The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-05
What the Alliance Wants.

! q 81 L4uOh All buc ALOc COlub6O VI DIV OAs
1t demands that the government shall issue
fat money in an amount that will make the
volume of the currency about $50 per capita.
The amount in circulation now is
about $24 per capita. Col Polk de-
clared that the alliance wants the present
amount more than doubled, and also wants
the government to loan this fiat money to
the people at low rate OF interest on such
security as they have 60 offer.
In his inter view Col Polk also said that
be thought that after the meeting Of the
national conventions alliancemen would
take one road apd the Democratic aud Re-
publican parties other roads, for the reason
that the foancial planks IN the platforms
of the Democratic and Republican parties
would be dictated by Wall street.
The government can, OF course, put It's
stamp upon paper and call the paper money,
and the people will take a certain amount of
it, but there is a limit to the amount they
will take at par. II there was no limit there
would be no need for the government to
levy taxes to meet its obligations. 1t would
simply have to set its printing presses in
motion when it wanted money.
But Col Polk doesn't want the govern
ment to issue any more money than he and
| his alliance brethren think is sufficient.
How are they to determine what
amount is sufficient! They say
now that $50 per capita would
answer their purposes. How do they know
it wouldl They want the government to
loan money to the people at 2 per
cent. per annum on such security
as they have to give. How long
would It take to exhaust an issue Of
$50 per capita upon such conditional And
then there would be demand for more
money upon the same conditions. The peo-
pie would seize upon the opportunity to get
rid of a vast amount of property OF one
| kind and another and the government
would have to employ an army Of agents
to look after the property, much Of it
of little value, that would be thrown
upon its hands. Few would pay back TO
the government what they received from
it If they could avoid doing so, and many
would seek to get money on comparatively
valueless security.
All dat money schemes prove disastrous
| eventually. They are Immediately product
i've Of an apparent prosperity. but they
end in financial ruin. Col Polk should
study the financial history of the Argentine
Republic Of the last few years. 1t would
convince him, probably, that he could ad-
wise nothing that would eventually prove so
! disastrous 20 the farmers and the whole
people as his fiat money scheme.
The MORNING NEWS pointed out
Yesterday that in New York there
Is now more money than the banks
know what to do with. They cahnot in
vest it prodtably. Why doesn't Col. Polk
| devise some scheme to get the money already
in circulation more evenly distributedq
There is plenty Of money in the country =,
but it is not distributed as it should be.
The amount of money in circulation now,
| in proportion to the population, is greater
than at any previous time in the history of
the country. From 1886 to 1890 nobody
complained that there was not enough
money in circulation, and yet the per capita
circulation was not as great then as it is
now. Between those years the annual in
crease in the volume of the currency was
| from $4,000, 900 to $50, 100000. Now it is
! So, 900, COO Some of the ablest writer's
| upon financial questions say this amount is
| too large, aud that it is having the effect
OF driving gold out Of the country. 1t is
certain that gold is leaving the country in
such large amounts as to cause uneasiness in
money centers.
The statement of Col. Polk that the fnan-
clal plank in the democratic platform will
| be dictated by Wall street shows that he is
much more of demagogue than alliance
men have been led to believe. What reason
has he for saying that the 900
| and more delegates to the democratic
national convention from every part of this
| great country will call upon Wall street to
tell them what to say upon financial mat
ters, or that they will permit Wall street to
| frame a financial plank for them, or that
Wall street will attempt to shape their
financial declaration2 He must have known
when he made such q statement that Wall
street will have no more influence in the
Chicago convention than it had in the al
lance conference at Birmingham. His
statement that it would dictate the financial
| policy Of the Democratic party could only
have been intended to prejudice alliance
men against that party. and, therefore.
was unworthy Of man holding 80 high a
| position as that of president Of the national
| alliance.
HaTf ~ khn