The Caucasian. (Clinton, N.C.) 188?-1913, 1895-05-30

tions involved In them are 30 import
ant and 80 large that they cannot be
properly considered in connection with
the subject to which my time has been
devoted. We have an abundance OF
money in this country for all the pur-
poses Of trade, and the disturbances
and hard times Of 1888 and 1894 were
not caused BY . scarcity or contrac-
ton Of the currency, but BY . contrac-
ton Of credit resulting from . loss OF
confidence in the stability and value OF
cur currency. So far Is the mere vol.
ume Of our currency IL concerned, we
had then and have now an ample ksup-
ply for all necessary purposes, but un-
der the existing system It is not property
distributed and 10 not sufficiently elastic
to meet all the changing requirements O,
business at different periods Of the year
The United States should go entirely
out Of the banking business by the
withdrawal Of its arbitrary and com.
pulsOry issues Of notes and afford the
people an opportunity to supply hei,
orn currency based upon their oun mean,
and credit, thus enabling every com.
munity to utilize its own resources
when necessary and adjust the circula.
ton from time to time to the actual
demands Of legitimate commerce. In
what way this shall be accomplished
is question which has already engag.
ed the serious attention of the people
and public authorities, and it will nc
doubt continue to be Investigated and
discussed until a plan is formulated
which if not perfect, will at least have
the merit of being a great improve
ment upon the existing system"
There is a lot in this extract. Die
you study it we'll? He acknowledges
that there has been disturbance
and that there has been 'shard times
in 1898 and 1894. We do not exact:
ly understand his diagnosis of the
causes Of this disturbance and these
hard times. He says it was ICON.
traction of credit" that people were
afraid the government could not
meet its obligations, and there was
ga loss of confidence in the stability
and value of our currency" We dc
not believe this is true. The eds
turbance" of 1898 was called erich
mans panic" They created a dis
turbance for a purpose, and that
purpose was accomplished when the
Sherman silver law was repealed.
But neither rich men nor poor men
questioned the STABILITY and value
of any dollar bearing the United
States stamp. Every one that was
in circulation was accepted when Of
fered without question and was as
good then as it is mow. Nobody
questions the stability and value to-
day.
This is so despite the fact that
the Government is lees able to-day
to meet its obligations than it was
in 1898. Since then values of prop
erty Of all kinds have decreased at
an awful rate all over the country
with the exception of some of the
New England and eastern States.
And while this decrease has occur
red, the debt of the country has been
increased by the issue of one hundred
and sixty two millions of bonds,
and more will probably follow. Is
the country getting more able to
meet its obligations by increasing
its interest bearing debt while it's
property is decreasing in value?
Other parts of the extracts quoted
above are good Populist doctrine.
Popuiists do not want the national
banking system. When they began
their fight against it, the plutocrats
and especially bankers declared that
it was the best banking system ever
devised. It was-for them. The
people knew this. But the people
are working for the people-not the
bankers; and now comes the big rep
resentative of the bankers and saws
the money sis not properly distri-
buted," and that the United States
should 60 entirely out of the bank
ing business. Well! Who would
have thought it? What will come
next?
This is what ought to come. Silver
ought to be remonetized 80 that the
bankers can not so easily control all
the basis of our money. They have
all the gold and all the bonds now.
and they can contract the money
when they please They can issue
it or call it in, and this power is
what makes the contraction referred
to by Mr.. Carlisle. Then system
should be devised to take the place
of national banks. While Mr.. Car
Isle says this ought to be done, he
does not know how to doit. Neither
Republicans nor Democrats seem to
know how. But Populists do, and
If the people will give the Populists
the same ''chance" they have given
Democrats and Republicans, they
will see it done quickly and effective
ly.
THE DEMOCR ATTr ID a S.~y-r, rx>-.- =