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

financial --i.eS ga is,zaa 10 give them such
nssi-tancs rs soon as the control OF the gpv'
ernment Issscs into ihsir hands, Is already
appa,e,t. We yrterlsy recrivei Letter
aud circular from Vim. S. .lc Mister, OF our
National Committee, in which he calls atcn'
,iou to a propos tipu made 10 take the place
Of the sub treasury scheme CT the farme
Al lance, and careful reading Of which
COW nces u, that II is u move IN the rlght
direction, and IL such law can be enact;I
Il will insure 10 tho c)uatry more money
and less taxation. IL - an improvement
over our olI S,-'e .."L.., sys,vm, nn1
make. our County and State debts take tho
place Of government bouds. Mr.. McAl'i:tcr
writes us:
"Tbe central idea in this plan i, 10 in
crease the circulating medium IN relief cf
the money famioc. Tbe proposed system
proyides for sound, cheap. elastic and
convenient curreuey-thus covering The
whole range OF The purpose OF the cub
treasury system, on feasible constitutional
bases"
The author starts out by referring TO tic
FEELING Of discomfort that prevails to-day
with = large Glars OF intelligent people OF
this country, aud that is manifesting i'sci
with great vigor amongst the aSricultuia
population Of tho S uthern State, AMI it
adoption of speedy and ,iisctual remedy.
He further INSERTS that "thcse 7 cop!c have
abundant cause Of complain and that n
good part Of this is clargcablc 10 tho lin IN
cal and industrial Iolicy Of the govern
meat"
We arc glad TO see our Democratic lea &c y
80 boldly recognizing this distress and
necessity, and il will do r.uch 10 allay DIS
affection among our Southc n farmers and
induce them TO return To their old Iariy
fold, and give tho Democracy ano'her aud n
fair test, which 10 has never had sncc the
war.
Afcr lengthy discussion of the present
financial system OF our goycrnmcn', thi-
proposition is made:
Tho most feasible rlau sugge'tci ~ the
amendment Of the existing statue which
lcvies tax OF 10 per cent upon notes issued
by State banks: tn exempt from iio opera
t,oD n!l notes ISSUED by II State Barking
association, provided tina, sid notes under
the law whereby they are i-su,d nic secured
fret, by the dcpo-i, W th sOmr d"" @nntc
officer Of tho State or Uuitcl Satcs Of
sufficient number If b,nd1 Of the Uutrd
States, or any one of the States. cruntics, or
cities, which at pnr will equal til" cir2ul,-
ton which is 10 hs iS.ucl by the blukF:
second, by II fiji st lien upon ali the assets OF
the bank third. by the adIi innal liability
OF The stockholders to The extent Of 100 per
cent over and above the sum actually pni
in Ivy them for their stock.
If this plan coud b. carried out, il would
work immcnsc saving to the people OF the
Southern States, and nt tho same time in.
crease 10 n very large extent tho amount cf
circulating medium. which they 40 much
need. The aggregate County debt OF eleven
Southern States is $50, ,i37, COB, on which
the people pay an annual interest Of s. OIL,
6lS; their State debt amounts To SiSj, 80.
G17, with an interest Of SI.Ol9, 1i3. The
county debt Of South Carolina i, 81 ,ITl 500.
and interest SI5,3Tj; our 5'atrs obligation
81, ,80l. 10. on which our taxpayers yearly
pay $500 lGi in interest.
III the annual interest of thl' debt could
be reduced to " per cent it would save the
taxpayers Sl,MS ,0S3.I9 annually, which,
in twenty years, would result in II t.tal
saving of SiS 9G", 1880.
liy means Of this bank note Issue ~"
bonds of the States and counties, which hy
season Of their form and vauc cannot pass
os money, will become practically transfer
able into money and tho circulation in
creased TO the extent Of tho notes issued
upon them; aud while we would not sue
Gee in converting the State and county
debts into n blessing, we would greatly re.
duce The weight Of the burden, rs ii now
rests upon the shoulders Of taxpayers, by
lesscniDg tho annual interest 40 per cent,
Ind By transmitting tho principal inte II
the vaults and strong boxes Of the present
owners.
Every government ought either itself |
urnish the amount Of money necessary for
he easy transaction Of the business done
within its borders or should empower its
citizens to supply their own needs i'll this |
respect in the most simple and advantageous
manner practicable.
This plan TO repeal the tax of 10 per cent |
ipon al bills issued by other tGan nat"n,l |
'auks, and the establishment of State banks |
VI issue, is prac icahle it drcrntralizcs the
money power: it will prevent the control at
he currency by few; it meets the nnpro-
patton Of more people than any othrr
scheme; and it loc.lizeS our currency.
First, the tendency of these bank notes
will be toward, home and not away from j.,
and in this will differ from any PAPER note
new in existence.
Second, when out of active usc they will
80 into the bank for redemption. and not
accumulate at Chicago or New York TO breed
unhealthy speculation.
Third, they will always be on hand TO move
The crops because they will lodge ut home.
While we do net think the above plan will
give our people all the money that they
need, il is certainly step IN the right |
direction. Ii can Ec given II experiment.
md amended from time to time rs the cx- |
gsncies Of the country may demand But |
wo arc glad to soc that oar Democratic |
leaders are alive to the importance of imam |
'ial reform, for it is n happy omen for the
success Of our party in the agricultural |
States Of The Sou'h.-Co'. Register.
USsrccvEssfUL ATrEMrr To,EonA Nlrlox,L |
JAM Erie, Pa, Oct. "a boil hut uu- !
successful ATTEMPT q; bank robbery took |
place this noon ut tac keystone Naronrl !
Bank. While Treasurer Frank kcplrr was !
liking up his cash, four young men entered !
the bunk, and before he was aware ct thcr |
presence, he and Eookkecpcr Charles licn,l |
we've covered b. revolv,rs, which Iccrel in
ipon them at every window.
The robbers critd Hands ui!' but kcp-
er undertook 10 drop bchini ;hc counter.
1ne Of the robbers fired md hit kepler in
he face, inhicting very dangerous wound.
All four of the robbers bca, IL hasty retreat
ut were run down and nrc now III custody.
Thew M