The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1890-10-22
HISTORY OF sUBrREAsURY.

The plan proposed will run contrary to the
views and prcjudices of those who have tor
quarter ola century made war upon the national
banks; but, in spite OF every attack, these
banks have continued to exist and to
furnish this country with as safe and stable
system of banking as ever existed anywhere at
any period of the world. There are feature IN
regard to the national banks which have never
approved, but l have never participated in the
senseless denunciation so often hurled 1T them
The men who manage them are the
most able and skiillul tnanciers in rhe
country; they are men who have made Il o.
ough study OF banking. and who are Letter
prepared than any other people in the country to
sue Of currency. Each state would secure all it
could hope to secure through state ban Ks
of issue, and, what is much more, the
currency of the country would lie uni
credit of the government and soundness and
stability that could not he obtained in any other
way. In the early history OF our country we tried
the United States bank; at that time It was
be compelled to delegate the powers OF
issuing currency to banking n iash. 81
varying demands of business. We tried the e1-
pertinent and abandoned it half century ago.
We tried the state banks OF issue, and speculation
overran the country and bankruptcy was brought
upon thousands and thousands Of honest peop e.
The federal government turned its back upon
both systems and established the 'inde-
pendent treasury" as it was then IN called, LEO
called. At the time Of the establish
ment of this system it was gravely argued with
great force by many Of the ablest men In the
country that !! would not be successful m II mas mas
of its establishment it was argued by
John c. Calhoun, its great supporter and
defender. that an elasticity should oe
ment. in order that the currency might he sup.
piled IN accordance with the laws OF supply ana
demand. This feature has never been engrafteo.
as it should have been upon the subtreasury sys-
it is the most complete system
that ever has been devised or probably
that can ever he devised Like all o:her systems,
it needs amendment, from time to time to make
it correspond with the requirements OF business,
but in all amendments one cardinal principle
should always govern the people OF this union
the federal government should issue the money CT
the country and gulate its value, ana
the recognition, credit and power OF the
federal government should be behind every dol
lar that comes into existence. The Danger OF e1-
pansiOn is that tends create reckless specula-
ton but an issue of currency limited in its use TO
handling the great staple crops would always have
behind il commodities that are absolutely essen
tial to the existence Of civilized man. II 1t 10 saie
for the banks to handle these commodities now TO
very large extent upon dI ats, bills OF exchange
and artificial currency manufactured through the
necessities of commerce, it would he equally safe
for the same banks to get this currency dlrectly
from the government.
In an article Of this character it is impossible
to point out all the limitations and provisions
that should surround such an increase Of cur
rency. Eut these are mere details which can To
easily perfected. If hare succeeded in causing
those who read it to pause and consider we'll the
most vital question of the hour shall be moro
than satisfied.
ALLIANCE PLATFORM ENTITLED TO SUPPORT.
May not every business man in the country put
himself squarely upon the alliance platform. tho
subtreaSury bill or something better relying with
confidence upon the correctness OF the great
principle that underlies the measure and trusting
to enlightened discussion TO so modify the methods
and details that 1t will fully conform to the spirit
and genius OF our institutions and secure for az,
without injury to any, the relief demanded by the
exisencies OF .>n financial and commercial con.
dition? GxoAoIA1.