Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-06-17
WEDNESDAY. 80. JUNE II, 1891.
Tho Ranks-Again.

Returning 10 our subject OF Saturday
we have TO add that the West Virginia
Formers Adroodie surprises us by its
"heartless references 10 the poor men
who have no property. real OF personal,
which they could mortgage 20 the Federal
Government as security for the repayment
of whatever money they might borrow
from that Government under the sub
Treasury scheme favored by the Ad,ocae
and SO many other misinformed papers.
We had said that nine-tenths OF the voters
have no property upon which they could
base a promise 20 return Government
loan. But the Farmers Advocate evidently
has no sympathy with poor poor-people.
II stands in with the rich poor-people.
Listen 10 its cold reply to our statement.
We quote;
sNine-tenths Of the voters, says the DISPATCH,
have no real estate or personal property upon
which 10 base loan. The DISPATCH would con-
fer great favor by telling its readers how much
money this class without collateral, can borrow
now. Can they borrow one dime from a bank?
Then how could they possibly be worsted ? What
money they need now is supplied by
persoDai friends. Then 1t stands to rea
eon that this same condition would con-
tinue, and the more money their personal
friends had, the more likely would they be
10 get accommodation. II this class has no col
lateral II is their misfortune, and certainly does
not become good ground for opposition TO n
measure which would be Of infinite benefit 70
those that do possess the required security"
A Wall-street shark could not be more
"heartless." If these poor persons have
no collateral, says this advocate of the
cause of the poor, " il is their misfortune
Just so. 1t is their misfortune" and
neither UNCLE SAM nor the personal
friends" of these impecunious unfortu-
mates will lend money to them. They
will be, under the operations OF the sub
Treasury scheme, just as and just where
they are now. We trust that they will feel
better and greatly relieved when they
learn that they "cannot possibly be
worsted."
The Advocate, we repeat, boasts that
moor people will be in no worse condition
under the sub-Treasury scheme than they
are now in. But surely this boast can AT
ford but little comfort to the impecunious
millions who have had dinned into their
ears for so long time the grand results to
the poorer classes which such papers as
the Advocate had induced these classes to
believe firmly would naturally and surely
follow the adoption of their alleged bene-
ficent projects. We know that the banks
will not lend money TO men who cannot
furnish sureties for its return. This is
rule which experience has taught them 1t
is absolutely necessary TO follow. 1T is
business" II is rule that prevents
san the banks from failing and all
the community. rich and poor, from being
pauperized. But we had been told that
different condition of things would obtain
when the sub-Treasury scheme was made
The law of the land. We do not need to
be reminded how hard-hearted" the
present banks are, or how positively they
refuse 10 lend money upon no security at
all. We know the facts only too well.
What takes away our breath Is the AdUO-
Gates declaration that under the sub-ITea-
sury scheme the same rule will prevail,
and sub-treasurers will proveto be as hard
hearted as bank directors. Surely the sub
Treasury scheme is "a delusion and
snare" if il can do no better part by the
would-be borrower than the existing banks
do. THE borrower is servant to the
LENDER says the Holy Scripture. This
was true thousands of years ago, and the
"sub-treasurers" say that it must continue
to be true. Why, then, hold out false hopes
TO the people?
As TO the banks receiving double interest
.aet US saw a few additional words. The
banks laugh to scorn the charge. Perhaps
the Farmers Adpooate will be surprised to
learn that a bank now pays 100 for the
per cent. bonds which it deposits as Sc
curity for its circulation; that its net in
terest is only 2H per cent; and that the
tax on circulation and other charges
amounts TO per cent Surely these bank
ers are not Shylocks.
IL we could we would abolish poverty.
We would like to see all men in good cir
cumstances. But we cannot shut our eyes
70 the facts. We cannot play the part of
JACK CADE. We can see mo thorough
fare that leads to q condition OF univer-
sal prosperity. We know that if the real
estate in Richmond were equally divided
among its male inhabitants over twenty
one years old, no one man would be able
20 build q fine house. But what adyen-
tage is it to ANYBODY TO know these things?
We expect our descendants to be wiser
than we are. They may solve problems
which we Of this generation are not able
20 solve But we are confident that no
social or sociological problem will ever be
satisfactorily solved by the advocates Of
the sub-Treasury scheme.