The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1891-05-09

OOJoctlOh mlght with equal prOpriety b
Congress should be prudent in their exercise
avoid responsibility for their neglect an,
more than for their misuse.
Unfortunately for the country. Congress
has delegated too much Of its power over tn,
public currency to the National Banks. ant
their policy has been to create a scant cur
rency. Flying from the evils OF too plethora
money supply: they have heedlessly narrow.
Cd to a beggarly limit, putting the business
Interests OF the country on half rations as il
Were Congress and not the banks must reg.
| ulate the volume OF the currency. And II
would be wholesome to remember that 1t il
standard by Initiating meager currency us
1t Is to restrict a redundant one.
| THE POWER OF CONGRESS- TO LEND THE MONEY
AND CREDIT OF THE GOVERNMENT ExER
CIsED WITHOUT RESTRAINT FROM
THE COURTS.
That it Is the popular opinion among the
lending minds of the nation that the cOnsti-
! tuition does vest in the discretion Of Con-
gress and the executive the power to loan
the money. or credit OF the government Is
and again such powers have been exercised
WITHOUT judicial restraint. In this connec-
tiOn will recall to the attention OF the read
| Or several incidents previously referred
e. they appKh With a, sSaal fSee to The
Northern Pacific Railroad with funds real
ixed from the sale OF bonds endorsed by the
government. and the policy OF lending the
public funds to the banks as practiced by
both Mr.. Cleveland and Mr.. Harrison. In
the former case it was Il loan Of the govern
ment credit to a corporation for the pur-
pose OF creating Il thing OF value to be owned
| and used by the corporation. The latter
was 4 loan direct. without interest Of the
public moneys. 1t is true that it was in the
nature Of deposit and was held subject to
| the order OF the Secretary OF the Treasury.
but It is equally true that II was intended
| and treated Us &: loan. Millions OF dollars
tional exposition associations The Nation
| al Banking system Is conducted upon the
| credit OF the government and pays only one
per cent for the use OF it. In i796 the Bank
power to issue money and to charge six per
| cent interest on its loans. The government
gave credit to these notes by making them
.receivable In all payments to the United
States thus practically endorsing them.
! Later on. the bank and its branches were
made the repositories OF the public moneys.
| Every banker understands the value OF such
| deposits. They know II Is III effect q loan
without interest.
THE CREDIT OF THE GOVERNMENT AND NOT
! THE PRODUCT STORED THE BASIS OF
| CURRENCY ISSUES.
As to the particular kind Of money pro-
posed to be issued through the sub-trcasu-
ries on products stored In warehouses; or
upon land il understand correctly, the pro-
visions of the bills that question cuts no
very important figure in either. It is Il mere
matter OF detail as to whether the money
| loaned is to be gold or silver or legal tender
greenback based upon the promise of the
government to redeem in coin, or it may be
based upon the promise OF the government
to receive IN payment OF all debts.
This condition will of course be governed
by the supply Of bullion. If the necessary
amount Of gold and silver can be secured Ia
Ant ~ thaai
at then gold and silver will constitute the
| new issue, II not, u paper associate Is inevi-
table. 1t never has been the intention of
the Alliance that such issues should rest
or In land. It is not intended that the pro-
ducts or the land should be referred to In
the remOtest degree as a basis OF issue. The
| storing Of products and pledEing OF land is
mont proper security for It's loans. The
note OF the government made II legal tender
for the payment OF all debts public and pri-
vate as definitely stated In the bills is good
enough for some OF us. Such II currency,
would be controlled in its volume by the gov
crnment alone. The basis OF ISSUE the pub
lie credit, would be the same as that OF the
National bank currency, ana would be the
| sOunder medium OF the two in this that the
government would be responsible for the in
tegrity Of the note and not the banks.
But be the character OF the money what it
may, the Alliance will insist upon its being
| new issue OF new money. In other words
! the loan. That, as ! understand 1t. j. all
that is mandatory in either bill upon the
currency question.
OPPOSES THE sUB-TREASuRY BILL IN ITS
PRESENT SHAPE
have endeavorcd to show what ] ul,-
| derstand to be the true principles upon
which the Alliance demands are based
| kNn. %HnN l. 1,Sf.r fn thsA$ $I,N-
mutation Of these principles int" q practica-
BILE. feasible measure. The sub treasury
bill as at present drawn is not what want
to see enacted into law. Its details arc
too much confidence in the patriotism and
good sense Of the farming class not to be
| willing to trust them to cooperate with the
legal and financial intelligences Of the land
The Of f9s hs ns as
fail to speak 1t: or his pen to express the
| true desires OF his heart, the farmer only
asks that justice be done him in the admin
istratiOn OF the government he has done 50
much to establish and sustain. know be-
hind the agitation that has crystalized into
| the "sub-treasury schemes" Is the great
honest heart of the American agriculturist;
| that his hands have never been soiled with
the desecration Of any altar Of home; friend
| nature has ever been listed on the side OF
honor, truth and Justice. and that he will
never demand ought Of his country or his
neghbor that would bring reproach
vulsed with shame over his own puert!ity IN
allowing his property rights assailcd, and
his honor and manhood compromised Dy
submitting to leaderships that, have used
and feeling his disappointment In them and
despairing over tho gloomy prospects ahead.
he has turned upon his prosecutors and In
| the might Of his unframed and untutored
hn Inn ASHdc lie