The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1891-05-08
The GARNER Alliance Viewed 10y
an Outsider.

To TIE Editor Of he Banner.
The policy of the Farmers Alliance is
to be estimated, not by its constitution
atty, but by its intrinsic fitness to pro-
mote the welfare of the people; for, as
have already said, great popular party
as this claims to be, embracing the
masses of educated laboTing men in the
land, have it in their power to mould
the constitution to accomplish any good
purpose they. may have in view. And
surely if the purpose be as Senator Plef
fer avows in the quotation already given,
'tD dethrone the money power" IN the
country, there would be some necessity
for n change of the fundamental law
The Supreme Court of the United States
has established the validity of the
"greenback" as legal tender, and the
government, on various occasions, has
/ interfered for the relief of the money
market in times Of stringency, always,
however. limiting the disbursements Of
the treasury to lawful objects, whatever
may have been the effect Indirectly in
tended. But even all this is very far
from being sufficient, as a precedent 10
Justify the government in assuming 10
be the banker for The people, creating
money in unlimited quantities, and lend
( ing it on the proposed securities Of real
or personal property. Few persons,
imagine, win contend that any thing like
this was intended by the farmers of our
! constitution, or that such policy can be
| legitimately deducted from any of the
powers conferred by that instrument.
The exercise of such powers was plainly
prohibited to the states; and, except as
to the coming of money and establish
ing legal tender, 1t was not bestowed on
the general government.
But aside from the constitutional ques-
| ton. what is to be said about the intrln
sic merits Of the proposed measures?
! This is the really important point TO be
/ Determined; and after this shall have
/ been decided to the satisfaction Of the
people. there will be time enough, and
! trouble enough, to organize its forces aud
establish the condition necessary to
overthrow the existing order of things
I in the financial world.
! Thare can be no safer or better cur
rency than the ''greenbaeks," the notes
of the government, made legal tender
| for all purposes; but these cannot be
! issued in unlimited quantities, nor with
ont proper precautions to prevent de
preciation and to secure their prompt
redemption. This redemption, however
need not necessarily be in coin, received
by the government in payment of its
revenues, this fact alone would efiectu-
ally sustain an immense issue, regularly
redeemed as often as paid into the
/ treasury,
The annual expenditures povided foi
by the last congress are well known to
he over one billion of dollars, an aver
age of five hundred millions per annum.
How much currency might safely be is
sued, without danger of depreciation
upon the sole basis OF these lmmenss
collections and corporations? An ex
perienced banker, ii unintluenced by his
own personal interests and those OF bis
class would tell you that they, these
enormous financial operations OF govern.
ment, would keep ahoat in the com
munitv a much larger amount of note;
than would be measured by the nominal
sums involved in the transactions them
selves Expense alone would satiSfaC
toTilv work ont the problem, and demon.
strate the proportions which could b(
safely maintained between the collec
tons and disbursements Of the govern
meut and its issues Of legal tender notes
There has never been any fair trial o.
the policy required to settle this queS
ton, for the large issues put fourth
, during the war, were not full legal ten
: der, they were not receivable for Gus
toms nor in payment Of interest on the
, public debt Some millions of dollar.
issued at the beginning of the war
, which were made for full legal tender
for all purposes, never fell below par