The farmers' union. (Memphis, Mo.) 1891-1895, 1892-11-10
Concern urrcucY.

COncern'n. currency.
Pushing financial reform to the
front has compelled our Democratic
frlculs, even III the South, to pay
more attention to this important issue.
In the several Democratic speeches We
have heard, it is true most of the time
has been devoted to the defUnct force
bill and personal abuse of Weaver. ct.
al. Colonel Livingston was the first
we heard discuss the finance question.
and strange as it may appear to our
friends, this ers.while great champion
OF the sub-treasury forgot all about il
and gave lis something better" of the
Democratic party. viz: State Banks of
isssle. What are the Advantages claimed
for State Banks?
First. Immediate relief. Colonel
Livingston stated that the Georgia
Railroad was ready, just as soon as the
10 per cent. was abolished, to issue
Sl.o0o eco. This, to us. was new
phrase OF the programme. To the al
ready tremendous power conferred on
our railroad corporations to tax us all
the traffic will bear on the eqchange of
| our products. is to be added the priv
ilege of the control of our medium of
exchange. Well knowing as they must.
:hat whoever controls the money of
tke nation controls all industry OF the
nation" Ii this is not centralizing
power. what is it?
Who will douht but that every rail-
| rord company in the nation will gladly
issue millions of dollars Of money to
pay their help. construct new lines,
et.'., none of which. mark you, can he
made legal tender, for Congress has
| Wl:eiy reserved that power. is money
issued by private corporation on its
| credit better than money issued by the
general Government on the credit, not
| only of these private corporations, but
| all the other wealth OF the nation. as
well? Certainly not The vital OBJ
lection to this plan is that it would
.dd enormously to the great and al
| roacy dangerous power possessed by
he railroal corporations of the nation
It the present time, which is practically
controlled by less than dozen men,
BY others the Indictment j. piausi,lv
Es'd out that under a Stat" Bank svs-
tenn any number OF farmers couli form
4 Joint stock company and hv issuing
their notes secure supply OF money
which would pass curren; in all busi-
ness Transactions
We can rest assured tia. when such
a plan is formulated it Will he surround
I'll! by So many safe guards as to leave
the farmer ont. They would require.
and rightly too, uncmcsmhercd real
| estate security, Il scarce article with
| farmers at the present time. That is
simply thrown ont as Il bait to catch
gudgeons." 1t could net b., made
legal tender and would have but a
limited circulation. We demand
rational currency. full legal tender,
wherever presented. President Har-
| rlson in his letter of acceptance. de-
s"ribes the result hy repeating history
| under such system in our own coun-
try. The denomination of 4 bill then
was no indication OF it's value Mcr-
chants deposited several times during
the day lest the hour of bank closing
should show depreciation of the
money taken in the morning. The
traveller could not use. in journey to
the East, the issties of the most solvent
banks of the West. and in consequence
n money changers Office was the
familiar reighbor of the ticket office
and lunch counter. The farmer
end lahorer found the money
received for their products or their la
Dor deprecated when they came to
make their purchases and the whole
business of the country was hindered
| and burlened."
We would soon find that the state
hanks by farmers, through discrimina-
ton. would, like our warehouse and
other cooperative companies, be
| crowded ont.
Further advantages would be found
| in the ease with which money could he
| borrowed on the security of real estate,
thus remedying one of the principle
grievances of which the farmer com
plains Even though that grievance
| should be removed there are still three
| vital objections.
|. These issues would not be legal
! tender.
. 1t would still leave the power of
contraction and expansion in the hands
| of private corl orations.
| 3. All interest accrling on this pub
lie necessity would go into the tills of
private corporations instead of the
public treasury.
| Then, too, the difficulty of obtain
ing enough money at certain seasons Of
tse year, when it is needed to move
the crops, will disappear. Our sub
treasury plan provides for tha. in
much more satisfactory manner. by
leaving the expansion to the producers
of tho wealth to be exchanged, and
not to spectators interested in cheap
products.
Instead of accumulating in New
York, Chicago, or o;her large cities,
The tendency of state bank notes will
be towards remaining at home, ready
Mt all times for every commercial pur-
pose.
Why the tendency to remain at
home? Simply because of its question
able value away from home. DO you
want to exchange your labor, or the
product of your labor, for such a
money? We demand national cur
rcncy, safe, sound and flexible. In no
particular will state banks fill the bill
The rates of interest, now so often
the chief obstacle in the way of the in
vestment, by the farmer, of more capi-
tai in his business in the shape of bet
ter stock, improved machinery, new
! buildings, etc, will be lowered in all
sections OF the country" That may be
so, but not to the same extent as by
direct issue to the people. These state
banks will engage in the business for
the profits to be made out of it, and
not for tho benefit to the farmer. We