The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1892-04-07

Aihcie on the subject Tor the Cotton
Plant The Isemedy In the Hands or ,l,c
People.
COLUMBIA, S. c., March 3O.-Rc-
Gently The Cotton Plant published the
following:
The great thinkers and writer's OF The
world, from Ari stotlc, the most learned
man OF ancient times, to John Stewart
Mill, agree that the value of money does
not depend on the material but upon its
legal tender qualities given tuit bv law.
Aristotle said: The origin OF moucy
Is not natural, but conventional and ar
bltrarY." benjamin Franklin said:
Gold and silver are not intrinSiually OF
equal value with iron. No methods
have been hitherto formed TO establish
a medium OF trade equal in all its advan-
tagcs TO bills OF credit made Il LEGAL ten
der.
In 1887 Henry Clay saidm the United
States Senate:
"Whatevcr the government agrees 20
receive in payment of the public dues is
money, no matter what it's !orm may be:
treasury notes, drafts, etc. Such bills
or paper issued under the authority Of
Daniel Webster said:
"Whcn all our paper money is made
in specie on demand, it will
prove the most certain means thai can
be used to iertilizc the rich mans field
by the sweat o: the poor mans brow.n
John Stewart Mill said
'Ihere is no moro insignificant thinr
intrlnslcally in the economy OF society
than money!"
'The theory Of the intrinsic value OF
money has been abandoned by the best
speakers and writer's. "-Encyclopcdla
Britannica.
metallic money, while acting as coin,
is Identical with paper money in respect
TO being destitute of intrinsic value p
North British Review.
IAN article is determined to be money
by reason Of the performance by il OF
certain functions, without regard to It's
form or substance. e."-Appleton's Amer
lean Encyclopedia.
ut follows that the act Of May, 1873,
IS constitutional and valid, and chat the
circuit court rightly held, that q ten der
in treasury notes rcissued and kent in
under that act was a tender
OF lawful money in payment Of the de-
lendant's debt to the plalnGn. ."-United
States supreme court legal tender dc IL
SOU.
"Falling prices and Misery and de
structlon are irrcparablc companions.
The disaster OF the dark ages were
caused by decreasing money and falling
prices. With the increase of money,
labor and industry gain new lie -
David Hume.
IF the whole money in circulation
was doubled, prices would be doubled.
If It was only Increased onc-iourth,
prices would rise one fourth. .n-.J. $,
Mill.
"lf money has increased, industry
ana trade are increased, and thus the
tendency to depreciation is met and
Ycounteracted." ."--Th0mas Tooc.
THAT commodities would rise and
tall in price in proportion to the increase
or dlmlnutlon OF money | assume as q
TACT that is incontcstiblc. That such
would be the case the most celebrated
writcre on political economy are
agreed. ."-Recordcr.
"All exchange Is barLcr OF mcrchan-
Use Tor money, and the quantity Of
which an article of merchandise
Will commanl in the market is termed
Its price. Increase that quantity and
The price Of all articles inevitably rises;
diminish 1t and the price as certainly
tails. ."-Prof Francis Bowen in his
work, American Political Economy.
diminishing money and falling prices
are not only oppressive upon debtors,
Of whom, in modern times, states are
the greatest; but they cause slagnation
In business, reduced production, and en-
forced ldlcncss. .n--Thc American Re-
view.
VIM. ii. Crawford, secretary OF tic
treasury IN his report to congress IN
1920 said
"Ail intelligent writer's ON currency
a gree that when 1t is decreasing in
amount, poverty and misery must pre-
vail"
Henry Clay said in the United States
senate, 1887:
"By the contraction Of money in Eng
land from 1916 to 1895 more than iolr-
hiths OF the land owners were robbed Of
their estates, the whole number OF lhc
kingdom standing from leo thousand TO
80 thousaEd.n
Inc following IS extracted from tho
report OF the silver commission appom.
ted in 1876:
''At the Christian crd the metallic
money Of the Roman Empire amounted
to $l,800,OO0,0O0. by the end Of the
fifteenth century II had shrunk to not
less than 5000, 100000.
During the period most cxtraordi-
nary and woeiul change took place in
the condition of the world.
Population dwindlcd and commerce,
arts, wealth and freedom all dlsap-
pearcd. The people were reduced by
poverty and misery to the most de-
graded conditions Olscrfdom and slavery.
The disintcgration Of society was al
most complete.
The following figures and dates will
show the volume of money and results
in our country at the dates given.
Taken from Philosophy of Price, N. A.
Dunking: In 1911, $4,000, 900, hard
times; 1916, $4,000, 900, good times;
1918, $4,000, 200, panic; 1887, $780,
900, 900; booming times; 1913, $58,O0O,-
600, panic; 1857, $2l5 600, 900, boom
ipn 1919 GISn nln pIp wanna,