The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-02-11
Change of Sentiment.

Our attention is directed by the
New York Times to the report of the
minority of the Banking and Currency
Committee on the currency bill,
known as the ''Fowler bill" The re
port is made by Mr.. ". J. Talbert Is.
c., and is assigned by him and four
other Democratic members of the COM
mittee, Messrs. Thayer, Massachu-
setts: Lewis, Ga; Pugsley, n. Y; !;
and Padgett, Tenn, while Mr.. Bart
lett, Ca, concurs in the main. The
report begins with practical and
searching criticism of our present Ma
tional Bank currency as defective and
inelastic, predicated upon an made
quate banking pinciple, and declares
that the bank currency system OF the
country should not rest solely upon
government debt represented by bonds.
Such an arrangement is condemned
as mischievous in two directions; the
tendency is to contract the currency
when bonds are high and currency is
most needed and to initiate 1t when
bonds are low and the legitimate bust
ness of the country does not demand
an increase. The report continues
with the following forcible and reason
able statement:
These we consider improper banking
conditions, and the currency of the
country Should not be predicated solely
upon such conditions. We. believe
that the banks of the country, under
proper and wise legislation, safeguard
ed so as to secure sound and solvent
currency, are the agents and instru-
mentalities to issue the currency of the
country, and We further believe that
the legislation should be so framed as
to permit the issuance of an amount
Of currency at all times adequate and
sufficient for the business needs of the
country, and which would be retired
when not needed for the transaction Of
legitimate business.
This is most interesting, and to US
most gratifying, as indicating decid-
cd change of sentiment on the part of
Southern Democrats on the currency
question. The National Bank system
has been the curse of the South and is
responsible for all our woes in this
direction. We have abundant bank
able assets in the South, and the banks
could easily supply all the currency
needed if they we're not prevented by
the government from doing so.
The National banking system is not
adapted to the needs of the South, yet
under the prohibitory tax on the is
sues Of State banks these have not
been able to issue currency, and the
Southern people have been compelled
to rely upon the financial centers to
get money from time to time to move
their crops and carry on their busl-
ness.
No wonder the Southern people
few years ago were in favor Of the free
coinage Of silver, for that seemed to
offer the only remedy for the currency
famine. Many men who were in doubt
on the question of free coinage advo-
Gated it on the plea that it was the
only remedy that had been offered and
that some remedy for the evil was i'm
perative. We firmly believe that If
there had been no prohibitory tax On
State bank issues, If the banks of the
South had been left free to issue cur
rency under proper restrictions, there
had been no free silver agitatlons, for
there had been no occasion for 1t.
For reasons which need not here be
discussed, prosperity has come and
the situation has for the time being
been in part relieved. But the demand
for better currency system is still
upon US, and unless some relief is
forthcoming there will be another
pinch by and by, and there will he
another agitation for more money.
The South is not now asking for the
free coinage of silver; it is asking for
better currency system, as indicated
in the report Of the minority commit
tee above quoted, and the sooner this
demand is met by the general govern
meut the better it will be for the gov
ernment and for the business interests
of the whole country.
Times.
N:9.,S No1l - 1Sfhi$o u0uco