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

Bank. Circulation - livsrfd IN the
United States Ssnnte.
From the Congress i0nal Record.
The Secretary read the reS)lOtion
submitted by Mr.. Butler.
"Resolved, That the Committee on
Finance be, aud 1t Is hereby instructed
to report a bill repe ling all taxes i'm
posed by Congress on The circulation
of State banks Of issue"
MR. BUTLER. Mr.. President, pro
pose to discuss this question in Il spirit
OF perfect tIankneSs, with no pride Of
opinion but with the sole obi lct of en-.
deaYOring to afford relief to the people.
and with the hope Of securing for 1T
that careful consideration SO essential
to clear understanding Of the relation
IT. bears to the economic questions now
agltating the country. 1t should not
be flouted by the Committee on Finance
OF this body because some of its mem.
berS entertain views in opposition to
the principles involved, or to the ends
sought to be obtained. The people
want the subject fairly and fully con
Sldered, and their wishes are entitled TO
respect.
If 1t were practicable to ask every
male adult in the United States whether
in his opinion, the volume of our cur
rency is sufficient to meet the reasoD-
able demands Of business, Seven-tenthS,
perhaps eight-tenths of them, would
answer in the negative. And if the
same persons could be interrogated us
to whether, under our present linan-
clal system, there is fair and equita.
bic distribution Of what currency we
have, nine-tenths Of them would an~
sWer in the negative. | mean by Il fair
and equitable distribution, such Il dis
trlbutlQn, as that every honest man
would nave 1T III his power to procure
as much money as his credit aid cir
camstances would Justify, and he could
prolitably use IN his business and do
meStlc concerns.
According to our present financial
policy the greater part OF the circula-
tlon is peri )dically drawn away irOn
the people and boarded in commercial
ana financial centres, to be let out
again upon such terms, in such
amounts, and whenever those who
control it may determine. AS matters
now go millions Of men can not get
money for their legltimate business
transactions, however good their credit
or financial standing, because the cur
rency iS not within their reach, or If
within reach, is held with such severe
legal restrictions as in large measure
TO destroy its usefulness.
| am not one of those dreameTS who
holds that there can ever be IN equal
distribution Of wealth until the mile
mum daWnS upon uS, or until Unequal
lty in intellectual endO WmentS and
business qualities is removed, but do
believe tnat the Government may
frame such laws as to give every man
equality of opportunity in securing
for himself the goods Of this world. J
think | can demonstrate tnat this rule
is not observed in our eX sting laws.
From Il statement Of the amounts of
gold and silver coins and certificates,
United States notes and national bank
notes, in circulation May |. 1892, 1t
will be seen that the eDtlre stock Of
money "cNinrd and issued 10y the Gov.
ernment for the whole country is s.
2ll ,U!6, 69l of which sum S621 52 $50
remained IN the Treasury, leaving ST.
Gl3, ,5I2 24i in circulation. The amount
OF circulation per capita Is put down
At S2l -. DlviaiuE the amount
claimed TO be in circulation (Sl l6l3,J1
24D among our SiXty.odd mllnouS OF
population we should get that result.
but is fair to assume that Il part Of
the amount sad To be in circulation,
quite an essential part, is held for re.
serves in banks, AID is not in ciTcul4-
tiOn. But let rs cOncede that We have
$24: ~ for each man, woman, and child
IN the United States.
What does it prnvep That each IN ID,
woman, and ch'ii nts $S24.i2. NJ. at
all. Nobody wCu'd be simple. minded
enough to claim tn!t There are mn
lions OF people who htVe not So or =
cents, much less S2l - Thr statement
Is therefore misleading AN! heluSlvp.
In certain sections of tne country, in
the principAi linancl"l and commercial
centers, the pvr capita ciicuiatlon
would reach up intu the hundreds OF
dollars, whereas IL other sections it
Will not amount 60 IL hundred cents.
TO illustrate by my own county OF
Edgeiirld in South Carolina: We have
population OF about 10000, largely
agricultural and rural, and | venture
the assertion there are not 50 per cpl
TIA in circulation among she people.
What is true of this community Is true
OF all others similarly situated in the
South and West aud the East tla well,
outside of financial CenterS
MIR. Pre- Sidcnt, the ptOnle have not
money enough III cremation for their
legitimate wants. This feet ! WaEL TO
emphasize, however good their credit,
or sound and acceptable their security,
or urgent their demands, the money is
noI In Ine country, IS not acCesSlD bic, or
II accessible, is, repeat, hedged about
by such restraints of the law that it.
may as well not be iheXisttncp. know
the reply to tins lire of argument is
that these conditions are the result not
80 much Of scarcity Of circulation as
the scarcity of capital, the lack of con
hdence, because there are not proper
Inducements iferrd TO attract money.
etc.
But, sir this Is nriLGcr t,rnblc nor true.
iD munN ii the ll|'0n> Oi the : u:h and
West, were this slrinacncy cXlSta. there
ls plenty OF capital, but little money.
Land iS capital, and the safest and
soundt st sCcIriLy. 1--we stock, personal
property Of various kinds, cisOnal
credl', crops. are capital, but uuavuIlu.
Die TO great extent, as basis OF credit ,
because money is 80 scarce ana 80 dear
Tor seven months out OF the twelve they
cannot I've utilized. | might cite MANY
cases within my own personal knowledge
ana experience. to establish this pr0roa
uonSas no doubt oth,r Senators around
me can; but 1t cannot and Will not be