.
lie regretted that he was forced to oppose
anything that the IIiance might advocate.
Mr.. Hall said:
~ am lmpellcd to the opposition Of this
scheme by the Constitution, and am con-
vinced that it would bankrupt me and every
farmer in the country, and eventually disrupt
the Government. We are told that by Il law
passed by the Ocala meeting we are compeH-
ed TO stand shoulder 10 shoulder on any qncs.
ion the Alliance may adopt. deny This ana
deny the right of the Alliance to pass any
law that binds individuals TO support any 10
litical measure. appeal To the sense of the
party if a member has not the right 10 expose
when he can ma any itllacy mat may he ao
vocated. ask an honest consideration OF
my argument against a measure in which all
Of you are deeply Interested
The Subireasury scheme is now being ad-
vOcated and pushed by It's orig iDatOIs, head
ed by &. w. Macune, for the sole purpose OF
selling 1t aud the Alliance out To the high
protective tariff party. Macunc says any one
who opposes the sub-treasury plan should be
dismissed from the party. He has been
bought up by the protective tar IT barons OF
the East, and knows that the only way TO do
their work Is 10 build up aThird Party, which
can only he done by pushing the sub treasury
scheme and getting the farmers OF the South
to support 1t. The whole scheme and system
Is based on an assumption and false PROM
ises.'
DISSECTISG MACUNE.
He then proceeded TO dissect Macune's argu-
gument In favor Of the sub. treasury.
lie argued that the volume ut circulating
| medium which fixes prices should be flexible
and not fixed. He read from John Stuart
Mill'S work on political economy In support
OF the theory he advances, showing that The
| condition Of the credit had US much TO do
with The maintaining of prices and creating
demand us did the volume OF money In circu-
| Iation. "Reports show that out OF slOO circn-
| Iatins SGl.5U is credit and $50 only money.
Why was 1t that the failure OF Barring Bros In
London should bring down the price Of
| money was no less? Not because money was
scarce, but because credit was contracted.
Credit Is as much purchasing medium as
| money *. The sub-treasury scheme Is based
on the proposition that The circulating me-
| dum is intieXibie, when In fact II Is imposs
| BILE for that TO be The case. The whole scheme
is u fallacy, ana no one Dul a uemagogue or
an ignoramus would support IL. Suppose the
scheme were put in operation. Then you
wonld sec the contraction of the g212 per cent.
credit circulating medium BECAUSE business
men would not give credit, knowing that
they would be paid in the depreclnted curren
| cy issued from the suO-treaSury. Ninety-two
and one-hnli per cent. Of the circulating me,
dium Is the purchasing power OF credit anu
only ~ per cent. money. suppose the
scheme is put into operation anu our wheat
and corn are locked up in the Government
warehouses;, what will follow? The poorer
classes who do not produce their products VIII
| be reduced to want and b;OOdshed Will fol-
| low. What would be the financial condition
II this system was put In operation? the
locking up Of the products produces high
Increased by 1t, and the farmer In the end
comes out loser. Under this scheme old
/ Hutch, of Chicago, the lnmans, OF New York,
and Pat Calhoun and Mucunc could corner
all the wheat and cotton In the United States.
| They could with SiW,OiD,0W corner every
bush elOf wheat in The United States. They
could take that sum and buy up that nuch
wheat, deposit il III the Government wnre-
house and borrow SS9.0M,O0J on IL lake that
and buy more wheat aud put 1t in The ware
houses and borrow again, and SO on 10 the
end, until they had every bushel OF grain
and all the money left. They would by this
means have on their hands the bread oi the
poor people of the country ana could regulate
the price OF IT.. The advocates OF this schetns
say if we have anything better TO show IL up
or shut up. If see my child about 10 drink
IL glass of prussic acid do wait till can get
glass of water before take the poison from
|
away before the damage Is DONE
| IN FAVOR OF STATE BANKS.
He advocated the repeal Of the clause In the
| National Banking Act imposing a lax OF 1O
per cent. on State banks una then enact q law
creating the office of State bunk examiner,
and put q pure, honest man In the office; ana
| then IL will be goodbye 10 all cornernSs ana
We have an increase OF good honest currency.
| He would, at the same time, abolish the ma
Il. .Ip,y IItf hn h,I H..
1 ciSm to make on national bankers. lie hoped
| there were no men in TeXns who went about
the country pouring into the ears or the fur-
mers statement that all the honest men
were farmers and all the rOgues and rascalS
were In town. \ man who will do this Is a
base drrnagugue and Il vile enemy TO man.
kind. The main objection to The national
banking system was the power ii gave cor
pnrntion tn contract the volume OF currency.
| He favored Il free and unlimited connge OF
silver. Nine billions Of debt was created in
| the South, Southwest, West ana Northwest
when the volume of currency ranged nj from
80 10 So per capita. These debts fell due
when the per capita was sl5. The interest of
the debtor is To have the currency increased.
while IL Is the Interest Of the creditor 10 have
IL contracted. The contraction of the Gil Gu
laiing medium means debts, in effect. just
double $lS,mO0OO. The free coinage of sl.
yer, " ,Iich Mr.. Cleveland opposes, would aid
much to better the conditions.
TACKLISG THE TARIFF.
The speaker then tackled The tariff and
showed where all the burden OF 1T fell nn the
consumer. A listing price for necessities Is
what II costs to live, AMI IL is higher under
the Mckinley law than IT would be II the Dlll
was uUL Il law. He would repeal the Infamous
high tariff law and say TO the manufacturers
aud capitalists of the East: keep your
hands out of the pockets OF the people
| In conclusion the speaker warned his hear.
erS once more against that "Jack-o'- o'-lnntern,
the sub-treasury, and closed amid the most
hearty applause.
PurSon Veal wanted the speaker to give
Convention that the Alliance OF Texas has
aided In the effort - eject Pat Calhunn, the
| railroad candidate for Senator from Georgia
| President Hall gave an explanation that
threw upon G.. W. Macnne the 0nuS of prov
| ing that he had not sold himself To the rnati.
and given the general attorney of the Gould
system the evidence Of the insolvent condl-
| ton of the National Alliance. He said thai
| Mucunc had admitted that he borrowed S2,ON3
| from Calhoun on the ground of friendship,
and said lie worked for Calhoun's election be.
cause he was II SuD'treaSury man. refused
| TO sign Il report cXOneralng MacunC from
| The charges against him. IL was no dissrarc
To the Order that such dishonest man aS
Macunc slipped into il but IL will he dis
| yIare for him to be allowed 10 remain in u.
"Macnnc punished in his paper that was
hiSSrh at the Dcala Convention, bat was
willing to Test under the cloud That this
placed on me until Mucunr cont nued To pour
hot shot into me- Then felt IL due To the Or
der. to my family and To myself, to tell the
world that was Missed because | was the on
~ man ON an Sigat Ing committee VINO
refused TO WhiLcwuSh an infamous Scouh-
drel."
This statement brought perfect tornado OF
applause from the Convention and the meet
ing adjourned until 2.30 o'clock.
TIE SuB-rREASl,Rr or REPUBLICAN BIRTH.
4, ,J,, n r,ornnon SnSSInn ibn Hon WilIInm