The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-09-16

arose new meaning 10 the WOru, Wnlcn stl bur-
| wives, and an American finds no contemptuons
phrase by which he can indicate more pointedly the
utter wOrhessness OF anything than to say, ut is not
worth continental"
States legal paper, issued in 1862 a. fell
below par and remained for l6 years, being in 1884,
when it required S2.S5 Of paper to purchase 81 of
| gold, worth much less than one-hslf its nominal
amount The depreciation, though yearly diminish.
ing continued long after the victory rebellion,
notwithstanding oil of our customs revenue was re-
| cciVcd in gold and after the honor Of the country
pledged by the act Of Congress in 1852 approved
by President Grant, 10 pay ull Of our debts In
coin.
| INsURMOUNTABLE OBJECTIONS.
These examples would seem to prove that the OBJ
cctions the main principles Of the bill here consid-
cred are 50 fundamental to make It unnecessary To
review Its details for. It were constructed with the
greatest skill and ability these objections would still
| remain rnsurmountable. The circulating value OF
paper currency only be maintained BY its conver-
tbty into specie at the Will OF the holder, anu eA-
| cess insurcs its depreciation.
iut the bill in many of Its details bristes with 9th.
| er objections We have twice chartered national
bank though the constitutional power to do 80 has
been more or less disputed; but 1. has never been
contended that the Government can constitutanally
established within itself bank OF Issue and ioaning
purposes. 1t is proposed by this bill to establish
banking Institution in The Treasury Department. M
| der the naue Of the Land Loan Bureau, which
might surpass In number and amount Of Its accounts
to be opened with those TO be authorized TO make ap
picatons for loans or to receive and deposit
ry notes, any banking institution existing either In
Europe or America.
Applications are to be received for loans in sums Of
less than $500 or for IS (as the maximum
amount Is unrestrcted and each person 10 to Do an
nuay charged with per cent. interest and credited
with all payments made. The borrowers may pay the
whole or any part thereof not less than 20 per cent
| ut any time; and when making such payment may
elect In writing to make the security continuing
for ~ years. and thereafter may at his pleasure
deposit withdraw by checks the full amount OF the
| original loan.
Every person who is citizen Of the United
States or who has declared his intentions TO become
such, and who is the owner In fee Of unin:umbered
agricultural land, may file his application tor loan,
notes that the Treasurer of the United States Is to
huvo printed and signed slOO, 900 OF Treasury
notes and such additional amounts from time to time
! as may be necessary.
Mauilestly the plan covers every county and town
in the United States, and II accounts were to be
opened In oil. instead of bureau In the Treasury de-
partnent 1t would require to hold the chief and bis
subordinates OF this colossal banking establishment
building by ITSELF and OF greater magnitude than
| even that Of the War, State, and Navy Depart
ments.
| 1t is further provided that chief and deputy
chief Of this socalled bureau shall be appointed by
the President, by and with the advice and consent OF
the Senate one with $1,000 and the other with 5000
salary. But the chief OF the bureau, with the ap.
proya of the Secretary Of the Treasury, 10 to sp-
point such subordinate officers may be necessary 10
carry out the provisions Of the act and to Ak their
salaries, but not to exceed the salaries paid for sim
| lar clerical services in the Treasury Depart
mcnt.
The duties Of many of these subordinate officers
would not be inferior to that OF Treasurer Conptrol
Ter OF Currency, or Director OF the mint and supe-
rior as to responsibility to Treasury auditors and
comptrolers; and yet, unlike to all these, they are
tn be appointed without the consent Of the Senate by
the chief Of the bureau, with the approval OF the
| Secretary Of the Treasury.
NO SURPLUS MONEY.
plus of money nor Is 1t likely to have any, TO lend to
borrowers any ate of interest and certainly not st
less than half the rate 1t Is now paying. There is not
millionaire In the whole country who would loan at
per cent. the security TO be offered But 1t Ia
proposed that the Government, not in fact hsv-
ing any money to lend shall lend Its notes and
make them by law legal tender receivable In lieu Of
gold or my other lawful money for all private debts
taxes, excuses, public lands, and oil demands owing by
the United States except interest on the public debt
and in redemption of the national currency In 9TH
words, the Treasury notes TO be issued upon liens
Of land may be nsed rs legal tender for everything,
even for the redemption OF oil our national currency
but such notes are not TO be redeemabe In coin or
| anything elsc
| 4 large owner of nnncumbered land might apply
| for q loan Of 81 100000 and reloan 1t In smaller
amounts at much higher rate than he paid. Where
the constitutional power is lodged which authorizes
| the Government to loon money or TO create In the
| Treasury Department gigantic banking institution
1t will be difficult to point out, and that such power
| VIZ * . ~ n 1. - \ IL.
mnen ine aPPicant snala nave nlea Ms apphcauon
ne must aePosh SUN suIcient 20 pay IN expert 70
ascnarge tne uues oi person lsarned IN tne law 70
examine ana make On aostract OF legai utie 70 tne
land whicn Is 70 Dc hyPot9ecateo ana also 70 pay one
or more appraisers OF the Iano: Ihis may DO DIM
cut as Wt. as Uner9us. mnen copy Oh sne apphca
Ace of the recorder of the county in which the land 4,
situated Is to constitute without other record par
amount lien upon the same against all subsequent
! purchasers and tncumbrances
| DIrrIcuITIEs IN Tur wAv
-.
10 many states honeSteaG rlghts nave been crea.
teG anu IN some suites attacnments anu the recorded
Judgments OF their courts create lien upon real es-
tate Out oeyond t1is only aeed strictly according
to the statutes o tne state VIII create any lien or
cancel any hen on hortgaee, ana tne snthority OF
Congress 70 aaa 10 or aininisn or " declare wnat
snail De anu what smaL hot Oe paramouht nen "P9n
| any real estate VIII oe everywhere 9lsP1tea. IN IN
cases oi orecEsare ID proPosea aaat Inc zen saa
continue until tne money secureo WIN the inter-
esI anu cos,s aIu Iega, e SeS VI eoecon' haS pee"
| fully repaid ana satisned."
The attorney and counsel fees are to be per cent,
but In no case to exceed $5 The certificate " the
bureau chief, when the loan and costs have oil been
paid is to be sent to the recorder and TO operate as
the discharge Of the lien but when the loan has been
diminished or again increased no means Of ascer-
AnNkn ln lhn Han Hn