OCR Text |
Show the Its Consideration by the Congressional Committees Still Progressing. Pro-gressing. THE NEWS OP THE CAPITAL. A General Besume of the Events of the Day, Both at Home and Abroad. Washington, April 22. The senate committee on agriculture and forestry today had under consideration Senator Vance's bill to provide for a system ot warehouses to bo operated by the government gov-ernment which is to issue notes upon deposits of grain therein. Col. Polk, president of the National farmer's alliance read a long argument in support of the measure which he said was formulated by the committee appointed by the covention of the National Na-tional Farmer's Alliance and Industrial Alliance held at St. Louis December, 3, 1889. He sketched the decline in agricultural agri-cultural values in the face of tho progres and development of other industries and interests during the past two di-cates. di-cates. and insisted that something should lie done for the farmer. He charged fault upon the financial system of government, which resulted in high priced money and low priced products. pro-ducts. The remedy Col. Polk suggested three-fold. First, to restore silver to its dignity and place as money metal with all rights of coinage and all qualities qual-ities of legal tender which gold possesses. pos-sesses. Second, sufficient amounts of currency direct to the people at a low rate of interest to meet the legitimate demands of tho business of country and which- shall be legal tender for all debts, public and private. Third, to secure to such issues equal dignity with money metals by basing it on real, tangible," substantial values. Col. Polk was followed by Dr. C. W. McCune, chairman of tho national committee legislation of alliance, who addressed himself more particularly particu-larly to the merits and details of the system of warehouses as outlined in the bill. He asserted that merchandise thus stored would not deteriorate deterio-rate below market. standard that system had proved feasible aud practicable in California, where the Grangers' bank iu 188'J loaned $3,000,000 on certificates issued to farmers on ' wheat deposited in warehouses owned 1 and controlled by them. |