People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1893-01-27

Gated Farmers Alliance man yells:
What's the matter with the sub-treas-
ury plan?" From north aud south,
from east and west, from the valleys
and the plains, from the mountains and
timbered hills comes in a mighty and
constantly swelling shout; Its all
right"
For United States and state and coun-
ty bonds, which draw interest, substi.
tute corn and wheat and cotton, which
draw no interest and out of which the
bonds must be paid. Governments may
fail and cease to exist; state and county
lines may be obliterated by revolution;
gold and silver may be supplanted by
some other metal in the arts and cease
to be fashionable as material for orna-
mental jewelry, but so long as
man continues to eat and wear
clothes, corn, wheat and cotton will
continue to be staple articles of value,
having a ready sale at fixed market
price in all the markets of the world
For national and private banking insti-
buttons substitute United States SUBJ
treasures and state bonded elevators
and warehouses, and upon the receipts
of such bonded warehouses let the
United States issue eighty per cent. of
the gold value of the commodities rep
resented by such receipts and take an
assignment of the receipt Such money
should be issued ''at rate of interest
not to exceed two per cent" and retired
from circulation as the corn, wheat or
cotton is taken out from the warehouse
for shipment or consumption. The
money may be just such money as Mr..
Widney contends for, to wit: legal ten
der, United States notes. and, if issued
under the sub-treasury plan, would
fully merit the encomiums and meet
the requirements as given by Mr. Wild.
ney, as follows:
al hlAlNlo NbutuI ludl the dLLrlOuLHS OF a
perfect system Of paper money for this or any
other nation are: First, safety; second, elias.
ITCHY: third, convertibility: fourth. uniform.
ity. These points were specially emphasized
by Hon John Jay Knox in his address before
the American bankers convention in New Or.
leans in 1891. In the system herein suggested
and which l more deliberately presented in
| other addresses, these attributes are brought
10 maximum as follows: Safety consists in
the whole wealth, resources and power Of g..
! 100000 people and 2,5OO,OOO,OOO acres Of land,
with all the wealth, civilization and enighten-
ment OF the most peaceful, prosperous and
stable government on the face OF the earth
The elasticity is met by the nation furnishing
sufficient volume to meet the extra demands
| ofseasOns and trade, and providing for its re-
tirement TO the national treasury when not
needed, to escape paying interest Convert.
bility is based on the ability Of the nation with
all OF its resources and power TO furnish
coin sufficient TO exchange for any of
the currency when needed One thing is sure:
II the nation cannot meet the question Of con-
vertibility no system of state or individual banks
need ever try. Uniformity in every respect is
attained by single national issue Of money.
No other system can ever attain it. Out Of this
uniform national issue will come stability of
securities, Of business, of production. Of manu-.
factories and of commerce Banks will lose
less by depreciation Of real and personal secur.
tiles and by reason Of less failures. They can
prohtably loan at "a lower rate Of interest having
less loss on capital Longtime loans TO carry
out railroad and other long. time enterprises
| can be based on such system as herein sup.
gested No panacea for financial bunders and
frauds exists in this or any other system. We
only claim that the financial sense of the nation
will herein find the best and simplest money
and money sytem for their use As bankers
we will prosper best in the long run under that
system that gives the greatest prosperity to the
| masses
Brethren! stand fast in the faith: be
firm. All our premises are now ad-
mitted to be sound-our logical con-
illusions must surely be acquiesced in.
The sub-treasury plan is bound to win.
GEORGE C. WARD.
FIhe writer, however, regulates any ad.
vocacy Of paper money based upon and redeem.
| able in specie, or any other kind of money He
Is an earnest advocate Of purely American
system of finance, under the operation Of which
gold and silver would both be demonetzed and
an absolute paper currency be issued bearing
the inscription: 1--WE, the people Of the United
States severally and collectively promise to
receive this bill as one dollar in payment of all
debts, public and private, and in exchange for
labor and all commodities"