The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-02-19

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it added to it very greatly, produced
4 panic, and had it not been for the
! timely action of the banks Of England
! and France we would almost unques-
! tionably have had 4 financial crisis such
as the world has seldom witnessed.
r'nd it would have been due primarily
and chiefly to the reckless financiering
Of the remote and rather significant
South American Republic that came so
near running the great house Of Barring
Brothers. And yet how similar to this
Argentine fnanciering is the so-called
sub-treasury scheme advocated by our
Farmers Alliance. The chief difference
is that the ccdulas are based on real
estate securities, whereas by theAlliance
plan our currency would be based on
such perishable articles as cotton, corn,
wheat and tobacco-certainly in every
Way much less safe than real estate.
IT WOULD BE UNIVERSAL RUIN.
If, then, unsound 1inanciering in SO
insignificant country as the Argentine
Republic came so near prccipitating q
financial crisis on the leading commer-
cial nations of the world, what would
not even more unsound financiering on
the part of great nation like the Uni
ted States be likely to bring about?
And if our Southern cotton market has
suffered from this threatened crisis, as
it no doubt has to some extent, what
would it not suffer from the real and
universal crisis that would inevitably
be produced? Is it not then the patri-
otic duty of every friend of honest and
sound principles of finance, from what
ever section he may come, or to what
ever political party he may belong, to
forget, for once, at least, both party and
section, and to unite in warding off the
danger impending over the entire
country from the interested and selfish
action of a few silver millionaires, and
the visionary schemes of the Farmers
Alliance? Let sound money Demo-
Gratis heed the patriotic appeal of Sena-
tor Sherman to join the Republicans
in defeating the free coinage of silver,
just as T would say let conservative
Republicans heed the patriotic appeal
of the venerable Senator Hampton to
defeat the force bill.
AN UNsoUND FINANCIAL TENDENCY.
To the two causes of the stringency
above described, coinciding as they did
with each other, we may add third,
which many able financial authorities
regard as the prime cause; that is a
general feeling of uncertainty and
want Of confidence in our financial
situation, growing out of the tendency
of late years to unsound financial legis-
lation. We have had more or less Of
this tendency ever since the war. First
we had the "Greenbackers' as long as
Government notes were deprecated in
value. After the return to specie pay
ments, so that Government notes were
of full value in gold, but silver began
to decline in the market, the Screen
hackers" merged into "Silverites."
The term "Cheap-moneyites" would
cover both. They were in favor of
what they term "cheap money" be-
lieving that with this they would be
able to cheat their creditors out of a
part at least of their just debts. This
idea suited our silver barons Of the
Rocky Mountains exactly. They seem
to have no higher idea Of finance than
to get as much as possible for their
silver, regardless It the ruin it may
bring upon the country at large. 1t
can hardly be regarded otherwise than
a public misfortune that these men get
seats in Congress, by purchase or other
wise, where such q miserable rotten
borough as Nevada, a mere mining
camp, so to speak, with only about
$4,000 inhabitants, has an equal voice
in the United States Senate with the
great State of New York, with over
5000, 900 inhabitants.
THE DANGER OF PARTIsANsHIP.
Add to this that strong partisan feel
ing that puts party before country and
causes the minority in Congress to
unite with such an incompetent and
vicious faction Of the majority for the
purpose of gaining point, and we
have al explanation Of the recent pas
sage of the free silver coinage bill in the
Senate, as we'll as most Of the vicious
financial legislation OF late years. l
entertain too high an opinion Of the in-
telligence of such men as Senator Car
Isle, as we'll as of our own Senators,
Hampton and Butler, TO believe that
they think the free coinage of silver, at
present rates, is sound financial
measure, Or that it will c9nduce to the
,ass =! ~ then do they lend
I their support to such miserable coterle
ofso-calied Republicans to pass through
the Senate a measure SO :raught with
danger to the prosperity and honor OF
the country? No wonder if in such a
state of affairs there is want of con-
tidence III financial circles, and q
panicky tendency whenever the least
trouble arises in the money market.
Fortunately the threatened danger
of financial crisis seems to have
rassed away for the present. But If we
wish to avoid the periodic recurrence
of such dangers we should hasten to
return to sound financial basis. That