The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1875-10-13
The Hon. Thos. L. Clingman on the
Currency.

lu6 uUu. Illus. ~. OlluSAeAA VI oAio
Currency.
The distinguished ex-senator of North
Carolina has been recently interviewed
by correspondent of the Herald, and
gives his views at length upon the cur
rency question making strong argu-
ment against sudden contraction of
the currency and sustaining the posi-
tions assumed by the Ohio and Penn
sylvania platform, as we'll as by some of
the leading minds of the country.
He urges that the question to be con-
sdered, is not the abstract one between
specie and an inconvertible currency,
but the policy Of contraction in q cur
rency which like ours, has suffered inn
melse losses during the war, and to
supply which, there was an overflow OF
currency amounting at one time to not
less than two thousand millions of dol
lars. This loss of property he thus es-
Inmates
IF you consider that, including ad-
vances made by States, towns and in
idividuals, and what the government
paid out during the war, with its ac-
knowledged debt it makes s., ,0OO, 900, ,OOO.
The debt of the Confederate States was
probably half as much, or 81, ,GOO, ,OOO,O ,O0O.
Then 100000 men, perhaps, were
either killed Or SO disabled as to become
non-producers. If these men were es-
tilhated as being individually worth
onIy as much rs an abled-bodied slave
sold for in 1S60-Sl ,5Uo-there must he
added further loss to the country of
81, 500; 200, 900. Then there were en-
ployed on both sides for four years,
nearly1, 900 900 men, who received for
their labor not more probably than one
third of what they would have earned
at home. Besides this there was an
immense destruction of property in the
South during the war, while the North
sustained heavy losses on the sea IN
several modes. A fair summing up OF
all these items will show that the coun-
try, as a whole, must have sustained o
loss of not less than $4,000, 100000, and
perhaps as much as $40, O,000,0 900, ,000."
Upon the heels of these immense
losses came the issue of the two thou
sand millions Of currency, aud had the
situation remained unchanged until the
country had been afforded time to re-
cuperate, there would have been no
ground to complain, but the govern
nent has contracted the currency to one
third of what it had been, ana thus
increased the debts of the people and
made it harder for them to meet their
obligations. Yet in spite of the pros
traton of the country and the wounds
inflicted upon business and credit, pol
lev of further contraction is still urged.
CAPITAL is locked up, prices are going
down, and bankers and business men
generally are waiting for turn in the
tide. This prostration all grows out
of the rapid decrease Of the currency,
and the further reductions threatened.
Mr.. Clingman makes the following
effective reply to the argument that the
course proposed would be dishonest:
"a leading advocate Of hard money
saws that the man who calls for more
circulation is dishonest-tha he wishes
to pay q hundred dollars debt with only
$50. But he insists that it is not only
right to make a man who only owed $50
now pay $1C0, but that it is dishonest
for the government not to compel him
to pay the larger sum. The organs OF
the money interest say that debtors
wish to pay their debts with rags. They
forget that they, and the government
acting in concert with them, scattered
these rags over the country and induced
the people to contract debts on rag
basis and are now unwilling to receive
them back again. If u year ago l had
borrowed 100 pounds of rags, with q
promise to pay 1O6 pounds, could my
creditor rightiully insist that l should
nav him gold instead? Or would it be
fair for him to combine with other cap
itulists to destroy all the rags in the
country SO that he might compel me to
nav him gold instead. This figure pre-
sents the real merits Of the case. Ihe
people were encouraged to make DEBTS
in Rags, and now are they to be required
to pay them off in gold? The greedi-
ness Of the money power has thus par
wed the industry of the country"
Again he says:
1.-The hard money organs denouncc as
repudiators all who are against thelr
ruinous policy of contraction. If re-
nudiation party should arise it will be
due to the denunciatory course OF these
organs that, in their profusion OF epl-.
thets, are likely to excite the anger OF
the suffering masses. The people OF
this country arc willing to pay every
dollar of the national deOC, put lhey
think it ought to be paid in the manner
least burdelsome to them. 1T Was q
great mistake that the government dld
not content itself by paying merely the
interest of the debt up to this time,
leaving the principal to be discharged
after the country had recovered from
the losses of the war and its wealth ana
population had been increased SO that
the burden would have been rendered
comparatively light. Paying the inter-
est in gold would have brought, the
bonds up to par, and this ought to have
satisfied men who had originally bought
them for half their face va lue.. The
bondholders and their allies, by insist
ing on more than this, and urging apol-
icV as unjust as it is ruinous, may SO
irate the masses Us to lay u ground for
n reputation party. Men may rise up
over the land who, by showeng that the
bondholdcrs have already received
more than the principal and interest OF
what they actually paid in gold, may SO
influence the minds Of the people, as to
induce many to favor stopping further
nayments. Should any such strong