The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1892-02-26
For the THts.
Our Financial System Wrong

Ma. EDIToB: In order TO rrove, IL proof
be necessary, tba, our 6nancisl system Is
Inherently fhlse aud wrong and cannot be
justified on any principle Of justice or equity,
take the liber'y Of quoting from few emil
n-"' s'e.s:--S., % inc past, as well as 'he
resent, giving their views on the subject.
Thomas jefferson said "the power to
issue money should be taken from the
banks and restored to the PEOPLE and to
Congress. to which it right!u!ly belongs"
John e. Calhoun held that the pc pile
should no, be required to pay interest on
government cred I, while said credit could
be extended to them without interest
MIR. Blaine says .'one defective element in
,hs natioual bank system is that il requires
,be pc; mancpce Of national debt rs the basis
o. existance.
Secretary Window, in his last utterances
upon the subject, said that financial disas-
tsrs had always come with unusual activity
in business and has caused an abnormal
tenant for money, as IN autumn, for mo-
ing our immense crops There will always
oe. said he, great danger at those time'
unIer any cast iron system Of currency, such
as we now have.
Again, | would refer the readers TO the
strong and pointed language Of the Monetary
commission appointed by Congress in 1876,
which is fully maintained by the experience
sad all the financial history Of the past.
Page 10 Of the report reads: IAN increas-
,ng value of money and falling prices have
pecn, and are now more fruttut Of human
misery than war Ic,tiiencc or famine"
On page %, of the report. We fnl the
following indisputab!e language: "A shrink
ing volume of mOuey and falling rr ceS
Always have, and always must have ten
iency to concentrate wealth, to enrich the
few and impoyeIisl III" many ""S' -
dency is subtle and potshtions through The
world to-day"
And last, but not least, we quote the pro-
phetic Language of Abraham Lincoln: "The
money power of the country WI endeavor
to prolong its reign by working upon the
preiudices Of the people until all wealth Is
aggregated in n few hands, and the republic
5 destroyed" Had the pen of Lincoln been
guided 10y inspiration, he could not have
uttered more solemn truth.
1t is fearful to look back, even upon the
last tlecalc, and behold how RAPIDLY his
prophecy - being fulfilled. am no prophet,
| ont | verify believe it something Is not done
| t. check and hurl from power the mighty
| monicd oligarchy which threatens 10
l destroy our liberties, this republic will not
| live to see the close of the present century
But, says oac, why do you take such Il
| ,ombcr view OF our condition reply,
| history repeats itself. The tate Of Greece,
| Rome and other nations Of the past Is
| fresh in tue mind Of the stu lent OF history.
Our ship Of State is being s'eerel toward the
I .nmc breakers upon which those nations
| were " ccked.
Where nre ctp look for relief? To Con-
| gress-,o tho llw-making power. Give us
| rec coinage uf silver; do away with national
| banks, as blnEs of Issue. Give US more
uopcy-at i,as, $50 per capita in treasury
| notcs-issucd directly u tho people, at an
interest not excecdlug2 per cent: then the c
Shylocks will DC deprived Of the power tC
| opprcs- the l.boriDg classes.
| These demands and others Of simila,
nature compose the much abused sub-treas
ury scheme inauguratcd by the farmers
not only for their relief, but for the benefit
JC ali classes who desire an economical
government honestly admin's'c.cd.
We appel to the common sense. reason
and intel igc1t Judgment of every patriot /
.hesc lcm,nls are no; just, equitable an
democratic. The politicians cry CT uncon
,i,uiionality has been exploded long ago.
| But what shalt VIC say of the press. tla
mighty power for sod or for evil. Alas
me leading journals have ignored the rights
| of the labprns classes. More anon.
| {. Is. BoBo.