The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-02-13

tiSSSl iuS IiSN 4iri!i tIiNt ltiilSetSi w
by ANY financial obstructions our eS-
changes with the great trading nations
of Europe, one would never suppose
that these were the self-same patriots
who, when equally intent on robblr@
the South and West by tariffs, had ar
eued IN favor OF the american system
and for the building Of a Chinese wall
around the United States to smut
these gold standard ations out. Sir
Archibald Allison. a man OF great m
te;lec5ual force, Of q phlloSoph:c turn
of mind and superb attainmentS. VINO
ilaG given to history and the economy
Of nations the study OF a lifetime,
and who, perhaps, lad a more con-
prehensive knowledge OF the true SCI
ence of finance than any writer o:
his age. has told US that the GSreat op-
iects of a currency are to be ace
ouata and retainable, and that the
greatest possible mistake which can
be committed in regard 70 the ciTcu-
lating medium are to establish II on
basis which is either too marrow or
liable 70 tluctuation-that no nation
should base its entire circulation on {,
retentions of the precious metals, and
that any nation which did so rested
its circulation on a double set Of dan
GERS because being the most coveted
and precious of all articles, they are
universally acceptable, and are more
readily received than manufactures
or other merchandise in payment of
foreign importations or in liquidation
CT foreign loans; that correct sys-
tenn of finance requires double cur
rency, one convertible on demand into
the precious metals for conductlngf for
eign exchanges, the other not so con-
vertible. to sustain domestic industry
the latter currency subject to eNpan-
sion in proportion to the abstraction
Of gold.
Restriction to adequacy and non-eS-
portability are the only means by
which nation can give that steadl-
ness and uniformity to its circulation
which will maintain the security and
steady value of property, and stlmu-
late to their full capacity its business
activities, by insuring to well-directed
effort the certainty Of its just reward.
This encouragement alone to the pro
ductive agencies Of people can give
that impetus to investment, to enter
prise, of energy and industry which in
sures general prosperity. \ currency
based On the retention of the precious
metals is liable to drainage, by panic
or war, in any nation Or nations of
sufficient Importance to create an eX-
tensive and stringent demand for their
metals. It is liable to expansion or
contraction. not according tothe eco
nomic demands which may arise in
it's own territory, but according to the
Influx or eaux Of these metals-sub-
| iecting the business element to that
| tluctuation III values which renders
ali undertakings uncertain, which
chills enterprise and investment and
paralyzes industry.
These objections were considered by
Alison as sufficient Obstacles to this
system of finance when the basis rest
| e.. on the coinage CT both metals; they
low apply with more than double force
when the basis has been reduced one
nalf by confuing the coinage to gold
alone. Gold, IN universal request, the
most desiraha of all articles, with all
the great nations struggling for the
lions share. 90 narrow by far in vol
ume for the basis of the circulating
medium required by the business of
the commercial world, it moves fever
ishiy hiGher and thither wherever the
exigencies and demands are greatest:
leaving contraction, bankruptcy and
ruin in it wake. The ruanipulators
Of finance for the purpose of doubling
auG trebling the value of their money
aud money obligations are continu-
ally adding to the superstructure OF
this system of finance, already top
heavy, by spreading the gold stand,
ard over nation after nation-increas-
ing the demand for gold and augment
ing its value; they are compelling the
people of every gold standard nHS;cn
to depress their labo' and reduce the
price of their products so as to under
bid the necessities Of any other gold
using country.
a distinguished United States Sen
ator has Just stated, in. debate, that a
negotiation has been very recently
concluded between the Rothchilds and
the Russian government which pro
v;des that the former shall furnish
s75, 600, 900 in gold, to be locked up in
the war chest of the latter, and that
Austria is preparing to add $50, 900, 600
more in gold to her reserve. Couple
this statement with the fact that the
Federal treasury reserve is now being
rapidly depleted by European de,
mands for gold and that the United
States will soon be compelled to coun:
terbid by additional issues OF gold
bonds, and we behold-what? The
yellow metal placed on the vendue
block to be hidden for by the wealthiest
and most powerful nation; and as the
bidding puts up the price of the metal
of final redemption, down goes the
value of all property and the price OF
all the products of labor. heavier
grows the burden of all debts, and
more desperate and hopeless becomes
the condition of the producing mas
seS.
Our guileless Federal Commissioner
of Agriculture, in blissful ignorance
of the charge committed to his official
care, may congratulate the govern,
ment on the low price of our agricul,
tural exports because their cheapness
Ill o.+,,o+ fora;rr, cro1S o-G m ointa in
American monometallism; and John
Sherman and men of his ilk, who are
willing to sacrifice to licentious greed
and corrupt venality the great indus;
tries OF their country may commend
the gold standard and coolly recon-
mend the struggle for its maintenance
by the sacrifice of our agricultural eN-
ports to discount European gold and the
industrial servitude of the producers
| but the farmers, now reduced to the
last straits. with their products at one,
+nipI of thair fSrn,o,. yn 1J1a StaO6IO q