The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1901-08-21

TOO, at a time when the balance of
trade was against the United States
and in favor of foreign nations. The
result was that we had to borrow sew
eral hundred millions of dollars to
maintain public credit.
/ Like all revolutions in finances, an
adoption of the single gold standard
brought great suffering upon the debt
or class. and the result was ruined men
land bankrupts all over the country.
While | was an earnest advocate OF
bi-metalism. at the same time |
would enter no protest against this
Ichange in values. provided the general
government bore the loss, and did not
force it upon the most dependent anc
depressed class of our population, the
linen who incurred debts when every
thing brought inflated and fictitious
ipriceS.
! This is just what England did during
| the reign OF William and Mary, when
those clipped coins were sent to the
mint and melted into full weight shill-
ings. pounds and guineas. BY that ac-
ton, England gave the country a
healthy currency and maintained pub
lie credit, but, at the same time, made
me loss fall not upon the innocent
holders OF mutilated coins, but it was
! borne by the government. This IS just
what the United States should have
done when Congress made farmer
| GROW two bushels of grain or two
pounds of cotton to pay debt that one
bushel of grain or one pound of cotton.
or even less would have liquldated
when that same debt was incurred.
While the adoption OF the gold stan
dard in this country produced great
suffering and hardship, happily, owing
to unforeseen circumstances it was OF
comparatively short duration.
The first relief was the discovery OF
! those new Alaskan gold fields, and
which so rapidly filed our Golfers, de-
pleted when silver was demonetized.
Next when it became settled fact
that our money standard was irrevoca-
] bly, fixed on the gold basis, scientists
set to work and discovered new meth
DDS for extracting the precious metal
from Mother Earth, and mines that had
heretofore proved worthless yielded
rich returns. The result was that so
far from any currency being contract
ed, there is more money per capita IN
circulation today than when Grover
Cleveland was first elected President
and we had bi-metalism.
OF course there are, at times, a
slight contraction OF money in certain
sections, but such embarraSSments are
purely local, and money can quickly be
had to ease matters on good collateral.
Hundreds of new banks are organizing
over the country every month, busl-
ness was never so prosperous as at this
time, and our country can look for
ward, for a long time to an era OF un-
broken prosperity.
I know whereof I speak when I as
sert that any man can today borrow all
the money he needs or wants, if he can
furnish a solvent endorser or good col
lateral. OF course, some men are hard
pressed and cannot borrow money, but
this is their misfortune, and not the
bankers fault. There is now no search
ty of money, and the only thing lack
ing is collateral. The balance of trade
| is most in favor of the United States,
and instead of this country drawing on
Europe for money, every ship that
lands at one of our ports brings foreign
gold in exchange for our exports. The
United States is no longer borrowing
money from Europe, but our American
bankers, for the first time, are now
making investments in foreign coun-
tries and drawing dividends from the
Old World. In fact, it is reported that
syndicate of New York bankers will
pay off China's new debt, and thus an
chor the trade of that country to the
United States. This will be a great
thing for the Southern cotton growers
and manufactures.
Hence it will be seen that while in
the treatment of the money question
by this country a heroic remedy was
applied, the cure has been speedy and
complete.
The demonetization of silver has
produced all the trouble it possibly can
or will produce.
Those debts contracted when we had
bi-metalism are either long since paid,
or are barred by the statute OF llmlta-
tion. The new bond issues are now
| basel on the gold standard, and nego-
tiated at very low rate OF interest.
The people of this country have accept
| ed the gold standard, and all financial
transactions are made accordingly.
To now change our currency value
would be to perpetrate on the creditor
| class the. same wrong and outrage that
| was inflicted upon the debtor class,
when silver was demonetiZed. And
two wrongs will not make one right.
Every Intelligent man, be he Demo
crat or Republican, must realize the
/ fact that our currency basis is now
fixed, and it could but bring disaster
upon the country to again change it.
am opposed to this constant meddl-
ing with our money, for its basis and
values, when once fixed, could be as
irrevocable as the laws OF the Medes
and the Persians.
The Democratic party was right IN
the fight against the demonetization of
silver, and but for the unexpected
events I have already mentioned, be-
lieve financial panic would have
seized upon our country and paralized
all progress and advancement. But
chances came to our rescue, and the
country was not only saved, but we
have AM abundant currency, based Oh
the highest possible standard of value,
and every line of business is flourish
| ing.
And yet. in face of these irrefutable
facts. Mr.. Bryan, backed by other
Democratic leaders, insists that our
party again make the free coinage of
Silver its leading issue in the next
campaign.
Mr.. Bryan is man of brains and
discernment and he must know that it
would be worse than folly, and assured
defeat, for the Democratic party to ap-
peal to the intelligent voters of this
country on any such dead and buried
issue as this.
| The people are now entirely satisfied