The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-05-14
THE FINANCIAL NEED.
The Volume of Money in Circulation In
sufficient for the Transaction of the
Business On Cash Basis.
by Col. Ellison S. Keitt.l J

of the Treasury Of the United States,
in his report to Congress in December,
1865, said: "The people are now compa-
ratively free from debt" He was IN
position to know the truth Of what he
asserted. His allusion was particularly
to those States that remained in the
Union during the war. What is their
condition now, brought about in tWen~
ty-fve years by the operations of the
present financial system Instituted
during the war? The farm mortgages
in the northwestern States alone, eN-
elusive of city, county and town pro-
perty, aggregate the stupendous sum
of So, $50, 100000. And it is likely the
last census when published will put it
far in excess of that sum if it has been
faithfully taken. The same condition
to a greater or less extent exists in every
community in this vast country. The
interest of this stupendous debt, much
less the principal, can never be paid
under the present financial system. In
stead of the condition Of the people
improving it will grow worse with each
year, as i:has been doing for twenty
five years. If the bonded and mortg-
aged debt Of the people was aggregated
it is doubtful if the wealth of the en-
tire nation could liQuidate it. With
these facts before US, is it at all surpris-
ing that the people should be loud and
clear from one end of the land to the
other in their demands for financial
reform? Is there anything surprising
in the late uprising of the people and
the beginning of the end, sending to
private life old Leaders who brought
about this condition, and who propose
to continue it? The nation.is between
Scylla and Charybdis. Will patriotic
men wear out their lives and the lives
of their. wives and children in constant
toll and worry in vain efforts to pay
debt when under the present finan-
cial system.it is impossible to pay the
interest? Will capitalists still cling to
the present financial system and press
on until the country is plunged into
bloody revolution and repudiation:
These are momentous questions de-
manding an answer. The nation is
seized with deadly malady and re-
quires heroic treatment. What is the
remedy? More money-oil upon the
spindles Of civilization and progress is
the imperative demand. What is mo-
ney? Is gold money? No. Is silver,
money? No. Is copper, money? No.
Is paper, money? No. All of these are
commodities until they receive the
stamp of the government. All are now
in use as money in this country, made
so by the government. Money is
creation of law. Whatever the govern
ment declares legal tender in payment
of debts is money. The government
has out among the people S346,Ssl,nl6
United States legal tender notes, less
the loss in twenty eight years, based
on her credit, which pass current equal
with golG coin. The imperative de-
man6 is, and the remedy for the mala-
dy is, money in circulation in sufficient
volume for the easy transaction of
business o2 cash basis. How is this
money to be had, and how are the peo-
pie to get it into their hands? In our
adjustment of balances with foreign
nations, gold and silver are received as
commodities according to weight and
finish. Let there be coined fractional
currency, from one cent to fifty cents,
in ample volume for the demands of
the people. Let the government print
notes beginning at one dollar and going
as high as one thousand dollar notes if
desirable, and make them Il legal
tender in payment of all debts both
public and private. The question is,
how to get this money into the hands
Of the people after it is printed and in
the Treasury? Let the government
establish sub-treasury at the capital
ofeach State and loan this money on
real estate at > per cent per annum for
fifteen years, the interest and one
fifteenth of the principal to be paid
annually to the government. Let the
loan be sixty per cent Of the assessed
value for taxation OF un-encumbered
real estate, and the maximum loaned
to any one individual s 900, and the
minimum 800. We will then have
currency based on real property, some
thing everybody wants-we can't eat,
drink or wear gold and silver. They
are worth nothing without the stamp
Of the government except as commodi-
ties in the arts. Capitalists have juggled
with these metals for ages and deceived
mankind to satisfy their greed. Let
America have her distinctive money
legal tender in payment Of all debts
both public and private. Let her lands
and buildings be printed to limited
extent into money, and be blessing to
the people. Let the government be
made safe by'a mortgage. and where
there are buildings an insurance of the
property. The sub-treasuries can be
run as cheap as the banks. 1t will take
less than Sl,0OO000 to operate them,
one in each State; $50 per capita will
put out in round numbers $4,000,00O,-
900, which at per cent per annum
viii yield the government $50, 00,000;