The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-07-20

same degree arc all other industries
mn'ng, manufacturing, aud cDmr ercal
hndered and retarded.
"WHAT rs MONEY!"
1t is quite the custom in our public
discussions on financial topics to launch
off into disqusiLfons on political economy
and abstract propositions aud thcoles,
aud btfD9 The practical aspects of the
| subject. We hear Il great deal about
he "illuclions of money" What is
money? "WhaL are the iscls
and pur obses OF money!" etc.
This Is all very destructive aud H.
tercsting Tor dDctrinaires and sch0olmen,
and | would not discourage such discus
slons III proper form. but here we have
to deal With an intensely practical ques
lion, and must seek practi al facts aud
conditions to guide and cOntrol our &C.
lions. Ot course there are certain
well.rc:o Inized, well defined funda .
mental principles OF iiaance
which can never be safely disregarded
in Iinanclsl legislation, but a mat Of the
p!ainesl Intelligence ana understanding
knows what money is aud what purpOs es
it subscrVeS.
All men may not fully comprehend
the important fact, that in order to at.
tam It's highest usefulness ana bo safe
and cllectual in the hands OF the people,
money must have a sound. stable, aud
reliable basis. IG is the duty Of the lcy
islator to lmpart those qualities to il.
But his duty does not slop here. lie
must see To 1t that the circulation of
money goes out TO the people in suni.
~ ni of l,o II
their business, and has in 1t al element
OF elasticity to meet unforeseen liunncial
eXlgencies as they arise.
! have asserted that our volume of
currency is not adequate FIR our busi-
ness operations. | do not deny It's
sOundness and stability, but do deuy
that under our present laws it has that
expansive capacity, if may use that eX.
preston, so essential to progressive
business Developments. believe am
sale in saynL that ours is the only ole
OF the leading commercial nations OF
the world where this elastic feature in
the national currency is wanted. The
Imperial Bank of Germany is uuthOriZ ed
by law, upon cll-delncd coalitions
aud within certain specified limits, TO IN.
crease its circulation to cOunteract the
damaging effects of financial sLri lyency
and distress.
The Bank Of England and the Bunk
OF Ftance are endowed with similar
privileges, and so with other national
systems, while III our comparatively
young country, rapidly Increasing in
population, material progress aud de-.
Velopment, with proportiona e in.
creased dem for m IN ~. our national
banks have NJ such authority to supply
II. The Government, reserviny tp i:sell
The power 10 issue currencI, hal be
tween TIE contentious of political plc.
ties, the demands AMI req lrem ents of
the people on lhe one hand the drnials
OF capital on the other, and thls tr;h es
with the prosperity and pro- ress OF lts
citizens. L need not here, Ne. Pres-
dent, enter upon Il discussion 0t our
Lat'nnll-OankunL says en-. |, is sulli
Gent 11r my preocut pu"p)3e 10 CDnce EIDE
L''rGe things in regard 10 j.. IL has
mnlshe u the people tht safest, soua.l.
eat, and most uniform bank currency
ever Vouchsated 70 them, tnto1 NOS.
essential Clements in every system ot
bank currency; but it is unstable, iuaic
quale, and inCtastlc, three other uualitie !
equally Important and Indispensable.
leL us sec # Am correct in this last
propost on.
Since tht nt3SNyc Of tha n.tiOlal-
banking act. LnC amount al national
bank circulation has varied tr)n yea. -
year. In October, 1882, II reached hugh
water mark, AMI am )untcd To $3G2 $50,
l3l. o. the 10th of March, 1892, il
had fallen u $lT2 533 1872. Il loss OF
$l9O.353 3G2 in ten years, very nearl y
1000 900. This contraction is still
going on, falling on the lst Of MAY,
1892, to $lGS, ,0G7 ,089, and must even
Lually wipe this currency v,ut Of eXis
tcnce. while our pOpalati m 10 iacrcas-
ing and the demand for more money
beIu@ accelerated IN that proportion.
thluk, therefore, | am nc in sayiny the
national bank currency is insufficient
unstable, aud iuclasLic. | do not fOryeI
that this reduction in the nationally bank
currency has been mc.surablv supplied
bf treasury certificates based on coin III
the Ireasury-but tlls supply, amount.
lnS u about $4S0,000, 900, has not been
oqua' 90 the contraction aud increasing
demand.
The United States notes -:!recnb lcks
have rcu.Alucd about stationary at
BIG ,OOO, 900, IN round numbers. If the
natloual-baRk currency continues tU
thnlnish II must soon pass out of cXis
tnnce and we shall have nc paDpr cur-
rencv except the Tr 1asury cerliic itcs
and GrcenbICHs. | am sure IT. will not be
insisted by the most extreme COnLrAc.
ZIONIST or mOnOmciallSt that they will
| prove adequate to the wants Of the peo
pie.
Great stress is laid UDon the fact that
30 p cent. or lhercab0uIs q. the NuSl-
ness OF the country is trausacLcd bl
creeks or drafts or bills of exchange
and tne argument is dcduccd thcretrom
That there ls no occasion for Il laryt
Volume OF currency. Here again, [ sub
init, Is great fallacy.
Ihe power to give check implies a
oahk account, and is limited to those
VINO nave money to their credit. How
many millions Of people are there who
nave never had and can scarcely hope
10 nave bank account? They must
nave the cash to discharge their obliRa
tl"hs, the currency to pass from hand
hnI