The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-04-13
ESTABLISHED 1855.


Webster quoted tie following from The
aanual message Of President Madl-
son to Congress, 9TH December, lSl3:
at is, bnwever. essential to every
modification OF the finances that
the benefits Of a uniforms national cur
rency shall be restored to the. .commu-
nifty. The absence Of the precious
metals will, it is believed, be a tenn o.
rary evil; but until they can again be
rendered the general medium of ex-
change, it devolves on the wisdom of
Congress to provide substitute which
shall equally engage the confidence
and accommodate the wants OF the
citizen throughout the Union" Let
it not be forgotten that Mr.. Madison
was one of the chief trainers of the
constitution. No man understood bet
ter than he did its intent. Mr.. Web
ster, speaking to the above quotation
said, Here, sir, is the express recon-
mendatiou to Congress to provide a
national cu' rency, paper currency,
a.uniforn currency, for the uses of the
community, as q substitute for the
precious metals and as . medium Of
exchange"
The writer advocates just what Mr..
Madison recommended, a uniform ma
tional currency, substitute for the
metals. He proposes that it be issued
direct to the people through the States
which will give every part of the coun-
! try an equal chance. The House Of
| Representative referred that part Of
, President Madison's message relating
; to uniform currency to a select COM
nittee. Mr.. Calhoun was made chair
, man of the com mittee. He brought
! in bill recommending the establish
ment of bank of the United States.
The country was in sore distress. Some
thing had to be done, and at once.
Mr.. Calhoun, with all his genius, could
not see how uniform national cur
rency could be established and issued
except through bank Of the United
States. The bill was enacted iato law.
The bank was established in 1916 for
twenty years. After forty years Of
service the bank Of the United States
was abolished in 1886.
Mr.. Calhoun, defending himself IL
the senate in 1887, in his reply to Mr.,
Webster on the currency, said: Con
gress had no right to establish such u
bank. He acted contrary to his own
impressions of right. Many people
may do things which they do not be-
lieve to be lawful from necessity. He
acted from necessity"
Although these great minds saw
clearly that a uniform national curren-
cy, paper money, not metallic money,
is necessity for the trade and COM
merce Of the people, and the solemn
duty rests on Congress by the Consti-
tuition to provide such currency for
the whole peop!t, they could not see
any instrument or agent through which
to issue it to the people except through
q Bank of the United States. This they
established, although they knew it was
unconstitutional to establish such a
bank and said so. They did not see
then how easy it is for Congress to create
money and with what safety it can be
issued direct to the people through the
States. They had no conception of the
modus operandi Of incorporating into
the financial system an elastic power
that will prevent the contraction and
expansion Of the currency at will to
the disorder and arrangement of trade
and commerce.
They had no idea of distinctive
American money that commands a
premium over gold and silver coins in
the great commercial centres of the
| world. If we do not see clearer aud
know more than those who have gone
before US we have lived to no purpose.
| We have not advanced.
Citizens of the State, the country is
! 10 deplorabIe condition, and we are
sinking down lower each day. Shall
we allow matters to drift along until
our property is without value and we
can't make living, much less pay
debts? Shall we pass through an ordeal
such as the English people went
through when, "by the contraction of
money in England, from 1916 to 1875,
more than four-fifths Of the land owa-
ers were robbed of their estates; the
whole number in the kingdom shrink
ing from $50, COO to 30,00O'? Shall we
60 back to the trying times through
which our ancestors passed from 1887
to 1915, when, "In some parts Of the
interior Of Pennsylvania, the people
were obliged to divide bank notes into
halves, quarters, eighths, and so on,
and agree from necessity to use them
| as inoney"'
The sheriff of Mushingum County,
! Ohio, in the summer of 1912, sold at
auction one 4-horse wagon at $3.50, ten
hogs at 81 cents each, two valuable
horses at s. each, two cows st 81 each,
barrel of sugar a SIS and store Of
goods at that rate.
In Pike County, Missouri, the sheriff
sold three horses at Sl.50 cents each,
one large OK at y: cents, five COWS,
two steers and one calf, the lot for So %,
twenty sheep at l3a cents, twerty-four
hogs at . cents ioz the lo..
Farmers, merchants, business men,
shall we come tO rh;s foo rf,,l oon6it.o1