The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-04-13
4iR. JOHSSTONE'S BILL.
It Receives the Endorsement Of the National
Alliance Organ.


For twenty-seven years the people ol
the United States have submitted to a
great financial injustice, not without
protest, but they have submitted
Every statement Of the Treasury lists
the Indebtedness of the government in
two classes, one interest bearing, and
the other non-interest bearing. Both
are the ''promise to pay" of the govern
ment. The one bearing no interest is
legal tender, and is of great value to
the whole people as medium of ex-
change, while the one bearing interest
is mere commodity Of speculation,
and benefits few at the expense OF
the many. The one is source of rev.
enue, and the other great expense.
No man on earth has ever given or
ever can give a valid reason why the
whole debt should not be converted
into a non-interest bearing debt by pay
ing the bonds with treasury notes and
and thereby increasing the medium OF
exchange to the great convenience and
advantage of the whole people.
A bill has recently been introduced
iu the House of Representatives by
Mr.. Johnstone, of South Carolina. 1t
is numbered 1915, and has been re-
ferred to the committee on banking
and currency. where it will probably
die unless resurrected by the people.
1t is model bill for the purpose, short
and plain, but clear and unequivocal.
The following is the full text of the
bill:
A bill for the redemption of the
bonded debt Of the government and
for the enlargement of the volume OF
the currency.
Section l. That the Secretary of the
Treasury be, and is hereby, authorized
and directed to purchase, from time,
with such funds as may come into the
treasury, the outstanding bonds due
by the government at a sum not greater
than their market value: Provided,
always, That he shall not pay for any
bond sum greater than the principal
and interest that would be paid by the
government therefor were said bond
allowed to run to the maturity there
of.
Sec. 9. That the Secretary of the
Treasury shall at each purchase OF
bonds made by him, as is hereinbefore
directed, replace the amount expended
by the treasury in making said pur-
chase by issuing notes Of the govern
ment of like denomination: form and
appearance as the treasury notes now
issued and in circulation.
Sec. 8. That all purchases by the
treasury of the bonds Of the govern
ment other than is directed by this act
shall, on and after the passage thereof,
cease.
Sec. 4. That the Secretary Of the
Treasury shall cause to be coined all
gold and siver bullion which now is or
shall hereafter come into the possession
of the government, which coin shall
be held in the treasury as fund for
the redemption of the treasury notes
herein ordered to be issued.
Sec. 5. That all acts or parts of acts
inconsistent with this act hereby re-
pealed.
This bill will arouse the anger of the
bondholder, national banker and ali
those who desire small volume o.
money in order that they may apply
the power Of money to oppress by its
scarcity. But fortunately they will be
deprived of one Of their favorite weap-
ons when they attack this measure.
They can not say that it ernanates from
the disorded brain of an Alliance crank
or the wild rawlings ofa calamity howler.
Mr.. Johnstone does not belong to the
Alliance. He is an able lawyer, and a
lifelong Democrat of the strictest sect
and the South Carolina school, who
believes that the mission of the Dem
ocratic porty is to represent the in
terests of the great common people.
If the Democratic party was repre-
sented in Congress by men who would
take the genuine Jefersonian Demo
cratic stand Mr.. Johnstone has taken,
there would be no necessity for re-
form party.