The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1891-07-24

b4~o3 dH0 ACoA1NC0 Aua1y tidt Tie IA"
Of self-preservation required Us to
organiza; and taking for our motto
that apathegm Of the immortal
Jefferson, equal and exact JUS
tice to all, special privileges to
none" I hailed with delight the ap-
proach Of the day when the farmers
and producers Of the country should
be rescued from the grasp Of trusts,
corporations and monOpolies, and
from the burdens Of unjust and ex-
cessive taxatioH; from the opera
ton Of unequal laws, partial to sec
%tional. especially favorable to class
es; from the gross wrongs done
them in the manipulation Of the
currency; from that state Of depres-
sion and poverty which all these
causes have combined to produce. l
knew that nothing could prevent
them from the full and complete
accomplishment OF this grand re-
suit, except their own blunders-
departure from those principles Of
equity and fairness which had char
acterized its beginning-diversion
fro the real and pressing issues,
by the adoption of novel and ex-
perimental theories, or becoming
subservient to the ends of personal
ambition of indivuals. 1t became
us then, in view Of the vast posi-
bilities before US, to proceed eau
tiously, ~discreetly and wisely, and
fret always ''be sure we were right
then 30 ahead"
1t appears to me that the sub
treasury scheme in purely an ex-
pertinent, entirely theoretical in all
particulars, and every view of it l
take leads me to the conclusion
that it would fail in practice most
dlsastrously; it is untenable, wrong
and improper in policy and its per-
sistent advocacy will prove hurt
full, / fear ruinous to the very cause
we have most az heart. This scheme
as / am informed had q peculiar or
igin, and was brought before the
Alliance convention Of st. Lonis
by a self constituted committee of
five republicans, sprung upon that
| convention after the demands had
been made upon congress, and was
adopted amid the bitter protests of
the delegates from several states.
notably Missouri.
The principle upon which this
sche me is based may be briefly sta~
ted as follows: Congress shall
provide warehouses and provide
officers and managers to conduct
these warehouses; said officers and
members to be supplied with legal
tender treasury notes sufficient to
advance to the owners OF products
which have San export value
(such as wheat, cotton and tobacco)
who may store same L government
warehouses, eighty per cent. of its
val ne, to hold for one year unless
redeemed in the meantime by pay
ment Of money advanced, together
wi Tia two per cent. interest, also
fees, expenses insurance etc. If not
redeemed in twelve months, pro-
duce to be sold for cash at auction,
and proceeds to be sent to treasury
at Washington and shall there be
destroyed tresury notes being
based upon products stored, not
upon gold and silver-and redeema-
Bile whenever produce is sold out
of the warehouse.
That this is class legislation of
the strongest type no one can deny,
for expressly and exclusively it
provides for the accommodation
only Of those who have the cotton,
wheat or tobacco, certainly no 9TH
er class, and the money is retired
from circulation as soon as the
produce Is sold out of the ware~
house, consequently cannot perma-
nentlY increase the circulation of
money. And yet 1T would utterly
fail to benefit this very class for
whom ii is intended, as everybody
knows that when money is plentiful
prices rise, and when the money is
contracted prices fall. So when
the farmers produce is on deposit,
the money would be out IN circular
tion, but when he begins to sell,
contraction begins and prices fall.
The author of the scheme estimates
that to put his plan into effect, the
government must issue one billion
dollars of legal tender treasury
notes, which shall ke redeemed on