Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1892-08-18
NEW IDEA INCOME rAx-No.sS.


ported upon adversely by Hon Mcmillan
of Tenn, on the last day of the first SEES
sion of the Fifty-second congress. Nc
MILAN in his report says ''The bill was
tabled providing an appropriation of
$50, 900, 900 for the establishment OF sub
treasures in all the counties in the
United States, upon proper petition,
where the value OF cotton, corn, wheat,
oats and tobacco, produced in the county
for the preceding two years exceeded
100000, shall receive treasury
notes equal at the date OF deposit 80 per
cent. of the net market value of those
products. Buildings are to be built by
the government, which is to become a
great storage and selling agent of the de-
positors. The object sought te be
obtained are impracticable, inexpedient
and undesirable, the committee is of the
opinion that if this measure becomes
law, the indiviamal and not tie government,
would be the only beneficiary" What
pity it would be for farmers to be bene-
fitted by national legislation. This re-
port is exactly in keeping with Nc Millans
scheme in the Fifty second congress
when he voted for and advocated the
bill then before that august body, to
postpone the payment by foreclosure of
the mortgage, the government held
against the Union Pacific Railway Co.,
for $s5, 900, 900 which was due, and bill
had been introduced to postpone the
payment one hundred years.
Another serious objection that McMil-
Ian had to the sub-treasury bill was, that
it gave special privileges to certain de-
fined products which he said "would
discriminate against other productions.
For the man who had no wheat, oats,
corn or cotton could not borrow money
at one per cent. per annum, as the bill
suggested" would like to ask McMil-
Ian why he did not amend the bill as
suggested in my first letter?
In that letter was found suggestions to
cover al! the objections set forth by Mr..
Mcmillan to make it reasonable and just.
But congressman that would favor
bill to extend a government claim of
$S5 100000 against a souless corporation
like the Union Pacific Il Central Pacific
Railway Co., for one hundred years
could not possibly see any rights due any
poor man.
Let our opponents 60 OIL few years
longer and it will be useless to have d
sub-treasury scheme of any kind for the
agricultural productions will all be held
by foreign landlords to satisfy the ten
antry schemes Of wealth concentrators.
There was a time when Hon. John
Sherman was Secretary of the Treasury,
that he was honest and level headed in
his plans of running the finances OF this
Nation. But he went down before the
money power, and John Sherman will be
remembered by future generations, as
tyrant and tool for Wall street and Eng
land
Hugh McCulloch U. S. Treasury said in
his report made and submitted that "In
1865 the people were comparatively out
of debt" This was true, the people be-
came involved during an inflated cur
rency, when money was plenty; contrac-
ton OF currency was brought about to in
crease the purchasing power OF the
money and thereby lessen the price OF
labor and all labor products.
When John Sherman was first in the
U. S. Senate he said "The reduction of
the currency is a far more distressing
operation than senators suppose. Our
own and other nations have gone through
that process before. 1t is not pos
sible to do this without the sorest dis
tress. To every person except a capital
list, out of debt, or saiaried officer, it is
a period of loss, danger, lassitude of
trade, fall of wages, suspension Of enter
prize, bankruptcy and ruin" How we'll
Sherman knew the results, yet how
easily he was handled, and how soon
thereafter, he became the leader OF the
villany. that he just said would do all
these things. He said further "To at
tempt these schemes by surprise upon
our present prosperous people in this
lawful business, and apply new stand
ard OF value to their property, without
any reduction Of their debts, or even Civ
ing them an opportunity to compromise
with their creditors, or to distribute their
losses, would be an act of folly without
an example of evil, in modern times"
Here we lave the evidence from the
highest authority in the Republican
party, that contraction of currency and
denomination OF silver as was done in
1872 and 1873, would bring great disaster
upon our people, especially upon the
producing class, yet both Of the political
parties combined and passed bill that
made the panic OF that decade. Was not
Shermans prophecy carried out and full
filled to the very letter? Did not the
producers property shrink in value
Did not the laborers wages go down?
Was there not bankruptcy all over the
land? Was there not q vast increase of |
suicides among men and prostitution
among women? Did not crime and des- |
titution multiply throughout the land?