The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-08-06
THE SUB TREASURY BILLS
Mr.. MoMinln Writes Their Obituary an,
Has Nothing Good to Say OF the Deceased

Mr.. MoMiilin Writes Their Obituary and
Has Nothing Good to Say OF the Deceased.
WASHINGTON, Aug. San obituary OF the
two measures known as the Sub-Treasury
bills was presented to the House to-day by
AIcMilln. in the form OF an adverse report
from the Committee on Ways and Means. The
report says the same general object is sought
to be accomplished by both measures. one
aprropriates 81 900 900. the Others $50. 600. 900
to provide for the esta blishment of sub-treas-
uries in all the counties in the United States.
upon proper petition. where the cotton wheat
corn, oats. and tobacco produced in the county
for the preceding two years exceed 100000.
or 5000, GOO. as prescribed in each bill respec-
lively 1t is also provided that the owner OF
products deposited shall receive treasury
notes equal at the date OF deposit to 80 per
cent. OF the net market value of those prod
ucts. Storage buildings are to lie built by
the Government. which is to become selling
agent ofthe depositors.
Prefacing its criticisms OF the bills with tho
statement that the objects sought to be OBJ
tanned are impractcahle. inexpedient, and
undesirable. the committee gives as its opin-
ion that ii these measures became law the in
dividual and not the Government would Lethe
only beneficiary: that large army of officials
would be mustered into the Government SER
and that the Federal courts would be taxed
beyond their capacity with suits growing out
Of the establishment Of these suh-treas uries.
One great objection urged against the bills
by the com mittee is that they " luId further
extend The tendencie" to Capitalization and
pat ernalism. which unfortunately character
iHe the times. No good could come from max
ing every citizen feel that from the time he
plants his crop till 1t is In! ve>te lie is to look
TO the Government for banker and broker
and for safe storage and custody. To do
So. the committee, contenIs., would re-
verse the sound principle that the people
are to support tie hove nuent and not
the Government to SUPPORT the people.
importance. This system once entered upon
bill. 1t would be the spectators delight.
the powers conferred would make it almost
ruit enough to use lis auihority to
t>elf in official place. 1t would mace it in the
power Of banks or individuals to destroy any
thcatrs Of deposit. 1t was class legislation.
The treasury warrants proposed to be loaned
to the holders Of produce on on, its deposit in the
ditional promses to pay. are to lie legal
tender. are charge uron all the revenues Of
money might have to he appropriated for that
purpose. They would have to be met and re-
deemed 6y an he fa OF taXato9 il the
tcrioration in value. or other cause. to bring
the amount issued upon their deposit. Such a
lax is Tor a private. not Il puillic purpose. and
IN the opinion of the COMMITTEE. an attempt to
authorize il is unconstitutional.
The producers OF certain produ ts are al
lowed to borrow money uIon them from the
Government. while this privilege is not ac-
corded the producers OF other products into
which there has z ne equally as much HtOr.
The day lahOrer cannot borrow. The man WHO
has no wheat. no cotton. no corn. or tobacco to
SPARE. however needy an whatever his ii ia
ton or demands. cannot avail himself OF this
means of relief by borrowing money at the
rate OF per cent. as here ltur"scd for others.
me comnllttee are unable 10 conclude that
II would hr Just to tax ono Citizen already too
poor to possess n surplus. to gct money to be
loaned at on" per cent interest TO another who
has n surplus. People having particular
one per cent, to loan to those ut u higher rate
who did not have. The most needy wOuli ut
last be Omprl"d to borrow ut n higher rate
OF Interest from those who had borrowed from
the hovernnont at n seemingly lower rate
But whatever the expectancy Of the prouosi-
ton. the committee think II j. viouiiyc OF tie
Constitution. and henc" should be rejected. 1t
treasnry to tn. citizens t" carry on private
business. Such loans have been held to he
unconstitutional wherever they have Teen al
tempted be made and submitted to tho to-t
OF ludiclal decision. The committee cites SOW
eral decisions of the Supl sme Court in SUPPORT
OF ms statement. Tho trainers Of the Con-ti-
tntloh provided for borrowing money. but not
ior loaning 1t. The bill provides for the cleo
m h OF the managers Of the suh-trrnsureS.
IIhey are Federal officials. and there is no au-
tthorl'y ior The election Of such. They have to
be appointed
:, The. committee unanimously recommend
that the bills lie on the table