The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-04-04
TAKE YOUR CHOICE!
We ARE BOUND TO HAVE FREE Sill
YER OR FREE BANKS.

We ARE BOUND to HAVE FREE Sill
YER OR FREE BANKS.
An Argument In Favor Of State Bsnks OF
!ssue-It the Pee pie are not Given FREQ
Bsrk.,hey viii, 10 the End have Free
Silver.
TO the Editor of The News and Cou-
rier: For several years I have given
careful thought to the financial prob,
lem, and have read the best argum ments
on all sides of the subject. I have Civ
en- 90 less attention to existing politl.
icaI conditions, since in matters Of ad'
ministration it is necessary to study
not only abstract questions, but modi'
fcations rendered necessary by the
fact that government is compromise
and that the wise statesman must con-
tent himself with doing not What is
best, but what is best under the cir
Abstract ideas, when
true render Governments Impractical
BILE, aud when false tend TO destroy
them"
The abstract question of money is in
itself difficult one. Money has sever
al functions to perform, and for each
there are requisites sometimes opposed
to one another. To be perfect medi-
um of exchange money mus Se in
great demand. to be in great demand it
must be comparatively scarce: But
when too scarce it does not AFFORD a
sufficient supply for loans. In attempt
ing to secure volume sufficient to
meet this demand for loans, the requi.
sites of perfect medium may be sacri-
iced. Money must also be elastic IN
volume, varying directly with the
wants Of trade in order to become a
perfect standard of value for different
times. A government currency, while
it may bea perfectly safe medium OF
exchange, cannot possess sufficient elas-
ticity of volume. Rigidity gives rise to
alternate plethora and scarcity In busl-
ness centres and disturbs the market
for prices aud loans. AS most Of the
traffic of the world is based on credit.
any considerable fuctustion of prices
of commodities works serious Injury.
Even in a steady general rise Of prices
creditors are swindled. while through a
steady decline debtors may be ruined.
All economists concur in the truth
that the standard of values should be
set by commodities, and that money is
merely q measure of that standard.
When it fails to perform this duty it
becomes national nuisance. The ex-
isring long continued decline Of aver
age prices, measured in gold, uncentest
able proof that gold is not following the
law of average value, and that unless
in volume it cannot be
taken as the standard. A silver stand.
ard Is still more unreliable. At present
neither the gold dollar nor the silver
dollar is representative OF average
values. If all prices nave fallen 70 per
cent in the past few years 1t Gao be
seen that the volume Of mcn-
eY should be increased, both for reasons
of honesty as of politics. This truth
nay as well be accepted.
Those who compare merely the vol
lme Of money tor different times Re-
glect great factor in the problem. The
rade OF tue cou:try Is based on one
part money aud nine parts confidence.
Each may huctuate independently.
When there is a loss IN the STOCK OF
confidence an additional demand Is Gre
ated for money. A dimunitlon OF III
per cent in confidence calls for tre-
nendous proportional increase 10 cur
.ency. But this increase may be need
ID only until confidence Is restored,
when it ought to be withdrawn. Gov
ernment cannot secure elasticity with
out resort to the Ocala sub-treasury
plan, which has so many other bad Iea-
,ure9 as to render of no account this
good one.
The problem is how best to Increase
he currency and make it elastic, and
yet preserve it's true money character.
It must be based on gold, the money OF
he world. 1t cannot be exclusively
yold, for gold is scarce. 1t cannot be
5asrd on silver at the present ratio, for
silver is dlscredlted in the markets OF
he world, and the United States are not
strong enough to force the world to re-
,eive silver on the terms offered by the
.dgocates of free silver. The demand
hat the United States should issue pa
,er money would have been laugheda at
oy all statesmen of all parties from the
beginning of the Government TILL the
.emarkable decision of the Supreme
Court few years ago, which IN the
auguage of Hugh Mccullough changed
his representative Government into
IN imperial sovereignty. No more than
he States should Congress make "any-
hing but gold and silver g legal tender
q payment of debts"
There are six hundred million dollars
n silver in the United States today, and
his is enough in all conscience. Any
:urther issue of silver will tend still
:urther to deplete the treasury of the
yold that is low the only means OF pre-
serving the parity Of all the silver and
.ll the paper currency of fthe Union.
The selgniorage bill Is but further
ssue of silver. Instead of preventing
run on the gold in the treasury 1t will
end to aggrayate it, and will have the
endency to force either new Call for
gold loan or the appropriation OF
,old to premium, and its withdraw
u from circulation.
If President Cleveland simply signs
his bill he will be yielding to the call
:or more silver. If he vetoes it with.
,ut Indicating some other relief he will
till more surely strengthen the hands
If the advocates of free silver or of un-
United green backs, and the lrrepressl-
)le conflict between good and bad mon
" will be on. Anyone who has pald
attention to the signs of the times Will
ee that only blind faulty will prevent
he extremist of the West and South
:ombioing to sweep away "all the con-
ervafive forces of the East. The
,rxt Congress will be two-thirds IN ia
, of free coinage, or even free green
} cks, unless some step is taken to OBJ
',a'e this danger.
The third step is the repeal of the 10
,er ceut tax on private bank issues.
An,tracl ly and polite Sly this Is tne
;atrst Course.
L, may be admitted that for many
purposes bank bill is not as good as
yulo dollar. But if bas- on gold 1t
My for certain other purposes be as
..Jd as a gold dollar. The principle OF