The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1892-06-22

riyS and mills Of al! kinds and work up
all our raw material at home and ship
the goods, keeping all the profits among
our own people who will have full
employment. The present depressed
condition Of the people will bea thing
Of the past. Prosperity and content
ment will bless the land. Mankind
will be lifted up. In I few years the
sweet and mellow tones Cf Or Christian
church bells will be heard Oil every
hilltop and through ever.' valley warm
ing and cheering all hearts to virtuOuS
deeds, and showing to The world that
we have advanced to the next station
or the great highway.
As sure as night follows day, so sure
contraction of the volume of money
is followed by Il shrinka!5e in all values,
falling prices and depression III all buSi-
ness. If the contraction is great, calam-
tiles the most dire will fpllow-even to
the breaking up Of the framework and
general dsintegration o. society.
An increase in the volume of money
has the opposite effect. All values in
crease, prices rise, activity prevails in
every business, new enterprises spring
up, and if the volume Of money is we'll
gagged by fixing the per capita circu-
lation and kept apace with the increase
Of population which can 1e easily done,
universal prosperity and contentment
will result.
Money is creation Of law, there is
no intrinsic value in it. 1t does not de-
pend for its value on material, but
on its legal tender qualities given
to it by the laws of the government. 1t
is not property-it is only the repre-
sentative of property--an instrument
to facilitate the transfer of titles to
property from one person to another.
There is no need to borrow money, we
have the property. Let it be issued on
it.
This is a duty of the general govern
ment under the Constitution of the
United States. That instrument, Ar
ticle I, Section 10, says: No State shall
"coin money, emit bills Of credit" The
sole authority to do So was granted to
the general government and denied to
any State: hence State banks are llle-
gal. a State cannot confer the eNer-
else Of power she is without author
ity to exercise herself. Each State by
her ratification of the constitution of
the United States surrendered her
right to coin money or emit Bills OF
credit and granted the sole authority to
do so to the States through the general
government. Congress alone, the legis-
lature of sovereignty, can order an issue
of money and it is the duty of that
body to do so when called upon by a
State in the proper manner.
The press has brought us the news
that some of our Congressman contem-
plate offering bill in Congress asking
that body to order the printing OF $50
per capita for each Srate. This is not
the way to proceed; it will utterly fail.
The request must come up from the
the State, through her legislature, to
insure success. If a bill is presented
without such request the question
can properly be asked how do you
know your State wants il? If L State
makes the request such question can
not be asked, and no Talid reason can
be given for a refusa;, as the sole all
thority to issue money is granted to
the States through the general govern
ment and denied to the States sepa-
rately by the Constitution of the Unit
ed States.
The system Of finance proposed in
stead of being based on one Or both o:
| the metals, which is class leSlsiatloh
and wholly wrong, is based Oh proper
ty properly restricted and secured-as
money has no intrinsic value and is
simply the representative of property
it should be based on property. This
the system proposed does. Citizens OF
| tba State think calmly and well on the
suggestion. The writer has given two
years of rigid thought to the subject
If YOU favor it 60 TO work without
delay and let US press it to success. II
will he the beginning Of glorious
future for our country if adopted.
ELLISON ;. NETT.
Enoree Plantation.