The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-11-18
AN OLD INVENTION,
Sub-T' easury Idea Was Tried Two
Hundred Years Ago.
lGreenville News. |

tiieu oelore mas been frequently StateC
but it is not generally known that
scheme good deal like it was ono
tried in this State. A gentleman ha
called our attention to the followin
from the second volume of the Sout
Carolina statutes:
"Att Parliament begun and he'll
at Charlestowne for the Province {
Carolina the one and twentieth day {
July, IN the third yeare Of the Reign
OF our Sovereigne Lord King jaime
the Second over England, &C., and i
the yeare Of our Lord God one thous
and, six hundred eighty and seven.
San Act to ascertain the prices {
7c5mmodityes 81 the -countfyes growth:
'NYhereas, for want of ascertaining
the rates and prices of the goods of the
growth and natural product Of this
country many tedious and chargeable
lawsuits and auarrels have and doe
dayly 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 1t enacted, by
the Pallatine and the rest of the true
and absolute Lords and Proprietors Of
this Province and by and with the ad-
vice and consent Of the Nobility and
of the Commons in Parliament assem-
bled, that ali debts, accounts, contracts,
bargains and judgments and execu-
lions thereupon 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 corpe att two shil-
lings the bushel, Indian Pease at two
shillings siXpence the bushel, English
Pease at three shillings sixpence the
hushel. Porke at twenty shillings per
ewt., Beef at twopenee the pound, To-
bacco at tw~*'S pence the pound, Tarr
at eight shillings the barrelt:~-And all
tenders Of payment in due TYNE made
all or any one or more of the before
named commodityes att the prices be-
fore by this Act appointed shall De IN
al! courts, before all judges, justices
and magistrates whatsoever be held
and taken for good tender in law. Pro-
- Iacoyes that this act doth not
continue t. Zee in force longer than
Twenty-Five months from the ratify-
cation of the same.
''Read three ty,nes and ratified in
open Parliament, the 23rd July, Anno
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.
It is evident that then, as now, mo-
ney was very scarce and prices or 1arm
products were unsatisfactory to the
producers. Merchants and traders
wanted cash and farmers had none.
We may imagiue 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-
-eess was degree simpler and more dl-
rect than that Of the sub-treasury.
Instead of depositing his products in
ware house and securing certificates or
receipts to pay his debts with, the
farmer could tender the actual article.
By the sub-treasury system as now
proposed a farmer could haul cotton TO
a government ware house, CT re-
ceipt for it and with that receipt tender
payment to another farmer or mer-
chant or banker who might be loaded
with cotton until he loathed the very
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 MS
custom could turn all hands loose in
in the then abundant pine forests and
90 to work making "tarr;" and he
could have that "tarr' hauled or rolled
bv the ton to the door of the unhappy
creditor and unload it on him, literally
"stickipg" him with it. Even bet
and pork, both perishable, could be
used in, the same way. The parlla-
raent of the province was not then
popular assemblage, but it manifested
Z disregard for the rights OF creditors
Indicating that most Of its members
were themselves somewhat short ~
cash or long of some of the "commodl-
tves" for which they fixed the prices.
Living descendants of these worthies
will take notice, however, that we have
stated this only as a deduction from |
circumstances and not as positive ac-
cusation on which we are prepared TO |
stand challenge.
It 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 II
the traders there found it satisfactory.
A few of them were probably forced !
into difficulties by it, finding them
selves unable to pay what they owed
in England with corn, peas, tar,