The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1893-07-12


million dollars"
My-my. Who is to pay that?
"The people,"
How?
"By taxation"
When?
"Settlement day. One of those busi-
ness principles referred TO, settlement
dav, has come, and the first tax is the
calling together of an expensive and
otherwise unnecessary Congress.
Now here, Mr.. Witham. If the
treasurer buys silver, coins it into dol
lars for circulation, pays for it with
silver certificates, and
s'The treasurer is not allowed to in
crease circulation. I don't think he is
now permitted to even continue coin
ing. And while he gives Mr.. Western
silver certificate, Mr.. Western goes
to the paying teller's window and de-
mands and receives said dollar for dol
laT lOr LIS Cel ltlACotC'
/. My, my!
"Now, my brother, if the Sherman
law, compromise with the free silver
men has brought on this panic-broke
227 banks in ninety-eight days, broke
|. the price on cotton and every other
farm product, weakened every security
from Maine to California, not except
ing United States bonds, what would
free silver have done?"
My? What kind of banks were they?
National, State and private banks
believers in free silver. One hundred
and eighty-six of this number are out
west"
How about banks here?
sSolid as the hills-in my opinion" "
The law requires banks to keep Is to
25 per cent. of deposits on hand. What
is the condition of your many banks?
ave are running with IS to 1lo per
cent. reserve"
That's good. Say, how is it that sill
yer has brought on this trouble, when
the government has always bought and
coined Silver?
Buying too much and too fast. Do
YOU know that we've bought more Sill
yer in the past ten years than three
fines the whole amount purchased
since the government was established"'
Now, Witham, they tell US that all
the trouble is caused by Wall street,
the gold bugs trying to force the gov
ernmen. to issue bonds. the big New
York banks are in this war against the
government. How about that?
"You've been reading the Atlanta
Constitution, paper that is seldom
right on great issues. Would you go
to a dry goods store to gets horse and
buggy. In drawing legal paper. do
you send for your doctor or your law
yer? Now listen. Wall street has lost
over seven hundred million dollars in
the past sixty days. National banks
finding United States bonds unprohta-
BILE as a basis of business are showing up
their charters and selling their bonds
If the government should issue bonds
they would all go to Europe, for our
people are not rich enough to take on
two per cent. investments"
A silver man told me that the balance
Of trade being against US has made all
the trouble. Is it so?
"Yes, but what threw this balance OF
trade in the hands Of England and
other countries with which we trade?
NV answer is our silver policy"
How?
"There comes in again one of those
rules of business that applies to men
and countries alike. Would that our
young men would learn it. If you
spend more than You receive failure ls
lust as sure to come as sunrise with the
morning. A family that buys more
than it sells will sooner or later be
tramping in the middle Of the big
road"
That's SO.
"We buy from our largest customers
across the water over $50, 100000 per
month more than we sell them. This
ratio applies to the past ten months.
They pay US in merchandise and Amer
lean securities and call for their balance
in gold. Owing to a limited supply OF
gold in the world we are soon drained.
And, as there are now people who believe
in gold as a standard of values than
those who believe in silver, most con-
tracts are written payable in gold. Now,
England, France and other big custom
ers of the United States have lost tre-
mendous sums in Argentine securities.
Their confidence in gold is thus
strengthened and &c silver weakened,
and, seeing the United States running
for a silver basis at the rate of 4,o00.000
per month, began selling to US our
bonds, stocks and other securities to
avoid an inevitable shrinkage. Hence,
these big balances are against US on &C.
count of q lack of confidence in the
ability Of a silver country to keep its
promise to pay"
I am beginning to see it now, but tell
me where has all the money gone?
money is like rabbit, scare him
and he makes for hiding place, and
don't you forget it. He knows where
IL / alIa.z.a aro Thoro O aro more r2h.