The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-09-24

I have already mentioned-sells $50, o~
pounds of bacon annually. He thinks
he sells about one-fourth of what is
sold IN this county. The total then
W would be 100000 pounds, which at I!
cents would be S90,OO0. On the same
basis of calculation there would be
about $4,000, 900 sent out of the State
for bacon.
To recapitulate:
Sent out of the State for pen
sions , 600, ,00O
Sent out of the State for tariff 7,OOO,O0O
'' road Dad bonds. .................~ 2,75o,OoO
Sent out of the State for
Miles l,50O, ,00O
Seut out of the State for corn l,2oo,oOU
con Observation-Disclosures. 3,OOO,OOO
Total. ..................... Sl7, SOC, 900
Nearly all cur flour, hay and agricul-
tural implements come from other
! States.
And what do we produce that we
can sell? Cotton-nothing but cotton.
Seven hundred thousand bales at $40
per bale, brings in only S27,No,OOo
which is nearly ell taken out again for
purposes mentioned, and for other
purposes too numerous to mention,
leaving very little to pay debts or to
lay up 'for a rainy day." No wonder
we are poor.
What is the remedy?
Some say the "sub-treasury plan."
A great deal is said on the hustings
and in the newspapers about this
."plan." It was conceived and worked
out by DR.. c. w. Macune, and presented
to the National Farmers Alliance Con-
venti IN at st. Louis in 1889. It was
adopted, among other planks in their
platform, by that convention; was sent
down to the Sub-Alliances for their
endorsement, and was reaffirmed at
Ocala, Fla, in December, 1890. 1 have
seen no real argument in its favor.
Senator St'kes and Senator Butler
"debated'' ~ at Prosperity, the 10Th Of
July. They said great deal about
great many things, but scarcely any
thing about the subject under debate.
The only apparent result of the debate
was that Senator Stokes, several days
afterwards, charged Senator Butler
with grossly insulting 100000 Alliance
men," and the latter retorted by calling
his accuser "sneak and liar"
Congressman Watson, Of Georgia,
and Senator Butler met at Batesburg
on the 9th inst. to discuss it.
There was a great flow of wit and
eloquence and repartee. A great deal
of criticism of the existing order of
things; but each accused the other at
the close Of the debate Of having failed
to discuss the subject-and the accusa-
ton was we'll founded on both sides.
The truth is, there is not much to be
said either for or against the plan. 1t
is like debating the question whether
the planet Jupiter is inhabited; there
are no facts as a basis to reason from.
There is no argument by analogy.
Nothing like it has ever been tried. 1t
would require an actual experiment to
settle the matter, and an experiment
would cost good many millions.
The plan is to have the National
Government lend money directly to
the people at , per cent, taking as Sc
curity therefor either land or one of the
five products, cotton, corn, tobacro,
wheat and oats. Government ware
houses are to be built IN every county
raising products to the value of half a
million dollars ayear. There is to be
Government officer in charge of each
ware house, whose business it shall be
to classify the products stored in the
ware house and set value upon them,
and to issue to the owner Of such pro-
ducts so per cent. Of their value in Gov
ernment certificates, which shall pass
as money. The object of this is to
enable the owner to hold his products
for a rise in the market. When he gets
ready to redeem his cotton, or whatever
product he may have stored in the ware
house, he can do so by repaying the
agent the so per cent. advanced upon it
and proper sum for storage, insurance,
etc. If the product be not redeemed by
the end Of the year the Government is
to sell it and pay itself the so per cent,
''returning the overplus, if any there
be-" to the owner. Whatever money
the Government issues for the sub-trea-
sury storage goes back to the Govern
ment by the end of the year and is all
destroyed; and the next year the same
process is repeated.
1t is readily seen that this plan gives
FLEXIBLE currency" and that is re-
garded by its advocates as its biohest
econ'mendation. Whether flexible
currency is desirable is matter about
which people differ; but cannot enter
on the discussion here.
In the case of land, the plan provides
that the interest and portion of the
loan shall he paid back to the Govern
ment every year until the Who'll. is paid
the object aimed at being long credit
and low rate of interest.
Suppose this plan should benefit any.
body, who would it be? Not the man
who owns 10 land; for if he has nc
land he has no products, and therefore
can offer no security. The security
must be gilt-edged. Anyone can see
that it would not do to take risks along
this line, or the whole Government