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

1t is often mystery how cold has bee +
caught" The fact is. however, that when
the blood is poor and the system depressed
one becomes peculiarly liable to diseases
When the appetite or the strength fails
Ayers Sarsaparilla should be taken without
delay.
WHY RETIRE THE GREEN
BACKS?
The retirement of the greenbacks
and treasury notes, aggregating ir
round numbers, $500, 100000, will be
a radical change in our financial sys'
tenn. There is only one reason fol
destroying the legal tender paper in
circulation, and that is founded on q
naked falsehood. The reason as
signed is the false assertion that
greenbacks and treasury notes are
gold obligations, and that the holders
of such paper can demand gold in
redemption. This is absolutely false.
Both the greenbacks and the treasury
notes are by express provision Of law
redeemable in either gold or silver
coin, and the government has an
abundance of silver, by executing the
law and coming the silver on hand,
to meet all the treasury notes and
greenbscks that will be presented tor
redemption without the use of gold
for that purpose. The advocates Of
the retirement of the legal tender
paper in circulation have not fully
taken the public into their confidence
and told them what, if anything, they
would substitute for the money which
they propose to retire. If they
should substitute the national bank
notes redeemable in coin, the banks
would be compelled to furnish the
coin which is now furnished by the
government; and, if the gold stand
ard is maintained the banks will be
compelled to furnish gold. 1t must
be borne in mind that the demand
for gold to pay interest upon debts
owed in Europe, would not be dimin-
ished by the retirements of the green
backs. On the contrary, if the 8 per
cent. bonds should be foated, the in.
terest on $500, ,OO0,0 900 would be $15,-
0CO,0OO annually. By what means
would the gold be obtained to meet
our gold obligations to Europe
which, on the lowest estimate, is over
$3.50, ,0OO,0 900 annually and constantly
increasing. Each year the govern
nept and the people of the United
States borrow from s350,000,000 to
$40O, 100000 to pay interest on bor-
rowed money, together with the
money expended for dividends, car
rying trade, and excursionists. The
only means that the people Of the
United States have of obtaining gold
in addition to what is produced in
this country, is 10y the sale OF our
commodities abroad; but the United
States is unable to sell enough at
gold prices to pay current expenses.
The deficit is from $2S0000,O00 to
$4OO, 100000 . year, as stated above,
and that deficit will exist whether
the greenbacks are retired or not. II
they are retired there will be $500,
100000 more added to our debt,
which will probably be mostly held
abroad. How will the banks obtain
gold with which to redeem their cir
culation? And in case Of failure Of
redemption, how will the United
States which under the National
banking system guarantees the re-
obtain gold for that pur-
pose? We have already shown that
it cannot be done by the sale of pro-
ducts under the gold standard. It
seems clear that there is but one
other mode open, and that is a con-
tiuuous issuance Of interest bearing
bonds; in other words, an intermin-
able increase of the national debt.
Besides, if $50o,000,000 OF circulation
be retired it would produce ruinous
contraction and a tremendous fall Of
prices. It is not at all probable that
:he banks, if they had the privilege
Of doing so, would take up as much
IS O0,O0O,000, or any considerable
part oft, for the requirement, which
would be made of them to redeem
heir currency in gold, would deter
solvent institutions from undertak-
ng to issue currency. 1t has been
that the government
should require the payment of Gus
;om dues in gold. II this were done
gold would necessarily go to a pre-
MUM over all other kinds of money
n the United States, because it would
be preferred to all other kinds of
money no kind of money hiss
ever remained at par with
coin which would not pay all Govern
nent dues. This Government has
ssued from time to time continuously
egal tender Treasury notes which
we're receivable for all public dues,
and they have always been on par
with coin. United States bank notes
remained on a par with coin rs long
as they would pay Government dues;
but whenever the slightest discrim-
ination is made against bank notes
Or Government paper in the payment
Of Government dues, such notes or
paper invariably depreciates and
must necessarily be Of less value than
money that will pay ali Government
dues. The scheme to retire the
and Treasury notes is