The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-02-10

4CSAACAG N IA A6Q SOA4CbuAn& CSL%
ing to say about the stamford land bill"
This measure, it seems, has not been taken
up by the Alliance. til a bill introduced
by Senator Stanford "to supply the ma
tional want of a sound circulating me-
dunn" The plan is to loan government
money on agricultural lands at 2 per cent.
interest. There is kind of relationship
between the Stanford idea and the Sub
Treasury scheme of the Alliance. But it
appears that the Stanford bill is not salts
factory to the Alliance people in its pres
ent form. President Polk said:
THE term agricultural land in this
bill should be specific, and should be con-
tlued to mean such lands as shall be Gull
tivated or intended to be cultivated FOR
agricultural and horticultural products.
The great fear to be apprehended about
the provisions of the bill as it now stands
is that it may eventually lead to a system
of oppressive landlordism. The safety
of this republic, in my judgement, rests in
the preservation Of a staunch and pros
porous middle class of people. If the bill
can be sufficiently guarded to protect the
interest of that class, and it is practicable
to make its provisions a basis for an issue
Of currency which can be adjusted to meet
the varying conditions of our trade and
commerce, it will secure the sanction of
the great masses of the American people.
With the clause in the fifth section of the
bill which discriminates in the proposed
issue in favor of gold in paying interest
on bonds aud import duties, / fail to see
how such q currency could be stable and
heslthful. We should, if possible, remove
all chances for a degraded currency, and
from an Alliance standp pint l cannot favor
the bill in its pres mt shape, with that
clause retained I want to see a currency,
whether it be of paper or metal, where
any dollar bearing the imprint of the Gov
eminent of the United States shall be
recognized and received as having a value
of 100 cents for all debts, public and pri-
vate. The friends and advocates of the
financial policy as outlined in the Alliance
platform at Ocals, Fta., last December can
not and will not sanction any discrimina-
ton between dollars created by the Ma
tional Government. We also want the
provisions and the advantages growing
from this bill to be confined to bona fde
citizens of the United States. I al I'M
pressed with the idea that the machinery
for operating this bill is too unwieldly
and expensive to give the practical bene-
fetal results desired for small land owners
who wish to borrow money. I would put
no limit as to the minimum amount to be
borrowed, but there should be a limit to
the maximum amount to be loaned, or
there might be danger of an over issue or
undue imitation. There is another amend
ment l would suggest. In event of fore
obscure of the mortgage by the govern
me- t, in default of payment of the debt,
instead of allowing the government to
hold the land, | would require it to make
sale t. any citizen of the United States,
upon payment of the amount loaned with
all costs and accumulated interest, provided
the land could not be sold for more after
being offered on the market for a certain
period of time. Believing as I do that it
is practicable to devise a financial system
which can give to our currency the quality
Of fexibility, I am of the opinion that the
plan contemplated by the Stauf 1rd bill,
even if amended as 1 have suggested,
could be greatly improved by ENGRAVING
it upon the essential feature of what is
known as the Sub-Treasury plan of the
Alliance. If the two systems were
blended, as I believe they can be, it would
give our currency a basis as safe and
secure as could possibly be devised, and
would adjust the volume of issue to d eet
the demands of trade of this country"