The times. [volume] (Richmond, Va.) 1890-1903, 1891-08-23
THE SUB.rREASURY CRAzE.
What an Alliance Man Has 20 Say on the
Subject

THE SUB-TREASURY CRAZE.
What an Alliance MN Has 20 Say on che
Subject
For Tho Timesl
Its writer's attention was called 10 our ea-
teomed brothers - President Polks - chai-
lenge 10 the legal fraternity 20 prove # they
could the subj roasury scheme unconstlfu-
tional We arel no lawyer. bur only ~
old hayssed frosted by seventy winters two
Of which 10 have feNoWshiped in communion
with tho Alliance and sympethi2ed IN all the
manifold grievances and Just demands for re-
dress Of the farmer end agriculturist bat We
have been compelled 10 call 81 halt when w
saw the wavo ~ the subj reasnry craze W8dly
sweeping DER the land with no promise for
the future but hopeless wreck and ruin upon
all sides originating IA and Intended for home
CONSUMPTION IN bleeding Kansas rs EVIL
spirit like the Skakers has been impaired hv
sympathizers 10 Alliance leaders of our land
and set all into a wild, maddening dance. We
arc too old for such feats and respectfully say
None in ours If You please.
While o. such elastic intelleCts ~ those who
father the scheme it may not be pronounced
unconstitutional directly. yet j is undoubtsd-
IL SO BIZ imploatiOn Or else its plain pT07l-
sions are but threads of contradiction Gecop-
tiou and fraud upon tho aggregated States
md the citizens 81 the individual states
Among tho powers granted Congress fy tnat
compact recognized and binding ns our Con
sttut0n, is one article :. section 3, t.th
clause. "'I0 coin money mot PRINT. regulate
the yalue thereof and 0f foreign coins' eni
In the sixth clause TO provide for mo pune
ishment ~ cOunterfeting the securities and
current coin Of the nited states Nowhere
is the General Government empowered 20
omit bills Of credit or treasury notes even
O. meet the expenses and eTlgencies Ot tho
bur I Ia 81 fif
this Sth section she may borrow money on
the credit of the United States oud tho
bonds So Issued are the securities referred e.
above
This beyond al question or doubt Is the
limit and WAS intended AS the limit. OF the
powers f the General Government as o.
money No power, even, IS given or dele
gated To her 10 make even this coinage a loyal
tender among the several States composing
the aggregation tho confederation OF States
known politically az the United States Of
America 70 the United States alone is
given the power Of controlling the legal
tender character of its money. and this Is re-
stricted entirely 10 gold and silver. for section
TO- clause g. says: No State shall coin money.
omit bills OF credit make anything but gold
and silver coin q legal tender." Thus Il the
Congress were to pass an actto print Treasury
notes Az hbitum they would have no legal OF
current value, As no State could make them
constitutonally n legal tender IN payment Of
debts
These are all the powers conferred by the
Constitution 20 either the General or State
Governments upon the subject Of money
or legal tenders for debt. Treasury notes
have no value rs money or legal tenders
cOnstitunOn0ly, nor can any Such authority
bo cOnstitutOnally given by the several 81 ates
making them legal tender for debts Sup-
pose some Wild agrarian element should got
control OF Congress. ianatlcal and reckless
amid the present Wild turbulent chaos II
public opinion, driven 20 madness by
real wrongs. and seek IN their excited
imaginiDgs escape for the wrongs by such yis-
ionary schemes a. the sub-Ireasury BIZ and
passed il IN defiance OF Constitution and the
plain teachings OF al Esctical fnsncerlng,
and the former weigh down their wallets With
this paper borrowed on land and crops what
then. What power now existing general on
State could impart 30 this nat money - the
perogratiVes Of legal tender. We pause tor
q reply from our honored brother President
Polk. pointing out that clause of tho COnsti-
tuition. imparting such power, even under the
most elastic construction.
Possibly bleeding Kansas" as she IL hope
lessly IN debt and generally reckless OF all
consequences might defy the Constitlt on as
she now does creditors and declare this nat
paper legal tender, but no Southern Demo
cratic State will. we opiDe. DO led astrav ~
any such yagaries. nor vii. any Eastern or
Northern State who has remembrance OF tie
similar experiences Il Alabama ia the tCrties,
or OF tho United Provinces Of today. The
only prosperous and reputable Alliance man
we have seen who favored the thing frankly
gave us "a the motive prompting him
| favor il because, as you know, have large
| holdings Of lands here in Virginia. |
cannot SELL and am unable b. pay
taxes thereon. The Yankees freed OF
stole my labor. and have big white ele-
phant on hand. now want 10 slide my land
| on them at a big price. Just let this bill pass
and YOU oct Gil the lands in Virginia will
suddenly be reassessed away, away up yon-
| der. and on this value we viii borrow two
thirds, Ill our pockets and let the land slide. "'
But what them" we asked; what will you
| DO with this pocketfull Of printed scrip IL
will AZ last be only like our Confederate cur
rency-of no current value. IL will have no
| representative character Of the only cOnstitu-
| tonal legal tender gold and silver Your
| merchant At home will not take 10 for he cannot
pass IL 10 the iobber and manufacturer IN
| payment Of goods, for they cannot pass
| it 10 the importer. to whom II would be-
worse than worthless: only an incumbrAnce.
| You would soon feel you had enough. and TO
| fuse 10 exchange your produce for InOre on
any conditions. Suppose. further, that al
the farmers in the United States could Dor
row i've hundred millions on the crop Of tho
/ vance, it would DO general ruin. The count
less consumers IN this country and
| Europe would, under the force q
necessity. lessen moro and more each dal
by decreased consumption andsubsttutiCnth '
! disparity between demand and supply, unit
when the period arrived for sale the supply
would so largely exceed the demand that II
| would bo nominally worthless and sold AZ .
loss. leaving you hopelessiy IN debt TO the