The farmers' union. (Memphis, Mo.) 1891-1895, 1891-10-01
SPEECH BY DIR. MACUNE
IN WHICH HE DISCUSSES THE
SUB-TREASURY PLAN.


the Best THY Can Get-Dctails Not
Important, but Relief Necessary.
LADIES AND GENTLEMEN: am not
going to make You speech to-day for
the mere honor of addressing you
Neither am l going to take up your
time with funny tales and anecdotes,
but have mission to perform and I
have come a long way to deliver this
message: and if l can do so in q plain,
simple style. that you will feel and
realize the Importance of this situa-
tion, l will think have accomplished
great deal.
To begin with, l will get right down
to bottom facts. and discuss the prin-
ciples of the alliance.
That there is pressing necessity for
reformation no one dare deny. These
demands are not the work of crank.
or an enthusiast, but the product of
honest, careful, sober and intelligent
thought coming direct from the peo-
pie, who have felt the hand of oppres-
sion for more than one-fourth of a
century.
There are great responsibilities rest
ing upon me, and also grea. RESPONSE
bility resting upon you. Upon me to
defend the principles which 1 repre-
sent, and upon You because these are
historic times, and because your acts
to-day will be read in the future as
history; for thinking men to-day suf-
feriDg from taxation and persecution
will furnish in the nineteenth century
the most important links in the history
of this country.
l have endorsed these resolutions in
full. I have done so for the reason
that I believe they are God given prin-
ciples; and if you would get good gov
ernmcnt You must watch the character
of your law makers.
The time has come when you must
resume the responsibility of business
relationship, the bulk of these great
duties you cannot avoid. In the forces
that command the great reform move
ment the time has come in the history
of this country when the most of them
will write against those injustices. or
work with the opposition. I shall try
and get your mind upon the facts and
truths. l am not here to convict the
men who oppose these principles. l
am here to give reason for the faith /
profess, and with them stick square to
the right principles, as 1 understand
them; and if / succeed in making you
entirely forget the speaker and under
stand our principles, I will have ac-
complished my mission.
I want to call your attention to some
of the facts of history of this country
for the past thirsy-tive years, and the
condition of the people brought about
by the administration of the national
government during that period.
This is necessary because We offer no
defense of our law makers. It will not
be disputed that We had $23.OO per
capita more money in circulation
twenty-five years ago than we have
now in this country. There are var
ious estimates as to the exact amount
in circulation. Indeed, how many
have time to pray or calculate. For
sake of argument, say We have six
hundred million dollars, and com
pany in New York can control two
hundred millions or 33A per cent.
you see that the volume of money is
decreased one-third, and, as a conse.
quence the price of farm products &c
down one-third. Then by their very
act of buying and paying out the two
hundred millions of money the price
of farm products go up, and money
down. Now this is done at the season
of the year when the farmer has to sell
his wheat, his corn or his cotton; and
it is to meet this emergency that 9
volume of currency is needed that il
flexible. Now, in proportion as you
increase the volume of money, you de-
crease the power of money to oppress
AS stated, the prices are depressed
one-third.
If we had ten times the amount o.
circulating medium, the power would
be one-thfrtieth instead of one-third
The exchanges last year show that 9.
per cent. of business was done or
paper. and per cent. cash. some
times illustrate it by saying: Place
all the cotton in one pile and all the
money in another. Now it is reason
a5le to say that the cotton will JUS
pay for the money, so all you have t.
do is to divide the money by the mum
ber of pounds, and you have what i
will bring. Last fall money went W
on call in New York to 1872 per cent
and the secretary of the treasury hat
to come to the relief of Wall street t,
prevent perfect crash. I submit t
all fair minded men if this state o
affairs should not be changed. W.
are not welded to any detail, but W
do demand the principle of the sub
treasury plan to meet all such emer
gencies, SO that we may not be force'
to sell our products on a depresse,
market. When we go to market ant
cannot get the market value, W
would deposit; and when we could ge
the market value, we would sell.
By depositing and putting into cir
culation 80 per cent. we would brin
up the price, and then sell. With
single coin standard, we are governe
by the gold standard of Great Britain
The prices of our products are fixed i
England and on a gold basis. I re
ceived letters from Alabama and Miss
issippi last fall saying that they coul
not get five cents for their cotton q
home, when it was ten cents in Ne
York and twelve cents in Liverpool.
When we put out the sub-treasur
plan happened to be one of them g
st. Louis who were appointed to drai
the bill. We got it up and sent it ou
and it was ridiculed by men who neve
had read it. A celebrated member {
congress wrote q letter denouncing an
ridiculing it, and afterwards acknow
edged never having read it. "a voice
"Who is it? Oates?") never like
call names, but sometimes they al
Just forced out.
It reminds me Of a story that WI
current in Texas twenty years ag,
before they had railroads. All use
covered wagons, and it was said N.
some men moved to Texas every sun
mer and returned to Arkansas in tt
fall. One bad man, who asked mo-
questions than anybody, and got LEI
had to stay all winter. Now when
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