The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-04-13
col. REITT on MONEY.
".,hau ,he Citizens ziu2e the Country in the
Ipteres. of AL tho People, Or Shall
q Few Who Own the cold Dol
lars Kuie it in their
Own INTEREST,""

Editor Herald and News: T:;c1e wa:
S534, 600, eco on deposit III Tie ;';'nks u
q New York city Oh the lS;h day o
March last, Sl30, COG, coo mere than they
held on the 1st Of September, 1891.
The money of the nation is controlled
by few men and they are collecting
it in the great commercial centres, pros
trating all business. This is the result
of the pernicious financial Legislation
by Congress since the 18th day OF Ap7ii,
1866. The pressing question now for
solution is, shall the citizens rule the
country in the interest OF all the pto-
Die, or shall few men owning the gold
dollars rule it in their own interest.
The solution of this question is now on
us and cauuot be avoided except hy
abject submission and slavery Of our
selves and descendants 10 their domi-
nation. This question the people un-
der our popular form of government
have the power 20 decide by their elec-
ton franchise a. the ballot box in the
approaching elections. If it car be
helped, no man should be elected to
Office, from sheriff to coroner, except
he is clean and capable, and stands
squarely and firmly on the principles
and demands of the Alliance formu-
lated and promulgated at st. Louis,
and re-affrmed at Ocala and Annapo-
lis. On the triumph of these demands
and their practical operation depends
the prosperity of the country, and the
happiness of the Industrial people.
Chief among the demands is the finan-
cial question. To solve il rightly as
intended by the trainers of the consti-
tuition, the whole system Of finance
must bes revolutionized and changed.
in the beginning of 1871, Congress
chartered bank Of the United States
for 20 years against the violent opposi-
tion of Jefferson and the anti-Federal
party. This charter expired in 1911.
The hank was re-established in 1916.
Invent out in 1885 usder the blows Of
Jackson. Although several efforts
were made to recharter it, they failed.
Ban of issue were chartered in all
the States by the States before the late
war. They were Illegal because viola
tive of the United States Constitution.
They served local, but not national
purposes. Some of them were on a
comparatively sound basis; others were
wildcat and worthless. They passed
out with the beginning Of hostilities
between the States, and were followed
by the national banks which were es-
tablished during the war. The present
system is the best the country ever had,
as it furnishes 4 national currency, tut
it is class legislation Of the worst form.
It gives to the few the absolute control
of the money of the nation. They
have been, and are now using it in
their own Interest to the detriment Of
trade, commerce and labor. The con-
stitution contemplates, and We ought
to have system of finance wherein
the currency is under control Of the
general government. When the char
ter of the bank Of the United States
expired in 1886, all the State bapSs
suspended specie payment. Great dis
tress pervaded the country. The fail
ures in New York and New Orleans
amounted to 100000. President
Van Buten was forced to convene Con-
gress in extra session on the 4th day Of
September, 1887, to adopt measures of
relief. a wise man grows wiser by in
etructiou. AS his mind enlarges and
ripens he sometimes changes his opin-
ions. The fool never learns anything
and never changes bis small opinions.
Mr.. Webster, in the plenitude of his
great powers, speaking on the cur
rency in the Seuate during the extra
session Of Congress in 1887, said, Now
sir, my present purpose is chiefly TO
maintain two propositions:
"1st. That tits tee constitutional duty
of the government to see that a proper
currency, suitable to the circumstances
Of the times, and to the wants of trade
and business, as well as the payment
of debts due the government, be main
tained and preserved; q currency Of
general credit, and capable of aiding
the operations of exchange so far as
those operations may be conducted by
means of the circulating medium, and
that there are duties, therefore, Gevolv-
ing on Congress in relation to currency,
beyond the mere regulation Of the gold
and silver coins.
''That the message, the bill, and the
proposed amendment, all in effect, de-
ny any such duty, disclaim all such
power and confne the constitutional
obligation Of government 70 the mere
regulation Of the coins and the care OF
its Own revenue, have we'll weighed,
Mr. President, and fully considered,
the first Of these propositions; to wit,
that which respects the duty Of this
government in regard to the currency.
] mean to stand by it. 1t expresses, in
ms judgment, principle fully sus-
tanned by the constitution and by the
usage of the government, and which is
of the highest prac;ica! Importance.
If the country shall sustain
it, aud be ready IN due time to carry it
into effect By such means aud instru-
ments as tie general opinion shall
think best to adopt, shall cooperate
cheerfully in any such undertaking,