The people's journal. (Pickens, S.C.) 1891-1903, 1896-02-27
Speech Of Hon. "A, O IntiIncr OK
South CurOIinu.
In the House of Representatives,
Thursday, Feb, 10, 1896,

dor discussion has been SO full,
discussed during the pcndoncy O
this and other bills of llko tono
that it would seom to be unnccea
sary for any further dobatc. rs
PeclallY would it seem unnccessa
ry for me. since l have on II Drovl
Gus occasion set forth my Wow
fully upon it. But / could no
properly represent the distric
which has honored mo with sea
here wero l to fail to raise IN,
voice in its favor. The people o
that district have Il right to b,
heard hero in distinct tones upol
every question, and as their cx
ponent hero for tho timo being,
am but registering their judg
ment.
Truo, it is hard to present any
moro forciblc reasons for ITS pas
sage than somo We have heard dur
ing this dcDatc, but | havc a Wow
to present which hope will open
tho eyes Of honest doubtors and
cause thom to go over the question
again from this point of view.
For the reason that | havc already
| discussed it at length, and for the
additional rcnson that it is impos
slblc for me in the short time al
lottCd me to go over tho whole
ground again, | coniinc myself to
tho presentation Of THIS single
Wow.
Wo arc Il nation of gamblers, a
Congress OF gamblers, and even the
National government has recently
been gambling on very largo
scale. Does that sound liko a
wild assertion? II SO, walt and
ac". All people admit that bet
ting on cards and horse racing and
dealing in agricultural futures are
gambling. There may bo many
other kinds but these aro enough
for my present purposes.
What arc the relations between
A and B when A borrows $2O from
b and gives his note duo in twelve
months for tho repayment CT 81
like sum with interest? We COM
monty say that a borrowed the
money and gavc his note, but that
does not express !hc condition full
ly. AS Il matter Of fact, a. ha:
sold II contract for tho future de-
livery Of money. This may be 4
Legitimate transaction, and is not
to hc confused with tho gambling
iuturo contracts in agricultuu
products, whcro no real delivery i.
intended ON ono side or rXpcctC,
on the other. II there is II change
IN the price Of money during tn,
time that intcrvpnc3 Between the
sale OF this contract for money
and delivery day, it will be y loss
to one or the other of tho parties
to the contract. 1t is scll-ovi
dent Tact that cv cry note, mort.
gage, bond, or other written ac
acknowledgement Of debt, uouplet
, with ~ promise 10 pay in tho fu
L ture, Is u future contract for tn
) delivery Of money, and therefor
q money future.
The Commissioner of Labor i
: his bulletin for November, 1885,
shows that tho minimum privat
= and public debt of this kind
something over $2O,OOO, ,OOO,OO(
This mcans that tho General GoI
ornmcnt, the State government:
o tho cltlcs, the corporations, tn
= farmers, and other persons on til
ono hand havc sold contracts. fo
the future delivery OF $2O, 600
600, 900 in money; and, on til
other hand certain capitalist
I have bought contracts to tha
amount for tho future delivery {
@ money. Now, those who hay
SO ld these contracts can mako dc
- livery Of the money only by OK
II changing tho commodities the
It have for money, and IN direct pr,
t portion as tho value Of money
"a enhanced, it will require mora ,
r. these commodities to mako dolly
- cry undor the contract. 1t follow
Is naturally, that such capitalls
70 are "bulls' on tho money markC
d that is to say, they want tn
II price Of money to go up-whiI
those who have sold their own il
, tercst, would be "bcars' on Ill
TO money market to this extent
10 They want tc hold tho prlco ,
st money at tho same point that
w. was whom the contracts was made
, But, unfortunately, tho "bulls
- take an active part in dictatin
q the policy of that portion of tn
g "bcars' represented by tho GOV
r. ernmcnts and corporations, whc
they have sold money short, t
pay in money that absorhs twic
:. as much commodities as the con
. tract calls for. Now, let mo sho,
d IN what way this has been done.
9 Perhaps there may be somc with
g in the sound Of my voice wh
g have heard Of the great crime o
e 1873; if not, | am not going t,
O tell yon about it in detail now.
4 have moi tino. h,,t | NV, <.,;,,,