The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-07-30
BUTLER VS.. STOKES.
THE GREAT SUB-TREASURY DEBATE
IS OVER.
Senator Butler Meets President Stokes in
Public Discussion Of the Sub.Treasury
Plan-Talbert Talks-The Herald
and News Furnishes Full
Report To-day.

nine o'clock the grove at Col. Young's
was full Of vehicles of all description,
from a road-cart to a pheton. New
berry County was there in full force,
and it looked as if the Town of New
berry had migrated to Prosperity in a
body. The presence of several hundred
Of the fair sex lent charm and inter
est to the occasion that mere political
or economic discussion could not have
excited. At least fifteen hundred peo-
pie were present, ofwhom at least three
hundred were stalwart citizens Of Edge
field, drawn thither more, perhaps, by
the desire to hear Senator Butler, the
pet and hero of old Edgefield, than
from any special interest in the sub
treasury scheme.
The utmost decorum, and good
humor prevailed and the crowd seemed
ent on social intercourse and enjoy
rent rather than the consideration OF
grave questions Of State.
The meeting was called to order
promptly at 10 o'clock by J. a. Sigh,
President of the County Alliance, and
Rev. j. &. Traywick led in prayer.
President Sigh in his remarks said
it was hopeful sign to see so many
present; that it show they were seek
ing after the truth, Il that the object
of this discussion was to give them in
formation and he hoped they would
give the closest attention; that it was
not desired to give the speakers ap-
plause, but to give them all attentive
hearing; to demonstrate that our brain
was not in our mouth nor our heels,
but in our heads. There is difference
of opinion on the sub-treasury, and
hone>t difference. Something was
wrong somewhere, and we want to
find the remedy. President Sligh's in
junction was followed almost to the
letter.
PRESIDENT STOKES SPEECH.
President Stokes said: II esteem it
a high privilege to meet with citlZens
Of this county, and to speak to them.
I am a native Caroiinian and feel that
every other Carolinian is my brother
and compatriot. l am glad to meet
with you and give you such conclu-
sion as I have arrived at in the study
of the great economic questions OF the
day. This large audience is hopeful
sign and this is to be an intellectual
and quiet presentation of facts and ar
guments. The Alliance has been criti-
cized very largely for not having its
discussions in public and | will only
reply to that that this audience to hear
this public discussion of an Alliance
measure at the instance of an Alliance
man is sufficient answer. So far as the
Alliance is concerned the State Alli-
ance has settled this question of the
sub-treasury plan by adopting the
Ocala platform which embraces this
demand. The Alliance is not opposed
to public discussion. It has now set
tied its family quarrel. Senator But
Ter was invited to discuss this question
by myself as head of the Alliance in
this State. 1 had expected to be else
where and had expected Mr. Living
ston to discuss this question, but as Mr..
Livingston is not here on account of
inability to get here, will take up the
debate.
He trusted that the audience would
remember the instruction Of the Coun-
ty President and give both speakers a
careful hearing. With this introduc-
ton he entered the discussion ofthe
question.
He said the Alliance announced as one
of its demands the sub-treasury scheme
by which nonperishable farm products
are to be stored and treasury notes
issued upon them as basis. There are
a good many reasons would submit
in support Of this scheme but as my
strength will not permit me to cover
the whole ground, / shall only ask
your attention to some of them.
The first I would assign is admitted
by all inanciers and does not need
elaborate argument, and that is that
the circulating medium is insufhcent
and needs to be increased.
The second proposition I will sub
nit is that the price Of commodities
bears definite relation to the volume OF
the circulating medium and regulates
the price products will bring when
plcaed upon the market. AS authority
for this proposition would give Adam
Smith, the father of political economy,
Stuart Mill, Clay, Calhoun and 25 or
30 of the ablest writers on political
economy. If were to look elsewhere
for authority on this point | would ap-
peal to the common sense OF the farm
ers to sustain it. He illustrated this
point by the man who had a horse to
sell that was worth $3.50 aDd if there
was only $3.50 with which to buy it Of
course he could not get full value for
his horse. If you cut the circulating
medium one-half you reduce the price
of commodities one half.
Second. Not only does the currency
not bear the proper relation to business,
but it lacks one quality which the Far
mers' Alliance was the first to promul-
gate and demand-and that is the quail
ity OF elasticity. l might show from a
process of reasoning that there was
need of il. During the fall season the
entire and accumulated labor of the ag-
riculturist for twelve months is to be
marketed in three months. Even II
the volume of currency flowed in its
regular channels it would not be sutfl-
cient to meet the exigencies of the sea-
son. When we consider the fact that
the total circulating medium is only
81 $50, 100000 and that six corporations
and ten men can control 81, 900, 100000
at any time and produce an abnormal
condition, we see the need of flexible
currency that can be controlled by the
farmers. The want of tlexibility af-
fects everybody in business.
The purpose Of this scheme is not
solely to benefit the farmers, but the
principlei is as broad as the country and
need only call the attention Of bust
ness men here to the cramped condi-
ton of the money market in the fall.
1t is especially hurtful to the farmer
because he must labor and wait y
months before he can put his product
on the market.
The men who control the money
know that the vast amount of farm
products must be marketed and they
put the money out of the way
and the farmer must sell upon
a falling market. 1t is not designed to
raise the price of farm prod|cts but to
protect against this abnormal condition
of things. -
There are three classes Of PRODUCES:
The miners, manufacturers AND agri-
culturists. Only the agriculturist IS a
producer in the strict sense ST the term.