The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-12-11
THE PRESIDENTS MESSAGE.

The Presidents message contains moth
ing new or startling. While like every 9TH
er document that has come from the pen of
Mr. Cleveland it is couched in good. pure.
vigorous English and conveys clearly and
quickly the idea intended the financial
part of message is III exact accord with his
we'll known gold monometall!stic views.
If this part had been left to the gold syndi-
cate with whom be dealt in floating bonds.
consumasing the deal in the dark. a trans
action from which unboin generations will
suffer. it is probable that not a line would
have been altered. lie outlines the exact
policy which the Lombard Street Shy
locks and their American allies would have
adopted-the policy which will put most
money in their pockets.
If we understand the Object which Ror-
eminent should have in view, it is to seek
the welfare Of the many. to subserve the
greatest good to the greatest number
Under this view it is not to secure good
investments for those who lend money. but
rather to avoid if possible the necessity for
borrowing, that the governments should be
interested.
We have something over $500. 100000 in
greenbacks; that is to say paper money.
which rests only on the ability Of the gov
ernmeat to maintain it as money. Nobody
objects to this green backs because it rests
merely on the promise of the government;
nobody refuses ic take it, even if the gold.
reserve is down Bot Mr.. Cleveland says
this money should be withdrawn from CIR
culation.
In ord e up this i>>ne Of green
backs tie r, "ral desires "u enormous
bond is>r- .,:r -, Ave huldred mil
lions to a.. - sII lun for long
terms. Il - taisa M the greenbacks
with bonus. lie wua:l then leave the
issuing of money to the caprice of the
National Banks.
Leaving out the question as to whether
it is right or e1pedient for the government
to uselessly saddle long term debts on the
people, and ignoring the life long record Of
opposition to bond issues which is the
heritage of the denoc:ntic party. there are
other patent reasons for believing that Mr..
Cleveland is even now as poor a guesser
on finance as when he said the repeal Of
the purchasing clause of the Sherman law
would stop the drain on the gold reserve.
First. the bonds be proposes are in no
sense more secure than the greenback be
desires to cancel, since both rest on the
promises Of the governme and must DO
taken on faith. so far as security or val
ue is concerned. the man who would ques-
ton the ability of the government to main
tain 6re dollar promise to paw, would
not more readily trust Eve hundred dol
lar promise In this respect there is ho
difference, but there are some radical
changes which the presidents policy will
~, ,ho olN fal h,
gress.
l. It will Contract the currency to an
enormous extent, thus making money
scarcer and consequently dearer. 1t will
enrich the rich and increase the labor Of
the toileis.
2 It will give the money interests Of the
country such power over the government
as will shake the foundations Of the repub.
lie itself
s. 1t will take the question of issuing
money from the hands of the government
the people-and place it entirely in the
hands Of National Banks. to be used in the
interest Of money lenders; Imitation and
contraction according to the moods Of the
irresponsible directors who are interested
far more in getting dividends for their
stockholders than in the general welfare of
the people If the National Banks do not
low iss1e to the extent they are by Inv al
lowed, which is fact, what guarantee is
there that they would ever issue one dollar
to take the place Of the money cancelled.
4. 1t will load the country with burden
of interest, substituting interest bearing
bonds for non-interest bearing papsr
money.
We hope and believe that it will be q
long time before on American Congress Can
be found that will 80 this for towards
plutocracy.-Spartan6urg Herald.