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

ces for establishing State banks III CIV
| ing them a coin basis?
Mr.. BUTLER. | am just coming to
that, MIR. President. In my own State,
ani doubtless in others, banks were al
loweG to issue three dollars of paper
for one Of coin. Of gold or silver, and
even with this latitude they main
tanned their credit. when prudently
managed, and supplied Il currency that
proved adequate for all business pur-
poses. OF course this latitude would
not be admissible at the present uav;
would not be expected, and would not
he AL owed, but a plan of REDEEM ption
could be required that would make the
holders of State bank bills as secure as
the holders Of national bank bills. The
free coinage of silver would enlarge the
metal mOaey Of the country, and thus
furnish to the banks VIII itpver Of coin
might be required for their reserves,
give employm ant to all the silver that
could be coined, and injure nobody.
| Inc simple truth Is that m etallic cur.
| rency Is only lit to be used as 4 hank
reserve or a5 security for circulation,
except so much aS may be necessary
for actual circulation. and this amount
IS nect SSarlly very limited.
repeat, therefore, that the repeal of
| Lhio IdA tttl'l IGcSIdDllSnmtnJ OF State
| banks OF issue would settle all cOntrO.
VersleS over the silver question: IfI
could get an intern atioual monetary
arrangement SO much the better, but
the best way to bring about an Inter
national arrangement is to restore ell.
Yer III this country to its legitim ate
| sphere OF free and unlimited coinage
with full legal ltender power.
| TIE CASE OF SOUTH CAROLINA.
After discussion of the conStitu-
tional aspect Of the free bank question.
Senator Butler prOceeded
And now, Mr.. President, once more
recurring to the question Of the sum.
cheney or the volume of our currency.
permit me to reinforce my opinion that
1t Is not large enough by a Comparison
which Is striking and conclusive.
Viii make this comparison IN my own
| STATE, AS | am more familiar with lioan
clal and business matters there than
| elsewhere.
The population of South Carolina in
1860 was POI 300 white and 4l2.3UO col
Ored, the latter slaves. 1t will be borne
IN mind that the coiortL people, as
slaves, mad occasion or opportunity to
handle very little money as they were
supported and maintained by their OWL
ers 1t also will be borne in mind that
almost the entire business Of the State
was conducted by the whites, SO that
the wi .3OO white persons may be adopt
ed as the basis for estimating the Der
capita OF circulation in that State
Inc population in 1890, all free. was
l,lol, ,li9. vi course, more currency
would be required for the latter pcr;o1
than the former, but we find a striking.
ly different condition OF affairs. So,np-
time since | nd lressei II letter Of in
curry TO the cOmptI tIoller-general or
Ho~th Carolina, requesting him to in
ioTm me AS 10 the amount Of bank can
ltal and bank circulation in that State
l0r the decades of 1870 90, and 1880 80
with several collateral questions of not
50 much Importance.
Quoting the tatementS Of Comp
trolLer General Ellerbee, and those of
Mr. Ihaddeus Street, prominent mer-
chant OF Charleston, Senator Butler
summed up the results, as follows:
a recapltulatlon of the foregoing
facts shows that South Carolina in 1860
with population OF free inhabitants
of POI 300 to 2,30O slave, had $lS,OOO,.
COO OF bank capital and SlOOOOOOO Of
bank circulation, while in 1890, WITH u
population Of 1,l5l 900, all free, she had
only $l,19S 900 Of bank capital and
S3S9, $40 of bank circulation. | DO not
In circulation. The other kinds Of ma.
tlonal currency-greenbdc gold and
silver coln-circulate in that STATE as
elsewhere, but not in quantities approx
lmatlng SlO,OOO,OOO. Just how much
IN addition TO the natlOnal-ban< notes
set forth above nobody can accurately
estimate, but it is safe 30 say 1t will not
reach the half the $50, 100000 while there
are nearly five times the free inhabi-
tanS.
NOrldO | claim that the national-bank
capital OF $1,199,O0O embraces all the
bank capital ia that State. We have
about $i,O0O,OO0 OF State and national
bank capital against The $l8,OOO,OO
in 1860.
Now, Mr.. President, the simple re-
cital of these facts tells the whole story
Of the currency famine in the South
for what is true of South Carolina in a
greater or less degree is true OF the on.
tire section and of the West also.
CONCLUSION.
| am sure | have not OYerstated the
situation at all. Nor have exaggcrat
ed the real condition Of affairs. tenn
not be denied that the exIgencv urkrn-
tly demands Congressional action. and
that some measures # RELIEF should be
promptly afforded. In my Judgement |
-
asures of relief could be adDptei t1an |
the repoal Of the 10 per cent tax on
State bank circulation.
If this is done should expect TO see
revival of prosperity never before ex
perlenctd. | ShOuld look forward with |
con ldence toa long period of content.
ment and progress among the people of |
all sections which would rebound to |
the happiness of all.
IL Is encouraging t) note that one of |
'he great political parties The Dem |
oCratlc-haS,a at it's recen. national con
vention at Chicago, adopted, as ono of
the plankS OF its party platform, II
proposition to repeal this tax.
shOnlCtregreb- serSe this made Il
party question; but it is most hopefuli
sign that the party which had 10000
majority in the popular vote at the
last Presidential election has embraced
this within its party creed and made it
prominent feature of its party policy.