Los Angeles herald., 1892-04-02
LETTER BAG.
Judge Widney,s Theory.

Ouuko "Suhc AhSoAys
EDITORS HERALD: Judge Widney, in
his article yesterday in the Times, says ::
Banking, with proper limitations and
safeguards, is necessity in modern
civilization" This all sensible men are
willing to admit. Yet, at the same
time, the loan suggested by the Farm.
ers' alliance does not at all interfere
with the banking system as it is now
conducted. They do not ask for short
time loans. If the loan they propose to
negotiate from the government is effect
ed, there will be no occasion for short
loans, the principal one on their prop
erty being sufficient to supply their
needs for some time; and when, through
it, they are able to improve their prop
erty, supply themselves with teams, i'm
plements, etc., and pay the small amount
of interest due, will be much more able
to plant, harvest and store their crops
annually than when having to pay the
immense interest that is now re-
quired by the bank. There are
but few farmers able to pay from
10 to II per cent interest. The immense
amount of interest demanded by the
banks and money lenders at the present
time has been the cause of many fail
ure. and the agitation OF the loan from
the sub.treasury for the period of twenty
years, more or less, feeling that they
would be better able to pay an interest
OF 2 or 8 per cent annually for that
space of time than the enormous rate
asked on short loans. II the judge will
investigate the subject he has written
on little more he may perhaps see the
mistake made in regard to the sub
treasury loan proposed. He says: "None
OF the financial schemes proposed by the
alliances will furnish a substitute, or
even meet the necessities and wants of
the farmer alone" As mentioned above,
the amount secured from the govern
ment would be sufficient to give the
farmer assistance enough for the first
one or two years to get his crop in, har.
vest it, etc., and his yield from his land
in the succeeding years would be enough
to pay his interest, expenses and per-
haps leave surplus if conducted as all
good managing farmers are able to do.
The judge says loan through the sub
treasury implies crop of corn, cotton,
etc. This is mistake; careful inves-
tlgation of the loan as proposed will
show that it is effected upon the lands
only, and has nothing to do with the
crop, and if the farmer thought proper
to negotiate loan from a bank on his
crop, it would not at all interfere with
the one from the sub treasury, the land
being the security.
The Judge further says: "All tenant
farmers would be out" That matter
could be very easily remedied if our
officers would, as they ought, introduce
into their system of assessment
little more equalization in taxation
than we have just now. 1t looks rather
hard that the settler or rancher who has
only from five to forty acres of land has
to pay the amount of taxes hidoes,
when the large property owner along
side of him whose land is equally as
valuable, and has from ten thousand
to forty thousand acres, gets off
with taxation of a few dollars per
acre. There is neither right, Justice nor
honesty in it, and those large property
owners should be made to pay the same
amount per acre as those persons who
have but few acres, and are improving
their land as we'll as the country. The
others are not, and are retarding it's
progress.
Eoualize taxation, compel the large
land owners to pay tax upon their
property according to its value, or what
they ask for it, and in a short time
land that is held at such enormous fig
ures that poor man is not able to buy
it, will be put upon the market at its
real value, and we will soon have
country filed with settlers, the land
that is now lying idle finely cultivated,
and our whole country blooming like
rose."
If the rule of equalization in taxation
was adopted, We would have but few
tenant farmers, and fewer land monop-
olists who have no part in the progress
OF the country, and the great country
we are living in would come nearer be-
ing model republic than land of
aristocrats, monopolists, capitalists and
would-be nobility.
Another item in the article refers to
the fruit farm and stock raiser, which
has nothing to do with the sub-treasury
loan. They can borrow as well as the
agriculturist. This loan is for the ben
eft of the farmers and to assist them
in paying the heavylien on farms
where they are attempting to make a
support for their families, and assist in
the progress of the country, which in a
short time, If those enormous rates of
are not stopped, will fall into
the hands OF these monied men, who
are at the present time trying to own
the world. ''The farmer is the bone
and sinew OF the country" but if this
continues where in short time will he
be? Out of money, out of land, and
thrown upon the country for support.
In regard to the proposed national
money SYSTEM" why not show it to the
people?
The article written has been very in
teresting, although l do not agree with
the Judge in all its points. The answer
given to the gentleman in reply to What