The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1895-02-13

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adoption Of the gold standard she has
brought universal prosperity upon her
gold standard has made
her the financial and commercial ccn-
ter of The world
70 hear these magnaninous statrs-
men Of the Northeast. when advocat-
ing legislation to double and quadru-
pie their money and credits. despite
the fact that these same measures
load the nation with debt and str@n-
Gle her great industries. dwelling with
assumed sentimcnt?litv on Tie sacred
duty Of maintaining invin!atc the M,
t;onal credit and national honor, and
preserving free from and un1ctlercd
bv any financial distractions our eN-
changes with the great trading nations
of Europe, one would never suppose
that these were the self-same patriots
who. when equally intent on robblng
the South and West by tariffs, had az
rued in favor of the American system
and for the building of a Chinese wall
around the United States TO shut
these gold standard nations out. Sir
Archibald Allison. man of great III
tellectual force, of q philosophic turn
of mind and superb attainments, who
had given to history and the economy
of nations the study of q lifetime,
and who, perhaps, had more com
prehcnsive knowledge of the true sci.
ence of finance than any writer OF
his age. has told us that the great OBJ
iects of a currency are to be ade-
quate and rctainable, and that the
greatest possible mistake which can
be committed in regard to the circu-
lating medium are to establish 1t on
a basis which is either too narrow Or
liable to tluctuation-that no nation
should base it's 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
of foreign loans" that correct sys-
tenn of finance requires double cur
rency, one convertible on demand into
the precious metals for conducting for
eirn exchanges, the other not so con-
vertible, to sustain domestic industry
the latter currency subject to expan-
sion in proportion to the abstraction
Of gold.
Restriction to adequacy and non-ex-
portability are the only means by
which q nation can give that ste::dl-
ness and uniformity to its circulation
which will maintain the security and
steady value of property, and stimu-
late to their full capacity its business
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, ofenergy and industry which in
sures general prosperity. \ currency
based on the retention Of the precious
metals is liable to drainage, BY p:,ric
or war, in any nation or nations o.
sufficient Importance to create an OK
tensivc and stringent demand for their
metals. It is liable to expansion or
not according to the eco
nomic demands which may arise in
its own territory. but according to the
influx Or eiiux of these metals-sub-
iecting the business element to that
tluctuation in values which renders
all 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
ed on the coinage of both metals; they
nowapriy with more than double force
when the basis has been reduced one
half by confining the coinage to gold
alone. Gold, in universal request, the
most desirable of all articles, with all
the great nations struggling for the
lions share, too narrow by far III vol
ume for the basis of the circulating
medium required by the business OF
the commercial world, it moves fever
ishly hither and thitIler wherever the
and demands are greatest;
leaving contraction. bankruptcy and
ruin in it wake. The uanipulators
Of finance for the purpose of doubling
and trebling the value of their moucy
and money obligations are contlnu-
ally adding to the superstructurc Of
this system of finance, already top
heavy, by spreading the gold stand
ard over nation after natiOn-incrcaS-
ing the demand for gold and augment
ing it's value; they are compelling the
people of every gold standard nation
to depress their labor 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
has been very recently
between the Rothchilds and
the Russian government which pro
vides that the former shall furnish
SIS, 900, ,0G0 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
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 bchold-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