The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-09-14
EPOCHs
In the Financial History at the wersd.
Erss Marked by Change In Nasteus' IL
nanciml M~ethods-The Change That 10
Nou An Provr~x

Raleigh. n. C. September >.
Editors Messenger:
There have been several notable
epochs in the financial history Of the
world. and II may not be devoid of in
terest TO recall some OF them. now that
we are apparently entering on a new
one.
The extension Of the Roman empire
and the government of distant nations
by Roman satraps led 10 the transfer
TO Rome Of all the gold and silver Of the
conquered countries. the result being
h a while Italy vas enriched. the
provinces We're impoverished and be-
gan to decline. and the shadow of the
Dark ages" cast it's pail owe the civil
ized world.
Europe becoming Christian. the dog
ma that il was an objectionable sin to
n money on interest for centuries
curtailed the use Of money and repress-
ed enterprise. until at length. the refor-
nation having broken the hold which
this teaching Of he Catholic church
had on the consciences Of h people.
capital again became active and money
could be borrowed for business pur-
poses. And almost contemporaneOus
with this. there being large importa-
tons Of gold n silver from America,
a new epoch vas reached. industrial
activities revived and the Middle
ages disappeared in the advancing
progress of Modern" times.
Still another era is marked by the
introduction of paper notes, not merely
as the representative Of money, but to
a large extent working the substith-
ton ~ arA1tt fnr anGh px- fhtc
industries nave been greatly multiplied
and the people lave by rapid leaps at
tanned their present enlightenment.
1t is plain that human progress, the
elevation of the masses. the lettering
of mankind, the enlightenment OF the
world have been chiefly effected by re-
moving the prohibition on lending
money for interest, by increasing the
quantity of money, n by the use of
paper which inaugurated an era of
credit as a basis for business enter
prise.
Now, in the progress of events, a new
period has been reached. In our gen.
Grafton all things are done fast, aud
we make history with startling rapid
ity. Only some twenty years a
movement began to discard silver as a
money metal. Despite the reasons
urged against it, the movement has
progressed until it now appears to have
entered on the last quarter OF the
course toward the goal.
1t is said that the British GOVERN
ment has taken measures to force the
flow Of gold to India as a preparatory
step to putting India on a gold basis
If there should be no expectation Of
midas holding to silver, Mexico and
all other silver standard countries must
of necessity yield to the inevitable
and change their systems; and the
present silver currency of those cOun-
tries will in that case soon each q
very low value, and eventually cease to
circulate. So if nothing intervenes to
arrest the progress Of events, it seems
we are now approaching a climax in
this movement.
The attendant consequences may
have no similitude in the history OF
modern times. Certainly re are re-
versing the former policy that has en-
abled the world to increase its finan-
cial ability, to multiply its industries
and to promote the enlightenment Of
mankind. That calamity will befall the
silver using countries is evident, but
more than that-results Of terrible
moment may come to the people Of En-
rope and of America. Although we may
be powerless to interfere, h matter is
of such deep significance that we AN
not but regard the outcome with anx-
iOuS SOlicitude.
Any nDCEDUED