The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-11-18
Government Paper Money.

be free from the manacles of the money
kings and prosper, until the great ma
tions of the earth demonetize both gol6
and silver, and make government pa
per money legal tender for all debts,
both public and private. Let our gov
ernm7Et of the people move promptly,
and lead in the holy work by issuing
it in ample volume for the transaction
of business based on property and the
credit Of the Nation.
The financial issue as presented is
not question simply betwr IN capital
and labor. 1t does not Intenance
socialism, agrarianism or anarchy, as
our opponents would have the world
believe. The aim and end Of those who
advocate change of the financial sys-
tenn is high and holy-the advance
ment of humanity. Tto real forces
arrayed against each Other IL the con-
test are the property holders AID bus!-
ness men on one side and the holders
of metallic money on the other side.
The great decline in property of every
kind and the failure of 10000 business
firms, with liabilities of S4,500,000, 900,
on the one side, and the enormous in
crease in wealth of the holders of me-
talic money and its increased purchas-
ing power on the other side, attest the
truth of the above statement. The
admission that 96 per cent. of all busi-
ness is now done on paperis an acknow-
ledgment that the metals as money are
wholly inadequate to meet the de-
mands of trade and commerce.
No statesman will give ear to the
twaddle of establishing State Banks Of
issue with the lights before US. The
Constitution of the United States, Ar
ticle l, Section 10, says: "No State"
s~* ''shall coin money" or ''emit bills
of credit" Emit means to issue, to
print and send into circulation. Is it
not clear, a State that is denied the
power to exercise this right cannot
delegate it? No honest, intelligent and
sane man will advetate the establish
nent of such system, knowing it is
unconstitutional.
The banking system of the world,
since the first tank waf established, in
1909, in Amsterdam, is and has been
licensed fraud, by empowering the
crafty to shave and sWindle the inno-
cent and helpless. 1t is crime against
humanity. It is claimed and prac-
tised that it is safe to issue three paper
dollars-promises to pay-for every
metallic dollar bank has when it is
established.
To license corporation with capital
of 100000 in metallic money to issue
100000 of promises to pay is fraud
on the public, as two out Of euery three
are based on nothing but the credit of
the corporation. Again, the stock
holders get interest on three times the
amount of their capital. In this State,
before the war, the banks sometimes
issued five and six dollars to one of
their capital, and loaned it on cotton.
If the bank fails the public holding the
promises to pay bears the loss: This is
illegal and should not be tolerated,
being in violation of Article /, Section
10, of the United States Constitution
The people then were confiding. The
money power controlled legislature and
matters quietly drifted. The people
now are reused and mean to have JUS
tice and law. They are getting more
and more light each day. Out of the
chaos and confusion surrounding us
our principles and demands will emerge
and prevail, if we are loyal and brave
in sustaining them. Trust only the
true, loyal and brave. Principles and
measures for the common good are para
mount. Party name, the mere suprema-
cy of party,and individual advancement
should be brushed aside as naught. Let
our principles and measures be clearly
understood, and In their firm establish
mept let there be no faltering much
less yielding.
The Supreme Court of the United
States has decided and declared that it
is the duty Of Congress, the Legislature
of our sovereign nation, "to provide a
! national currency for the whole peo-
ple." Let Congressman realize their
sworn duty and proceed and do it with
out delay.
The conditions surrounding us are
urgent and imperative that a system
Of finance better than the one we have
shall be instituted-a system that will
provide the people with national cur
rency in ample volume for the easy
transaction of business on cash basis.
This is af easy accomplishment in
either of two ways.
First, let Congress demonetize both
gold and silver, except for fractional
currency and fix the per capita circula-
ton and the rate of interest. Then let
| Congress establish a sub treasury IN
each State, and order legal tender notes
receivable for all debts, both public and
private, printed, and loan them direct
to the people, properly restricted and
secu1ed-or furnish them to the States
according to population, and let each
State loan them to her people on such
security as each may elect. South
Carolina may determine to loan them
on real estate, cotton and rice; Loulsl'
ana on real estate, cotton and sugar
| the States of the northwest on on real
estate and wheat; the New England
States on real estate and merchandise
In lS4S, when France declared the
notes of the bank of France legal ten
der they were loaned on Colonial pro.
duets and merchandise. By the adop-
ton of such a system all will have 8
! fair chance. Such system will be the
0lOIH vi lDouSS 1DN oS q ASh StAiNS al
! the advancement of humanity. There
is not an instance on record when
specie payments were suspended and a
copious supply Of Government paper
money wat issued properly restricted
and secured that the people failed &c
prosper. Uncertainty and disaster
always follows, sooner or later, the issue
of paper money based on metallic
money.
The products of mines should nc
more be coined into money than the
products of the fields. All are COM
modlties. Among ali nations and tribes
and in all ages money has been made
by convention or law. 1t Is not prop
erty, all property being product ot
labor. 1t Is simply an instrument ere
aten for the easy transfer Of titles tc
property from one person to another
and should have small intrinsic value
Let us have government paper
! money issued In ample volum1 for al
business properly restricted and Sc
cured, based on property and the credit