The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-10-08
WALL STREET WANTS A SUB
TREASURY FOR INDlGES-
TIBLE SECURITIES,

Not many years ago the financial four
mails were having great sport ridicul;ng
the long haired Popuhsts because they
wanted to establish sub-treasuries all
over the country in which they could
store their crops and obtain money or
them. 1t was an impracticable scheme
and soon the farmers abandoned it. Though
there was quite as much warrant for it
as many other paternal measures that
have been erected. 1t seems, now that
the farmers have quit talking about getting
Federal currency on their crops, we have
new set of city Populists who propose
a scheme they call asset currency, much
more dangerous than all the wild cat
money the Kansas Populists ever demand
ed. The Memphis CommercialAppeal sees
the scheme in its true light and exposes
it in the following happy fashion:
thine was when the Populists were con
fined to the wild and untutored West and
when wind, 'whiskers and righteousness
were their chief characteristics. They
were the rear guard of the old Greenbaek
army and they demanded the "sub-treas-
ury or something better" from early morn
until dewy eve. They advocated the es-
Enlistment of government warehouses,
where they could store their carrots, cab
bages, corn, caulifiowers, cucumbers,
cantaloupes, and, in fact, all their products
including cotton, and where they could
receive advances from the government
up to 80 per cent of the value of the COM
modify. The products were to remain
housed until the demand for them raised
the price to where the Populite wished it.
These hirsute gentlemen wanted, in other
words. to have the government furnish
them money with which to corner the
market on farm products.
Another breed OF Populites has APP
peared and. strange to say, they do not
hail from the wind-swept reaches of the
Western prairies, but from New York. and
from Wall street. Things have not been
going well with them of late and they
are looking for aid to the government.
They want what they call 'sasset currency
with which to gamble. Hitherto they
have been carrying their stocks and bonds
and other securities to the banks and
borrowing money on them to enable them
to continue the game; but they have Dor
rowed the thank rolf and they need
more money. Moreover. they have to pay
high rate of interest and they want
money from the government free of IN
terest. The banks are careful to accept
only good securities, but the Wall Street
Popuhtes want it so they can carry their
watered stocks and wildcat bonds and all
their chips and whet-stones to the govern
ment and have. "asset currency issued on
such assets.
THE widest dreams of .Popuhsm, of
Greenbackism, of Ragbabyism never APP
preached this proposition. 1t stands alone.
| 1t is unique.
Pressure is being brought to bear on
the President to have him call an extra
session of Congress for the purpose Of
helping the Wall Street gamblers The
banks have used the national treasury
at will and the peoples money has been
loaned them whenever called on, and this
money they loaned out at a high rate of
interest to the gamblers. The gamblers
see and know good thing and are now
| assailing the Federal treasury direct.
THE. Wall Street Popuhtes are power
full, but it is not likely that they can hold
up the government"