The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1894-11-21
to-day. I have been informed by those

to-day, have been informed by those
who remember it that the very same
opinion of over-production was enter.
tanned. At this time of general depres
sion and business stagnation, when
the cause of mankind seemed very
much as it does now, almost hopeless
what was it that gave relief-a cotton
trust, or a curtailment of production
as recommended by Broker Roddeyl
No, sir. The only remedy that will
give any relief now-an expansion OF
the currency, we'll distributed circu
lation, sufficiently commensurate with
the increase of poulation and the eX
pansion of enterprise and industry.
In 1S4S gold was discovered in large
quantities in California, and, in 1851
in large quantities in Australia; the an
nual increase of the money volume
was almost Immediately doubled, ire
bled and nearly quardrupled. The
bonds of debt and taxes were relaxed
and soon wore off under the prodigi
Gus stimulus of renovated industry
and general prosperity. This decade
from 1850 to 1860, is still referred to as
the most prosperous in our natien's
history-the national wealth doubled
itself and 36 per cent. over during
these ten years. The crop of cotton
amounting to 2, 423, 900 bales of'47 and
'4S and thought to be an over supply
as it sold for an average of 1-2 cents
was more than doubled, in 1859, and
brought about 12 cents.
Patterson in his Golden Age" Vol
II. page 20, says: $50 the long distress
quickly came to an end, and there
after was we'll nigh as much forgotten
as if it had never existed. More's the
pity! For it is by study of that time
that we may best learn to avoid, at nc
distant date, a recurrence of the same
evil anti-industrial and anti-commer'
cial influence * The gold mines for
while made Euroupe young again"
Said the historian Alison, Vol. w.,
2nd series, page 31S: ''The annual
supply of gold and silver for the use
of the globe was by these discoveries
suddenly increased from an average
of ten million pounds, to one of thirty.
five million pounds. II That
which for five and twenty years had
been awaiting currency commensur
ate to the increased numbers and trans,
actions of the civilized world, was now
supplied by the beneficient hand OF
nature. The era of a contracted cur,
rency, and consequent low prices and
general misery, interrupted by passing
CLEANS of prosperity was at an end.
Prices rapidly rose; wages advanced IN
similar proportion, exports and inn
ports. enormously increased, while
crime and misery as rapidly diminish
ed"
In my third and last article, I shall
attempt to trace the subtle influence
that manipulated the money volume
after the war and its effects upon prices,
particularly the price of cotton. ]
think 1 shall show that all these catch
words, "honest money" sound mon
ey" and ''full value money" partake
very much of the nature of the cry OF
"catch thief" and are ingeniously put
forth by the thinking few to hoodwink
the unthinking many; and veil the
gigantic robbery and dishonesty of the
gold standard, which is working the
degradation and industrial ruin of our
people. Its effects, not so sudden as
the panics of 1919 and 1887, but with a
progress as steady as the movement OF
the hand on the dial plate, in compar'
ison with the expansion of industry
and the increase Of population, is pro,
ducing a constant and pitiless contrac,
ton that is every day adding to the
purchasing power of the money mint
and reducing the price of all the pro-
ducts of labor. Taking two dollars for
the creditor when only one should be
paid by the debtor-it is furnishing a
harvest for greedy capital and grasping
brokerage that is running our homes
and pauperizing the great masses OF
our citizens; and has nearly reduced
us to the Jews in thet of Nehemai-
al, the Athenians before the advent of
Solon and of the Romans after the
first Gallo invasion.
This money power seems to control
legislation and, to a great extent, to
exercise a commanding influence over
the press. To us the language of Sal,
lust, "Pecuniam omnibus mods vex-
ant" They have troubled money in
every way and as was said by Juven-
al, ARE devouring the people to the
very bones" L. w. Youmans.
FAIRFAX, S. c., Nov. 7, 1894.