The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1891-08-06
First. think nearly all the financiers

business, and all economists agree that
there is an important relation between
this circulating medium and price.
might cite to dozens of the greatest
economists. Calhoun was explicit.
Stuart Mill, Clay, all were explicit on
than point. But If l lacked in authority
L could appeal to your common sense
and prye it as explicitly rs they. II
you have u horse worth $3.50 and are
forced by circumstances to sell, and if
no one has more than $3.50, of course
you can getno more, even if the horse is
worth more. While there is no exact
ratio yet the general truth is establish
ed. II commodity is worth so much
with the circulating medium and you
cut the medium, you of course cut the
price.
Second. Not only does the currency
not bear Il proper relation to this gener-
al business, but it lacks feature. which
the Alliance was the first to promulgate.
that Is elasticity.
might show, by process of reason
ing, the hold of it. In the fall of the
year when accumulated labor for a year
IS thrown on the ket, even if the
money is not manipulated, there will be
relative contraction at that time be-
cause the logical effect is what all politi-
cal economists call depression Of price.
The fact creates, then an abnormal
condition and by way of parenthesis
that condition is not due solely to the
relative Influx of products, but to the
few who control the money.
Col Robert Chisolm. formerly of
Charleston, has made the alarming
statement that there were six corpora
tiOns and ten men who can lock up in
one day one billion of dollars. This
condition, due to lack Of flexiblity, oper-
ates against all classes Of people, and
you are mistaken when you think it Is
for the sole interest Of the farmer we
are working, for the question is as
broad AS the country. All business
men are cramped by that condition of
affairs. But it is especially hurtful to
the farmer, Tor he must labor twelve
months before he can produce anything.
The commercial men know the condi-
tion and. therefore, have an opportu-
nifty of getting their money out of the
way, so the farmer must sell on fall
ing market.
While speaking about the abnormal
condition l will answer the arguments
against the measure. 1t does not give
the farmer special privileges, hut il it
did they would be rather in the line OF
evening up. There are three, and only
three, classes of producers, mining,
manufacturing and agriculture, but
two are not producers in a strict sense,
mining and manufacturing. But an
agrlculturaliSt when he goes into his
field and works nine months, using soil,
sunshine and rain. Is a producer, and
he only. There are two ways OF even
ing up unequal things, subtract fro m
the larger and add TO the smaller, there
u "a rhn T>;k Il
States bonds have the special privilege
of depositing with the Government,
and 1T issues currency on this deposit.
But We dare not take away that priv
llege, because there is not enough cur
rency. Then add some privileges to
the farmer. Some argue it would hurt
the miners and manufacturers, but they
are always protected, they can put their
products on the market every day, but
not the farmer. SO this is to place the
farmer equal to the other two produc-
ers, and he is entitled to it provided he
can give as solid Il basis for issuing
currency.
Here he gave the plan of Mr.. S. M.
Stone in the Forum, who says he ad-
mits the necessity of elasticity, but does
not admit the Alliance plan. lie offers
an original plan; proposes bank of Is
quo w loouO Oil i
have this objection: The same men
will control the currency as now, but
claim MIR. Stone as a convert to the ALI
ance plan OF elasticity. Hence we con-
clude that currency is insufficient and
lacks tlexibility.
Throughout the speech Mr.. Stokes
quoted Mr.. Stone and Mr.. Calhoun on
the necessity of tlexibility. lie said
the farmers plan meets the condition,
but that if not obtained he will accept
a better system than the ware house
system. lie adds that it is to be supplied
by two ways, the issue of fiat money or
the national bank issue, and there's no
hope OF increasing from those sources,
because in case OF fiat money man
can Call for his gold or silver and take it
away from circulation. In his case
the same manS notes control bonds,
gold and silver. There is no increase
here, because the entire output Of QolI
and silver annually about $6OOOOOOO
and all is not used as money. But sup
pose all were used. The increase would
not be one dollar per capita. The ALT
ance demands five hundred dollars per
capita, and it would take forty years to
make the proper increase. There is no
help from national banks, for it Is con-
stant spring of currency, and it's power
is unwarlrnted and Il dangerous usurpa
ton, Tor 10y law by tie 1st of September
$s5l 100000, will retire, SO neither of
the two can give the necessary increase.
How car you get it? ! can see only the
lands and PRODUCES ;,S Il salvation.
IIIe SAID that on "a State bond issue we
would have the same trouble that we
cOntended against during the war The
notes were good only III the State that
issued them. | know that the notes of
South Carolina and pass in New York
or Liverpool. BUTT was because South
! Carolina shipped cotton. Silver. gold
and national bank notes are good as
far as ethey go. Now, if all these can
get value Tor their deposits, why in the
name OF common sense cannot the far
mer deposit his product and get money
| on 1T?
TIE HON. NJ. c. BUTLER.
Senator Butler then spoke as follows:
Mr.. President, Ladies and Gentle
men: All the people in this country
are awakening to an interest in public
| affairs. Agitation never alarms me-.
| i welcome the idea that ALI Deople are