The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-03-28
FINANCIAL DEPRESSION.
THE STANFORD LAND LOAN PLAN BE.
ING TALKED ABOUT AGAIN.

The Governments Money Policy Rae
Much 10 do With the Present Condition
Of Anai-s-A Plea for the Asliculsura
Glasses.
WASHINGTON, D. c., March 22.-The
depression Of the times, the genera
tightness of money, the gloomy future
outlook has again revived interest II
the plan suggested by the late Senator
Leland Stanford, of Collfornis, looking
to the 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
its 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. Z. Hickey, of Mis-
souii. Col. Hickey is now in this city.
He has given more than passing study
to the general questions OF finance and
is an authority on its complications.
] asked the Colonel today what ID his
opinion has caused the great depres-
sion which now exists in this and other
countries.
"rhe causes are many" he ans swered,
"but will discuss only oae. The f.
nancial policies of the government,
since the characterization of silver, have
contributed more to this depression
than all other causes combined. From
1861 until 1872 there we're amp-e 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 in 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 8 coum odity produced on the
farm which Is Rot produced at loss
Wheat, which sold during and after the
war at from S1.50 to SO so bushel is.
now piled mp in warehouses and eleVa-
tors and fods no market at more than
60 cents a bushel."
Colonel" l said, "most authorities
on finance theoriZe; can you dwell On
the SUBJECT of taxation in a practical
way?"
Il think So" added Colonel hickey,
sThe people of the United S'ates have
paid since the war $50 10000 600 for
Federal taxation. aud, from the very
best statistics obtainahle, there are now
SS0OO00W of interest bearing bonds In
ex.steuce 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
blned. As 81 per Ger t. of the business
Of the country Was done on credit last
May, when the panic set in, and coDf
dence was Shaken, this credit, which
was used as money, began to disappear
like snow under warm sun and 10 less
than SIXTY days monty could not be
had for any kind of security wha ever
not even for government bonds. Had
we been dong business with cash N
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 ayerted-
According to the report of the Sec.
retary of toe TREASURY we have little
over 50 2,OWO 100000 in money in this
country. While We were prosperous
and credits answered the purposes Of
money this would have been asuflcisn-
cy, but when the first breath of doubt
spread over US this pittance of circula-
ton vas little better than none at all.
Money is a tool; the medium of ex-
change. No nation or individual can
thrive without it.
"Who will question King Solomon? ?
When Se asked for wisdom from God
to govern his people it was given bin.
One of his first acts was 20 make Sill
yer and gold as plenteous as stones
Oh Chronicles, j. This proves how inn-
portsnt money was in the days before
the Saviour was born. How much
more important now, when the world
is linked together--whsn trade snd COM
merce, which require money to transact
is greater than ever before? Who ever
contends for reducing money questions
the wisdom of Solomon? ALI employ
ment and labor depends npon It. No
development, either public or private,
can be prosecuted without it. The gov
eminent reserves to itself the right to
make money, to say what is money.
Gold and silver coin is not money un-
til the stamp of the government is
placed upon it. AS there is not sufi
cheney Of the two metals, nor can
enough be found in the earth for the
Uses of money, it is clearly the duty Of
the government to adopt some other
standard than gold and silver.
"In the popular mind great prejudice
exists against fat money which comes
from the lack of knowledge of the fact
that all money is fat
"What would you propose as a Ieme-
dy for the evils Of which you speak ?"
"In my opinion, which is shared by
many others, the great producing class
es Of the country have got to be relieved
They possess the most universal, the
most permanent, the most indestructi~
BILE and the best security in the world
cultivated lands. Il this great gov
eminent would extend TO the farming
and producing clements the same
rights and privilege which it has given
for the last thirty years to the bond
holders the depression, want and pow
erty which now prevail could never have
existed.
The holder of government bonds can
take bis securities to the Treasury and
draw 50 per cent. Of their face value in
national bank notes without interest.
These bonds are placed upon the lands
and the labor, and would be worthless
without the basis Wnen the farmer
asks the government for loan upon
his land, for which be is willing to pay
8 reasonable rate Of interest-say 2 per
cent-it is denied him and the meu or
class who have made this plea for the
annressed nrndncinQ classes has peen