Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1879-08-21

COuSSi fatlfO VI LHc anu lDStru-
mcntalities of business, AMI requires to be
placed upon firm and certain basis, and
then to discharge its proper functions.
Those who are demanding moro money, an
imitation of tho currency by the unlimited
FREQ coinage of silver, tho issue of more
grccnbacks aud such temporary makc-shifts
will not accomplish what they desire, until
one and only one very important change
shall have been made in our financial system
In tho silvor war both parties arc fighting
at shadow, and should be tempted to
read tho Comedy of Errors to some of my
political friends, who havo gonc daft on the
silver question, if l were not afraid of Civ
ing offence"
"What is the change which you would
sugges?"
"Abolist the national Janhs ua1 repeal
The ten per cent. ta;c on TIC Issues of Stutc
banhs, and tho financial problcm will be
solved, in my judgment"
"In what way would that benefit tho
country?"
"In moro ways than [ shall DO able to
Indicate at present. Ono thing, I think, is
clearly demonstrablc, that the unlimited
FREQ coinage of silver will benefit no class of
people other than tho bullion spectators
They would mako fifteen cents on the
dollar at tho present value Of bullion on
every dollar coined and mon like you and
would have that fifteen cents to pay, aud in
OH operation of two or three hundred mil
lions it would amount to something. Silver
bullion from all parts of tho world would
flood the miuts. Every government with
Il surplus would unload on us, drive out
gold, dcraugc business, and whero would it
go when coined? Iuto yours and my
pockets? No at all, but into national banks
i'll commercial centres. And how aro wo to
get it out? No easier than We can now get
money, and no moro rcodily if there were
two thousand millions OF silver coined in
the next six months. Abolish the national
banks, so that money can be moro properly
distributed for tho benefit Of tho whole
people, and then the looscning of the flood
gates of silver coin would not do 80 much
damage. Bnt turning in an increased
volume into tho old currents would not
benefit the people at large. You must first
eradicate the evils Of tho system, before
attempting to build it up to healthy,
vigorous growth, by administering stimu-
lants."
"Who in Congress is responsible for tho
agitation of the silver question:"
"The Western men, in great measure
They arc moro largely in debt, | believe,
than We arc, and the shrinkagc of values,
and reduced price Of their products, Ca
result which succeeds the fcvcrish, spcculu.
tive character Of values after great war
such rs ours, as inevitably as day follows
might've have felt it kcenly at the Gouth,)
has diminished their capacity to pay, and
they naturally clamor for something for
relief. There is great force in their appeals,
but in my humble opinion, they arc not
pursuing tho effective course to overcome
tho difficulties which environ us. You sec,
it is so plausible to soy, as most of tho, free
coinage men do say, 'that silver has been
degraded, and ought to bo restored to the
position it occupied before tho war; that
it is the peoples money and thes want it,
'thati was tho dollar of our daddies,' &c.
Nc. New This all seems very fair and rcas--
ouable and proper, but those who claim this
for silver, forget, or overlook, tho changed
condition in the commercial world. In tho
ten years intervening between tho years
1852 and 1862, tho annual average pro-
duction ofsiyer Throughout tho world was
estimated to be only fiom forty to forty-Gyc
millions of dollars, and very little of this
from American mines. Whereas in 1875
tho production throughout the world is
estimated to have been sevonty-Gvo millions
of dollars Silver has appreciated much
more than degraded in value, owing to the
largo additional supply produced by tho
American mines in recent ycars. Tho
entire revenues of India ere now collected
in silver, and commend to the extreme
silver men tho experience Of tho Indiau
Government of late years by reason of it..
She lost in exchanges in ono ycar SIS 900.
600, because of her having nothing but
silver Besides Germany has demonetizcd
silver. The Latin Union has suspended its
coinage. Eogland, tho great financial
centre OF tho word, adopted tho gold stan
dard years ago, and she is to day the richest
nation in tho world, with all countries pay.
ing tribute to- her sagacity and superior
financial foresight. Moreover, intcr.com.-
muncation in tho commercial world .o--
quircd weeks and months, when only
minutes and hours arc now required sinco
the adoption of the submarine telegraph.
The balance Of trade in our favor for tho
last fiscal year amounted to somo two hun
dred and fifty odd millions. T speak from
memory. Suppose this amount could be
paid in silvor at cighty-fvo oonts in the
dollar--instead Of gold--and you will have
some idea of our immense losses. If thoso
balances should be paid in silver, at it's
present value, instead of gold, our losses
would bo moro than thirty million dollars.
So that wo have not tho sanio conditions as
when silver was tho dollar of our daddes,'
ia ~ noh RI fn11