The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-10-02

The advocates of the sub-treasury
plan are being deceived certainly not
its opponents. We don't care anything
about the constitutionality of it, as we
never expect to have an occasion to
try it It is held up by few as the best
known method, to them, by which q
part Of the wealth producers. the farm
era will receive the greatest good
Yes, 1knowIof better plan, and so do
majority Of my audience. The Hill
banking system is the plan I refer to
system which takes weeks to be put
In operation where the sub-treasury
plan takes years; system which does
away with national banks; q system
which does not call in q loan when we
need it the worst and = system which
loans money to anyone who can give
good security. whereas the sub-treasury
plan loans money to farmers only and
does not take into consideration the
other wealth producers. The mechanic,
the miner, the factory hands and all
other classes of the common people are
left out The sub-treasury plan is bet
ter than no plan at ak"
These are the views Of q level headed
farmer, and we have no question but
they will become general so soon a.,
the farmers are fully informed as to
the manifest practicability and univer-
sal advantages Of the plan Of which we
give the subjoined general explana-.
ton. = .-n.f uss :.
The money question now has first
place in the political thought Of the
producing masses of our nation. For
some twenty years far-sighted patri-
OTIS, commonly known as ''greenback-
ers, have advocated fifty dollars per
capita government paper money in
circulation. They have opposed ma
tional banks as being in the nature Of
special privileges which are entirely
out Of harmony with our democratic
theory of government, and they have
also relentlessly battled against the
gold standard, that inevitably leads to
contraction of the currency which al
ways serves the interests of the capital
lists at the expense of those of the
toiler.
The general propositions which the
greenbacker commended for are lust in
principle, sound in politico-economics,
and if put into practice would bring a
universal blessing to our whole people.
How comes it then, after q score of
years OF unselfish agitation and persist
emit arguing, with right, justice and
business common sense so manifestly
on the side of the champions of the
peoples money" that they have &C.
complished absolutely nothing, in the
way of righteous reform? The bank
ing guild still has its fangs deep set in
the throat of the peoples prosperity,
and the currency of the country is con-
tracted or expanded according to the
needs of the stock gamblers
and capitalistic sharks, but never
with reference to the general advantage
of the producing masses. A few mill
ionaire bankers name the secretary of
the treasury, and dictate his policy in
all emergencies, while the money power
of the leagued corporations, trusts and
banks has been so commanding and all
potential in the national congress that
the people have been unable to secure
even hint of relief through righteous
financial legislation.
This is the exact status of the case
to-day, and it is full time that some
thing>was promptly done to change it
for the better.
The new financial system that finally
triumphs must be so full of virtue, JUS
tice and practicability that it will COM
pei the assent of all honest and intelli-
gent citizens on a fair and full pre-
sentation of its claims It must be
positively impregnable to valid and
logical assaults from the most learned
md astute special pleaders in the pay
Of the money power. Its merits must
be palpable and easy of comprehension
to all persons of average information
and ordinarily good judgment; and,
finally, like the fructifying sunlight. it
must bring impartial blessing to hon
est citizens of all classes and condi-
tons. The millions of artisans, clerks
and small business men in towns
and cities must see in the re-
formed money system help hope
and prosperity for themselves, in
dividually and collectively, and
millions of farmers must also behold in
it precisely the same promise to them
of the good things to come. Any plan
Of financial reform which does not meet
these requirements is foredoomed to
failure. and will never be wrought into
law by the votes Of a majority of our
people.
We believe the Hill banking system
will stand all the tests designated. This
system provides for 5000 government
banks, with three billion of greenbacks
in circulation, waging no war on gold
and silver, but letting those metals take
care of themselves. Loan money on
land and chattels at four per cent per
annum, thus wiping out every private
mortgage in the country in less than
one year. Pay to depositors three per
cent on their loans, which is but fair,
for there ara hundreds of thousands of
frugal men and women who have saved
up little money under past financial
conditions, and it would be cruel
shame to suddenly and arbitrarily make
them lose it through no fault of their
own.
The Hill banking system kills of all
national and private bankers It
crushes out all mortgage fends and
loan sharks It keeps all the money in
the co,,n<rv in constant rircv1 fiou r.