The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1892-10-07
APINANcIAL SCHEME.

That the democrs'i, Tar y fully recogui-
yes that tho people are in eernest about
financial relief and iu,end TO give them such
assi-tancs as soen as the coutr,l ot the gpv-
ernment Issscs into thsir hands is already
apparent. We yo.ter,lsy received lct!er
aud circular from Vim. 5. .lc Mister, of our
National Committee, in which he calls atrcn-
tion to propos ton made to take the place
Of the sub treasury sch"me Of the farmc's
Al lance, and a careful reading of which
convince, u, that ii is q move i'll the right
direction, and il such q law can be enacted
il will insure 10 the c1uatry more money
and less taxation. 1t il an improvement
over our old S,a'e banking system, ani
makes our County and State debts take the
place Of government bouds. Mr.. McAlistcr
writes us:
"The central i,iea i'm thi, plan is TO in
crease the circulating medium in relief CT
the money famiuc. The proposed system
provides for a sound, cheap. elastic and
convenient currency-thns covering the
whole range of The purpose Of The sub
treasury system, on feasible constitutional
bases"
The author starts out by referring TO TIC
feeling of discomfort that prevails to-day
with n large class of intelligent people Of
this country, aud that is mauifesting i'scf
with great vigor amongst the agricultural
population Of the S ,uthern State, AMI it
demands serious consideration and the
adoption of speedy and etfsctual remedy.
He further asserts that "these PEOPLE have
abundant cause of complain, and tha, n
good part of this is chargeabIc 10 tho tintn-
cal ard industrial policy of the govern
meut.'
We are glad TO see our Democratic lea!ee 8
SO boldly recognizing this distress and
necessity, and it will do Euch TO allay dis
affection among our Southern farmers and
induce them TO return to their cid party
fold, and give the Democracy another aud a
fair test, which 10 has never had s;ncc the
war.
After a lengthy discussion of the pressn t
financial system OF our goyernmen', this
proposition is made:
''The most feasible Plan suggested is the
amendment Of the existing statue which
lcvies n tax Of 10 per cent upon notes issued
by State banks; to exempt from its opera
tiop all notes issued by State Eankiug
association, provd, d tina, sid notes under
the law whereby they are issued are secured
first, by the deposit W tn some des gnatcl
officer Of the State or Uni,ca Safes of u
sufficient number If bonds of the United
States, or any one of the States, counties, or
cities, which at par will equal The circulh-
iion which is to he issued by the brnks
second, by fi,st lien upon ali the assets OF
the bank; third. by the adJi ional liability
Of The stockholders TO the extent of 100 per
cent over and above the sum actually psi
in Ivy them for their stock"
If this plan could b. carried out, il would
work immense saving to the people of the
Southern States, and at the same time in
crease TO very large extent the amount Of
circulating medium. which they much
need. The aggregate County debt of eleven
Southern States is Sl5, ,437 COB, on which
the peorle pay an annual interest of 81 OBJ :
5l8; their State debt amounts to $50, 722. :
GIT, with an interest of $4.O19, 763. The
county debt of South Carolina is 81, Ill $50.
and interest $75,375; our Safes obligation
$G,8Ol ,ll9, on which our taxpayers yearly
pay $500, 1G4 in interest:
Ii the annual interest of this debt could
be reduced to3 per cent it would save the
taxpayers 81 ,94S, ,0S9.49 annually, which,
in twenty years, would result in total
saving of S3S, ,963, 1880.
by means Of this bank note issue tie
bonds of the States and counties, which by
season of their form and va'ue cannot pass
as money, will become practically transfer
able into money and tho circulation in
creased TO the extent Of the notes issued
upon them and while we would not sue
ceel in converting the State and county
debts into blessing, we would greatly re-
duce the weight Of the burden, as. it now
rests upon the shoulders of taxpaYers, by
lesseniDg tho nnualsirfeIcsf 4E8aE lk
and by transaiai ing lIiafl
Voircuinting medium foi1
business, instead Of ht555777 ID NJ -