The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-08-29


here the people would hardly give it tc
Us, and they could not leave 1t with ns
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 any store II
the United States as gold dollar, the
gold basis adv ocates admit it; but they
insist that it Is the credit Of the silver
dollar. II it is the credit Of the govern
mant that sustains the silver dollar
why such apprehension Of the govern
ment coming a few hundred millions
ofsilyer dollars? at the close of the wal
We owed two billion eight hundred
million; we have now doubled IN popu
latlon and Quardrupled IN property
we would certainly be able to lloat a
debs OF three billions five hundreds
millions.
There is bat three billions five hun
dred million of silver in the world, 50
that the Uoited States is able by its
credit to float all the silver in the
world. tbs a remarkable fact, how
ever, that those who are so apprehen
sive Of the government lpJurlng It's
credit by putting its stamp on silver
are very anxious to have the govern
nt,bonds. What is the difference
The bonds draw interest; silver
| does not. The bonds prevent az
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 free
silver has been used against free gold.
In 1S4S to 1850 when the gold mines of
Australia were yielding large quanti.
ties Of gold, it was then cial ne0, that
silver was the staple metal and the
peoples money. In 1856 Germany act
ually 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
| t. buy there is conflict Of interest.
Those who have money TO sell wish tc
make dollars scarce. That is the under.
lying principle from which either me-
| tai is kept out of the mints. Everybody
in Congress claims to be q bi-metalist
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-metal
lism. International bl-metalilsm is an
impossibility. Mr.. Gladstone in q
speech before the house Of commons
said that the world owed England
SlOOOOOOO,COO. on which the annual
interest is S5O00O000. He further
stated that any step which would ln-
crease the volume of money and there
by depreciate the value of England's
claim against the world would be op-
posed by any English government hav-
ing due regard to the Interests OF the
English people. The craftsmanship
and diplomacy of the world unite in
the conviction that no valid or binding
agreement on currency can be made
without the friendly cooperation OF
England, the worlds greatest CONNER
cial power.
A distinguished international bimet.
allist has defined very accurately and
distinctly when international bi-met.
allism Will be possible. Il will come, he
said, by the worlds common consent,
when the world is uniting in an effort
to eXtricate itself from universal and
overwhelming ruin, produced by persis-
tence in the effort to do business with
an inNexible aud 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.
NV check for SO would be as good in
Laurens as gold. 1t would not be good
in London. Liverpool or milwaukee,
but that fact would not lessen lts value
or its use as a circulating medium at
Laureps. The people want not 80 much
a. currency to enable them to transact
their business ani move their crops
without going to the great money
centers. A national money naturally
seeks national centers. The State bank
currency would be local 10 its character
and there might be a money center IN
every county which would decentraliZe
money. There are 5000 banks in the
United States, all 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-
tratiug an enormous amount and de.
priYing 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
and every coroner of the country in
close contract, with exact adVices of
commercial conditions everywhere in
the country accessible everywhere else
at almost any minute of the day.-The
News.