The midland journal. (Rising Sun, Md.) 1885-1947, 1891-06-26
The CIRCULATING Medium.

as to causes OF agricultural depression
as we'll as remedy therefor. AS a
great many objections are urged against
relief measures Of the sort named and
notably against the proposed sub-treas-
ury and land loan bills as demanded by
the Farmers Alliance | should like to
answer some of these objects. The
partisan press calls measures of tho
sort named, as chimerical, impracti-
cable, unconstitutional, and claims that
they provide for unsafe and dishonest
money. When 100000 farmers en- :
dorse a measure like the sub treasury
and land loan bill, there may be some
imagination or fancy about it but
nothing but reasonable logical, conclu.
sive argument will convince those
earnest men that they are wrong or
pursuing shadow. The objection
of impracticability cannot be reason
ably maintained against it as long as
the measure is yet untried. The most
space and argument is however devoted
to prove that it is or will be uncon-
stitutional. Now upon perusing the
constitution find in Article I, Section
seven. among the powers delegated to
Congress that it shall have power to lay
and collect taxes. Now / claim that
interest on money is tax whether
money is loaned by government or in
diyiduals. because capital without aid Of
labor does not produce anything. Take
all the capital of the world and pile it
in pile, guard it by an army and see
how fast it will increase, or how much
wealth it will produce. Since it does
not produce interest paid for its use is
tax on productive labor. Now we do
concede the power to tax US to the
government but not to private parties.
For the government to loan money
would be simply directing this species
of private taxation to its proper legiti-
mate channel.
The revenue item of land and sub
treasury bills is a matter not be sneezed
at. in the face Of the fact, that deficit
will occur 10 our national revenues,
and ample warranty and provocation
exists to pass as revenue bill by
changing title SO that it will read. ian
act to provide for an additional revenue
and to regulate the collection Of the
same" The same clause of the con-
stitution says, that Congress shall pro-
vide for the general welfare Of the
country. Under that same clause
railroads have been aided, subsidies
granted. warehouses built, pubic build
ings of all kinds erected, money loaned
TO expeditions and perhaps the national
banking act, refunding act, demonetiza.
ton of silver act, contraction Of currency
act, specie resumption act and many
others were passed under authority Of
the clause. Now I am not constitu-
tional lawyer enough to see that it is
more to the interest of the general
welfare to build public building in
Confederate Cross Roads or somewhere
else, or to substitute steamships or pass
the various acts named than to save
the homes Of the people now under the
clutches Of Shylock. l think the
makers of the constitution would moi
object to stretching that instrument il
need be SO as to help those worthy
wealth producers. But Congress shall
also have power to regulate commerce
Now can we have commerce without 9
medium of exchange in sufficient vol
ume? Would not the commerce be-
tween the various States be greatly
increased by an increase in such vol
umey Is it not the duty of Congress
under this section to stimulate inter
State commerce? But we further read
Congress shall have power to coin
money and regulate its value. We
have now four kinds of paper money
gold and silver certificates, bank notes
and legal tenders. If Congress has
power to coin one kind of paper money
it has power to coin another equally
good. Now money issued under sub
treasury or land bill will be simply
another kind of such paper money
The constitution does not specify any
certain way how TO emit money q
bring it into circulation. When Con-
gress passed the National Bank Act il
virtually laid claim to the right to
adopt any way it might choose to bring
money into ejaculation. The people
demand more money, they don't want
it brought in circulation by gifts, mol
By extravagant appropriations, and
what better way can be suggested tc