The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-09-03
DEFECTS OF THE DEMANDS.

A Dispassionate Discussion OF the Ocals
Platform-Some Practical Suggestions
it Would be Well for the Peo-
pie to Consider for
Themselves.
prof X Means Davis, in the Winnsboro News
and Herald, August 25.l
J. have read with interest the Ocala
platform, printed in your columns at
the request of the Blythewood Alliance.
AS you say, it raises burning questions,
and should be read with the greatest
care, not only by all voters, but by all
who have a cent of property or an iota
of patriotism. It will not do either to
accept or reject these demands as q
whole without earnest study of them.
Some of them raise issues that have
been mooted long time and are still
unsettled problems among the leading
economists and statesmen Of the world.
l propose simply to ask some ques-
tions in order to attract attention to the
significance of these demands. Each
reader of your paper can answer the
for himself.
(A.) After all is not government a
compromise? There is scarcely any
good measure withoutits attendant evil,
q truth that becomes more apparent the
more it is studied, and the wisest legis-
lation is that which secures as much
good with as little evil as possible. More
than this cannot be expected. The
statesmen who is cock sure on any
measure often meets with disappoint-
ment when theory is put into prac-
tice.
National banks have their good points
and their bad ones. For those who de-
sire a redeemable bank currency, the
system Of national banks is the best
that has ever been devised in this coun-
try. Itwas copied from the New York
law, and it might be applied to this
State, if Congress would abolish the
tax on State State bank circulation.
Its power to control the money market
is rather an incident of capital than Of
special form Of banking. The repeal of
the tax on State banks would destroy
the monopoly, without closing the
banks as banks Of deposit.
The redemption Of United States
bonds is rapidly reducing national bank
circulation, so that their bills are even
now but small part of our currency,
and will probably ere long practically
disappear, thusremoving the obnoxious
"feature' altogether. Then arises the
question whether the system, guarded
as it is against fraud by stringent laws,
might be retained for the deposit and
discount business Should it be swept
away before good State banks are es-
tablished? For it must be remembered
that those people who are not 80 fortu-
nate as to come in under the sub-treas-
ury plan must have somewhere else to
borrow from.
(B) Can the Government loan money
at 2 per cent. when individuals cannot
without loss? Who must bear the loss?
The people at large?. But the people at
large are not allowed to borrow. Must
they bear loss where they reap no bene-
fit? Why then not let everybody in the
land borrow on the same terms? If I
have gin factory full of gins, ought
not I to have the right to raise money
on them as we'll as on the cotton that
gees through them? Ought not the
merchant be allowed to borrow on his
stock of goods in order to tide over a
tight time instead of pressing pay at 10
12per cent. when the Government, or
which is his Government as much as
anybody else's is supplying his neigh
Dor at = per cent? If teach school, or
sit on jury, anG receive warrant on
the county treasurer which is empty.
because the people are not ready to pay
taxes, ought not the Government to
discount this public claim as we'll as
advance money on private property? Is
a"plan" that doesn't cover all these clas-
ses of persons consistent with that fun
damental and best plank of the whole
platform, Equal right to all and special
privileges to none?" Is the privilege of
borrowing at , per cent, when an
equally estimable neigh6or has to pay
10 or u for bis loan, a special privilege
or not?
ask nothing about the practical
working of the sub-treasury plan, for l
have not been able to learn exactly
what the plan is that is now advocated
instead of the bill.
(C.) Why should we demand $50 per
capita in United States currency? Is
this to be in addition to the 81 900, ,0O0,-
600 advanced through the sub-treasu-
ries? How shall all this money be
kept in circulation after the farmers
pay back their loans to the Govern
ment? If, as is claimed, the price Of
commodities depends on the amount OF
money in circulation, will cow be
worth 500 in the fall, when all this
money is afoat, and only $50 in the
spring, when half this elastic curreRcy
has been covered back into the treasury?
This is very pretty question.
If England, the richest country in the
world, gets along with about s. head,
why do we need more than twice as
much? Why should the relation any
how be between dollars and men, in
stead of between dollars and business?
Do 1900 colored rice hands on our coast
,ooS oc MANY dollars as the same nun.