The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1879-08-22
@omestie GganQ,an. Asfiff !sl(ll :!

pressure OF the times.
'Is it your opinion that it would have
that cfect?"
"No, not to any appreciaLle degree. ]
believe that business will revive more sure.
~, perhaps somewhat more slowly, and reach
normal condition more certainly-that
prosperity will be restored in all parts of the
country upon moro substantial and health
ful and permanent basis if the finances
should be let aloue, (save one change in the
system which l c;uld suggest than by in
cessant tinkcring, and the preparation of fl.
nancial nostrumszat each sessian Of Con
grcss. Money is the most timid aud conser-
vativc of all the clements and Instrumental
ltles OF business, and requires to be placed
upon firm aud certain basis, and then to
discharge its proper functions. Those who
are demanding more money. an imitation of
the currency by the unlimited free coinage
of silver, the issue of more grcenbacks and
such temporary makeshitts, will not accom-,
pllsh what they desire, until one and only
one, very important change shall have been
made In our financial system. In the sill.
vcr war both parties are fighting at shad-
ow, and | should be tempted to read the
Comedy of Errors to some of my political
friends, who have gone daft on the silver
question, If were not afraid Of giving Of
fence"
"What is the change which you would
suggest p.
''AJoliSh tic national 6anks, unM repeal
The ten per cent tar on tho issues Of State
bonhs, and the financial problem will be
solved, in my Judgement"
''ln what way would that benefit the
country"
"ln more ways than shall be able to
Indicate at prcscut. One thing, think, is
clearly dcmohstrablc, that the unlimited
free coinage Of silver will benefit no class
of people other than the bullion SPECTATORS
They would max" fifteen cents on the dol.
lar at the present value Of bullion OH every
dollar coined, and men like you and would
have that fifteen cents to pay, and in an
operation OF two or three hundred millions
1t would amount to something. Silver bull
lion from all parts OF the world would flood
the mints. Every government with sur
plus would unload on US, drive out gold,
derapge business, and where4zwa- -ssE7s..
when coined 20 ) & ssys 4 kets7
Not at all, but into national banks in the
commercial centres Aud how are we to
get it out? No easier than we can now
set money, and no more readily if there
were two thousand millions of silver coined
in the next six months. Abolish the ma
tiondl banks, 50 that money can be more
properly distributed for the benefit of the
whole people, and then the oosening of the
floodgatcs of silver coin would not do so
much damage. But turr ing in an increased
volume into the old currents would not ben
eft the people at large. You must first
eradicate the evils Of the system, before
attempting to build it up to healthy, Wig:
orous growth, by administering stimulants.
"Who in Congress is responsible for the
agitation Of the silver question 2" .
"Thc Western men, in great measure
1!!eey are more largely in debt, 1 believe,
than VIC are, and the shrinkagc Of values
and reduced price Of their products, Ga re-
suit which succeeds the fcvcrish spccula-
tive character Of values after Il great war
such as ours, as inevitably as day follows
might've have felt it kccnly y at the South
has diminished their capacity to pay, and
they naturally c.amor for something for
relief. There is great force i'll their appeals,
but, in my humble opinion, they are not
pursuing the effective course to ovcrcome
the difficulties which environ us. You sec,
it is SO plausible to say, as most of the free
coinage men do say, chat silver has been
degraded, and ought to be restored to the
position it occupied before the war; that
it is the peoples money and they want it,
that it was the dollar of our daddcs, &c,
Nc Now this all seems very fair aud rca-
sonablc and proper, but those who claim
this for silver, forget, or overlook, the
changed condition in the commercial world.
In the ten years intervening between the
years 1852 and 1862, the annual average
production of silver throughout the world
was estimated to be only from forty to forty
five millions Of dollars, and very little Of this
from American mines. Whereas in 1875
the aggregate production throughout the
world is estimated TO have been seventy.
five millions Of dollars. Silver has dcpre-
ciatcd much more than degraded in value.
owningLo the large additional supply pro.
ducc / by the American mines in recent
years. The entire revenues Of Indian are
now collected in silver, and | commend to
the extreme silver men the experience Of
the Indian Government Of late years by
reason of it.. She lost in exchanges in one
year $4,000 600, because Of her having