Iuka reporter., 1891-05-14
II OFFERS NO RELIEF.
GOV. STONE is AGAINST THE SUB
TREASURY.

his views on the Sub-Treasury plan
In the letter, Mr. Hubbard said: 'sHay
ing seen you frequently and favorably
/ spoken OF for the United States Senate
we feel it our duty t. ascertain youl
views on the Sub-Treusury plan. We
therefore address you this letter. 10.
| questing that you have the kindness
to express your views upon said plan
and the reasons upon which they are
based"
Gov. Stone writes in reply from the
| Executive Mansion under date of April
80. In this he says at the outset:
Replying to your letter of the 25th
inst, l have the honor to say that the
mention of my name for United States
senator has been without any agency
of my own. and quite independent OF
that circumstance, / chserfully and
consclentiously answer your inquiry.
, ''ln full sympathy with the toiling
masses; aware of all their difficulties,
and anxious to do anything within the
range of governmental action for thsir
relief, am opposed to what is known
as the sub-Treasury scheme, because /
do not see in it the promise of benefit
to them,
The proper function of government
as understand it, is to protect all in
full enjoyment of their rights, by ad-
mlnistering equal and exact justice to
all, and imposing as few burdens as
possible, equally distributed, and then
leaving every individual TO his own
efforts for success and happiness. The
blessings OF government are to be real
lied by governing as little as possible
consistent with its true objects. Gov
ernment has no wealth to bestow, and
when it undertakes to dispense favors
it always has favorites, and gives to
them at the expense of those not fa-
vorsd. 1t must be so from the very
natare OF things, for it has to take
from some to give to others. We. OF
the South, chiefly agricultural. have
felt this evil with crushing force; for
the high protective system of the re-
publican party fer the benefit OF the
manufacturing interest, mainly of the
North, has operated in two-fold
manner to injure us by depressing the
price Of ours cotton, and greatly in
creasing The cost OF the many articles
we are compelled to buy with the pro-
ceeds.
1.-The cause OF our depression is the
protecti re system maintained for pro-
lection and the enormou, burden, oil
Government which fall heavily npon
us while we get little to compensate
for these grievous imposiSions. The
extensive manufacturing interests of
the North reaping the rich harvest
OF the protective system and diffusing
its returns among the multitudes
there, and the millions disbursed di-
rectiy from the Treasury for pensions,
little of which comes to the South,
lessons greatly the burdens among the
people of the Northern States, and
tend to reconcile them, in great meas
ure to what otherwise would bs an
almost insupportable burden. | think
these, and not scarcity OF money, are
the chief causes of our depression,
Il am not opposed to an increase CT
money. and earnestly desire an ample
supply, but cannot see any good
result, to come from mere increase
of money. That must inevitably bring
an increase of the price OF everything,
and no gain will result TO the toiling
masses theretrom. Of what avail will
it be to add fourth or half to the
values of the country? How is the
laborer or farmer to be benefited by
that? If a baleyof cotton or load OF
corn or hay shall advaace in price
one-fourth, and the seller OF it has to
pay one-fourth or one-half more for
what he must buy the proceeds, he
gains nothing. If it were possible that
hot 10 ca1. \
vancsd in price without correspond
ing advance in the price OF what we
must buy, we would, of course, be
gamers; but all must admit that this
cannot De, and that en- amount OF
money that would cause increase in
the price of our products, will have a
like effect on the products of others,
and probably we would be sufferers
because OF the fact that agricultural
products are later in feeling the i'm
pulsion OF imitation than manufactured
articles.
$50 far as the Treasury is in
tended to supply an increase OF money
it promises nothing good V. the far-
mcrs. who above all othersy will be
the victims of the evils of any infia-
tion wb ch will disturb values. They
need for their welfsres 4 currency as
steady and stable as themselves. The
traders and spoculators--t those looking
out for deals and corners--can riot
amid the excitement Of speculative
values ana fluctuations from disturb
ance OF the circulating medium The
farmer and laborer stand no sort Il
even change in that tcond dition of things.