The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1907-11-13
SCOT NO Money But a Good Excuse

D"S OooN
This rejoinder to "Mr. Johpsting" abou,
size up the money situation throughout the
length and breadth OF this fair and prosper
Gus land. There are reasons and eXplana.
tions as varied as they are numerous, but
with all, the timid dollar keeps we'll In the
darkest corner of the bank vault, and the
mourners 60 about the streets" Collateral,
gilt edge Morocco bound annotated and IL
Illustrated Is presented on Bonded knee but
It doesn't elliott SO much as q blink from the
sulkipg ALTERNATING dollar.
Verify the waters have been troubled at the
fountain head and the wavelets are rocking
Abbeville have plenty OF money, and they
are as safe as the rock Of Gibralta, but JUS,
now, they are much harder to get into than
that famous fort. This is the condition OF
Southern banks generally. They are In good
condition, and to fortify against possible
trouble they have run into the storm pit.
Scarcely a peep is ventured above the sur.
face, and ali exchanges, courtesies and Dom,
munIcations betw cen those in hiding, have
been cut of until the mutterings OF the storm
have ceased.
Our banks may be excused, II, indeed, they
should not be commended for their course
for in protecting themselves they protect no,
only the depositors, but the community az
we'll. But is 1t not possible that their eau
ton is extreme? Is 1t not possible that they
are preparing for war when the articles Of
peace are about to be signed?
Banks are the reservoirs OF trade, and
when The pipes leading from his centre a re
plugged there Is stagnation If not famine In
business circles. Admitting that banks
must look first to their " interest, Ia there
not a moral OBJ ~igation. almost as strong, that
they should protect values In the field Of theIr
operations.
Just as surely as stocks and bonds tumble
in q Wall Street panic, just 30 surely will
farm products and even real estate depreo..
ate when the medium OF trade Is contracted
If the bankers OF this place think It unwise
TO meet the demands Of trade with currency,
should they not devise some temporary ex.
pedienoy? In many Of the towns Of the State
banks are Issuing clearing house certificates
which circulate locally as a medium. Would
1t not be we'll for the bankers of this Lace to
take this under consideration?
What Is the cause ofthis money stringencyf
This question has been asked and answered
in q hundred ways and the answers almos,
invariably shy of from the truth. SO often
was the statement made hat there was plen.
ty OF money in combating the alleged free a..
yer heresy, hat the advocates for more
money have been silenced, and nothing bu,
stern necessity has brought the Issue up
again. That the necessity for more money
did exist at the time that 1t was the slogan
ofthe democratic party, there is absolutely
no doubt. The gold standard at q fixed
r4tlon has been maintained only by a for.
tunate accident. b discovery Of gold In
Alasca and IN new fields in Africa added 10
the worlds supply Of gold during the past ten
years an amount, In excess OF the amount
mined during any previous ten years. greater
than the value Of all the silver of the world
coined at a ratio OF l6 to l. Our authority for
this statement is U. S. Senator Dolliver, thar
whom no man in the republican ranks
stands higher.
But for this discovery of gold In excess OF
any previous decade, where would have been
the gold standard?
All writers on finance agree that there is no
real money except that which Is based on