The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1891-09-16

dation. What is the evil complained
Of? To General Butler: l don't under
sC:nd this report Of yonr speech which
says that the national banks Go not get
80 per cent. more. but 10 rer cent. less
than they pay tor. IS that correct :
ISenator Butler: Why, of course l
am arguing 10 show that that position
is not correct If buy a horse of you
tht horse is miLe and The money IS
yours. That is payiog for a thing.
National Lanks simply deposit their
bonds and draw interest on them re-
ceiving fer their bonds 80 per cent. in
money. Senator Butler said the bank
irg system was war measure. | deny
il. The first hank charter was granted
in february, 1863. The first bank note
was issued December u, 1868, and as
the banks did not get into proper work
ing order the bill reatlirming the ma
tional banking Act was passed, but
not until 1864, when the war was prac-
'icaily ended his was Eot war
measure The grerrbacks took the
people through the war, and this sys-
tenn was established TO get the morey
into the banks Of the plutocrats. The
national banking system was Repub-
licaD institution. Wouldn't you think
it strange that a man who opposes the
sub-treasury would vote to recharter
national banks? But Call of Florida,
German of Maryland and Hampton OF
South Carolina did so. National banks
have had your money and have been
lending it to you. The profits accruing
to them are estimated by financial au-
thurity at from S25, 100000 to $4,000, 900
a year. They have been growing rich
on what they owe. lnfamy of lnfamies
| would like the fires II national lndig-
nation to rise and sweep them from the
earth.
Senator Butler wants the system ab-
olished. II that is done what shall we
have in its place? The issuance Of
money is a sovereign right. How will
the people get II, except by loan!ng :
Farmers and friends of labor demand
that system Of loans on land and non
perishabIe products shall take the place
Of the national banks. Yet our oppo-
nents fall to pieces if we mention sub
treasury. They "cuss" in all colors of
the rainbow aud 50 home aud spank
the baby overit.
New ideas nave to spring up like
new scions from the Ioots OF decaglng
trees. Yet this is not an entirely new
idea. The bank Of Amsterdam. the
best Of the present system, is the sub
treasury pure ana simple. You take
there Your gold and silver and deposit
1t. You receive certificates of deposit
which Immediately become currency
and circulate throughout Europe. You
need not take coin, but old metal OF
any bind. That was the Sub-treaSury
nearly three hundred years ago. The
bank of Hamburg saw the results Of
this policy and adopted it with the
same beneficial results. In Sweden the
banks base their currency not on silver
and gol0 but on land, the idea which
we have now got. Th-y loan money
on lanG to twO-thirds Of the valuation
found on the tax books at four per
cent. In towns the valuation is based
on the amount for which the property
can be insured. They loan the money
at four per cent, which Senator Butler
disapprovsd III his Prosperity speech.
No doubt If they had known the poor
opinion the Senator would have Of
them sou:e hundred years later they
would have demanded, and the people
would have paid, the rate of seven per
cent. which he thinks is the proper rate.
You will lind, my friends, that the man
who wants to borrow at a low rate OF
interest is the man who intends to re-
turn the loan, while the man who never
intends to pay is willing to take the
loan at any rate at which it may be Of
ferej.
They had tried it in Norway, and the
Encyclopedia Brittanica, which is not
in politics, is not demagogue and not
crank, says it has been of incalculabie
benefit to the people. Why not try
them here? Frederick the great adopt
ed the plan to build up his country af-
ter seven years war by establishing the
Sllesian Bank. which loaned money to
the farmers at four per cent. Ii our
government can borrow money at two
per cent. why can't the people? Who
is it that boTrows but the people? Why,
Senator, you yourself, who denounce
borrowing at less than seven per cent,
are a party to borrowing at two per
cent. have shown you the plan ap-
piled to land. let us SEE how 1t works
applied to cotton and wheat. 1t takes
three times as mach cJttOn To pay a
debt OF 500 aS 1t did twenty years ago,
and your debts have not decreased.
Somebody then, has robbed you Of two
thirds Of your cotton. What has done
it? Contraction Of the cnrrenc". Sup
pose | mad 100000 which was all there
was or could be III Lexington County.
The division OF that amount according
to the amount OF your products would
determine the price OF them. suppose,
now. should burn half Of that money.
The value OF your products would be
decreased just oue-half, tor the smaller
amount OF money must be divided just
AS the larger amount Would have been.
You must pay your debts just as you
hal TO Leforr but the debts have not
decreased III proportion 10 the decrease
il the medlnM VITA which you have 10
paw them. That IS just The way con-
traction Of the currency h-s robbed you
OI lhO-' Illus VI SIA Sp|lOb. SOotAeS
ton OF the currency in En- Land robbed
four-iiiths Of the farmers OF their
homes anI great distress prevalleI
until Lord ,.stiereayh introduced
three bills in oue day providing
1or an increase Ill the circulating
medium. Then "a da! If prosperity
dawned anu the farmers ;egan to re-
deem their ho.ues. o, citizens OF the
South, may the t!ue come when our
statesmen may hear and see, when this
bill shall sci III flow Il tide Of action
ANA onc people shall begin to redeem
Their homes.
! have shown you the arsumelt Tor
the laud lnan. What good VIII 1t do?
1t vii! beueiL the man who has too
much Iaud which IS drpreclatlng III
value every year. because he can Sell II
and USE the proceeds TO improve the
baiancr. It.wlli benefit the tenant by
hun to purchase land aad
have a home OF his OWE.
Now when they teli Us that our peo-
pie are eN!ravagant and lazy j point TO
i,.. ti,,t Ia r,l ~ Al