Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1891-10-30
FARMERS ALLIANCE COLUMN.
To THE READERS OF THE REGISTER

Since there is no question OF an eco
nomic nature at the present time that
can compare in Importance TO the
financial question, and since there is
no one measure more generally dis
cussed by the people, as a mass, than
what is known as the sub-treasury
rlan of the Farmers Alliance, though
no one measure that has SO complete
" excited the ire OF our great metro
politan press, both Republican and
Democratic, il behooves all honest
people, especially the great agricul-
tural and laboring masses, who are
the chief sufferers from the present
iniquitious condition OF affairs. TO eN-
anime critically and carefully this
much abused measure and see IL il
does not offer the only relief that can
ever permanently benefit the masses
OF mankind For thi. purpose | in
vite the attention and ask the care
| full perusal by all the readers OF your
valuable paper TO an article taken
| from the National Economist on the
necessity for principles and detail OF
| the plan, and since space will not per
nit the publication OF the entire ar
ticle. will conclude in next issue. Will
contine the present article 10 the ne
cessity for the sub treasury plan
\ SHORT sUB-TREAsURY ARGUMENT.
\ concise and systematic manner Of
treating this subject is TO divide IL
into three parts, aud consider sepa-
rately the necessity. for, principles OF and
| the detail of the plan. The necessity
/ for the sub-treasury plan Is found In
/ the great annual tluctuation in the
relative volume OF money in circula
ton at this time and in the fact that
! such huctuation is the direct and un-
avoidable result OF the present ilnan
cial system. Under the policy OF
practically fixed number OF dollars for
/ the gross circulating medium through
| out the entire year, the relation Of the
volume Of money to the demand Tor
| its use is only about one-half as great
during the fall and winter seasons M
during the spring aud summer sea
! sons This is true because improved
machinery for handling and prepar-
! ing the products OF agriculture for
market, improved methods OF trans
portation and the wonderful modern
methods for the transmission OF In.
| telligence, have shortened the season
for marketing the products OF agricul-
ture so that they are now practically
dumped upon the market demanding
money in very short space Of time
and as consequence become "A disturb
! ing influence that causes this great
relative contraction In the volume Of
money. This contraction OF the vol
ume OF money is attended with pow
erful tendency TO falling prices which
is most potent upon the products OF
agriculture. because they are tho dis
| turbing influence that is demanding
money from other channels Of bust
ness This position is demonstrated
by the fact that the average fluctua-
ton in the leading farm products for
! the last fifty years has been over for
ty per cent. This partially shows the
effect upon price. The effect upon
! the money OF the country IL fully a.
striking. In the fall months OF 1890
the Secretary Of the Treasury was
compelled. in order TO avert panic
! In New York on account OF the searci
ty OF money, 10 pay out 1900, OO0, 900.
| and at the same tiIno the banks used
$50. 900. 900 clearing house certificates
| I'm the place Of money the law re
quired them 10 hold as reserve against
deposits; aud money ruled Ia Wall
| Street lSs per cent on call. The fol
lowing May, June and July the con
dition was changed. The reserves had
been made good in money and the
banks reported n 300, 900. 900 surplus
This took so, 600. 900 out OF the bust
ness OF the country the gold exports
amounted 10 s72, ,0OO, 900. The increase
In cash IN the treasury was about
s37, 900, 900. and the cancellation OF
national bank notes about 81. 800 900,
making contraction In three months
OF over SlG0, 900, 900, and money was
reported drug on the market at only
- per cent on call. No country in
the world ever has been controlled by
conditions that produced such great
fluctuations In the relative volume Of
money every year, and since this great
fluctuation IL the direct result Of the
ductiye and necessary business pUr-
suit aud beneficial 10 the eIplojier
alone, the necessity Is that nuctna-
tions in the volume OF money during
different seasons Of the year be-
stopped. The nuctuation in the vol
ume Of money reacts the most unfa-
vorably upon agriculture, because lis
products. wheat and cotton. are the
disturbiHg influences that produce the
contraction. and therefore their prices
are most affected and because agri.
culture Is a seller during the season in
which prices are depressed, ard buy
er during the season In which prices
are at their highest. This IL direct
discrimination against agriculture
equal to the fiuctuation in price. The
EeonomiSt has frequently claimed this
discrimination TO equal 40 per cent,
but II now seems from the census re-
ports that such estimate IL too con
seryafiye. The average increase of