The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1891-07-23
A New Sub.Treasuly idea.
From, the atlanta Journal.

From the atlanta Journal.
The publication by the Journal laat
Saturday of an interview with Colonel
Livingston, in which he set forth mod !.
ifcation of the original sub-treasury plan
has attracted much attention in this State.
At this time the Ocala platform and the
part it will play in local and national
politics is discussed everywhere, and the
exposition of this new plan for securing
government loans to the people is there
fore more interesting at this time.
Colonel Livirgston's plan in full is as
follows:
"The sub-treasury bill introduced into
Congress at the last session was intended
to make operative the st. Louis demands.
Since We have added real estate as So
curity for loans, necessarily bill will be
drawn different from the old one.
eve have never planted ourselves upon
the sub-treasury bill exclusively, but have
always contended for the plan or princi-
pie, and 30 stated when before Congress.
Now ne stand upon the sub. treasury plan
as adopted at Ocala and demand of Con-
gress bill in detail to make that system
operative.
"This can be done, as we declare, with
one or more sub-treasuries or repositories
in each State, with or without government
warehouses. The present facilities of
warehousing will answer without the ex-
pense of government warehouses or ap-
paratus.
"In other words, if Congress will enact
law authorizing the issue of notes to be
deposited in the States; and to be loaned
on non perishable farm products and real
estate at not more than 2 per cent per
annum, ne will be perfectly satisfied.
This is the Ocala plan. We will and can
take care of the warehouseing, and all
necessary details without any help from
the government whatever. All that We
insist upon is thus briefly stated"
"What is the sub-treasury plan ?"
sWe demand that the government
shall establish sub treasures or deposito-
ries in the several States, which shall
loan money direct to the people at low
rate of interest, not to exceed Q per cent.
per annum, on non. perishable farm pro-
ducts and also upon the quantity of land
and amount of money"
"We demand that the amount of circu.
latiug medium be speedily increased to
not less than $50 per capita.
"This is the Ocala snb-treaaury plan,
differing from the st. Louis plan in that
real estate is added as a security upon
which to borrow money.
"What is the simple analysis of this
plan? Give 1t 80 the people can under
stand it."
1T means that Congress shall auth or
ize the issue Of treasury notes, good for
all debts, private and public, supplement.
ing the gold and silver currency actually
in circulation, owned and controlled by
this country, to equal the demand. 1t
means that this currency shall be based
upon the credit of the government, Fiat
money! That means that this currency
shall be based upon all the taxable prop.
erty of fthis country, whether taxed or not,
also upon the right and power Of Con-
gress to declare war, and enlist for the
defence of the credit of the government,
every citizen subject TO military duty. In
word, every dollars worth of property
and the life of every man subject to mil.
itary duty would stand pledged for such
q currency. This is much better basis
for an issue than gold or silver. Lands
and citizens cannot be secreted when pay
day comes-gold and silver can,
"This plan means currency according
to demand. This is q law of nature that
is stamped upon everything that has left
the hand of wise and beue6cent God,
and should be recognized in every busi-
ness arrangement put forth by man..
"Who has the right OF the foresight to
estimate the amount of currency needed
in country like this in given period {
Who can tell to-day what will be the
output of the fields, shops. mines and
manufactures of the United States
for the year 1891 : a currency should be
used as medium of the exchange of
products. Such an exchange as will fa-
cilitate and help and we'll being all
wealth producers. Who besides those
interested should settle the question
whether they need this facility or not?
"The sub.treasury plan means to de-
clare that the United States Congress is
legally and morally bound to furnish the
amount of currency necessary to SUCCESS
fully carry on the business of this coun-
try, without lot or hindrance, to any call.
ing (legitimate) or section. The consti.
tuition reserves to Congress the exclusive
right to coin money and FIX its vafue.
Congress has gone further, and to protect
this exclusive privilege has taxed all
State, corporate >or individual issue of
certificate or bills of promise to pay, to
be used as circulating medium, ten per
cent. This plan means to declare that as
long as the Constitution prevents, through
Congress, the State. or corporation help
ing themselves on this line, that Congress
should and shall furnish the currency
needed upon demand.
"The sub-treasury plan means that the
government credit shall not be source
of speculation between her citizens,
thereby placing the weak at the mercy of
the strong, or, as Calhoun, John O., sta
ted it, why should the people be charged
interest upon the government credit when
that credit could be sent to them without
charger In other words, direct to the
people is our plan. This plan eYades
premiums, interest and commissions and
givespeople cheap money-which the gov
ernment is bound to do; or turn the peo.
Pile loose and let them supply them
selves.
"This plan secures to the largest num-
Der of the people the facility for borrow.
ing money, or the use of money in the
exchange of products-not for specula-
ton.
"It says 'on non perishahle farm pro-
ducts and also on real estate" You ask
me why not upon stocks and bonds7 For
the simple reason the people have not and
cannot obtain such collateral. In other
words, our plan is intended to benefit the
people, and, therefore, must rest upon
such collateral as the people have-lands
and crops. 1t would be perfect mockery
to offer the farmers of this country money
upon any other security, and every intel.
ligent citizen must either agree to such a
plan or take the position of q ''gold bug''