The Iola register., 1891-11-13
THE sus.TREAsuRY FALLAcY.

Senator Plumb Gives HIS Views In Worue
That Have M Uncertain Meaning.
In letter to the republican league
of Kansas Senator Plumb expressed
himself on the sub-treasury scheme AZ
follows:
"While it is hardly possible to treat
the sub-treasury and land loan scheme
of the peoples party seriously. still as
they are put forward by those who, for
the time being, represent large body
of citizens, and as they are honestly
held by others, and especially as they
undoubtedly represent certain phase
of socialism which is constantly com.
ing 10 the front, it is quite proper to
take them into account, and in this
connection certain considerations pres
ent themselves. f
"First-The volume of currency is not
to depend upon legislation nor upon
the experience of collective business
Judgment but upon the desires Of the
people who have land and agricultural
products to borrow money on. The
merchant the manufacturer, the
farmer and others engaged in legiti-
mate business would never know upon
what basis to buy or sell, because they
would not know, as they could not
know, of course, what amount of money
people in other parts Of the country
were going to borrow. Possibly 1t
might be said that the amount out
standing would be as large as the
ceive, but, rs the imaginations of men
differ, no two men would be able to
agree as to what the circulating me-
dunn would be, and, therefore, chaos
would obtain i'm all business affairs,
with the result that nobody would do
business except with the assurance of
enormous profits to make up for losses
which would go practically hand in
hand with them.
crease at the will of those who had
property upon which to borrow, the
amount would in any event be large
enough to depre ciate the present value
of credits. That is to say, persons
holding mortgages and other forms of
debt, for which dollars had been given
of a definite and we'll known yalne,
wonld be obliged TO take other dollars
in payment of the debt of much less
value. The form In which this is dis
guised by the sub-treasury and land
loan plan is not clumsy enough to hide
the reputation which IL incloses and
which is equally applicable to govern
ment as well as individual creditors,
and in this latter shape covers not only
salaries of government officials and
sums due government contractors. but
also pensions. The pension payments
amount to about SlS5, ,000,O 900 per an
mum. The dollars paid by the govern
ment In discharge of this sacred obliga-
ton have certain and well known
value. IL the sub-treasury and land
loan scheme should be enacted, it is
safe tn say the purchasing power of the
SI35, ,OO0. 600 now paid per annum for
pensions would be diminished by at
least IS per cent
THE allegation that the so-called
peoples party is in good faith and sub
stance party with distinctive gov
ernmental policy can be met by the
statement that the party has never
nominated or voted for a memb of a
state legislature or a state officer or q
member of congress in a democratic
state, and that its triurnphs have been
solely and only at the expense of the
republican party. Its only and sole
purpose. as thus manifested, has been
TO overthrow the republican party. 1t
remains to be seen how many republic
ans can be seduced from allegiance to
their party and from the institutions
and ordinances of civilization, their
schools and their churches, and from
free speech, free press and free bal
lot, with resulting democratic tri-
umph, and it also remains to be seen
how many level-headed American citi-
zens can be induced to give themselves
up to socialistic schemes destructive of
free government"
[Since Senator Plumb wrote the
above letter Kansas has spoken and
shown that her people will not give
in their adhesion to socialistic schemes
and that they are '1evel-headed Amer
lean citizens"