The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-09-17
ESTABLISHED 1865.

while the EuSllSn ana russian OanHs
had to be helped out by the Bank OF
France. He also cited the ease Of the
Silesian Bank, esta b!ished by trede-
rick the Great.
He SAYS LEND AND MEANS BORROW.
Georgia lends money at 3 per cent.
He maintained that prices were regu.
lated by unlawful contraction OF the
currency, and he illustrated it by sup
posed case, in which all the banks OF
country should suddenly call in out
standing obligations. On this point he
quoted Mills, Ricardo, Henry Clay and
John IT. Sherman. He euIogized the
English system of laws by which the
great depression of 1857 was overcome
by the financial measures Of Lord
Castlereagh. He denied that laziness
and extravaganza were the causes OF
depression, but drew a picture of a
hard-working people eating poor pro-
visions, musty meal and white meat,
wtiukled like a ribbon. This COM
parison created a great deal Of laugh
ter. He couldn't see how people
could be lazy and yet produce surplus
of cotton. Yet cotton goods were high
and the staple was low, which proved
that there was bug in the buttormllk
somewhere.
LABOR AS 4 UNIT OF VALUE
He held that silver and gold were
not the unit Of value in the books on
political economy. On this point he
quoted Adam Smith, who held that a
variable article could never be a cor
rect measure Of the quantity Of other
things, that is gold and silv1r con-
tinually varying, could not be a cor
rect measure of the value Of other COM
modities. He held labor to be the cor
rec. standard of value and the sub
treasury hill was imbedded in this
.L:...vsnp ply. Col. Wason then said
that the sub-treasury could be tested
by the people of county selecting a
factor who would be bonded officer
elected. Let such an officer issue GER
titicates as the Government does on
gold and silver, and this would be the
sub treasury in its essence without any
Government expenditure. The bond,
of course, would be approved by the
Circuit Judge.
Oeu. DutlSl sdllI luaG tuC 44lObCS
would be back in the treasury IN the
spring, when the people wanted 1t
most.
Col. Watson said that this would
only be true if all people put in all their
cotton at the same time and took 1t out
in the first six months. On the con-
trary, the farmers would put cotton in
at various times from September on, so
that the operation would be continuous
the whole year.
This was the last point made by Col.
Watson in his opening argument, which
was closed by peroration based on
the story of the relief of Lucknow, the
application being the sub-treasury as a
means of relief to the beleaguered farm
erS.
SENATOR BUTLER's SPEECH.
Gen. Bntler spoke as follows:
Mr. Chairman, Ladies and Gentlemen
and Fellow citizens: I am almost in
that condition in which my distin-
guished friend said he was in upon one
OCCASION. when he took bite of that
old white meat imported from Tennes-
see, from Kentucky or some place else.
I believe could eat some of that meat
now, and l am afraid that there are a
good many in the audience who have
their minds turned to the dinner table
rather than to speaker, but will oc-
cupy short portion of the time before
we adjourn to respond, as may: to the
observations of the distinguished gen
tleman who has just taken his seat.
He reproached he, as have been
reproached before, with discussing what
is known as the sub-treasury bill at
Prosperity. was invited there to dis
cuss the sub-treasury plan on its merits,
and the only plan l have ever seen or
heard of being the bill l ventured to
discussit. have beeE berated, DETAINED
and derided because, forsooth, I eXer-
cised the right of all American citizen
to discuss in public question of inter-
est to the people. That bill was pre-
Sented to Congress by the friends of my
distinguished friend. 1t was paraded
before the would as the consummatlon
of ali the wisdom, of all the statesman
ship of America. In the National
Economist, by the lobbyists to put it
through Congress, by the orators upon
the stump and off the stump, IN the
press and everywhere, we were told
that it was cOuSum nation OF the sub
treasury plan. But it seems to me after
all the sounding of gongs and blowing
of trumpets, which is a matter ofpubllc
record in the department at Washing
ton, that committed some great crime,
and that will commit great crime
to-day if venture to discuss it without
the consent of the bosses who are try
ing to donlineer over and dominate
every man who chances to differ with
them. Cheering and applause. Eel
low-citizens, never expected to live TO
see the day in this State when any citi-
zen ofthe Commonwealth Of the State OF
South Carolina should have to so TO the
bosses of the sub-treasury to get author
ity to discuss any public measure Of i'll
terest TO the people.
THE BOSSES AND THEIR BANTLING.
From what I can observe the bosses
themselves have become ashamed OF
their bantling; they have beome
ashamed Of the bill; and because | VEN
tured to discuss 1t have accused me OF
lad faith, when, as God is my witness,
| had no more Intention of being guilty
of bad faith than l have this Gay. /
will do my friend the justice to say
one thing to him, that he has the man
hood and the courage to say to my face,
TO state the Misrepresentation OF what
| have said. while others waited until
my back was turned before they piled
the tongue Of SANDER and defamation.
My friend says that said at Prosperity
that tie man who would borro" money
at per cent. did not intend to pay it
back. | say to you, fellow-citlzens,
upon my honor as a man, that
was 4 base falSehood, base mis-
representation. The gentleman says
that no other man who borrowed
money would pay it back except the
man who borrowed it at per cent.
say that
THAT Is NOT TRUE.
So that my friend had good deal OF
fun; he told i good many anecdo, es; he
created good deal of laughter upon
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