The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1879-10-22

twice az hard as he would have TO work II that
consumer were q producer and accomplished
all equal amount OF work. SO that, II the de.
mands Of society were such as to compel every
one, male and female, white and black, who
would at once become self.sustaining and have
a surplus to export. l have told you Tonight
thatw export 81 per; cent. OF our cotton crop:
But is this q surplus? Not at all 1t Is exported
md employees, the animals and implements
with which we work our crops, and to pay the
exorbitant profits made by Others because we
buy; or q credit. What wonder then that we
seldom q cash in hand with which to meet
the demands OF the tax gntherer: In this re-
gard our habits must be changed or prosperity
will never smile upon US.
The only other means Of attaining prosperity
IL through such legislation as will reduce our
national debt, thereby diminishing the cost OF
livipg and Increasing the circulation of money,
1t Is with q proper feeling OF my inability
that I venture to say few words upon so intri.
cate and abstruse a subject as our national
finances, but such as they are I submit them
for your consideration.
WHAT THEN is MONEY?
Is 1t q commodity? Is 1t something that has
intrinsi value? Or is 1t simply q medium Of
exchange, representing the amount uf CONNER.
clal confidence men have with each other? Be
1t what IL may, we know 1t Is q thing ~fearfully
scarce in this section. and we may rest assured
will never become more abundant until we
shall have produced something ne1o to give In
exchange fOrit.
Much can be done by Congressional legisla-
ton to assist'us In accomplishing this, and the
first enactment should be to place silver upon
an equal basis with gold: Until the session o
Congress recently closed silver was q legal
tender only to the amount Of IS. That session
by law has made the silver dollars legal tender
to the amount of so, and the smaller silver
coins Legal tender to the amount Of $40. An
etforf was made, but failed, and will be re.
newed this winter, doubtless with success. Il
make silvera legal tender for the payment o.
a ~ debts; This 8 being sn done, and SsInt then by law
purchase all silver bullion offered for sale q,
the Treasury, and giving in exchange therefor
legal tei.der silver certificates to be used al
our Volume Of currency at least 500, 10000 annu,
ally, for there is on an average that amount o.
silver bnlllion dug out Of the earth in The mine,
of the United States every year.
wal were allowed to issue 500 in bills for every
s33 they held In reserve In the shape Of coin OF
credits upon other banks. This was done u
comply with the law that required every banB
to meet any extraordinary demand or "run'
upon It's treasury. The Secretary Of the Ma,
tional Treasury says he finds that q reserve ir
coin equal TO 40 per cent. OF the entire paper cir
~culatiop Of the country is ample to enable him
to resume specie payment, which sImpl,
means to make paper money equal to gold
Now ifhe were to purchase annually with sill
yer certificates S6o0OO,o 900 OF silver, made by Law
equal 10 thatmuch gold In value, and hold thii
could issue $4,000. 900 more Of greenbacks annu
ally, and with them pay of that much more O
our national debt. These silver certificates bnC
greenbacks would In d short time be
SEEKING REIMBURSEMENT
in real estate, manufactures, or some kind O
tangible property now In the hands OF thos,
who are Impoverished by Its possession.
If, too, the circulation OF National Bank Bill
were gradually Withdrawn and their place,
supplied BY. Greenbacks, with a view to ulti
mately closing up the National Banks, Their,
would be q saving annually upon the interes
of our national debt Of nearly $3U, OOU, UO. Fur
thermore, II Congress were TO levy q tax upor
Incomes, lnd reduce the import duties upor
many articles Of necessary consumption, suct
Us sLg r and clothing, and thus require the ricf
and mOnied men OF the country to bear u du,
proportion OF the burthens imposed upon til.
triouted, our taxes would be lighter. none,
would be more sUundant, debts would be more
easily paid, our country would be more pros
porous, and our people more happy.
with the views ofa large majority Of The Dem.
ocratic party. But upon oil great question,
vltal To this section OF our Union, the Demo
cratic party IL by no means d unit. The hard
, money Democrat Of the North with his vault
well lined with Government bonds opposes tn,
settlement Of the Ma. iOnal debt and demand,
| that II 1t Is settled. his bonds principal aud in
tereSt shall be paid In gold. The Northern
Democrat, W..O has invested ais wealth IL
manufactures, combat the idea OF free trade o.
OF even reducing The tariff on manufactures ar
ticles. The Democrat in the North, who Is re-
ceiving annually a handsome income from BIZ
Investments In National BONDS scouts the ide,
OF repeating the law establishing Nationa
Bonds. Th Louisiana De.rO3rat. with his en-.
tire investments In u sugar plantation and IT.
appurtenuhces, advocates
PROTECTIVE TARIFF
upon Cuban or other West India sugar. Yes
my friends, the South Carolina Democrat, who
has his money invested In q Kaoline factor,
or q rice plantation, asks the Government iOl
protection from the Inferior clr VS. OF Europe
and the cheap rice OF India and China. AND
Democrats every where, who accumulate wealth
by discounting the papero Of unfortunate DEBTOR,
Gun see no Justice In leyying. a tax upon in
comes. And yet our only friends throuyhOu,
The North are Democrats, whether they be hare
money or soft money, protective tariff or free.
trade, bondhUlders or day luborers: so tina,
you see we Of the South are to-day, and have
been since the war, between the upper an(
neither milestone politically. How long sucf
will continue To be- the case, no one can lell.
With the National Republican party we car
never for one think OF aIllIiating. Be
side the purpose Of continuing the cstrange
ment between the North aud the south, theil
only aim seems to be to establish u powerful
centralized, consolidated. federal Government
subyersiye Of everything like our confederation
OF States. With them this Is not q Union of co
equal States, but u Nation. with powers 1T al
times and under al circumstances transcend
ing the poweI Of the States. They have re
vrrscd the 10th amendment Of the Constitution
which reserves 10 the Stutes all powers no
deicgated to the United States. They are and
leur always will be hostile to us and inimical Il
what We believe to be free government.
That The National Democratic party Will eve
be Il unit again upon the great economic anC
vital questions to which 1 nave alluded, is u
my mind very problematical. Eastern Demo
Gratis are generaily h%ardmoney, commercial mer
Western DeInocr Is are chiefly agricultural
soft money men, and are
INVOLVED IN HEAyY INDEBTEDNESS
to the East. Thus far they and we live unde
similar circumstances Our troubles are idenr
tical aud our wants are not disSimilar. Neith'
pr the South nor the West apnrt can cOntrO