The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1892-09-02
SUB TREASURY SCHEME

a correspondent Of one Of our exchanges
says:
In view Of the growing importance Of
the people, party as factor in American
politics, beg TO submit to the readers of
the Telegram who may be interested in the
subject few ideas bearing upon that
party financial policy.
tsplatform demands national currency.
to be issued by the government, and loaned
direct to the people at not to exceed ,,er
cent interest per annum. The scheme Of
distribution known rs the sub-treasury
| plan Of the farmers alliance received ti4e
indorsement OF the convention. and the plat
form demands that this plan, or betterone.
be put into effect The principal features Of
this plan are that warehouses he erected Ily
the government; that non perirhabIe farm
products Is received on storage at these
warehouses, and that such products 80
stored, be accepted rs security for the pro-
posed government loans The purpose Of
the plan Is todo away with the loss to
which the producer is ssbie@tel in the cx.
change Of his products. through heiEg corr
PEELED TO sell in an anfavorabe market. ~
secure a loan at Interest, 10 mect his re-
quiremenEs for money. Upon the necessity !
ofsach relief is based the aggIn mt in It's |
favor; this necessity affords IN answer to |
many ofth objections urged against it.
The plan Is 4 new one and untried; il il |
radical and far reaching. and common con |
sersailsm demands for il q mos: careful
consideration before lis incorporation into
oar national legislation. The enormous
cost to the government in erecting the
several thousand warehouses requisite il "a
very Questionable feature. s.sIzseialiy rs il |
IL not demonstrated that the plan would be !
successful. il l-sing natter more nor less
than an experiment The necessary in
CREASE in the pahlie service and the anncsl- |
ing Of ano;laer long line Of governmental
tape are objections Of signisieanoe, as Is
also the opening of another and particular |
iy tempting avenue fnr frand. which must, j,
together with enorgneas Losses By lad Judg- |
Inent and ineihcierscy Of governmental Of
scials. he an inevitable accompaniment of
such q Fyssem. The customary losses in |
monetary transactions from unfauasen and
unavoidable causes nast likewise b. taken
into account in weighing the psaciieahi!ity
Of the plan. The accosnplis@ usens Of the
purpose of the plan woald he in itself OBJ
lectionable. sinoe tisexe can be no gain IN
trade withOu; a corresponding loss. and
every dollar hegislated into one mans
PecsEs ~osald be naoessarily legisiased 0uI
Of aaosherss.
The taet that certain classes Are noK
/ Iasozed by sEseciai legizIatioa does not. as
saany ssem 10 think, furnish jassiscasion
for llosasing another class to plunier the
pa'eiic- Probably iise greatest gain 10 the
lsesesiaairies of the proposel plan, as vel
As the grOssezs injustice d, the pablic en-
suing shrOugh Iss operation. would result
from tbe unwarrAstahse Increase of The
EEosisscaT capital, euzblIng him TO rake \
pFosit n0s ouiy by hOlding his rFOis Gus for
3 favorable market. bat rcsarn from The
amount a the loan ~ vel. Ia illnssrz;a-
IN S5La0 wozsh q wheat The pguxiaceE
Woald borrow 80 T.er cent Of its value. CT
5000, ,; nominal rate of interest. equal
70 the eass the government N tEaRsaction.
thereby increasing his capital upon which
to take prOat oE the pUblie 10 5000.
while his actual capital w,ald t.e but sIc9o.
As cnly certain amoant of wealth Is pro-
aucei annually. this favored citizen voaId
take unto. himself - per cent more than his
share. paying oai merely nominal sam 70
/ the government for the maintenance of the
machinery Necessary to the accomplish
'EaeIi Of his purpose.
Before accepting either the financial. land
or transportation theories Of the new party.
i would certainly he vel f0- the vosr to
carefully weigh them in the balance and
find If they are ngi wanting.