The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1890-10-22
of this Value only equals S,52, Oh

of this Value only equals S,52y
entire crop could never at any TIM
the government. Consumption isV 81:
on and has made considerable progr
days of December, by which time ri
one-half Of the crop has come into
bale Of cotton and every bushel OF " 3.zoeS -
more be pledged to the government -
| bale of cotton and every bush 7ES
is pledged to the b
| the marketing season; but
danger of too great al increase ~
ment could limit the amount of its u y
to be advanced upon the pledge OF tES 81
hundred millions Of dollars would y
ample to secure very low rate of
an easy financial situation durinS
months. But can not safer, md g
ciouS and more direct meS
devised that will effectively and
accomplish the ends in view without ii
government building or bonding warehot
simply an extension of agencies now n exr
But before submitting this plan, let US ca
for a moment what would lie accomplished nsS327782
house certificates. 1t would not prevent the prics
Of the great staple crops from beng rego-
lated by the universal law of supply
and demand. 1t would SIMPLY by reducing the
cost of carrying these products until they were
distributed piece-meal Tor consumption, enhance
| their value to the extent to which their cost OF
carriage was diminished; or perhaps to be more
this decrease in cost would be shared
both by the producer and the consumer,
neither moropoZing the full ADVANTAGE OF 1t.
70
flexible currency. render stable the rates of in
| tere-t prevent artificial stringency in the money
| market and manpuations to depress the prlce
of commodities, and leave the laws OF demand
and supply 20 work more evenly and without
artificial distractions.
NEW SUGGESTION.
Now, if it can be demonstrated by discussion
that all this can be done through currency issued
on the great staple crops without carrying the
20 ernmcnt into either the warehouse or banking
business, l am satisfied the farmers would
promptly accept such modification OF their
views and every productive interest in the whole
country could be brought into accord
and harmony on the subject. The short
road to this end is for the govern
state of the union. 1t now has subtreasuries in
New York, ST. LOUIS. Chicago, San Franci ,co,
Boston Cincinnati and New Orleans, and to es-
time, very little increase OF governmental
patronage, and the mere extension
OF a system chat has been perfected through years
| OF use. National banks now exist all over the
country, and any number can be chartered under
| the general law. II these two agencies were
brought into close and harmonious relations, and
the national banks OF each state were given
credit with the subtreaSury to he estaIli i-hed in
each state to an mount equal to the
whole or some portion OF their
fully paid-in capital stock, and
the use of the increased currency thy obtained
through the subtreasury WIS confined, under
proper restrictions, to advances upon the great
staple crops, an abundant currency, as stable as
| any in existence, could be brought INFO use ard
the rate of interest on money materially lowered
| throughout the Union. Any strlngency in money
| from moving crops would be eliminated from
the conditions surrounding commerce, and a
Il, thful method of expansion and contraction in
&c .ordarce with the volume OF trade inlugurated.
The government would take no part in the buS-
ness of the country; it would have no voice IN
banking or the fixing of credits; the whole ma
chinery of government banking and commerce
would move on Just as it does now, and the only
chan:e would be that the national banks, instead
OF having to draft on the great money centers of
the country, would find ample funds for moving
and handling the great staple crops in the SUBJ
treasures established practically at their doors.
AS CONSUMPTION took place the increase of cur
| rency would flow back into the treasury,
only to 20 out again as demanded by the
exgen"es of trade forced upon the country by its
enormous annual productions. Each state would
have one or nure financial centerS. and would lie
rendered independent Of tn: great financial cen
tarS.
PRACTICAL WORKING OF BILL.
To better understand the plan, let US consider
for moment its practical working. Suppose
subtreasury was established IN Atlanta
and in savannah and with the
other of these Subtreasuries the national banks of
the state had credit equal to their capital stock.
and that they could use the currency derived
from this source only for the purpose of advances
saa fef of gsHadi gssedng staple so SsW SSsS' York m
for currency, as they are compelled to do with
which to pay for cotton, they would he able, on
| the very class of security which they now accept,
to obtain the currency directly from the sub
| treasury. instead of from their eastern corre-
| spondents There would be no drain
| for this currency upon the imam
cial centers. Cotton would move just
as it moves now, and when it finally reached the
great markets and was paid for an amount OF cur
rency equivalent to that advanced in Atlanta
| would flow back into some one or other OF the
subtreasuries SO conservative are the national
banks of the country that is probable they could
he safely allowed an increase OF currency to be
used in handling merchandise generally, bur so
delicate is the financial machinery and easily is
it thrown ont of gear, that any increase OF cur
| rency should lie based only upon such great staple
articles of merchandise as must he consumed
within limited period. To render the r.ite OF in
tercst uniform throughout the country, and thus
TO nroperly regulate the value of money. congress,
as by the constitution of the United states
it IL authorized md empowered to do,
could, in consideration of the addt. onal
concessions made to the banks, provide low and
| fixed rate of interest
HISTORY OF SUBTREAsURY.
The plan proposed will run contrary to the
views and prcjudices of those who have tor !
quarter of 4 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