South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1891-10-09
The SUB TREASURY SCHEME.
A Short sub-Treasury Argument.

A concise and sys,emasic man per of
treating this subject 10, 10 divide Il
into three parts. and consider sspa.
rAtely. the necessity for. pr inciples OF
and the detail Of the plan,
The Necessity for the b-Treasury Plan
10 found in the great annual auctua,ion in
the relative volume OF money Ia circulation
at this time, and IN the fact thai such ductu.
stiou Is the direct aud no ivoidable result: OF
the present financial system. Under .he
policy of practically 6xed number O.
dollars for the gross circulating medium
throughout the entire syear, the rela =
ton OF the volume of money TO the dema d
Tor it, use 10 only about one-half - Qrea,
dnring the fall and winter seasons a. dur inQ
Vie spring and sup mer seasops. This 10 true
becAuse improved machinery for hsndiinQ
and preparing the products Of agricoI tur
tor mark ct, improved m, ihods Oh wAnspor.
tation and the wonderful modern methods
Tor the transmission Of intelligence. havo
shortened the season for marketing aha
products OF agricu lture 50 that they are
now practically dumped upon the marks. de-.
handing money in very short space Of time
and az consequences become q plsruRpise
IsyLUsscH that capses this great relstiys
contraction In the volume Of money. This
.
tended with powerful tendency 10 falling
prices which 10 most potent upon tho prod.
acts OF agriculture because ihsy are the
DISTURBING INFLUENCE that 10 aenspdine
money from other channels OF business. This
position is demonstrated By the fact that the
average huc'uation In the leading farm
products for the last fifsy years hes bssn over
forty per cent. This partially shows the
enec' aPon price. The effect upon the money
n n rnn - to- In f,all~ al.
TALL months OF 1899 stae Secretary OF the
Tressnry was compelled. in ordsr TO a-est
panic in new York on sccoant Of The scarcity
OF money, TO pay out e20O, 000, 900. and Al
the ssr1e time the banks used Gao oeo,ooo
clearing house certificates in the plao: OF
money the Law required them to Aola AZ Pa.
,erve against dcposi 70; and money r,Ied In
wall street le9 pc. esut On cali. The fol-
lowing hsy, June and July the coodj,io.
was changed. The reserves had been ns de-
good In money and the banks rsportsd a
$500. 0OO, 900 surplus. This took $50. 600 COO
out OF the hlsinsss Of the country; the aoId
exports amounted TO ST3, 300, 600. The in
crease IN Gosh ia the treasury WA anon,
t37 600, 900. and the cancellation Of nation.
al bank noles about - 500, 200, making n
cooirsction in the thres months Of o,.r
$4,000 COO, and money was reported a
drug on the market AT per eeut on cali.
No country 10 the world ever has been con-
uolitd oy CONDITIONS that produced such eIes,
nuc'uAuonbe we relative volume Of money
every ear. and since this great huc,nstion
Is the direct result ofthe systtm. ga :. d;s.
asirous every Spfo ductiVe add necssasr 9
business pursuit AID beneficial 10 ibs err
ploiter alone, the necessity 10 th,t auc,ua.
tons 10 the volume Of money during din r.
ent seasons Of the year be stopped. The
huc,uAtiOu in the vOlu ms Of money reacts
the most uufavy rably upon sgrieaItn,s DO.
cause iis products, Wb eat and cotton are the
disturbing influences that produce the COO
traction, and therefore their price, are mos,
affected, and because agriculture is q seller
during The season in which prices are de-
pressed, and a buyer when prices are At ,bei,
highest This is direct diacrimtnatioo
against agriculture equal 10 Buctuation IN
price. The ECoHoNisT has frequently claim.
ed this dscrimio nation To equal 80 per cont
but IL now seems from the census repo,,s
that such estimate 10 too Conservative Ths
average inc ease OF wealth for ten ,eats Il
said 10 he as percent, and tho AVERAGE IN
crease for came time Of tne wealth Of those
en- aged 10 agriculture 10 Only per cent
From this data, and the feet that altbe De
ginning o. the ten years the farmefs owned
ooe fourth OF the wealth Of the nation n var
simple calculation sho rs bat the Avera =
Increase 10 wealth Of ell other occupations
during the same time was 81 per ceot. Ia az
proving that the farmer lacked 49 per cent
OF keeping up in the general prosp Gritty. n
bis sbility. industry sod frugaliiy has been
equal 20 that Of The average in other occupa p
tons, hit must represent the measure Of the
inequality under which he lsbors. Here,
than is the necessity for The sub treasury
for The purpose OF preventing the auctusuCn
Ia The ,elsiive volume Of money which is
aueaded with fluctuations m prices that are
detrimental 20 All pursuits except the er.
plCitef.