The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1886-12-15
SHOOTING STRAIGHT AT THE CENTRE.
Wrong o11 the Bank 9uestion-.-Right
in Fighting the Protective Tariff.

Editor Press and Banner:
My enumeration of the causes for hard
limes-scarc!ty, Of money-gencrai depression
catalogue of the principal. most powcf1ul
agents in tue catastrophe. Let us now eNanl-
ire each Of them separately, in order TO deter
mine their power. The present banking Sys-
TEN is entirely too expensive. 1t has to main
tain too many officers at eXorbitant salaries.
Some Of the bank presidents receive s2o,ooo q
year. And there are about 400 OF these presi-
n dozen or more clerks. They will average, at
least. a half dozen. III round numbers about
% Oh men to be supported by the people IN
princely style, for doing what the treasury
we'll the baLk nabobs. But more serious
charge, and Il far, greater item OF useless
expense, Is the double profit the bank are a.
lowed to make. They deposit bonds for the
security of their circulation, and draw inter-
cst on both the bonds and the circulating
notes. Under the Old banking system, tne
basis of circulation was coin he'd III the
vaults of the bank. The bank received no IN
tercSt oN this com. Justice and equity de
mnnd that interest on these bonds should
cease when deposited by bank to secure itS
circulation. The amount involved here Is be-
tween thirty and fifty. millions annually.
Hence the National Banks cost the people In
EXPENSES alone. Sl0lO0O,cCo annually. Is II
any wonder that W. arc poor?
But OF all abominatlonS that ever cursed cursed;
Conceived in iniquly and brought iorih IN
Sin. il is sustained in crime. It robs The many
for the benefit of the few. II Is class leSlSlh-
ti0n of the vileSt character. 1t fosters inonop-
oly, and destroys competition. IL Is wrong
in principal. and ruinouS In practice. IL COM
prlS The poor to pay as much Tor me SUPPORT
of the government as the rich. Many poor
tenant. with five or six children, pays more
thar Jay Gould to the United States Govern
mcnt. Doesn't this show the iniquity OF the
system ~ :,
~, I,,l I,nw Government
concerned In dcviSing ways ana means 10
prot Get and increase property. Ninety nine
hundreds of all The legislation OF the cuuntrf,
national. State end mrnicipal, IS directly or
iuIirrctiy devoted to finance. Hence proper
~ ought 70 pay the expenses OF The govern
mcnt The almighty dollar sat the ro"l Oh
iall legislation. Education ami reil"inn arc
encouraged by law. because their lntiuchce
tends to lessen the expense Of prcSenlin crifhcS
and furnishing criminals. state and mum
cptl governments are supported py II thA W.
on properly. Why. in the name oi common
sense and common honesty. Is not ilc nalioll-
nj government supported in the same way :
Bni we are told that our infant industries r.
ruirc protection and encouragement. LII ING
first place, we have no infant INDUSTRIES ahn
I'm the second place. if we had, the claim Is
IalSr us shown by the history or tlr llhles
AccurtIingIo the historians. philosophers, anu
Statesmen of our mes. we are not Surl,hSSec ecl
by any nation Oh The carth III anything !ii''I
rnrs To- make up national greatness. BeSlusS,
we are separated from all the great powers py
water Tue protcctinnists would lave us Dc'
lieve that English mill owners can SEM YES
.,,ls n',rnsS Ihe Atlantic. l0ad them with cot
ION r.crOss The ocean, transport the c"tl"n ny
rail to tho mills, change il into cloth, send tnc
cloth back tn America. and successfully com
pete with American mills i'll the safe Oh S',cii
rI,,thi An ". G. recently sail, "any sort q! Il
TnriT is better than direct tan, levied, rs
the Constitution pr, Scribs. according TO pop
uliion," But the Constitution can he altered,
or amended. and will be, il Tie people ever
get into power again. .oo
\ direct lax, levied in proportion to proper
iy. for the support of the General Govern, H.
m"Et wouldn't cost tie common prope lou Oh
villa. they now rny, under the operation "l
the ihirying Tariff. The present state ma
.Eincry could co:lcct the national lax win
very little ndG;tiruai expense. lErh"rLr Oh
revenue ana Custom House officials costing
many millions annually, would he Grlfc;,
rom ihc rubli. crib Well. III Eiiior, Si&ls
have to ciuSr wi:l:oIt concluding The su'3cc',
and mark it, continued III oar n"N!. ~
Respectfully, OLD foIl'