The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-21
SALEM COMMENCEMENT.
AND PARENTS ALREADY
BEGINNING TO ARRIVE.
Hon. w. D. Bynum, Goldite. Talks for a
Better Banking System. a New
Christian Church to be Erected.

Winston. n. c., May 2O.-(Special)-
Guests and parents are beginning to ar
rive on every train to attend the com
I mencement exercises at Salem Female
College. The num,ar Of visitors this year
promises to be large. The commence
ments of this old educational institution
are more like a musical and intellectual
festival than commencement occasions.
! The opening concert by the music and elo-
cution departments will occur tomorrow
evening. Saturday and Monday evenings
will be given Ito the reading of the essays
by the thirty-nine young ladies compos"
ing the graduating class. Some half dozen
subjects have been chosen, usually of cur
rent interest and phases Of subjects treat
ed by groups of the seniors in short, care
fully written papers. On Sunday morning
Rev. Robert e. Caldwell one Of North
Cardinals rising young divines, will de-
liver the baccalaureate sermon. Tuesday
will be Alumnae day, when q number OF
classes of former yeauS will meet. On
Wednesday morning Congressman kitch-
in. of the Fifth North Carolina district,
will deliver his literary address. At this
time diplomas will be- presented to the
graduates in the college course and in the
music and other departments.
Hon. w. d. Bynum. chairman of the
National Gold Standard wing of the
Democratic party. addressed a large audi
ence here Tuesday night on the currency
question In concluding his speech Mr..
Bynum said You want Il system of
banking that will bring you working cap
ital instead Of forcing YOU to go to the
North and East and pay high rate of
interest. No nation ever had a sufficient
volume of metallic money to CARRY on its
trade. What is needed is stability of cred
tin fine. credit money. We have none.
so far as the producing prices are con-
cerned. and have had none since the tax
on State banks was imposed. We want
credit money. based upon our productive
resources Our system of currency IS
sound. but not elastic: it don't
reach the people: therefore it is peril to
prosperity. We must reform it or perish
Idle capital alone has credit now to the
injury and destruction of our productive
Industries. We must change that or sub
NIT to ruin.
If 100000 is raised to start a bank
now. you pay about $4,000 in New
York for 100000 of bonds to deposit in
tUe Hfteu SUITES Ill OTucT 10
issue 500. 900 i'm notes. whereas, you ought ;
to be permitted to issue notes to the
amount of money YOU raised. The bank
could be run under a government super
vision. but don't deprive it of credit. The
credit system is needed to unlock the
vaults of the North and East and let the
money boarded there flow out into the
South and West That is the only way
boarded capital can be forced to seek in.
vcstment. Do away with a system based
upon wealth and substitute one based up
on production. and boarded capital will
seek avenues of distribution.
Mr. Bynum said there was no chance
for free silver during the present admin
istration. President Mckinley and the
veto power stood in the way. But there
was good reason to believe that he would
sanction the change in our system pro-
posed, and that a Congress pledged to it
could be elected. He appealed to his hear
ers to try his plan, and if it would not
work he would try their plan of free sill
yer.
The Christian denomination here have
begun the erection of a large and hand
some new brick church, to cost not less
than 81, 900. The corner stone will be laid
with appropriate services on Sunday.
May 80.
President Alderman. Of the State Uni
yeT,sity, arrived here today. He will de-
liver the literary address before the Sa-
lem boys school at 8 O'clock this evening.
7 The commencement exercises of the
Winston city schools will be held at the
armory on Saturday night. DR.. Charles
ID. McIver, president of the State Nor.
NAL College, will deliver the address.
The Spring term Of Forsyth Superior
Court closed las tevening. On account of
the illness of Judge Green very few cases
on the civil docket were tried. \