Notes and Documents
between the system as it exists at present with the objections I have
mentioned, and no national banks at all, I would take the latter.
I think, however, that these objectionable features can be and will
be removed; and with their removal I cannot see but that it would
be a first-rate system [Here written in Coke's hand is the follow-
ing: "I will add another objection which is equally important with
the others which I include with them. I believe the time has come
when the rate of interest should be lowered. Conventional interest
should not be above Eight percent"] I do not know what figure
the Farmers Alliance4 is going to cut in Texas politics. The Farm-
ers Alliance people seem now to have the sub-treasury system pro-
posed by them, as their main and leading tenet. This system is to
my mind so absurd and preposterous, that I cannot possibly come
to the conclusion that the sensible men of the Texas Farmers
Alliance will adhere to it. They cannot possibly do so after an
intelligent analysis of it and seeing its consequences. It has been
denounced by all the leading Democrats of the United States,
especially of the South, in a way that it seems to me must break it
down. The truth is our farmers are now being manipulated by a
lot of pretenders and demagogues stationed here at Washington,
whose mandates and dictates they accept without question, in a
way that shows them to be exceedingly credulous and unsuspecting.
The Democratic party is doing everything in the world that can be
done for the farmers, in trying to reduce the tariff, to secure re-
monetization of silver, and expansion of the volume of the circu-
lating medium, and, in Texas especially, in securing for them
transportation by rail as cheaply as the railroads can afford to do
it. This is all that can be done for them. It is my deliberate con-
viction that with the remonetization of silver and a law removing
protective tariff restrictions, our farmers will reach their former
condition of prosperity. I will send you a speech that I made a
day or two ago on the tariff and one that I made in opposition to
ship subsidies, in which the question as bearing on our farmers is
discussed. I want you to read them.
I do not know when we will get away from here; I think some-
where between the 15th and 2oth, or 25th, of September. As you
4An organization of farmers established in Texas during 1875, which supported
Hogg in the election of 18go.
Texas State Historical Association. The Southwestern Historical Quarterly, Volume 66, July 1962 - April, 1963. Austin, Texas. The Portal to Texas History. http://texashistory.unt.edu/ark:/67531/metapth101196/. Accessed January 30, 2015.