The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1893-11-08
The True Remedy.
Letter to .Edgeaeld Chronicle.

CALLIsoN, s. c., Oct. 25, 1S63.-Mr. Ed
itor: The Senate Of the United States was
convened by the President to better the
financial affairs of the country, as far as
legislation could accomplish It, and re-
lieve us from the depression Of an un-
called for panic. For two months the
grave Senator'S have been, Don Quixote
like, fighting battle with wind mills.
This may be fun for them, but it is bad
for the people who put them there.
Whether the Sherman bill is the cause OF
this business distress or not, capitalists
and traders believe it to be so; and 1t
will take generation to run down and
throttle the error, If 1t be one. Hence, to
restore confidence and check the alarm,
it must be repealed.
Now let us see if silver cuts such fig
ure in the business transactions of this
country as to make our noble Senators
cut such pitiful figures in advocating
the free coinage of it, against the world.
Yes, against the world for it would be
impossible for any country, however
strong, physically or financially, to keep
silver at any reasonable parity with gold.
while all other nations are against t. 1t
Is well known that ninety per cent. OF
the business of this country is done on
credit. And credit is composed of two
propositions-fdelity to trust and our
ability to pay the balance S6f the trade
when it is against as. The balance OF
the trade was against us, as nation, for
the first seven months Of this year; and
eighty millions Of gold was deported
from this country to settle that balance,
reducing the gold reserve in the Treas
ury vaults to dangerous minimum,
while, at the same time, over three hum
dred millions of silver were laying idle
In the Treasury, and not one dollar of it
shipped abroad, or used at home, ex-
cept as subsidiary coin for small change.
Nobody wants it because of its weight and
changeable value.
Oh, but it has an intrinsic valuer say
some. And therefore we should con-
tinue to coin it. We deny that, and say
that there is no Intrinsic. value in any
thing, but labor that reproduces capital
and we had just as well fall back to the
iron dollar Of Lycurgus as to increase the
ratio to keep it on parity with gold. 1t
is too heavy and bulky to be used among
merchantile people, as medium Of cir
culation to measure value, the only func-
ton of money.
made it my business last week to
ask the first twenty men saw, If they
preferred gold or silver to paper mon
ey, and the invariable answer was {:
"Give me paper money from home banks
of issue.''
Paper money and bills Of exchange
are the media of civilization, while the
metals are those of barbarous and savage
tribes.
Wien Napoleon drove the Portuguese
from Lisbon and took possession of that
throne, he proclaimed that the House of
Braganza had ceased to reign. We think
1t high time that the Silver Kings of the
West and the National Bank Kings Of
Wall Street should cease to rule this
country with their money monopoly, to
the detriment of all the classes but the
plutocrats. .
State banks of issue will settle all
this trouble about the free coinage OF
silver, and give US an elastic currency
sufficient to transact the business there
in.
The banks will not then do as they now
have to, borrow from Now York banks
before they can loan you any considera-
BILE amount. And when you realize on
the product on which it was borrow
ed, and pay it back to our banks of de-
posit, it returns straight to New York,
interest and principal, so that this section
is made the interest poorer. Now State
banks Of issue will stop all this drain on
our resources aud enable us to develop
and beautify our homes, give us capital
for new enterprises, and make us pros
porous and happy people.
Nobody is talking of silver, or making
it an issue, but the politicians. The mass
of the people care nothing for it, but
politicians must have a hobby. How
ever, it is high twelve, and we must
send that Trojan horse riderless in the fu-
ture.
Decentralize and localize capital is the
beacon light on the watch tower!
JAMES CALLIsoN.