The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-07-17
EHAI 1 , nONE>I MONEY

| EHAI |, HUNE>I MONEY
Au excellent rer.es O: articles ou
:'Moaev. Banking, aad Currency"
have been running through Harper's
Weekly. Thev were written By the
editor, Mr.. Henry L. Nelson. Mr..
Nelson summaries, in his concluding
article, on June 18th, the results OF
his unusually careful and critical III
vestication. The following is !. part
Of bis summary
's1n conclusion. !: VII. restate soma
OF the propositions that have laid
down and endeavored to sustain in
these papers. Ibegan with tie propo-
sition that money is not good IN itself,
but only as it easily and conveniently
procures for its possassors what they
need or desire. II saves the trouble
AMI expense OF barter. 1t represents
food, -aiment, shelter, and other
neces.aries Of life rs we'll as It's luzu-
ries
':The quality that money should
possess ought to be clear tc every one.
Il must be honest money. Ii Il Is
metal it must be intrinsically worth
the sum it processes. II it is paper it
must be -edeemable in the amount
called for by it's face. It must mean
what It says. It must not only &C.
tuallv possess these qualities, bat
those who are asked to acceptit in re-
;urn for their products and goods must
believe that it does. In the simple
community the stoze-keeper's orders
oossessed these qualities, and they
passed as money. So bank paper
oasses in the country in which the
oank is situated, whose people believe
hat the bank is sound. But IN inter-
national commerce gold is the only
md it is necessary, therefore, for this
country, and for all countries that
larry on commerce. to accept gold as
;he standard Of value. Otherwise
;here must be confusion arising from
fluctuations in exchange, which would
oe largely due to fluctuations IN the
price of any other metal than gold
that became the standard OF value Of
;he country departing from the go.d
standard
"Whateyer MAJ be said in favor OF
International bimetallism. interos-
;ional bimetallisn is not an imminent
question. The first question that this
:ountry must answer IS whether 1t
gill abandon the monetary system
zhich prevails among the stronger
Nations OF the world, and adopt that
which prevails among the weaker Ns-
ions, whether y Will abandon gold
md take silver as It's standard. 1t has
oeen proved that It cannot alone MAIN
;ain silver. The panic OF 1893 demon
,trated this to intelligent minds. 1t
las also been proved that it cannot
lone maintain the price OF silver
shich has been falling for nearly
thirty years. The failure OF the. at
,empts to do so through the acts OF
1878 and 1890 is G signal proof OF the
inability of this country, acting alone,
20 make sixteen ounces OF silver equal
% one ounce OF gold, when in the
markets Of the world thirty-four
ounces OF silver are equal in value to
,ne ounce of gold. The only ground
IN which the single silver standard
could be maintained is that We act in
lependently of Europe; but to say
that our commercial life could be
maintained in vigorous health with
my other than the worlds monetary
standard is like sayin gthat our phys
cal and material we'll being could
De preserved if we could and did shus
out the beneicent light anil heat OF
The sun. international copmsrce Is
part of our existence. I've cannot live
Without it, as our farmer, who IS our
principal exporter, ought to know. II
re should try 70, he aud the man who
ives by his pc sonsl services would
be the first to discover what it means
20 be in the hands OF the money
broker, as they found ont before when
re paid for our greeuback debauch,
and in 1893 when Europe began to
loubt orr intentions as to silver. "