The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-02-17
WEDNESDAY, FEBRUARY II, 1882.

due in 1907. The National banking sys-
tenn will 90 out with them; hence we can
not begin too soon to devise financial
system to take its place.
| The National banks deposit United
I States Government bonds with the Comp
troller of the currency and take out Cir
culation paying semi-annually the ! OF
l per cent. tax.
Let South Carolina deposit her bond
with the Comptroller OF the Currency and
take out circulation, say $40, 100000, which
will be less than $40 per capita, paying
only for the paper and printing. Let the
bills be legal tender for all debts, pub
lie and private. Let this money pass into
the State Treasury. Let the public debt
of SG,962, ,290.S4 he paid of: That will
save 1913 1896 interest. Let the bal
lance, about }3,00O,O00, be loaned to the
people, one-half On real estate at 5 per
cent. per annum the other half on non
| perishable products at . per cent. per an
mum, all properly restricted and secured.
Let That on real estate be loaned for
twenty years, the interest and ore
twentieth Of the principal to be paid at
the end of each year. That loaned ON
non perishable products to be paid prln-
cipal and interest within the year. Let
the maximum be $4,000 and the minimum
be 500 loaned to any one person. The
interest on the loans will more than pay
all the expenses OF the State government
and the people will have no taxes to pay.
The royalty from the phosphate inter
est, if iudiciously managed, will yield the
State an annual revenue of ct least $780,
| 900, which can be applied to the edllca-
ton of the people. If this system OF
finance is adopted the bills will be based
on the whole property OF the State and
endorsed by the United States. They
will be good everywhere. The green
backs of the government now command
a premium in London and Paris, the
great commercial centres Of the world.
| The holder Of these bills will be the
owner of that much property, as they will
be based on property, and they Will be
redeemed every time they pass from the
hands Of one person into the hands of
another. By this system the people will
save immense sums they now pay in in
terest and what they pay will go into their
treasury instead of the Golfers of corpo-
rations and individuals, and meet public
expenses.
With no interest to pay on the public
debt, and no taxes to pay to meet the pub
Lie expenses of the State government, and
large income to be used for educational
purposes, what happy condition. What
South Carolina can do all other States
can do. The writer has not given the de-
tails of the system. Suffice it to say it
is constitutional and practical and will
II H. I Io of +ba
can it be put into operation? BY filing
the State Offices, the Legislature and Con-
gress with capable men pledged to its
support.
The Supreme Court OF the United
States has declared it is the duty OF Con-
gress ito provide National currency for
the whole people, Let the Legislature
when it meets adopt concurrent resolu-
ton embodying the system and send it to
our members in Congress with the re-
quest that they lay it before that body
and ask Congress to order the printing OF
the bills, and let South Carolina deposit
her bond with the Comptroller of the
! Currency and take them out, thereby pro-
viding ''the people with a national cur
renew It will be the beginning of
financial system the best ever devised.
Based on property, properly restricted
and secured it will be perfectly stable and
safe, and will commend itself to all ma
tions. If it is adopted by all the States,
Congress can fix the per capita circulation
and let each State take out circulation
according to her population. It will leave
the States with all their rights and dig
nifty unimpaired At the same time 1t
will cement the States and unite the peo-
pie as nothing else will, for any one who
holds dollar of the money will be di-
rectly interested in the perpetuity OF the
government. If it is done the country will
have volume of money sufficient and
stable for any legitimate business. The
States can pay off their debts and save
interest money.
The interest on money will be reduced
to and per cent. per annum, an I'M
mense saving on what we now pay. The
interest arising from loans by the State
will pay all the expenses of the State gov
eminent and save the people from taxa
| ton.
The vast sums now employed IN bank
ing operations will have to be invested IN
property and its Improvement. New en-
terprises will spring up on all sides, and
all who desire to better their condition
can get full employment.
All the spindles of civilization will be
oiled and run to their full capacity, and
the people absorbed in work will be con-
tent. The writer knows that the system
of finance proposed is neac, but he feels
that it is a vast improvement on the sys-
tenn We have and will meet the demands
OF the times.
Railroads, steamships and the telegraph
were all new. but they have proven
great blessings to mankind. When the
financial systems have been moved up
abreast with the marvellous improve
ments in production and distribution all
will bo we'll. Respectfully,
ELLISON S. KE1TT.
Enoree Plantation, Feb. II, 1892.