The Opelousas courier., 1892-08-20
Correspondence.
OrELoUsAs, LA, Aug. 16, 1892.

The adoption of the Sub5Treasury. plan
would place the farmer on an equal tootlng
with other occupations in the markets
of the world. 1t would give us a flexible
circulating medium, which is so much need
ed in the fall of the year,, when several Dill
lion dollars worth OF farm products are
thrown upon the market within a lew WEEKS
all demanding money.
The present stable, infexible, and INSULT
Gent volume of circulating medium WORKS
against the farming interest at such o. Tune,
as against no other occupation, ana shbVerts
our cardinal doctrine OF equal rlghts 10 dr.
and special privileges to none. Let our oppo-
nents please show that this is not the case,
and they will have destroyed the heart ano
soul of the Sub.Treasury plan. We contend
that a stable volume to meetthe dehahus y
these OCCUPATIONS having a staDle deLnanu
for money is needed, and Il hexlole volume
that will adjust itself to the demands OF
those occupations having increasing ue-
mands mt different times IS also necessary:
1t has been shown by carelniiy ahailzlng "ua
siftinp the reports of the Secretary OF
tha United States Treasury. by az
ferent writer's, that less than one billion DOL
lars are IN actual circulation. L Will reieF
anyene for the facts Of my statement TO N.
4. Dnnuine's review of Secretary rosters re-
mort in the National Economist Oct. Sd, 1891.
THE Secretary claims about twenty'three
dollars per capita in circulation. his errors
are all pointed out and proven, and MT Duh-
ming has shown, by Il vast amount OF unois-
| DHteH eSlueItpt lhdb JIG HI1c"aD -
actual circulation at that time did not e&-
{ ceea five dollars per capita. we have
waited with much anxiety to see these state
ments refuted, but up to this date they
remain unchallenged.
SAMMY and demand regulates the value OF
nancy and property. If the demand for
money remains the same, the power or val
ne of a dollar is estimated by the amount III
circulation. Ii the amount be doubled It's
, valne would lie decreased 0ne-halt because
=. ..,lI1 Ian TIph az TPA AH IHG
demand: so, on the other hand ii the amount
Of nancy should be decreased ~one-haif, the
nurehasino mower or value of IA dollar would
. ha doubled. as there would be only halt the
quantity to meet the regular denianu: 90
there being about one billion OF dollars IN &C
: final circulation, and several billions, In the
/ wav of farm products, being thrown upon the
markets. at once, all demanding money, and
: money they must have to meet matufed CD
: locations. we can we'll imagine the power OF
Money To oppress. This power is continually
! enhanced by the money kings and specnia-
tors. controlling as much as possible OF the
r calculating medium in the time OF TINS great
demand, forcing prices often peio" the
J cost of production and therefore below a nv
t ING price. This great evil Is remedied oy tue
s Suh-Treasury bill. 1t provides for an III
crease of the volume of money where IL is
. needed, and Mt the same time it provides tor
;, the retirement of said increase when its heeo
{ ceases TO exist, and therefore does not IN
n ora.se the amount of money in circulation.
i, The chairman of our national ami on
r legislation, who Isl an able writer on political
aeenomy. saws; The financial features OF
e this bill are conservative, because they IN no
a way oppose on interfere with the present imam,
: eiaI system of government or the national
. banking system. 1t is taken for granted that
Q the daily and weekly business of the country
(; needs all the money now IN clrculatioh Dy
t the government, and the national panks, anu
), perhaps more of she same kind, or any gooo,
safe kind.
at is conservative again, because as
8 financial measure, it involved only the sam
Il nrinclples now in force in the national oahk
mo system. the only difference being one of
detail and not of principle and that Is in
u stead of depositing bonds, which are nothing
e Int an evidence of Indebtedness, and are there
o. fore a promise to pay value. rms Dill pro
. vIdes.tLat the value itself, in shape of a con
sumable product, shall be deposited as a pa
sis on which to Issue Treasury notes"
IL There is an element of conservatism, JUS
n flee. stability and certainty of security and
"A solyency that does not attend the present
system.
1t aacbeaper basis on which to Issue the Treas
nrp notes than the bonds are, for the reason
that the government pays interest at not less
10 than 3 per cent on the bonds, while the agri-
y cultural deposits wonld ask no interest, and
would more than pay all expenses incurred
besides becoming in time "a valuable source
of revenue"
., Will say again, let those who are pleased
to denounce the bill as foolish, absurd, pre-.
Ia MYSTERIOUS, impracticablet unconstitutional
"a etc prove that a stable infexible volume OF
= money as a circulating Medium, does not dis,
y criminate against the products OF the sol
r. and thew will have destroyed the Sub-Ifeas
r ury plan. Until that is done, the Alliance
IN will stand by the bill and the party and mer
that favor it. Our present Int1exlble me
ainm not only forces the products out of the
1t farmers hands below a living price, at a time
when he must have money, but as those pro
re- dncts are gradually consumed, money be
comes more plentiful, prices move upward
III and hy the time the farmer is ready, II he ii
If. fortunate enough to get in that position. to
ut buy his supplies for the year, prices are higt
/, and he again pays tribute to the money
!. power, aud quietly submits to the inevi
table. We often hear it said that overpro
v duction is the cause of the low prices. This
re- is true when it can be shown that there is 9
: surplus of any prodnct in the markets of tht
world caused solely by overproduetion and
no other cause. In 1888 this country pro
duced 81 bushels of wheat per capita and
Mt If sold for one dollar and fifteen cents pei
: hnshel In 1889, seven and one haf bushels
., ner canita were raised and sold fer 10 cents
ny ner bushel. 0YerprodHctlon was not the
liz cause of the difference in the price here, bnf
our financial system. The Sub-Treasury plar
&c would have prevented that. We ask thu
= government to take charge of oar farm pro
ducts, as it does the whisky, and issue US q
g. ner cent fits local value. We will then be out
n Of the clutches of the SPECTATOR and the mon
ey mower. and can sell direct to the consumer
Y and manufacture at such times as it is needed
OF preserve stability of prices, get cheap trans
IN portation, etc. Louisiana would be entitled
n 10 about TWENTY-FIVE warehouses and that mum
q. her of county towns would receive a boom
g rice mills, oil mills, congresses, cotton tactic
ie ries, NEUTRALITY-SUSPICIOUS. and, doubtless
q many more Improvements would follow thu
al enterprise. Science has made such rapid
- strides of late that alright warehouses car
now be built, with a capacity of 500,0U0 bush
els. and all the late improvements for $50,
st 900. These are guaranteed to keep graiT
~ safe and sound as long as Joseph kept it. il
the land of Egypt.
~ And now a few words in regard to fret
coinage. The average farmer, and especially
be the Alliance farmer who is studying politiea
IL economy as never before, very we'll under
:. stauds the fact that free coinage of silver, al
q matter of initiation, has very little impor
lance, it's chief advantage in this direction
- being to put a check on further contraction
IA But ii has been shown time and again, tina
the legislation against free coinage has re
- duced the price Of silver bullion 80 per cen
below its coinage value that London ORDER
he | for Asiatie silver are based upon this reduc
~ ton that their wheat and cot9on are paid fe
= in silver that the London price fo
y those Aaiatic products is based on silver
which takes 80 per cent from the price o
,r. American cotton and wheat. Free coinagl
a. will bring silver to par and add 30 per cent
to these products. These are some of thi
10 advantages we claim for free coinage.
i'll The Alliance knows no party, but will
"a. work and vote for men that honestly repre-