The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1891-08-04

ed Ii a commodity Is worth SO much
with the circulate w me tium and yo,i
cut the medium. ysh OF course cut the
price.
Second. Not only does the currency
not bear proper relation to this gener-
al business, but it lacks feature which
the Alliance was the Grst to promulgate,
that is elasticity.
] might show, by a process of reason
ing, the hold of 1t. In the fall of the
year when accumulated labor for year
is thrown on the market, even III the
money Is notmanipulated, there will be
q relative contraction at that time be.
cause the logical effect is what all politi-
cal economists cali 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 Chiselm, 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 tiexiblity, oper-
ates against all classes of people, and
you are mistaken when you think 1t 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 Oe
affairs. But it is especially hurtful to
the farmer, tor he must labor twelve
months before he can produce eaiIything.
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 If it
did they would be rather Ia the line OF
evening up. There are three. and only
three, classes of producers, mining,
two are not producers in strict sense,
mining and manufacturing. But an
lagriculturalist 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
Is al equality. Men who own United
States bonds have the special privilege
Of depOsiting with the Government,
and it issues currency on this deposit.
But we dare not take away that priv.
ilege, 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 a basis for issuing
currency.
Here ne gave the plan of Mr.. S. Nj.
Stone in the Forum, who says he ad-
mits the necessity of elasticity, but does
not admit the Alliance plan. He offers
an original plan; proposes bank of is
sue to issue currency on products. l
have this objection: The same men
will control the currency as now, but 1
claim Mr.. Stone as convert to the ALI.
ance plan of elasticity. Hence we con-
clude that currency is insufficient and
lacks flexibility.
Throughout the speech Mr. Stokes
quoted Mr.. Stone and Mr.. Calhoun on
the necessity of tlexibility. He said
the farmers plan meets the condition,
but that If not obtained he will accept
better system than the ware house
system. He 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 this case
the same mans notes control bonds,
, gold and silver. There is no increase
. here, because the entire output Of gol,i
: and silver annually about $6O,OOOOO0
and all is not used as money. But sup
pose all were used. The increase would
not be one dollar per capita. The Alli-
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 a con-
stant spring Of currency, and its power
is unwarrrnted and dangerous usurpa
tion, for by law by tie lst of September
$51 100000. ). will retire, so neither of
the two can give the necessary Increase
How car you get it? | can see only the
lands and products as a salvation.
He SAID that OH State bond issue we
would have the same trouble that we
contended against during the war. The
notes were good only in the State that
issued them. know that the notes of
South Carolina did pass In New York
or Liverpool. BUTT was because South
Carolina shipped cotton. Silver. gold
and national bank notes are good as
far as 6they GO. Now, If all these can
ScI Vdlu6 lOT CHelf uepOSlCS, why In the
name of common sense cannot the far
mer deposit his product and get money
. on it?
THE HON. NJ. G. 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.
welcome the idea that all people are
taking Il profouni interest in them.
Subjects when argued honestly and
fairly can be- decided correctly. | want
truth and light. Why. fellow-citizens,
whtn accepted this invitation ex-
pected to hear ulanswerable argu-
ments, and yield to him In the main
all that he has said, except what he
chooses to describe as the sub-treasury
. plan. may differ in few details.
do not believe in his arguments that
tlexibilty of currency establishes the
ratio of currency and price. The great
law Of supply and demand settles this
question. apply supply and demand
to money as well as to products. 1t is
claimed by the opposition to free coin
/, age that 80 per cent of tho business is
done by checks. Such an argument Ia
, deceptive, for man who gives check
must have bank account You can't
pay railroad fare With check. Taxes
. cannot be paid with. check. So the
argument IL misleading. There is but