The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-07-30
BUTLER VS.. STOKES.
THE GREAT SUE-TREASCRY DEBATE
Is OVER.
Senator Butler Meets President Stokes in
Public Discussion OF the Sub-Treasury
Plan-Talbert Talks-The Herald
and News Furnishes Full
Report To-day.

The great discussion at Prosperity
| between DR.. Stokes and Senator Butler
drew the largest crowd that has been
seen since the Tillman campaign. By
nine o'clock the grove at Col. Young's
was full of vehicles Of all description,
from road-cart to phfeton. New
berry County was there in full force,
and it looked as if the Town of New
berry had migrated to Prosperity in a
body. The presence of several hundred
Of the fair sex lent charm and inter
est to the occasion that mere political
or economic discussion could not have
excited. At least fifteen hundred pco-
pie were present, Of whom at least : rec
hundred were stalwart citizens of Euge-
field, drawn thither more, perhaps, ov
the desire to hear Senator Butler, the
pet and hero of old Edgetield, than
from any special interest in the sub
treasury scheme.
The utmost decorum, and good
humor prevailed and the crowd seemed
bent on social intercourse and enjoy
1nent rather than the consideration of
grave questions Of State.
The meeting was called to order
promptly at 10 o'clock by J. A. Sigh,
President Of the County Alliance, and
Rev. J. B. Traywick led in prayer.
President Sigh in his remarks said
it was hopeful sign to see so many
present; that it showed they were seek
ing after the truth, and that the object
of this discussion was to give them in
formation and he hoped they would
give the closest attention; that it was
not desired to give the speakers ap-
| plause, but to give them all attentive
| hearing; to demonstrate that our brain
was not in our mouth nor our heels,
bit in our heads. There is difference
of opinion on the sub-treasury, and
| hone,t difference. Something was
wrong somewhere, and we want to
find the remedy. President Sligh's in
| junction was followed almost to the
letter.
PRESIDENT stokes SPEECH.
President Stokes said: "I esteem it
high privilege to meet with citizens
of this county, and to speak to them.
I am native Carolinian and feel that
every other Carolinian is my brother
and compatriot. I am glad TO meet
with you and give you such conclu-
sion as I have arrived at in the study
of the great economic questions of the
day. This large audience is a hopeful
sign and Il is to be an intellectual
and quiet presentation Of facts and ar
guments. The Alliance has been criti-
cized very largely for not having its
discussions in public and will only
reply to that that this audience to hear
this public discussion Of an Alliance
measure at the instance of an Alliance
man is sufficient answer. So far as the
Alliance is concerned the State ALI
ance has settled this question of the
sub-treasury plan by adopting the
Ocala platform which embraces this
demand. The Alliance is not opposed
to public discussion. It has now set
tied its family quarrel. Senator But
Ter was invited to discuss this question
by myself as head of the Alliance in
this State. had expected to be else
where and had expected Mr.. Living
ston to discuss this question, but as Mr..
Livingston is not here on account OF
inability to get here, I will take up the
debate.
He trusted that the audience would
remember the instruction of the Coun~
ty President and give both speakers a
careful hearing. With this introduc-
ton he entered the discussion ofthe
question.
He said the Alliance announced as one
of its demands the sub-treasury scheme
| by which nonperishable farm products
are to be stored and treasury notes
issued upon them as basis. There are
a good many reasons I would submit
| in support Of this scheme, but as my
strength will not permit me to cover
| the whole ground, I shall only ask
your attention to some Of them.
The first I would assign is admitted
by all financiers and does not need
elaborate argument, and that is that
| the circulating medium is insufficient
and needs to be increased.
The second proposition 1 will sub
nit is that the price Of commodities
bears definite relation to the volume of
the circulating medium and regulates
the price products will bring when
plcaed upon the market. AS authority
for this proposition would give Adam
Smith, the father of political economy,
Stuart Mill, Clay, Calhoun and 25 or
so of the ablest writers on political
economy. If I were to look elsewhere
for authority on this point I would ap-
peal to the common sense of the farm
ers to sustain it. He illustrated this
point by the man who had & horse to
sell that was worth $3.50 and if there
was only $3.50 with which to buy it Of
course he could not get full value for
his horse. If you cut the circulating
medium one-half you reduce the price
of commodities one half.
Second. Not only does the currency
not bear the proper relation to business,
but it lacks one quality which the Far
sSners' Alliance was the first to promul-
ty 60 and demand-and that is the quail
elasticity. l might show from a
leed OF lV:,>f reasoning that there was
entire ana a~.During the fall season the
ricuiturlst ior Inundated labor Of the ag-
marketed IN thl,.elve months is to be
the volume of curreh-.lonths. Even if
regular channels it wouiu :" wed in its
cient to meet the exigencles o.. he suffi-
son. When we consider the facS CO.,
the total circulating medium IS onlAt
81 $50, 600, 900 and that six corporatloonnSSv onSv
and ten men can control ,O00,OOo,oOV,s
at anv time and produce an aonormalj
condition, we see the need OF heAlole
currency that can be controlled oy tne
farmers. The want Of 1lexiolllty al
fects everybody in business.
The purpose of this scheme IS no.
solely to benefit the farmers, but tne
principle is as broad as the country ana
I need only call the attention OF @ ousi-
ness men here to the cramped condl-
ton of the money market IN the ian.
It is especially hurtful to the farmer
because he must labor and walt -
months before he can put bis prooucC
on the market. ,
The men who control the money
know that the vast amount or 1afin
products must be marketed ana they
BUT the money out of the way
and the farmer must sci! upon
a falling market. 1t is not designed 10
raise the price of farm products out 10
protect against this abnormal conolllon
of things. ,tuoa,,oros.