The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-02-27


among the cullivators OF the soil and
allwho are dependentupon them < < !;
If all bankers should be compelled to
supply their customers with the notes
of the Bank OF England. charge o. I
per cent. for the interest OF loans 20
graziers, farmers and dealers II agrl-
cultural produce would notremuner&te
the country bankers so well as or )
| per cent. does now upon the present
system g From these premises
| it results tnat tie free application Of
| labor 10 land wyil!,. be prevented. the
cost of cultivation enhanced. markets
and the sale of produce impeded ana
the DmsDits Of Agriculture deeply in
| i,1red
With al the claims which the Bank
of ENGLAND has upon the government,
as its creditor and financial agent, and
With all the influences arrayed on its
side which arise from the power and
prestige of great wealth. it has been
unable to prevail upon the govern
ment to sacrifice the rural sections by
taxing out OF existence the country
banks of circulation and to give 1t a
monopoly OF note Issues. The Scotch
maintain their system OF note issues,
restricted to adequancy, anu even IN
England, an area less IN extent than
the State OF Georgia. they nave a oou-
bic currency-the notes Oft the Bank OF
England and the notes of the country
banks-the circulation of the former
convertible into gold to supply the
great channels of trade and conduct
foreign exchanges; the circulation OF
the latter convertabie INTO the notes OF
the Bank OF England to sustain local
industry III theFural olstflctS anu more
remote sections. II IN country less
III extent than the states OF georgia
ana A!aoama II was ccnsloereo lnI'is.
penslble thatScolano shotuo nave Her
seperate system OF finance ana emln-
emily necessary IN England, less III eS-
tent than the State OF Georgia, that
they should have country banks Oh CIR,
culation to supp! Y the local oemand
of the agricultural sections, how much
more necessary that this country, com,
! posed of forty-four great States, and
comprising territory nearly equa III
extent to the whole OF Europe, that we
should have a local currenc5y,-.a cur
rency which will not centra!lZe, but
remain al ho4.e 10 support the pro-
6uctive industries of the rural sections
and that could be directl Y loand to the
farmers at one interest charge.
To one who has Investigated this
question and has no PRIDE OF OPINION
or selfish interests to struggle against,
/ but merely looks to the provision OF a
wholesome system Of finance, which
will impartially promote the interest
of al classes and rebound to the vel
fare of the public. the question hardly
seems to admi. of argument But II
the correctness of the arguments pres
/ ented bv the country bankers in 1898
10 the Chancellor of the ExcheoEer and
the Lord of the Treasury, w1ich could
not he satisfactorily answered BY all Of
tbe ability at the command Of such a
powerful organization as the Bank Of
ENGLAND, to the effect that national
{ circulation will congest in the great
! commercial emporiums and flow free
" at reasonable interest only, in the
! nreat er,er;es of trade. while unex-
9mple6 scarcity will be the consequence
+! j., The countrv producing embarrass-
newt and 6:scontent among the culti-
vators of II. sol! and all who are de-
pendent upo them" is not admitted,
they can be amply confirmed BY the
experience in this country with the
notes of the Second Bank of the United
States and the direct and positive opsr-
ations Of an army of the most eminent
Statesmen who foured in.public life
f~om 1918 to 1870, This tendency of
;+s issues 70 conoest at the great trade
Isnte,s oftbe Northeast was discovered
after the establishment in 1916 Of the
Second Bank OF the United States as
early as 1920. For we find that in De-
cember of that year memorial was
presented to Congress bythe PRESIDENT
and directors Ct the bank, complain
ing that as these notes were current
everywhere and ev' rywhere receivable
in payment of government dues, they
| flowed continually to the great centers
of receipts and disbursements, and lett
the South and West without nation
al circulation; and to remedy this evll,
they petitioned Congress to so amend
| the charter as to make these notes re
ceivable only for government dues at
the branch banks, where they We're
made payable, except at the ONCE IN
Washington. The purpose or thlS
amendment is perhaps more plainly
1
lar nature from the Secretary OF the
Treasury. Mr.. VIM. ii: Crawford,
in the same year, from winch quote !;
The effect of this modification would
be to make the notes OF the o1hces OF
the Bank of the United States, except
the office in this district, a local cur
rency, which will enter and continue
in the local circulation OF the State IN
which they are issued. This amend,
| r-afrSp6 hC ,On DRESS and