The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1894-03-29

THE STAMFORD LAND LOAN PLAN BE-
ING TALKED ABOUT AGAIN

Much to do With tho Prosent Condition
Of Ansirs-A Plea for tho AgI icultural
, Glasses.
WASHINGTON, ID. g., March 22.-The
depression & the times, the general
tightness Of money, the gloomy future
outloOle has again revived interest in
the plan suggested by the late Senator
Leland Stanford, Of California, looking
to Che relief Of the agricultural classes
This in brief was that the United
States government ought to loan money
on cultivated lands up to one-half Of
It's assessed value at rate Of interest
not over 2 per cent. year.
a staunch advocate Of this plan, and
one who was warm friend of Senator
Stanford. Is Col. j. X. Hickey, of Mis-.
souN. Col, hickey Is now in this city.
Ho has given more than passing study
to the general questions or finance and
Is an authority on it's complications
asked the Colonel today what In his
opinioh has caused the great depres-
s1on which now exists'in this and other
countries.
"rhe causes arc many" he answered,
"but will discuss only one. The f..
rlancial policies Of the government
since the edemonetiZation of silver, have
contributed more to this depression
than all other causes combined. From
1861 until 1872 there were ample mon
ey to do the business of the country
and every branch Of trade was pros
porous.
"When the policy of contraction en-
sued, depression set stn and has con-
tinued, until we are now on the eve of
bankruptcy. Our financial and tariff
legislation, whether intentional or not,
has placed burdens upon the producing
and farming classes to such an extent
that at least 80 per cent. Of the taxes Of
the country is borne by them. A
steady decline in the price of farm pro-
ducts has followed, until now there Is
scarcely comm odity produced on the
fern which is rot produced at loss
Wheat, which sold during and after the
war at from $1.50 to $3.50 bushel is,
now piled mp in warehouses and eleva-
tors and finds no market at more than
90 cents a bushel."
Colonel" 1 said, "most authorities
on finance theoriZe; can you dwell on
the subject of taxation in practical
way? :.
"The people of the United States have
paid since the war $30,O0O,0OO,OOO for
Federal taxation, and, from the very
best statistics Obtainable, there are now
$4,000, 1000 of interest bearing bonds In
existence upon which the people are
paying = per cent, or more interest,
besides the individual Indebtedness,
statistics of which are not obtainable
but which must be many millions more.
The interest tax upon our people is
greater than all the other taxes com
bined. AS 81 per cert. of the business
Of the country was done Oh credit last
May, when the panic set in, and conf
VIC oh hiu iaI>
was used as money, began to disappear
like snow under warm sun and in less
than sixty days money could not be
had for any kind Of security whatever
hot even for government bonds. Had
we been doing business with cash in
stead of credit, the panic would never
have occurred and the want and misery
and the untold shrinkage in the value
OF property. occasioned by the panic
would have been averted.
According to the report of the Sec
Tetary OF the Treasury we have little
over So ,OOO,0O0,000 in money in this
country. While we were prosperous
and credits answered the purposes OF
money this would have been a SUN cien
cy, but when the fret breath of doubt
spread over us this pittance of circula
ton was little better than none at all
Money Is tool; the medium Of ex
change. no nation or individual car
thrive without it.
"Who will question King Solomon
When he asked for wisdom from God
to govern his people 1t was given him
One OF his first acts was 10 make sill
yer and gold az pIenteous as stones
QI Chronicles, i) This proves how i'm.
pOrtant money was in the days before
the Saviour was born. How much
more important now, when tho world
Is linked together when trade and com
merce, which require money to transact
Is greater than ever beforep Who ever
contends for reducing money questions
the wisdom Of Solomon? All employ.
ment and labor depends npon it. No
development, either public or private
can be prosecuted without 1t. The gov
make money, to say what is money
Gold and silver coin Is not money un
til the stamp of the government Ii
placed upon 1t. AS there Is not a sufli
clency or the two metals, nor can
enough be found in the earth for tht
uses or money, 1t Is clearly the duty Of
the government to adopt some othe1
standard than gold and silver.
IN Tile popular mind great prejudice
exlsts against nat money which comes
from the lack of knowledge of the fact
that all money is fiat"
"What would you propose ASA reme
dy for the evils of which you speak p
"1n my opinion, which Is shared b,
many others, tho great producing class
es of the country have got to be relieved
They possess the most universal, thu
most permanent, the most indestructi
BILE and the best security in the worlt
--cnltivated lands. If this great gov
ernment would extend to the farming
and producing elements the same
rights and privileges which 1t has giver
for the last thirty years to the bond
holders the depression, want and pov
erty which now prevail could never have
existed.
The holder of government bonds car
take his securities to the Treasury and
draw 10 per cent. of their face value in
national bank notes without Interest.
ansse bonds are placed upon the lands
ana the labor, and would be worthless
Withont the basis When the farmer
ASKS the government for loan upon
MS land, for which he is willing to pay
u feAHOnAhIq rQfn ~ fnto -