Iuka reporter. (Iuka, Miss.) 1888-1894, 1891-10-22


and determination to do your full part
and all will be we'll"
SUBSTITUTES FOR THE yUB-TREAsURY
PLAN.
The Alliance has always said ''1f you
don't like the sub-treasury plan gives us
something better We are not welded
to anything. What we want is relief,
financial Ieliefand we do not from what
source it comes or what its principles,
provided it is honest, constitutional, no
class legislation, and promises to be per
manent in its beneficial effects"
SENATOR Buffers sUBsTITUTE.-The
press reports that Senator Butler offers as
u substitute State banks of issue. If he
means such banks as those that existed
before the war, having the same or SINH
lar powers and privileges, his plan is
open to these objections:
1. The plan is not honest. No indi-
vidual or corporation has the right to live
and grow rich on the interest of the
money he or it owes. l mean just what
l say-"on the interest of the money he
or il owes.n 1t is right that you collect
|
robbery to make your neighbor pay you
interest on what you owe him. This is
what The estate bank" of Senator But
dollar of coin it holds three (more or
less) promises to pay" dollars. II the
issue is three dollars in paper promises
for one dollar in gold, of course two of
these paper bills rest only upon "thin and
insubstantial air." But when the people
borrow these two notes from the bank
these two notes which are the mere
"promises to pay" of the bank--the
people pay interest to the bank, to the
extent of two-thirds of its issue, and the
bank is enabled to grow rich upon the
interest on that money which 1t owes to,
and has promised to pay the people.
leave out of view the interest the bank
collects upon the money it owes to the
depostors The old ''free banking sys-
tenn is no better.
@. There is grave doubt as to its con-
stitutionality The trend of decisions,
and of enlightened public sentiment, is
certainly against it. The national gov
eminent alone has the right to make
money. The states have delegated the
power to coin money to the general gov
eminent. Can the state delegate to the
citizens a power that is inhibited to it by
the constitutional
3. 1t is class legislation of the worst
character. 1t is legislation in favor of
money capitalists. 1t compels the people
in the first instance to lend the capitalist
twice or three times the amount of his
capital without interest, and then as
bonus pay him interest on two-thirds of
it--a currency that ought to reach the
hands of the people "without price"
4. No permanent relief will result to
the people from such course as Senator
Butler suggests. 1t is a proposition to
go back again into the mire from which
we are just beginning to emerge. Apart
from The curse of sin, the delegated
power of one class to create money and
exact interest for its use from all other
classes has caused more misery and saf-
fering to the human race than all other
causes combined. 1t has created the
rich to live in luxury and ease, but at the
expense of the poor who must live in
squalor and sulf ring.
One would think that no one with know
lodge of the past, however bitter the pres.
ent waters or burning the present sands,
would propC Sc a return to the bondage
of Egypt. Look back one hund red years
over our own history and that OF the
mother country and see the lurid panic
fires that burned up the substance of the
people. At every decade they CLEAN in
the sombre light of history-1S57, 1S47,
1887, 1927, 1815-'17. The national
banks, an improvement upon the old
free banking" system of Senator But.
Ter, came in with the war in 1862 and
postponed the crash until 1878. No one
can deny that the banking system Of our
own and the mother country was the
main cause of all these disastrous crises
No; the substitute will not do. The
people have COTTON too far along in their
study of political economy to return to
an old relic of financial barbarism. "We
the people, will make and issue our own
money to ourselves without interest.
The N. Y. TRIBUNE's SUBSTITUTE
1t is no experiment. 1t is simple in its
workings. 1t is free to all. No class
legislation is necessary to carry it into
effect and beyond doubt it is constitu-
tional. The Tribune's plan is to '.ralse
more corn" aud it is conveyed to the
| people IN THESE pleasant words: "With
better weather the mortgages vanish, and
also the idea that there must be new
| party in order to raise more corn.n In
other words, bad weather creates the
mortgages, and your relief lies not in
the organization of any political
party, but in raising ''more corn.n
Yes, men of Kansas and Nebraska? You
who burnt your corn because it was
cheaper than fuel, are told by the Trib-
une that bad weather made your mort.
| cages; that better will cause them to
vanish, that you need not seek through
the ballot, through new party to right
your wrongs; that you do not need
government warehouse in which to store
your corn until you can reap the profit,
which goes to the Spectator and the
gambler. but that the way out of your
trouble lies in raising ''more corn''-yes,
more corn" for fuel.
| The New York WoRLD's SUBSTITUTE.
This also is constitutional. 1t does not
necessitatc "a swarm of officers" to carry
itinto effect. 1t is free from the charge