The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-11-18
AN OLD INVENTION.
The Sub-T, easpry Idea Was Tried 1"o
Hundred Years Ago.
IGreenville News.

IGreenFllIe News.
The "principie of the sub-treasufy y
as its friends call it has not even the
merit of novelty. The fact that the
same general plan, or idea, has been
tried before has been frequently stated
but it is not generally known that
scheme a good deal like it was once
tried in this State. 4 gentleman has
called our attention to the following
from the second volume Of the South
Carolina statutes:
"Att a Parliament begun and held
at Charlestowne for the Province OF
Carolina the one and twentieth day OF
July, IN the third yeare of the Reigne
of. our soyereigne Lord King James
the Second over England, &C., and in
the yeare of our Lord God one thous-
and, six hundred eighty and seven.
San Act to ascertain the prices OF
conmodityes of the countrye's growth.
.sWhereas, for want Of ascertalning
the rates and prices Of the goods OF the
growth and natural product Of this
country many tedious and chargeaole
lawsuits and quarrels have and doe
dayiy happen between and among the
inhabitants and merchants Of this gov
ernment, to the great losse and dam
age of the plaintiff and the great losse
and charge of the defendant, for the
prevention whereof. Bee it enacted, by
the Pallatine and the rest Of the true
and absolute Lords aud Proprietors OF
this Province and by and with the ad-
vice and consent of the Nobility and
OF the Commons in Parliament assem-
oled, that all debts, accounts, contracts,
bargains and judgments and e1ecu-
sions tnereupon hereafter to bee made,
obteyned and done and which are not
made expressly for silver or money or
some other particular commodity att
certain price, shall and may bee paid
and discharged by corne att two shll-
Iings the bushel, Indian Fease at two
shillings sixpence the bushel, English
Pease at three shi!lings siXpence the
bushel. Porke at twenty shillings Per
cwt., Beef at twopence the pound, 10
bacco at tw#** pence the pound, Tarr
at eight shillings the barrell. And all
tenders of payment in due TYNE MADE
all or any one or more of the before
named commodityes att the prices he
fore by this Act appointed shall be in
all courts, before all judges, justices
and magistrates whatsoever be held
and taken for good tender in law. Pro-
vided Alrayes that this act doth not
continue to bee in force longer than
tweptv-three mon!hs from the ratify-
cation of the same.
''Read three tymes and ratified in
open Parliament, the 23rd July, Ammo
Dom 1857, Annoq. R. Bo. 3
JAMES CoLLEToN
JOHN GODFREY
Jos. MORTON
... PAUL. GRIMBALL
WM. DUNLOP
STEPHEN BULL"
So far as we know there is no record
of the result OF this experiment. AS
will be seen by the substance Of the
Act, it was not intended to be perma-
nent arrangement.
1t is evident that then, as now, mo-
ney was very scarce and prices Of farm
products were unsatisfactory to the
producers. Merchants and traders
wanted cash and farmers had none.
We may imagine that the creditors had
little use for "pease' Or ''corne." Yet
the representatives Of the lords proprle-
tors undertook to force commerce and
to change the conditions by expanding
the volume Of the currency. The pro-
cess was degree simpler and more dl-
rect than that Of the sub-treasury.
Instead of depositiug his products IN
ware house and securing certificates ca
receipts to pay his debts with, the
farmer could tender the actual article.
By the sub treasury system as now
proposed farmer could haul cotton TO
government ware house, Ct re-
ceipt for it and with that receipt tender
payment to another farmer or mec-
chant or banker who might be loaded
ln 15,tha1 tha
sight Of it. By this former South
Carolina plan fine old original settler
Of the time who was heavily in debt TO
the factor or importer favored with his
custom could turn all hands loose in
in the then abundant pine forests and
go to work making "tarr;'' and lie
could have that "tarr" hauled or rolled
by the ton to the door OF the unhappy
creditor and unload it on him, literally
sticking" him with it. Even beef
and pork, both perishable, could be
useG n the same way. The parlia-
ment - the province was not then a
popular assemblage, but it manifested
disregard for the rights Of creditors
indicating that most Of its members
were themselves somewhat short Of
cash or long of some Of the ''commodi-
tyes" for which they fixed the prices.
Living descendants of these WORTHLESS
will take notice, however, that we have
stated this only as deduction from
circumstances and not as positive ac-
cusation on which we are prepared to
stand challenge.
1t is fair to presume that the old sub
treasury scheme failed to operate
pleasantly. 1t was promulgated from
the city Of Charleston, but We doubt if