Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1892-05-27
l1,aisg 1as,,,s-l'si Chronicle
rs CENT PERGWEEK.
w. w. BARKsDALE. PROPRIETOR.
He Correets Some yMisapprehen sions and
shows tnsA tHoonstt.utionaiity of
-..tha Sub- Treasury idea.

TheIAmerican reprints the follow
ing interesting letter from Senator
Harris. published in the Union City
Commercial, ..whichgought TO be sat
Observation-Disclosures of the sub
treasury idea:
"John E. Wells, ESQ., My Dear
Sir: In the: hurry Of other engage
ments / have postponed answering
yours OF the ed instant until now,
and In answer must express my sur
prise thatsanybody should. ahave as
serted that the Government of the
United States in 1916, or at any other
time, "loaned money on lands and
non-perishable farm products. j"
There is not the shadow Of truth in
any such assertion. The Government
OF the United States never had, and
has not now, the constitutional power
to loan money to anybody on any
sort OF security.
"If it be possible to find an excuse
for such absurd and false statement,
the nearest approximation to an ex-
cuse for it will be found in the fact
that In 1886, when there was sur
plus in the Treasury and a revenue
system in existence that would prob
ably increase that surplus, there We re
two expedients presented and urged
as methods of getting the surplus out
OF the Treasury and restoring 1t to
circulation.
"The first was to distribute
amongst the States mot the people,
the proceeds of the sales of the pub
lie lands, which was opposed on con-
stitutional grounds, aud grounds OF
sound policy by the Democrats OF
that day.
"That failing, the other and the
successful method adopted to accom-
plish the object, was to enact a law
authorizing deposit of the surplus
with the States in the ratio of their
representation to Congress, each
State pledging its faith and credit to
return their deposit SO made, when
demanded by the Government 81 the
United States.
This act passed both houses of
Congress and was approved by Gen.
Jackson, and the surplus was so de-
posted.
but this transaction was not a
loan to the States. 1t was simply
depositing the surplus money OF the
Government of the States instead of
keeping 1t locked up in the vaults OF
the treasury. And while so deposit
ed the States could use it and thus
restore it to circulation.
1.-THE extent to which our agricul-
tural friends have suffered and are
suffering has driven and is driving
them to desperate expedients. They
mistake the causes Of, and the
remedy for the evils under which
they suffer.
1.-THE causes are two-fold. First,
under the operations of high pro-
tective tariff hundreds of millions OF
dollars are annually transferred from
them (not to the Treasury OF the
United States), but to the pockets OF
the protected manufacturing monopo-
lists. That of itself would, in the
course of time, greatly cripple, if 1t
did not destroy them. But, in adj
dition to that, the effect Of the de-
monetization OF silver has dimin-
ished the volume of money, and the
amount of money in circulation regu-
lates the purchase price OF all COM
modities. To illustrate what l mean,
l will say that if to-day we reduce
the amount of money in circulation
to one-half its present amount, just
as soon as the business Of the coun-
try could adjust itself TO that new
condition, il would take twice as
much property or twice as much
labor to get dollar as. il does with
our present volume of money.
"Or reverse the picture, and double
the amount of money in circulation,
and just 80 soon as the business of the
country could adjust itself t. the con-
dition, we get IA dollar for one-half
the property, or one-half the labor it
takes to get it with our present vol
ume of money in circulation.
"The remedy, and the only RENE
dy for the evils which Cypress the
agriculturist is to reduce taxation to
the revenue standard, and fully re
monetize silver by admitting it to
free coinage. The first would re-
lieve them from destructive sys-
tenn OF robbery for the benefit of a
small class Of capitalists, and the Sec
ond will increase the amount Of
money in circulation, which will in
sure better prices for their products.
"But pardon me, l intended to
simply answer your question, but /
see l am rambling Off into a general
discussion. Respectfully,
"lsHAM G. HARRIS"
Great Triumph.
Instant relief experienced and n