The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1891-08-05

Second. Not only does the currency
not bear a proper relation to this gener-
al business, but it lacks a feature which
the Alliance was the first to promulgate,
that is elasticity.
might show, by process of reason
ing, the hold Of it. In the fall OF the
wear when accumulated labor for year
is thrown on the market, even II the
money is not manipulated, there will be
a relative contraction at that time be-
cause the logical effect is what all politi-
cal economists call depression OF price.
The fact creates. then an abnormal
condition and by way Of parenthesls
that condition is not due solely to the
relative iItlux 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 tlexlbllty, opsr-
ates against all classes Of people, and
YOU are mistaken when you think it 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 Of
affairs But it is especially hurtful to
the farmer, tor he must labor twelve
months before he can produce any thing.
The commercial men know the condt
tlon and, therefore, have an opportu-
uity of getting their money out OF the
way, so the farmer must sell on a fall
ing market.
! While speaking about the abnormal
condition will answer the arguments
against the measure. It does not give
the farmer special privileges, but if it
did they would be rather in the line Of
evening up. There are three. and only
three, classes of producers, mining,
manufacturing and agriculture, but
TWO are not producers in a strict sense,
mining and manufacturing. But an
agriculturalist when he goes into his
field and works nine months, using soil,
sunshine and rain. is producer, and
he only, There are two ways OF even
ing up unequal things, subtract from
the larger aud add to the smaller, there
is an 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
ilese, 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 he 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
claim Nr. Stone as convert to the Alll-
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 fexibility. He said
the farmers plan meets the condition,
but that if not obtained he will accept
a 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 fat 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 goll
and silver annually about S6O,OOO,OOO.
and all is not used as money. But sup
pose ali were used. The increase would
not be one dollar per capita. The ALI
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 con-
slant spring of currency, and its power
is unwarrrnted and a dangerous usurpa
ton, TOR by law oy tie lSt OF September
S51 100000, will retire, so neither OF
the two can give the necessary Increase.
How car you get it? eau See only the
lands and products as salvation.
! He SAID that 90 State bond issue we
would have the same trouble that we
conten6ed against during the war. The
uotes were good only IN the State that
issued them. know that the notes OF
South Carolina did pass in New York
OF Liverpool. BUTT was because South
Carolina shipped cotton. Silver, gold
and national bank notes are good as
far as sthey 90. Now. if all these can
get value for their deposits, why in the
name OF common sense cannot the far
mer deposit his product and get money
on it?
j THE HON. ". c BUTLER.
Senator Butler then spoke as follows:
MIR. President. Ladies and Gentle
men: All the Ieople in this country
are awakening to au interest IN public
affairs. Agitation never alarms me.
| welcome the idea that al people are
taking u profound interest in them.
Subjects when argued honestly and
fairly Can be decided correctly. want
truth and light Why, fellow-citizens,
when l accepted this Invitation l ex-
pected TO hear ulanswerahle argu-
ments, and ! yield TO him in the main
all that be 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
tlaxibility 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 the business is
done by checks. Such ali argument is
deceptive, for man who gives check
must have bank account You can't
uav railroad fare with a check. Taxes
cannot be paid with check. So the
argument is misleading. There is but
one billion five hundred million dollars
of money tor the transaction OF the
peoples business, about S22 per capita.
| myself asked in the Senate chamber