Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1900-01-25
sections to which national bonks arc

not equally distributed throughout
the country. If the circulating
medium is $25 per capita and this is
80 distributed that it is $3.50 in New
York and SIS in South Carolina, the
business of the East will continue to
be done at tho expense of other Sec
tions of the country, which is not
only unjust, but denotes a very un-
healthy condition of the body polite.
1t has been truthfully said that tho
circulating medium constitutes the
blood of the financial body; the banks
are the arteries through which it is
distributed to all parts of the system;
the Federal Government is the heart,
the duty Of which it is to pump the
blood into all parts of the body. In
the physical body, if certain arteries
have too much blood and others too
little, the result is sickness, paralysis
and death. That is just the trouble
today with our financial system.
Some of the arteries arc over
charged with blood, while others
have too little hence certain parts
of the body suffer from lack of cir
culation. The present bill is the
prescription for this trouble. We
are in consultation as to whether or
not this remedy is proper and sufli-
cient. 1t provides for more artcricf
in the parts of the body which now
suffer from lack Of circulation, but
does not provide for introducing the
blood into those arteries. The trou-
bic is not that we have not enough
arteries, but that the arteries we
now have are not acting properly
from want of nourishment.
TANGIBLE PROPERTY BETTER SECUR-
ITY THAN FLUCTUATING VALUES.
Mr.. President, my amendment is
for the purpose of providing new
blood and not new arteries. The
people of the South have cotton,
rice and sugar. They have stocks
and bonds. The people of the West
have cattle, grain and minerals.
They do not have stocks and bonds.
We want some way in which we
can use our cotton and sugar, they
their cattle and grain, for the pur-
pose Of securing circulating medium
with which to do business. The
peol le of the East have stocks and
bo':ds. They already have a way to
secure the necessary circulating
medium with which to do business.
More banks may benefit them. More
national banks will not benefit us,
because we do not own the kind of
property upon which the national
banks do business. The East has
practically monopoly of that class
of property, and consequently when
the Southern banks want money
with which to move and handle the
cotton crop they must go East to get
it. When the Western bankers
want to move the cattle or the grain
they go East to get the money. The
circulating medium is in the East,
and the West, and South, when they
require fir, Ii blood, have to call upon
the East for it, and within twelve
months it is all congcstcd in the
East again.
Mr.. President, The tax books Of
the South and of the West show
that the people of those sections are
not insolvent they are wealthy.
They arc not lacking in property !;
they are not lacking in business
ability; they are not lacking in en-
tcrprisc they produce three -fourths
of the products of the United States
and yet they have no money.
The last statement of the Comp
trollcr Of the Currency shows that
the banks in the Eastern States held
SlG4,34l 1886 Of stocks and securities.
Those of the Southern States held
$lG,Sl9,lG5 those Of the Western
States held $I0,995,759. The banks
Of the Eastern States held more than
onc-half of all the stocks and sccur-
ties in the United States.
SAFE PROPOSITION.
Let each State control It's own
banking system. Let its Legislature
determine what kind Of security shall
be held and how much currency can
be issued, and what kind Of money
it shall be redeemed in. Such action
will furnish domestic currency for
the use Of the people of that State
among themselves.
They only seek to have medium
for their own business. They do
not care to have currency that will
60 outside Of their State. The
object is not to have it go away from
home. Whatever other pretcnccs