The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-09-17
ESTABLISHED 1865.

haQ 10 Oe nelpcQ out Dy the baHh VI
France. He also cited the case Of the
Silesian Bank, esta b!ished by .rede-
rick the Great.
HE SAYS LEND AND MEANS BORROW.
Georgia lends money at 3! per cent.
He maintained that prices were regu-
lated by unlawful contraction Of the
currency, and he illustrated it by a sup
posed case, in which all the banks Of
a country should suddenly call in out
standing obligations. On this point l. Q
quoted Mills, Ricardo, Henry Clay and
John r. Sherman. He euiogized the
English system of laws by which the
great depression of 1857 was overcome
by the financial measures of Lord
Castlereagh. He denied that laziness
and extravaganza were the causes OF
depression, but drew picture OF a
hard-working people eating poor pro-
visions, musty meal and white meat,
wtinkled like a ribbon. This CON-
parison created a great deal of laugh
ter. He couldn't see how people
could be lazy and yet produce surplus
of cotton. Yet cotton goods were high
and the staple was low, which proved
that there was bug in the buttarmiIk
somewhere.
LABOR AS A UNIT OF VALUE!
He held that silver and gold were
not the unit of value in the books on
political economy. On this point be
quoted Adam Smith, who held that a
variable article could never be a cor
rect measure of the quantity Of other
things, that is golC and silver con-
tinually varying, could not be cor
rect measure of the value of other COM
modities. He held labor to be the cor
rect standard of value and the sub
treasury hill was imbedded in this
philosophy. Col. Nason then said
that tue sub-treasury could be tested
by the people of county selecting a
factor who would he a bonded officer
elected. Let such an officer issue GER
titicates as the Government does on
gold and silver, and this would be the
sub treasury in its essence without any
Government expenditure. The bond,
OF course, would be approved by the
Circuit Judge.
Gen. Butler said that the money
would be back in the treasury IN the
spring, when the people wanted 1t
most.
Col. Watson said that this would
only be true if all people put in all their
cotton at the same time and took 1t out
in the first six months. On the con-
trary, the farmers would put cotton in
at various times from September on, SO
that the operation would be continuous
the whole year.
This was the last point made by Col.
Watson in his opening argument, which
was closed by peroration based on
the story of the relief OF Lucknow, the
application being the suo-treasury as a
means of relief to the beleaguered farm
erS.
SENATOR BUTLER'S SPEECH.
Gen. Bntler spoke as follows:
Chairman, Ladies and Gentlemen
and Fellow-citizens: l am almost in
that condition in which my distin-
guished friend said he was in upon one
occasion, when he took a bite of that
old white meat imported from Tennes-
see, from Kentucky or some place else.
I believe could eat some of that meat
snow, and 1 am afraid that there are a
tiEod many in tn audience who have
thlEsr minds turned to the dinner table
.!ao"nr than to - speaker, but Will oc'
,uSt IS short portion of the time before
we al OF Urn to respond, as l may. to the
observa, ,s of the distinguished gen
tlemau va PAS just taken his seat.
He reproatOc1 me, as 1 have been
reproached befto with discussing what
is known as the s.byeasury bill at
Prosperity. I was invlteeT1here to dis
cuss the sub-treasury plan Oh Sperlts,
aud the only plan 1 have ever SO I, q! q
heard of being the bill I ventureo' -
discuss it. have teen berated, delameo
and derided because, forsooth, l eHer-
cised the right of all American citllen
to discuss in public question: OF lhCel-
est to the people. That bill was pre-
sented to Congress by the trlenos OF my
distinguished friend. 1t was paraoed
before the would as the consummatlon
of all the wisdom, Of all the statesman,
shin of America. 1u the Natlonal
Economist, by the lobbyists to put IL
through Congress, by the orators upon
the stump and off the stump, IN tne
press and everywhere, we were toid
that it was cousummation or the suo-
treasury plan. But it seems TO me aiter
all the sounding of gongs and blowing
of trumpets, which is a matter or puoic
record in the department at Nasnlng-
ton, that I committed some great crlue'
and that will commit a great crime
to-day if | venture to discuss 1t without
the consent of the bosses who are try
ing to domiueer over and dominate
every man who chances to differ with
them. Cheering and applause. Eel
low-citiZens, I never expected to live tc
see the day in this State when any cltl,
zen ofthe Commonwealth of the state OF
South Carolina should have to go 10 the
BOSSES of the sub-treasury to get author
ity TO discuss any public measure o! III
terest to the people.
TIE BOSSES AND THEIR BANTL1NG.
From what | can observe the bosses
themselves have become ashamed o.
their bantling; they have beome
ashamed of the bill; and because l ven
tured TO discuss 1t have accused me o
bad faith, when, as God is my witness
| t3O 10 lllOle lllleulIoii vi CStai5 = = eAA' )
of bad faith than | have this day.
will do my friend the justice. to say
one thing to him, that he has the man
hood and the courage to say to my face
to state the misrepresentation OF what
have said, while others waited unit
my back was turned before they plieC
the tongue Of slander and defamation
My friend says that said AT Prosperity
that the man who would borro| money
at > per cent. did not intend to pay Il
back. | say to you, fellow-citlzens
upon my honor as man, thai
was Il base falsehood, base mis-
representation. The gentleman say:
that no other man who borrowed
money would pay it back except the
man who borrowed it at per cent.
say that
THAT Is NOT TRUE.
So that my friend had good deal o
fun; he told 4 good many anecdotes; he
created a good deal Of laughter upon
premises which were wholly erroneous
and without particle OF foundation
~ ,r,,t lor,on 7 have stood ly the