The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1893-07-06
THE FINANCIAL SITUATION.
MAI. w. T. SUTRERLIN, OF
DANVILLE, SPEAKS ON
THE SUBJECT.
What the South Needs and Needs
Badly-The Democratic Plat
form-The Different Styles Of
Currency, etc.
lDanville Register.I

The question of finance has given
trouble to the greatest minds that
have ever existed; but more especially
does it affect the poor man. The
rich man can take care of himself.
There are few men in the South that
possess riches. Here and there may
be found millionaire, while to the
North, East and West of US may be
found men owning all the way from
s1o,ooo,ooo to s75,ooo,ooo.
The earlier history OF the country,
before was born, realized that some
kind of a circulating medium was
necessary. Something had to be pro-
vided which could be used in the
movements of trade. The first cur
rency l can read of was tobacco.
Yes, tobacco was used as a currency
for the liquidation of debts. In other
periods there were other standard cur
rencies There was the continental
money, followed by money issued by
state banks. The latter would have
lasted until today, but for the war.
1t paid our debts and met our wants.
But the war came on and there was
another currency provided. First the
greenbacks, but they did not meet the
wants OF the people. Next came the
present banking system. Bonds had
to be provided, payable in gold; the
people had to be paid something for
their money, for they held the money,
while the government had the bonds.
Every note issued by these banks was
secured by these bonds. There was
an indebtness of $1,000, 5000, 900, and
circulation of S. 900, 100000. These
bonds realized E per cent. They be-
came popular and were used in every
part of the country, as gold and silver
at any other time. But they all de-
pended upon the issue of the war. If
the North had failed, the bonds would
have been no better than those of the
South.
Every man, rich and poor, were
enlisted in the interest of these bonds.
But the rate of interest has now be-
come so low, and 3 per cent. that
they are no longer profitable to these
banks to use them.
There is plenty of money at the
North, but it does not find its way
here. We haven't anything to get
it with in order to bring it here; moth
ing but our land, but the characters
of these banks forbid their taking
land as collateral.
The financial question of this country
has been agi,ated year after year. The
Republicans were satisfied with the
situation, and they offered no relief
in their platform. The Democratic
convention did promise something.
The Democratic platform of 1892 was
the best, to mind, ever adopted, while
the Republican platform was the worst
ever put out by that party.
The patform had much to do with
the election of Mr.. Cleveland. And
it was the patform that caused Vir.
ginia to give him such a large majority
No people have suffered as much as
we have, and it is growing worse and
worse. The country has been left in
a condition that no relief could come
Immediately, and when l hear people
say that Mr.. Cleveland is responsible
for it, it makes me sorry that they are
not better informed.
! Most of you in front of me are far
mers. Suppose you should rent your
farm to tenant for five years, and
he should let it run down. Can you
come in, take it back and suddenly
make it productive? No! and thus il
was the reckless waste of money BY
the Republican party, appropriatlng
$50, 900 to be paid out for pen
sions to those who fought against us
during the war. This money is scat
tered broadcast over the North; it
does not come here; we get nothing;
but we have to help pay it.
Now, my friends, here we are with
5000, 900, 900 with fixed charges, ano
we can not help it. No party car
live that does not recognize silver a:
money. We can not pay our debt
neither can the country with half ou1
assets. What has it done? 1t ha:
gone on step by step until we art
nearly ruined. The wealth is con
centrated in the large cities is con
} trolled by monopolies and c ,nbines
and nothing was done by the last ad
ministration to put down these mons
ters that are sucking the life blood o
the nation and of the people.
> We people OF the South must hav
, currency and money of our own
: The less the government has to dc
: with the finances of the country, tn
: better it will be for the people. lie
it attend to its duties and fix the stan
t dard.
+, The 10 per cent bank tax is pro
! hibitory tax. The South says repea
!, it. The Democratic platform say
4 repeal it, We want the manacle
!. taken from US, the chains unloosed
+ we want to be turned loose as a par
t of this great country.
e There is tendency of concentrat
d ing everything in the national govern
!, ment. This concentration, wnethe
l. it be money or anything else, into th
s hands of the government is a danger
[, Gus proceeding. If the effort Of som
of you people to turn everything owe
to the government, where would tn
h States be in this emergency? TIL