The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1894-08-29

us. and they could not leave 1t with rs
in exchange for property We wanted
to sell and where would be The loss
/. When it is claimed that silver dollar
will buy as MUCK sugar IN ary store in
the uited states rs Il gold dollar, the
gold basis adv 3cateS admit Il; but they
insist that it rs the credit Of the silver
dollar. II it is the credit Of the govern
ment that susta,ns the silver dollar,
Why such apprehension of the govern
ment coming few hundred millions
of silver dollars? At the close Of the war
we owed two billion eight hundred
million; we have now doubled in pOpu.
latlon and Quardrup!ed in property
we would certainly b. able To llDat a
deb, Of three billions five hundreds
millions.
There is bat three billions five hun
dred million Of silver in the world, 50
tha; the U0ited States is able 10y its
credit to float all the silver in the
world. 1t is a remarkable fact, how
ever, that those who are so appTehen-
sive Of the government injurlng its
credit by putting its stamp on silver
are very anxious to have the govern
|
The bonds draw Interest; silver
d0es not. The bonds prevent an
increase in currency, and keep products
low. while the silver If coined into
money would increase the currency,
and make products higher. Every ar
gument that is now used against Tree
silver has been used against free gold.
In lS4S to 1880 when the g0ld mines OF
| Australia were yielding large quanti-
ties Of GOLD, it Was then cIai ineI, that
silver was the staple metal and the
peoples money. In 1896 Germany act
ualIy demonetlZed gold upon the
strength Of such arguments. The truth
is that between the men who have dol
lars to sell and those who have dollars
| to buy there is conflict OF Interest.
| Those who have money 20 sell wish TO
make dollars scarce. Taat is the under
lying principle from which either M
tai Is kept out of the miAtS. Everybody
in Congress claims to be "a b-TetailSt
but nothing that is done or proposed
ever meets the appreciation Of the gold
| basis advocate nor does he ever suggest
anything except international bi-metai
lism. International bl-metallism is an
impcssibility. MIR. Gladstone In a
speech before the house of commons
said that the world owed England
| $4,000. 100000. on which the annual
interest IS $j0.0OO,OOO. He further
stated that any step which wOuld in
crease the volume Of money and there
by dcpreciate the Valne Of Eagland'S
claim against the world would be 0p-
posed by any English government hav-
ing due regard to the Interests Of the
| English people. The statesmanship
and diplomacy Of the world unite Ill
the conviction that no valid or binding
agreement on currency can be made
without the friendly cooperation of
England, the worlds greatest cOmmer-
cia! power.
a distinguished international himet
alIlSt has defined very accurately and
distinctly when international blmet-
alIism Will be possible. l. will come, he
said, by the worlds common consent,
when the world is uniting IN an etf)rt
to eXtricate itself from universal and
overwhelming ruin, produced by persis-
tence in the effort to do business with
an in1iaxible and inadequate supply OF
money.
Another remedy promised by the De.
mocratic platform IS the repeal of the
ten per cent. tax upon the State banks
OF issue. Some people oppose this on
the ground that they want a money
which will be good all over the world.
My check for $40 would be as good in
Laurens as gold. 1t would not be good
in London, Liverpool or Milwaukee,
bat that fact Wnuld lot lessen its value
or its use AS circulating medium at
LaurenS. The people want Dot 50 much
a currency to enable them to transact
their business anj move their crops
without going to the great money
centerS. A national money naturally
seeks national ceuterS. The State bank
currency would be local IN rs character
and there might be a money center IN
every county which would decentraliZe
money. There are 5000 banks in the
United States, AL with deposit ac
counts in New York and with their
basis of credit depending on their aver
age deposits. Tbe banks South and
! West have TO keep balances OF from
$4,000 to $4,000 in New York, Concen-
trating an enormous amount and de-
priviUg their home customers. a local
currency supply would obviate the ne
cessity for these concentrations. There
would be no fear of wild cat banks
with the railroads and telegraph wires
keeping the Pacific and Atlantic coasts
snd every coroner Of the country in
close contract, with exact adVlcaS OF
commercial conditions everywhere in
the country accessible everywhere else
at almost any minute Of the day.-The
| News