The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-09-30
Why Money is Scarce.

According to the statement OF the y nj
ted States Treasurer, there Is more money
per capita in circulation now than at any
time since 1850.
There is no doubt that money Is very
scarce in this section OF the country. But
there ia plenty OF money in New York
and other Northern States-thst Is plenty
for the purposes of trade and commerce
there never will be enough anywhere
for everybody to have all he wants.
Why Is money scarce in this section OF
the country? Here are some reasons
everybody can understand:
The annual pensions to Federal survi-
vors amount to Sl30,0O0,0 All this,
practically speaking, goes into Northern
States, while every Southern State has TO
pay its proportion of it. The average OF
each State Is nearly three millions. South
Carolina pays not less than two mil
lions.
Then comes the import tariff, Of which
$3.50, ,OOO, 900 . year goes to the government
and about $500, ,OO0, 900 to protected indus
tries. and Of which South Carolina pays
its share-estinated at eight millions
and gets back only small portlon-the
great portion going to manufacturing
States In the North. Say South Carolina
pays out for tariff duties seven millions
more than she gets lack.
Again: Our railroads are all owned by
Northern capitalists, and whatever the
roads earn over actual running expenses
goes North to pay the interest on their
bonds. The gross earnings OF the rail-
roads in South Carolina for the month OF
July last was $570,O July Is one OF the
poorest months. But suppose that TO be
the average for the year; there would be
gross annual earnings Of 1854, ,OOO, ,OO0.
Sixty per cent. OF this amount goes to
running expenses and remains in South
Carolina the other forty per cent, or
two and three quarter millions. goes
North to pay interest on the railroad
bonds:
Now add these three items:
For pensions ............ ....."""'.$ Z,UO,OOO
For Tarif".:.a..".::..."".........". o,W0'oOo
Total sll,75o,Ooo
This is not all:
We send possibly two millions into
Tennessee and Kentucky for mules.
Newberry County alone sends annually
about $4,000.
And then the corn and meal and bacon.
How they do cost! And what immense
quantities are shipped to this section from
tennessee and the Northwest. We can
not approximate the amount; but 1t Is
enormous. One merchant at Newberry
has received since January 1st, II carloads
of cornM8,5O0 bushels. About $4,000
bushels have been sold at Newberry and
about 10000 at other points in the County
at an average Of about 90 cents-say
S36, 900 for corn, It; n . great drain Of
money topay A1kts thiDcorn and bacon
and ffour and haJ other products.
And what have we got to raise money
to pay pensions and tariff and railroad
bonds with and to buy corn and bacon
and other things?
Cotton-nothing but cotton.
No wonder we are poor.
What is the remedyi
Some say the sub-treasury. We do not
think so.
The remedy, it seems to us, is 10 raise
our own corn and bacon and mules, and
South to circulate amongst our own peo-
pie.
For the pension drain there is absolute
ly no remedy. No party-Republica
Democratic, Alliance or what not-is
making any effort in that direction.
The Democratic party is fighting for
tariff reform, and If successful will great
ly relieve the burdens Of the South.
The railroad bonds have gone North to
stay.
All these three disadvantages are the
result OF the war, which made the North
rich and the South poor. There Is no
hope for remedy for any of them except
in the possible reduction Of the tariff. So
that, do what we may-sub-treasury or
not-the South will continue to be drain
ed to pay pensions and tariff and railroad
bonds. The North has great advantage
over US in these particulars. and we cam
not help it. But we can prevent the i'm
mense drain made upon our resources for
the purchase Of Western mules and corn
and meat, ,by raising these things at home.
In this. way lies safety. NewIerry Observ-
T.