The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1892-02-26
For the TINES.
Our Financial System Wrong.

Mr.. EDIToR: In order to prove, IL proof
be necessary, that our financial system is
Inherently falsc aud wrong and cannot be
justified on any principle of justice or equity,
take the liber'y Of quoting from q few emf
nent statesmen of the past, as well as the
iresent, giving their views on the subject.
Thomas Jefferson said 'the power to
issue money should DO taken from the
banks and restored to the people and to
Congress. to which it rightfully belongs"
John q. Calhoun held that 'the pc ,ple
should not be required to pay interest on
government credit, wh'le said credit could
be extended to them without interest"
Mr.. Blaine says .'ono defective element 10
the national bank system is that il requires
the PEI manence OF national debt as the basis
L oe existance,"
Secretary Window, in his last utterances
upon the subject, said that Financial disas-
tsrs had always come with unusual activity
in business and has caused an abnormal
iemand for money, AS IN autumn, for NOV
ing our immedsc crops There will always
be. said he, great danger at those times
under any cast iron system Of currency, such
as we now have"
Again, | would refer the readers to the
strong and pointed language of the Monetary
commission appointed by Congress in 1876,
which is fully maintained by the experience
| and all the financial history of the past.
| Page 10 of the report reads: can increas-
,ng value of money and falling prices have
| been, and are now moro fruitful Of human
misery than war restilence or famine"
On page 25, of the report. VIC find the
following indisputable language: "a shrink
| ing volume of mouey and falling pr ces
| always have, and always must have q ten
1 iency TO concentrate wealth, TO enrich the
i few and impQyeIish ihA-.~- ini- .e,--- :;
,dency IS Subtle and potsntions through the
world to-day"
And last, but not least, we quote the pro-
phetic Language of Abraham Lincoln: "The
money power of the country wi endea,or
to prooug its reign by working upon the
prejudices Of the people until all wealth is
aggregated in few hands, and the republic
s destroyed" Had tho pen of Lincoln been
guided by inspiration, he could not have
uttered a more solemn truth.
1t is fearful to look back, even upon the
lust decaic, and behold how rapidly his
prophecy u being fulfilled. am no prophet,
out verify believe il something is not done
to check and hurl from power the mighty
monicd oligarchy which threatens te
destroy our liberties, this republic will not
live to see the close of the present century.
| But, says one, why do you take such d
,omber view of our condition ? l reply
l history repeats itself. Inc iale OF ureece
Rome, and other nations of the past il
| fresh in the mind Of the student OF history
| Our ship Of State is being sieerei toward The
.ame breakers upon which those nations
| were wrecked.
Where are We to look for relief? To Con
| gress-to the law-making power. Give III
,ree coinage Of silver; do away with national
banks, as banks Of Issue. Give us more
nopey-at least $50 per capita in treasury
uotes-issued directly to the people, at al
interest not exceeding 2 per cent; then tn
ihylocks will be deprived of the power t.
oppres, the lsboripg classes.
These demands and others Of simila
nature compose the much abused sub-treas
ury scheme inaugurated by the farmers
not only for their relief, but for the ben eff
Of all classes who desire au economical
government honestly Administered.
We appeal to the common sense. reaso
and intel igcat judgment Of every patriot
these demands are not just, equitable an
democratic. The politicians cry Of uncon
.litutionality has been exploded long ago.
But what shall we say Of the press. tha
mighty power for 6 'od or for evil. Alas
the leading journals have ignored the right
Of the labprns classes. More anon.
c. Is. BoBo.