The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1891-11-13
ALLIANCE DEPARTMENT.
Several Substitutes For the Sub.
Treasury Bill.


tutes, loffersd in Response to tho
Request "Give us Some
| thing Better"
| National Economist.
The Alliance has always said: "If
you don't like the sub-treasury plan give
US something better. We are not we'd
ded to anything. What we want is re-
iief, financial relief, aud We do not caro-
from what source il comes or what its priu-
ciples. provided n shonest, %copsiisss-'
}1iss6l 90 sclass egislation, and promises
tSbe permanent in its beneficial effects"
SENATOR BUTLKh's SUBSTITUTE.
| The press reports that Senator Butler
offers as a substitute State banks of issue.
if he means such banks rs those that ex-
isted before the war; having the same or
simiiar powers and privileges, his plan is
| open to these objections:
1. The plan is not honest. No indi-
vidual or corporation has the right to live
and grow rich on the interest of the
| money he or it owes. mean just what
L say-"on the interest of the money he
or 1t owes" 1t is right that you collect
interest on what is due you, but it is rob-
torest on what you owe him2 This is
what the estate bank" of Senator But
lers does. The bank issues for every
dollar of coin it holds three 0nore or less)
promises to pay" dollars. IL tho issue
Is three dollars in Iaper promises Tor one
dollar IN gold, of course two of these bills
rest only upon "thin and insubstantial
a. sis, sstiR RRt ia5% Mn tho SS6k-F6sse two
notes which are the mere "promises to
pay" of the bank--the people pay inter
| est to the bank, to the extent OF two
thirds of its issue, and the bank is ena-
bled to grow rich upon the interest on
that money which it owes to aud has prom
ised to pay the people. leave out of
view the interest the bank collects upon
the money it owes to dcpositors. The
old "free banking systcm" is no better.
| Q. There is grave doubt rs to its
| constitutionalitv. The trend of dccis-
ions, and of enlightened public sentiment
is certainly against it. The national gov
srnmcnt alone has the right to make
money. The States have delegated the
power to coin money to the general gov
ernment Can the State delegate to the
citizens a power that is inhibited to it by
the constitution?
3. It is class legislation of the worst
character. 1t is legislation in favor Of
money capitalists. 1t compels the people
ist E twice @ 81 Three ihiee time ylS smSGns b hi.
!; CAPT 81 ~ sithout interest, aud then as
6PI EeIt 8 Itaisas & 8
I IBatlefsuggests 1t is proposition to
| go back again into the miro from which
we arc just beginning to emerge. Apart
| from fl,a Of .s, Naln tod
or Of one class to create money aud exact
interest for its use from all other classes
has caused more misery and suffering to
the human race than all other causes com =
bined. 1t has created the rich to live in
luxury and ease, but at the expense of
the poor who must live in squalor and
suffering.
One would think that no one with n
knowledge of the past, however bitter
the present waters or burning the present
sands, would propose return to the
b0ndngc of Egypt. Hpuh DacK one huns
drcd years over our own history and that
of the mother country and see the lurid
panic fires that burned up the substance
Of the people. At every decade they
G cam in the sombrc light of history
1857, 1S47, 1887, 1927, 1851. The
national banks, an improvement upon
the old 'free banking" system of Sena-
tor Butler. came in with The war in 1869
and postponed the crash until 1873. No
one can deny that the banking system of
our own and the mother country was the
main cause of all these disastrous crises.
No; the substitute will not do. The
people have gotten too far along in their
study of political economy to return to an
old relic of financial barbarism. eve
the people" will make and issue our own
money to ourselves without interest.
THE N. Y. TRIBUNE's SUBSTITUTE.
1t is no experiment 1t is simple in its
workings 1t is free to all. No class leg
islatom !, necessary to carry it into cfFcc t
and beyond doubt it is constitutional.
} The Trbune's plan is to "raise more
corn" and il is conveyed to the people in
these pleasant words:
"With better weather the mortgages
vanish, and ais the idea that there must
be a new party in order to raise more
corn"
! In other words. bad weather ere
ates the mortgages, and your relief lic
not in tn, orga ization of any politica
party, but raising ''mOrc corn
Yes, men of Kansas and Nebraska
7 You whD burnt your corn bee ,nsc il
was cheaper than fuel, are toC
by the Tribune that bad weather mad,
your mortgages; that better will caus,
them to vanish that YOU need not sccl
J through the ballot, through new part,
to rightly our wrongs that you do not ncct
n government warehouse in which Il
store your corn until You can reap th'
profit, which goes 10 the Spectator ano
, the gambler, but that the way out of YOU
, trouble lies in raising "morc corn''-ycs
"morc corn for fuel.
THE N. Y. wszLD's SUBSTITUTE.
, ] R-cs
/ This is also cofSs 1utional. 1t does no
! necessitatc "a swaif. If officers to car.
it into effect. 1t is free from the charge
of "patcrnalism." The World, like Job
war horse with the battle, only 'smell
Il ~ a -.