The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-02-19

and France we would almost unques-
tionably have had a financial crisis such
as the world has seldom witnessed.
End it would have been due primarily
and chiefly to the reckless financiering
of the remote and rather significant
South American Republic that came so
near running the great house Of Barring
Brothers. And yet how similar to this
Argentine tinanciering is the so-called
sub-treasury scheme advocated by our
Farmers Alliance. The chief difference
is that the cedulas are based on real
estate securities, whereas by theAlliarce
plan our currency would be based on
such perishable articles as cotton, corn,
wheat and tobacco-certainly in every
way much less safe than real estate.
IT WOULD BE UNIVERSAL RUIN.
If, then, unsound tinanciering in so
insignificant country as the Argentine
Republic came so near prccipitating q
financial crisis on the leading conner
cial nations of the world, what would
not even more unsound financiering on
the part of a great nation like the Uni
ted States be likely to bring about?
And if our Southern cotton market has
suffered from this threatened crisis, as
it no doubt has to some extent, what
| would it not suffer from the real and
| universal crisis that would inevitably
be produced? Is it not then the patri-
otto duty of every friend of honest and
sound principles of finance, from what
ever section he may come, or to what
ever political party he may belong, to
forget, for once, at least, both party and
section, and to unite in Warding off the
danger impending over the entire
country from the interested and selfish
action of few silver millionaires, and
the visionary schemes of the Farmers
Alliance? Let sound money Demo-
Gratis heed the patriotic appeal of Sena-
tor Sherman to join the Republicans
in defeating the free coinage Of silver,
just as I would say let conservative
Republicans heed the patriotic appeal
of the venerable Senator Hampton to
defeat the force bill.
AN UNsoUND FINANCIAL TENDENCY.
To the two causes Of the stringency
above described, coinciding as they did
with each other, we may add third,
which many able financial authorities
regard as the prime cause; that is a
general feeling of uncertainty and
want Of confidence in our financial
situation, growing out of the tendency
of late years to unsound financial legis-
lation. We have had more or less of
this tendency ever since the war. First
we had the "Greenbackers" as long as
Government notes were deprecated in
value. After the return to specie pay
ments, so that Government notes were
OF full value in gold, but silver began
to decline in the market, the "Green-
hackers" merged into "Silverites."
The term "Cheap-moneyites" would
cover both. They were in favor of
what they term "cheap money" be-
lieving that with this they would be
able to cheat their creditors out Of a
part at least Of their just debts. This
idea suited our silver barons of the
Rocky Mountains exactly. They seem
to have no higher idea of finance than
to get as much as possible for their
silver, regardless Of the ruin it may
bring upon the country at large. 1t
can hardly be regarded otherwise than
public misfortune that these men get
seats in Congress, by purchase or other
wise, where such miserable rotten
borough as Nevada, mere mining
camp, so to speak, with only about
10000 inhabitants, has an equal voice
in the United States Senate with the
great State of New York, with over
100000 inhabitants.
THE DANGER OF PARTISANSHIP.
Add to this that strong partisan feel
ing that puts party before country and
causes the minority in Congress to
unite with such an incompetent and
vicious faction Of the majority for the
purpose of gaining a point, and we
have al explanation of the recent pas
sage OF the free silver coinage bill in the
Senate, as well as most of the vicious
financial legislation of late years. I
entertain too high an opinion of the in
telligence of such men as Senator Car
Isle, as we'll as of our own Senators,
Hampton and Butler, to believe that
they think the free coinage of silver, at
present rates, is a sound financial
measure, or that it will conduce to the
public welfare. Why then do they lend
their support to such q miserable coterie
of fso-called Republicans to pass through
the Senate a measure so fraught with
danger to the prosperity and honor Of
the country? No wonder if in such
state of affairs there is want Of con-
fdence III financial circles, and
panicky tendency whenever the least
trouble arises in the money market.
Fortunately the threatened danger
Of L financial crisis seems to have
passed away for the present. But if We
wish to avoid the periodic recurrence
of such dangers we should hasten to
return to a sound financial basis. That
"honesty is the best policy" is just as
true Of nations as Of individuals, as all
history shows; and on this question
there should be no division Oh party
lines. We should then stop the coin