35 2 HISTORICAL AND POLITICAL. 



that it will be necessary to erect 1000 warehouses, each costing $30,000. 

 This will necessitate an additional expenditure of $30,000,000 ; that is 

 to say, it will require to carry this plan into full and perfect operation all 

 over the country, $75,000,000 not twice as much as the deferred pay- 

 ments on whiskey. The question naturally comes in just here : Will this 

 expenditure in any manner impoverish the treasury of the United States? 

 By referring to the last monthly statement of the Treasurer of the United 

 States, it will be seen that there is now, and has been since 1875, locked 

 up in that treasury $100,000,000 in gold, and that it has been, and is still 

 being, held for, the purpose of redeeming outstanding United States legal 

 tender notes. This money could be used for this purpose, as there is no 

 law which placed it there. The benefits of this measure would be many. 

 Among them might be mentioned the following : 



It will place about $550,000,000 in circulation and in the hands of the 

 people, at an annual cost of $5,500,000. To get this amount of currency 

 into circulation under present laws, the following would be necessary : 

 A national debt of $610,000,000, upon which to base the issue of 

 national bank currency, the interest upon which at four and one-half per 

 cent amounts to $27,450,000. This would take the money from the 

 national Treasury, and put it into the vaults of the banks. To get this 

 money from the banks will cost the people at least $55,000,000 more. 

 The two together make $82,450,000. By deducting amount of interest 

 necessary under our system, we find the farmers will save $76,950,000 

 annually. Besides, under our system, the rate of fire insurance can and 

 will be reduced at least one-half the present rate. This will add at least 

 $20,000,000 to the savings. The economy in handling that will necessa- 

 rily follow the carrying out of this plan cannot add less than $ 2 0,000,000 

 more. 



Again, under the working of this plan the grain-raisers will save, at the 

 very lowest estimate, ten cents per bushel on every bushel stored. This 

 will add another saving of $88,681,900, and not raise the prices that 

 producers now pay for it ; but, on the contrary, the price will be rather 

 reduced. The cotton-raisers will save, by this system, at least one-half 

 cent on each pound of lint cotton. This will add $17,347,000 to the 

 savings, and not raise the price to the manufacturer one cent on fifty 

 bales. The savings on tobacco, sugar, rice, and wool cannot be less than 

 $8,000,000. All these savings together amount to the enormous sum of 

 $220,978,900 to the farmers annually. Thus we see that, by investing 

 $75,000,000 in erecting buildings that will last fifty years or more, we 

 will be enabled to save annually, in the hands of the producer, $220,978,- 

 800 that now goes into the pockets of usurers and speculators. 



