The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-08-13

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tuition; therefore within the meaning
of that instrument necessary and pro-
per for carrying into execution the
powers vested by this constitution of
the government of the United States"
The above extract from the decision
Of the court shows clearly that it is the
duty of the general government to pro-
vide currency for the whole people.
The condition Of the country de-
mands that it be done without delay
if the financial disaster that is now
impending is to be averted.
The plan suggested is simple and
the writer believes eminently practical
and will meet every demand.
Respectfully,
ELLISON S. KEITT.
COLONEL KEITT's SUGGESTION.
[Greenville News.
The sub-treasury scheme seems to be
flexible enough to suit anybody and
elastic likewise. It started a few months
ago as full fledged bill before Congress
with details, provisions and appropria-
tions all complete. 1t has gradually
contracted and twisted until it has now
become mere abstract principle and
that not very we'll defined but supposed
to be that more currency is needed in
the country.
1t is stated in to-day's dispatches
that the Kansas Alliance is repudiat-
ing the whole thing. We are not sur
prised by that, for we believe as cool
head, sensible men study the thing
they will be more and more convinced
of its folly and danger. Nor are we
surprised to find thinker like Colonel
Keitt, whose letter is printed to-day,
abandoning many of the essential feat
ures of the scheme and suggesting some
widely different methods.
All of US can agree that our currency
and the manner of its distribution re-
quire legislation. It can now be con-
trolled by very few hands; and, as
Colonel Keitt shows, in few years the
retirement of the United States bonds
will make some new basis necessary.
Our financial system heretofore has
been a series of makeshifts and expert
ments, some successful and others un-
successful, but all temporary. We must
have permanent and settled system.
Work for all time can not be scram-
bled through in hurry. 1t can not be
done by crazy enthusiasts or vulgar po-
litical schemers or noisy howlers. Nor
can it be done by excessive caution or
timid conservatism or the reckless and
insolent bigotry that regards every
thing new as being destructive.
We believe the new currency system
will be compromise probably the
combination of the best parts of half a
dozen or more schemes and PROPOSE
tions. Every suggestion in that line
ought to be studied closely and with
the guidance of common sense and
sound principles to see what good there
is in it, or if there is any.
The sub-treasury idea as originally
suggested appeared to US to combine all
possible bad and dangerous features,
methods and principles. It provided
for the dependence of the people direct
ly upon the central government, for de-
basing the currency by establishing it
on an uncertain and fuctuating basis,
for putting the farmer and the govern
ment together in the hands of the spec
ulator. Its every provision was full Of
opportunities for fraud, favoritism,
plundering and tyranny. It could not
do what it intended to do. In princi-
pie it was class legislation of the worst
kind; in actual operation it would have
ruined all classes alike.
Colonel keitt evidently understands
some of the most glaring and serious
faults of the sub treasury scheme and
offers plan for avoiding them. He
proposes to have the original transac-
ton in currency, involving the first
removal of the currency from the gov
ernment printing house, between the
State and the central governments
loan and borrow between two separate
and sovereign powers. That is un-
doubtedly very great improvement
on the old scheme. If the citizen is to
look for financial help anywhere out
side the usual channels of commerce
he had far better look to his State than
to the general government.
The general idea of all these plans is
to shut out the middle man between
the government which manufactures
the money and the people who use it
The purpose is to make the flow direct |
and easy and to have Oh money as lit
tie tax as possible in the way ofinterest
and commissions for bankers and |
others who handle it in its progress
Colonel Keitt's suggestion is to make
each State the banker for its people,
receiving and using for the people what
profit is made.
Of course host of objections to Col.
Keitt's scheme and every other based
on that principle are Immediately sug-
gested to the mind. One of the first is
the lack of a foreign currency-some-
thing to do our trading with other
peoples with. We can by law make
currency in our own coun-
try, but W. can not force it for accept
ance by the remainder of the world,
and that fact would probably give US
;wo bases of currency, the one availa-
,la fo. foraioy tra5o ctoaIi1y, ;poraoci,o |