The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1894-08-15

free, the world would be flooded with
cheap money. What is cheap money
but the opposite OF dear money? What
is imitation bat the opposite of contrac,
tion? The floods will not come, for il
all the gold and silver in the world
were coined into money at rs to there
would not be a per capita calculation
| of S.. -,
IL is also claimed that we would be
the dumping ground fsr the silver of
all countries. Ifthe silver were brought
here the people wonld hardly give it to
us. and they could not leave it with
US in exchange for property we wanted
to sell and where would be the loss!
When it is claimed that a silver dollar
will buy as much sugar in any store IN
the United States as gold dollar, the
| gold basis advocates admit 1t; but they
insist that it is the credit OF the silver
dollar. # it is the credit of the govern
ment that sustains the silver dollar,
whv such apprehension Of the govern:
ment coming few hundred millions OF
silver dollars? At the close of the wal
we owed two billion eight hundred
million; we have now doubled in popu-
lation and ouardrupled in property
we would certainly be able to float
debt of three billions five hundred
millions.
There is but three billions five hun
dred millions of silver in the world, So
that the. United States is able by its
| credit to float all the silver in the
world. It is a remarkable fact, aow'
ever, that those who are so appfehen'
sive of the government lnJurlng lts
| credit by putting its stamp on silver
| are very anxious to have the govern.
ment bonds. What is, the difference:
The bonds draw interest; the silver
does not. The bonds prevent an in.
crease IN currency, and keep products
low, while the silver if coined into
money would increase the currency,
and make products higher. Every ar
eument that is now used against free
Silver has been used against free gold.
In lS4S to 1850 when the gold mines
of Australia were yielding large
quantities of gold, it was then claimed
that silver was the staple metal and tne
! peoples money. In 1856 Germany
actually demonetized gold upon the
strength of such arguments. Inc truth
| is that between the men who have dol
| lars to sell and those who have dollars
to buv there is 8 conflict Of interest.
Those who have money to sell wish tc
make dollars scarce. That is the under
living principle from which either me-
tai is Kept out ofthe mints. Everybody
| in Congress claims to be bi-metailst
but nothing that is done or proposed
ever meets the appreciation OF the gold
basis advocate nor does he ever suggest
| anything except international oFmetat
/ lism. International bi.metsillsm IS an
impossibility. Mr.. Gladstone IN 8
| speech before the house OF commons:
said that the world owed England
$40, ,OOO, 900, ,0O0s on which the annual
interest Is $500, 100000. He further
stated that any step which would IN
| crease the volume of money and there
by depreciate the value Of England's
cisim against the world would be op'
posed by any English government
having due regard to the interests ol
the English people. The statesmansh!E
/ and diplomacy of the world unite ln
/ the conviction that no valid or bindine
agreement on currency can be made
without the friendly cooperation o.
England, the worlds greatest CONNER
cial power. =.
A distinguished International bi'
metallist has defined very accurately
| and distinctly when international bl,
metallism will be possible. 1T VIII
come, he said, by tie worlds common
| consent, when the world is uniting IL
an effort to extricate itself from uni
versal and overwhelming ruin, pro
duced by persistence in the effort to dt
business with an inhexible and IN
adequate supply of money. :.
1 Another remedy promised oy tne
Democratic platform is the repeal o.
the ten per cent. tax upon the State
banks of ISSUE. Some people oppose
this on the ground that they want
money which will be good all over the
world. Ny check for $40 would be as
good in Laurens as gold. 1t would no.
be good in London, Liverpool or Mil
waukee, but that fact would not lesser
| its value or its use as g circulating
medium st Laurens. The people wanl
| not so much q currency to enable then
| to transact their business and move
their crops without going to the grea
money centers. A national money
naturally seeks national centers. Th'
State bank currency would be LOCAL II
it's character and there might be {
money center in every county WHICH
| would decentralize money. There ar
5000 banks in the United States, al
with deposit scoca ats in New:York ane
with their basis of credit depending or
their average deposits. The bank:
South and West have to keep balances
of from $4,000 to $4,000 in New York
concentrating au enormous amount ant
depriving their home customers. a
local currency supply would obviat'
the necessity for these concentrations
There would be no fear of wild ca
banks with the railroads and telegraph
wires keeping the Pacific and Atlantic
coasts and every corner of the countr!
in close contact, with exact advices o
commercial conditions everywhere II
the country accessible everywhere els'
at almost any minute of the day.