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

b;li:y cE V.!ue--s9i'i"''' o'''
,; >t.:,!.:.:i--N cal.hy Rob
berS.
TO the Editor of The Stare--ln my
last article it WAS my parpcse toshow
that the divergence III ;he bullion val
ne Of the silver and the gold unit was
not (as YOU Say} due 20 4 drop N sil-
YER but to arise III gold By compar-
mo the two metals directly, one With
the other. we cannot te!iwhich metal
ischancing in v,.lue the situation may
be compared to 4 depot. where there
are two trains, one Of which IS III mo-
ton; a passenger may be sitting in
one of these trains looking directly at
the other, he cannot tell which train
is moving: but by Withdrawing hls
gaze from the other traia and c5serV-
ing the surrounding objects, lie can
very readily ascertain whicl! OF the two
is in motion-so with gold and silver.
we have to compare them WITH otnef
values. and in doing so. we lind that
silver has maintained q uniform fa'lo
of value and general parity OF meas
1rement in property values: while
oold has more than doubled lis pur-
Chasing power. measuring more tnan
twice as much in property values now
as it did in 1873. In 1873 they were
both considered 100 cents dollars IN
bullion value: the silver dollar meas
ured by property is worth the same IN
bullion value now that 1t was IN 1878;
while the gold dollar is more than
twice as valuable. Therefore, meas
ured by property the silver is the 100
cent dollar. and the gold dollar, which
is twice as valuable, is a two hundred
cent dollar
The gold unit, as the standard Of val
he is unreliable and dishonest, con-
stantlv anticipating in value and IN
creasing in its measurement OF prop
erty. it violates the equity of every
contract, where payment IS deferred,
and enhancing the value Of all money
and money obligations, it proportion,
ately increases the burdens of all
debts. taxes and fixed charges, de-
presses the price Of all the products OF
labor and depricates the value OF every
species of propertv-to such an extent
has it disturbed property values. as III
many instances to amount almost to
virtual coniscation, The question one
is now asked on every hand, not Or the
idle, the thriftless and incompetent,
but by energetic, sagaclous and hlth-
erto successful men of business, is not
what shall I do to make money, or ac-
cumulate more property, but how shall
I manageu under existing circumstances
(under the propitious influences Of the
bankers homes: gold dollar, sound
gold dollar, full value money OF the
world'0 to hold what lave already
acquired?
As stated in MY last article, it IS my
purpose in this, to discuss the propriety
of maintaining in this country sys-
tenn Of finance based on the European
standard. policy which can not com
mand a single sound argument IN It's
favor; but against which can be read
ilv presented the most serious and
weighty objections. The disengenu-
Gus argument, that any variation OF
the standard between this country and
the gold standard nations of Europe,
would unsettle our exchanges and
prove great disaster, So perSlstently
advanced by the leaders Of the mono
metallic system, are directly refuted
by the experience from 1865 10 1879, a
period OF fourteen wears, when We had
neither a gold nor a silver dollar, but
variable, inconvertlble paper dollar; ;
dollar which ranged IL specie value
from p cents up to par. during that
period our exchanges were conducted
with the same facility as now, and so
far from being disastrous, we were
much more prosperous than now, ana
were importing gold instead of export
ing it. It is frequently claimed that
an inconvertable legal tender paper
money is superior for domestic clrcUia-
ton to metallic currency.
Says Prof. Walker: Limited CIR
culation, non exportability-then may
be regarded as of the essence OF this
money.' Let it be remembered,
said the Continental Congress in their
address to the people, September 18th,
1779, ''that paper money Is the onl y
lind of money which cannot make
wings unto itself and fly away. 1t re-
mains with US; it is ever ready and at
hand for the purpose Of commerce or
taxes, and every industrious man can
find it.
Mr.. Duncacin speaking of his school
of political economy, says: 1t af-
firms that every independent State is
entitled to issue legal tender for its
own internal purposes, IN discharge
of private debts and public taxes,
within its own realm; such legal tender
not possessing intrinsic value, but only
conventional value derived from the
authority of the State which calls ii
into existence. Thus secure Of being
always kept within the realm of the
State which created it, this legal ten
der would be the special monetary in
strument by which all fiscal obliga-
gationsandmercantile liabilities would
br discharged at home.
On Currency, p. 2S, Mr.. Wells in
his tract Robinson Crusoes Money"
makes the following citations to the
same effect: Beyond the sea, III for
eign lands, it (the greenback) is fortu-
nately not money; but when have we
had such long and unbroken career
of prosperity in business as since we
adopted the non-exportable curren-
cy?" Comparing the arguments Of
the leaders of the monometallic sys-
tenn when speaking in favor of heavy
tariffs to restrict our commerce with
the gold standard nations of Europe,
With those used when advocating the
adoption and maintenance of the gold
standard to preserve and advance these
exchanges, we note such a contradic
ton as to destroy all confidence in
their operations. When they argue
in favor of heavy tariffs to shut out
the commerce of these nations; that
they may be empowered to monopo-
=. !