The advocate., 1891-12-09

is The high character which the
Champion has sustained for truth
fulness and fairness in its dealings
both with the Alliance and the PeO-
ple's party, entities whatever it may
say to the most respectful considera-
tion. Though Republican in politics,
il has held itself far above any other
Republican paper In the state, and
has never participated in any OF the
slander and Misrepresentation that
has characterized it's contemporaries.
Keeping this fact in view, we can
not attribute the erroneous state
ments in the editorial under con-
sideration to any intention to be un-
fair or to misstate historic facts. The
Champion has simply failed to
examine its authorities with sufficient
care. In order that there may be no
Misunderstanding as to it's position
upon the subject, we quote all that
part Of the editorial in reference to
the question Of fact. It is as fellows:
An esteemed patron of the Champion from
Netawaka, Kansas, sends us an editorial clip
ping from the st. Louis Journal Of Agriculture
Of the 10th inst, on "RhOde Island Money Based
on Lands" and inquiries; "DOeS the cheaper
money referred to In the article 40 having been
issued by the state Of Rhode Island, under the
act OF May, 1886, furnish parallel or cOmpari
son to any legal tender money that might be is
sued direct to the people In the shape Of loans,
as per sub.treasury scheme?"
Yes, the Rhode Island scheme Of lOaning
money on land, as described in McMaSter's his
tory Of the United States and set forth at length
In the editorial refen ed to, and the consequences
following It's adoption as the fiscal policy Of that
commonwealth viz: flyod Of worthless
money secured by lands appraised above their
actual value, personal property, etc, which
merchants and business men generally refused
TO receive In exchange for their goods, resulting
legal ank economic complications, and In gen.
eral distress, which retarded the progress Of
that state fully fifteen years, and whose mani
fefCly lmpractcablllty and demonstrated worth
lessness as o system OF currency was so apparent
after 1t had been 10 operation but few months,
led the Rhode Island supreme court to declare
the act unconstitutional and void, all very aptly
and fOrcibly illustrate what would inevitably re-
suit In any and every state that would adopt the
Sub-treasury scheme, or any other scheme In
volvlng the direct issue to the people OF paper
money secured by mortgages on land, or by any
collateral which In Its very nature could not be
utilized as . safe aud reliable basis fer salts
factory circulating medium.
The Rhode Island scheme was, In almost every
essential feature what the advocates OF the sub
treasury propose, and, II ever adopted, precisely
the same results would follow.
There are several errors in the
above statement which we will notice
in detail:
First There can be no legitimate
comparison between o paper cur
rency issued by the little colony Of
Rhode Island in 1786 and a currency
dby great and powerful nation
like the United States at the present
time. nthe one case the revolution
ary war was just closed, and the en-
tire country was in an unsettled con-
dition. The United States constitu-
ton was not yet adopted. Our exist
ence as q nation was not yet estsb-
lished Even the finances Of the
c,onapal vovoynpoonk vora in a nro-