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

near to the people in all sections OF the
country and readily furnished them
with banking Accommodations and IA
cilities Any inconvenience or en-
barrassment arising from these re-
strictions on the location of national
banks might we'll be remedied by bet
ter adapting the present system to the
creation of banks in smaller commu-
mites Or by permitting banks OF large
capital to establish branches IN such
localities as would serve the people,
so regulated and restrained as TO secure
their safe and conservative control
and management. But there might
not be the necessity for such an addl.
ton to the currency by new ISSUES OF
bank circulation as at first glance IS
indicated. If we should be relieved
from maintaining a gold reserve un-
der conditions that constitute 1t the
barometer of our sOlvencv, and II our
treasury should no longer be the fool
ish puryeyor Of gold for nations
abroad or for speculation and hoard
ing by our citizens at home, should
expect to see gold resume its natural
and normal functions in the business
affairs of the country aud cease to be
an object attracting the timid watch of
our people and exciting their sensitive
imaginations.
FINANCIALLY ILL.
I do not overlook the fact that the
cancellation of the treasury notes issu-
ed under the silver purchasing act Of
1890. would leave the treasury in the
actual ownership of sufficient silver,
including seigniorage, to coin nearl y
SITS. .000,0 600 in standard dollars 1t IS
worthy of consideration whether this
might not, from time to time, be con
yerted into dollars or factional coin
and slowly put into circulation, as IN
the judgement of the secretary OF the
treasury the necessities of the country
should require. Whatever is attempt
ed should be entered upon fully ap-
preciating the fact that by careless,
easy descent we have reached dan
ge;ous depth and that our ascent will
not be accomplished. We shall be
wise if we realize that we are hnancl-
ally i'll and that our restoration TO
health may require heroic treatment
and unpleasant remedies.
NOT AFFECTED BY REVENUE.
In the present stage Of our ditlicul-
", it is not easy TO understand how
the amount of our revenue receipts ol-
rectly affect it. The important Ques-
ton is not the quantity of money re-
ceived in revenue payments, but the
kind of money we maintain and our
ability to continue in sound financial
condition. We are considering the
governments holdings of gold as rela,
ted to the soundness OF our money
and as affecting our national credit
and monetary strength.
Ii our GOLD reserve had never been
impaired; if no bonds had ever been
issued to replenish it; if there had
been no fear and timidity concerning
our ability to continue gold payments
if any part Of our revenues were now
paid in gold, and if we could look to
our gold receipts as means OF man.
tanning safe reserve, the amount OF
our revenues would be an influential
factor in the problem But unfortu-
nately, all the circumstances that
might lend weight to this consldera'
ton are entirely lacking.
THE GOVERNMENT s POSITION.
In our present predicament, no gold
is received by the government IN pay,
ment of revenue charges, nor would
there be if their revenues werelncreas-
ed. The receipts Of the treasury when
not in silver certificates, consist OF
United States notes and treasury notes
issued for silver purchases. These
forms of money are only useful Tor
the government in paying its current
ordinary expenses and its quality in
government possession does not IN
the least contribute toward giving US
that kind of safe financial standing or
condition which is built on gold alone:
If it is said that if these notes, If held
by the government, can.be used to OBJ
tain gold for our reserve, the answer IS
easy. The people draw gold from the
treasury on demand upon United
States notes and treasury notes, but
the proposition that the treasury can
on demand draw gold from the people
would be regarded in these days with
wonder and amazement, and even It
this could be done, there is nothing to
prevent those thus parting with their
gold from regaining it the next day or
the next hour by the presentation OF
the notes they received in exchange
for it. The secretary Of the treasury
might use such notes taken from the
people as surplus revenue TO buy gold
in the market, of course he could rot
do this without paying a premium.
Private holders Of gold. unlike the
government, having no parity to
maintain, would not be restrained
from making the best bargain posi-
BILE when they furnish gold to the
treasury, but the moment the secreta'
ry of the treasury bought gold on any
terms above par, he would establish a
general and universal premium upon
It, thus breaking down the parity be,
tween gold and silver, which the gov;
ernment is pledged to maintain and
opening the way 20 new and serious
complications. In the meantime the
premium would not remain stationary
and the absurd spectacle might be pre-
sented of dealer selling gold to the
government and with United States
notes or treasury notes in his hand I'M,
mediately clamoriny for its return,
and as rule at a higher premium.
AN OVERLOOKING TREASURY ABUSED.
twill, however, be readily seen that
the government could not refuse to
pay out United States notes and treas
ury notes in current transactions when
demanded andinsist oD paying out sill
yer alone and still maintain the parity
between that metal and the currency
repres ,nting gold. Besides the accu-
mutation in the treasury OF, currency
of any kind exacted from the people
throuhg taxation is justly regarded as
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