The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1891-10-09
TIE FINSLEF s-sEERCURF' 81
IDEA OF THE SUB-TREdS-
URK Plan


A recent article in the KiHsley Her
erT7J presents a rehash of one of the
old objections to the sub-treasury
Ip.au, which may seem to merit some
attention, though in reality the same
points have been already answered a
thousand times The trouble with the
opponents Of this measure who write
ilearneGly against it for the old party
I papers, is that they never read any
thing upon the other side Of the ques-
ton, and hence know very little about
, it. One fatal mistake they all make
is, in regarding the bill introduced in
the last congress as the faIly matured
plan perfected in all its details. We
may observe, at this time, that there
no sub-treasury bill. The bills intro
duced in the last congress are dead,
and viii probably never be revived as
originally presented. The sub-treus-
ury PLAN is quite another thing 1t
involves a few simple propositions, the
wisdom and justice Of which have
never yet been successfully assailed-
When they are, OF when a better pro-
position is substituted for the accom-
PlIshment Of the same end, it viii be
accepted. The propositions involved
are the establishment of warehouses
and elevators for the storage OF pro
ducts, and sub-trea5uIies or postal
banks FOR the advancement of money
upon them. The details for the exc
cutiOn OF the plan are yet to be worked
out in a manner that shan be satifac-
tory to the advocates Of the measure.
Properly, then. we would only be ex-
pected to defend the fundamental
principle involved in the above prOpo-
sitions. We propose, however, to
notice briefly the case Supposed in the
KinsIey Mercury. The writer says
/ Suppose that on the arst day of Jan
uary, 1892, wheat should be worth 81
as many believe VIII be the case, and
suppose we had our sub-treasuFy
scheme in fun operation, as conteIn-
plated under the bill prepared by the
alliance committee.
Now then, Farmer French brings In
1000 bushels of wheat and deposits it
in the government warehouse. He
believes that wheat viii be worth more
than dollar Z. bushel In the next year
or he would not put a grain of it in the
government building. He puts it in
and gets his $500 in certificates which
pass as money, and to all intents and
purposes are money. Now suppose
that RussiP, the East Indies and other
heat-prOducing countries raise a big
crop the following harvest. or from
some other cause wheat goes down in
stead Of up. so that at the end of the
year " heat is worth only So cents a
/ bushel AIr. French is not bound to do
+ anything to make up the deficit to the
. government. He simply let's the gram
! be sold at auction and the government
. pockets the loss. If wheat goes up ten
% cents bushel he, OF course, comes in
! and sells, and pockets the gain.
We call attention in the outset TO
. the season of the year selected from
which TO date the beginning of the
y above calculations. 1t viii be news
to the farmers that their products are
harvested ana made ready tor market
in January season Of the year when
the spectators and gamblers usually
have everything cornered, and when
10 prices as a consequence rule high in
f order that they may unload. Every
s supposition of this writer from which
D he draws his differences uufavOrabie
e IS the sub-treasury plan, is pUposely
t in direct opposition to existing facts.
e This is a violation of all rules OF legiti-
. mate argument, and cannot be passed
T unnOticed. 1t is a fact, of common
It observation, that under existing condi-
e tiOns the markets are so manipulated
!, by the gamblers who fix the prices OF
I'm
6 them always unremunerative at har.
- vest time. At the time when the
It wheat, corn and cotton are ready 10
d market, prices are Invariably lower
- THAN at anyOther season of the year
d a fact which the Kinsley philIosopher
3. must know, and which he must have
# puTposely suppressed. In, fact, hB
IS entire article, instead Of fairly present
q ing the conditions as they actually ex-
ist. is cunningly constructed for pug
rs poses of deception
-e It is for the purpose Of eliminating
1t the Speculation, and tiding the producer
lie over his immediate necessities, that
.e the sub-treasury plan is proposed,
IT And now we would call attention to
,e another fact which this writer must
J. have purpOsely neglected to consider.
d The products Of the farm are the abso-
T. Lutte necessities upon which the world
Isl depends for subsistence, and that the
q government which is abuudanIly able
" to hold them for any length Of time
u should be compelled to sell them at a
le sacrifice is too absurd TO be thought Of
1t for moment. Under our present sys-
y tenn the buyer fixes the price. Under
s. the sub-treasury system the seller
la would fix it. This is a change that has
IA probably escaped the notice of the
N KinsIey philosopher
ls Let US briefly glance at our presen
- commercial system as it relates to tn,
farmer. He takes his wheat and cor
to market and the buyer names tin
u price he viii pay for it. After he ha
800.