The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-01-22
The Sub-Treasary Scheme.

1t is strange and hard to find a plau-
sible reason for the strong opposition
of many persons to the main feature of
the farmers demands-the sub-treasury
lan-especially since it is now held
and admitted by its originators and
advocates that the only principle con-
tended for, is flexible currency, avoid
ing both redundancy and stringency.
Comparatively few of the thinking
men in our order contend for the en-
actment into law Of the details of this
plan. But who, inside or outside of
the order, would not be rejoiced if we
could get q currency free from that
stringent pressure, at times, which
forces into bankruptcy and ruin many
honest men, by playing into the hands
Of those who are the possessors Of mil
lions, both in these United States and
other countries. ] surely think that
we would all crowd to the polls to vote
for such currency.
Now the pan, under consideration,
is the one submitted by the farmers to
obtain such a currency, leaving it to
our Legislators to give up better plan
if this one is impracticable Has not
the Secretary Of the Treasury said that
"we need q flexible currency"-not a
fixed currency, the same at all seasons
the effects of which are runious,
especially to those whose money crops
are harvested during three of four
mounths Of the year, by making money
high from its scarcity, and that for
which it is exchanged correspondingly
low from its comparative abundance
during those months. In addition to
this trouble comes the deplorable fact
"a fact which we think all good men
and citizens should regret-that few
men hold the lever in their hands to
further enhance this oppressive power
Of a stringent currency, by withhold
ing from circulation an immense sum
of money, in order to realize tremend-
Gus interest, which eventually reaches
down through its various channels,
until it strikes the producers with its
blighting power and through them in
jures the whole country.
Does not one feature of this sub-treas-
ury plan commend itself to any ordi-
narily, intelligent, unprejudiced man,
viz: it proposes to base the money
issued by government on the agricult-
ural products of the country? Now we
all know that money has only an ex-
chapgable value. What is it exchanged
for? The very things upon which the
plan under discussion proposes to base
it. If this is not good as far as it goes,
towards securing a currency, free from
redundancy and stringency, adopting
itself to the needs Of the country, then
tell us its deficiency and let US have
one thati is.
The principles advocated by agricul-
turists were at first jeered at by those
who should at least have given them
serious thought, but truth, like Ban
quo's ghost, will not down." Our
thoughts and views are now receiving
attention from every direction, and
there will doubtless result legislation
which will greatly benefit the whole
country.
1t is to be regretted that different
opinions on political matter, and mat
ter not political, should so estrange the
citizenship of our common country and
one from the other, that each should
opposes with severe and often unjust
criticism, whatever the other does,
whether it be sincere or selfishly de-
signing. The object of our order is to
harmonic all classes and all interests
as far as lies in our power. All organi-
cations, whether religious or secular,
have their unworthy members, and we
are no exception to the rule. Let US
all be hopeful, both in and out Of our
organization, that a better day is dawn
ing, not only for those who till the soil
but for every business, trade and pro-
fessiOn- JSO. F. BANKS,