The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-09-16
.indisso;u5!e uaiou of indes:ruc.ib,e


Our wise forefs:hers, fearing the 'en
dency toward ccnsralization as we'll a-
the dangers of disintegratiou, guarded
a.aius! ooth. and natiocal safety as
we'll as domestic security is to be found
ip the careful observance Of the llmlfa-
tons which they impose. 1t vii! be
noticed shi!e the Uoited States guar
aotees ,o every State republican form
of government and is empowered to
protect each State agalns: Invasion. it is
not authorized to interfere 10 the do
lnes,ic affairs os any State except upon
application c the Legislature of the
State, OF upoa the application of the cx-
ecutive whcu the legislature cannot be
convened. This provision rests upon
the sound theory that the people Of the
State, acting through their legally
chosen representatives, are because of
their more intimate acquaintance with
local conditions. better qualified than
the Pres ident to jugde of the necessity
for federal interference. Those who
framed our Constitution wisely deter
mined to make as broad an application
of the principles Of local self-govcrn.
mens as circumstances would permit,
aud we caunot dispute the correctness
OF the position taken by them without
expressing a distrust of the people
themselves.
Since governments exist foc the pro-
lection of the rights Of the people and
Dot for their spoi'ation no exf suditure
of public N mooey cat be justified, unless
that expenditure is necessary for the
honest, economical administration of
the government. 10 determining what
appropriations are necessary, the inter
ests of those who pay the taxes should
be consulted rather than the wishes Of
those who receive or disburse public
moneys.
An increase in the bonded debt Of the
Uaited States at this time is entirely
without excuse. The issue of interest
bearing bonds within the last few years
has been defended on the ground that
they were necessary to se'ure gold with
which to redeem United States notes
aud treasury notes; but this necessity
has been imaginary rather than real.
Instead of exercising the legal right
vested in the United States to redeem
its bonds 10 either gold or silver, the
executive branch of the government has
followed a precedent established by
former administration aud surrendered
the option to the holder of the obliga-
tions. This administrative policy
leaves the government at the mercy Of
those who find pecuniary profit in bond
issues. The fact that the dealers u
money and securities have been able to
deplete or protect the treasury accord
ing to their changing whims shows how
dangerous it is to permit them to exer-
else a controlling influence over the
treasury department. The govern
meut of the United States. when ad-
ministered in the interest of all the peo-
pie, is able to establish and maintain
it's own financial policy. not only with
out the aid ofsyndicates but in spite of
auv opposition which the syndicate may
exert. To assert that the government
is dependent upon the assistance or good
will Of portion Of the people other
than a constitutional majority, is to as
sert that we have government in form,
bu. without vital force.
The position taken by the platform
against the issue Of paper money by ua-
tional banks is supported by the high
est Democratic authority as we'll as de-
moostrated by the interest of the people.
The present attempt of the national
banks to force the retirement of U1ited
States notes aud treasury notes 10 order to
secure q basis for larger issue of their
own notes. illustrate 'he danger which
arises from permitting them to issue
their paper as a circulating medium
Thenational bank note being redeem
able in lawful money, has never been
better than the United States note
which stands behind it, and yet the
banks persisteu,ly demand that these
Uuited States notes which draw no
interest shall give place to interest bear
ing bonds in order that the banks may
collect the interest which the people
now save. To empower national banks
to issue circulating notes is to grant a
valuable privilege to favored class.
surrender to private corporations the
control over the volume of paper money,
aud build up class which will claim
a vested interest in the national 6nan-
cial policy The United States notes
commonly known as greenbacks. being
redeemable 10 either gold or silver at
the option of the government and not at
the option of the holder, are safer and
cheaper for the people than the national