THE PEOPLE'S PARTY LAUNCHED 131 



in which to redeem the property; otherwise it 

 would be sold at public auction for the satisfaction 

 of the debt. This project was expected to benefit 

 the farmers in two ways: it would increase and 

 make flexible the volume of currency in circulation; 

 and it would enable them to hold their crops in 

 anticipation of a rise in price. 



The Northwestern Alliance also hesitated to 

 play the role of a third party, but it adopted a pro- 

 gram which was virtually a party platform. In 

 place of the sub-treasury scheme as a means of in- 

 creasing the volume of currency in circulation and 

 at the same time enabling the farmer to borrow 

 money at low rates of interest, this organization 

 favored the establishment of a land loan bureau 

 operated by the Government. Legal tender curren- 

 cy to the amount of $100,000,000 or more if neces- 

 sary, was to be placed at the disposal of this bureau 

 for loans upon the security of agricultural land in 

 amounts not to exceed one-half the value of the land 

 and at an interest rate of two per cent per annum. 

 These loans might run for twenty years but were to 

 be payable at any time at the option of the borrower. 



With two strong organizations assuming all the 

 functions of political parties, except the nomina- 

 tion of candidates, the stage was set in 1890 for a 



