The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1912-01-24
ELASTIC CURRENCY
OBJECT OF RESOLUTION
Offered by Representative w. c. Irby
Jr, of This County, and Which has
Been Ordered Sent to Senate.

Jr, of This County, and Which has
Been Ordered Sent to Senate.
During the sessions of the Legisla-
ture last week, Representative W. c..
Irby, of this county introduced the
following concurrent resolutions
which were agreed to and ordered sent
to the Senate:
H. S37.-Mr. Irby: A Concurrent
Resolution:
whereas, Under our present Nation
al Banking Laws great wealth, pow
er and influence is concentrated in
the hands of a few individuals, there
by creating a money trust, which plac-
es the industrial welfare, as we'll as
the development of the resources of
the country at the mercy of the gamb-
lers and spectators, who will stop at
nothing in their mad attempt to own
and control the country, although it
means ruin, want and misery for mil
lions Of sldustrious and unsuspecting
people;
And whereas, The scarcity Of mon
ey in the South makes it necessary
for this as we'll as other sections of
the country to become dependent upon
Wall street and its allies for hundreds
OF millions of dollars in order to car
ry on its industrial development and
increasing business, thereby subject
ing all legitimate business to short,
and in many cases call loans from
New York and few other money cen
tres, and enabling the spectators of
Wall street to create n panic at their
pleasure and rob and ruin the produc-
er of the wealth of the country;
and whereas, Such power and in
iiuence in the hands of the few is
dangerous to the best interests of the
country; now therefore
BE it resolved by the House of
Representatives, the Senate concur
ring,
Section 1. That we most earnest
ly urge upon the Congress of the
United States the passage of laws
which will allow the different States
"bci i S'iC anu SOullN DuSlS Oh Naluu-
tton of taxable property to issue pa
per currency under such rules and
regulations as will safeguard the pub
lie interest and relieve the people
from the domination of Wall street
and enable the agricultural and other
producers of wealth to market their
products to the best advantage and
securing more just and equitable dis
tribution of the currency.
Sec. 2. We especially urge upon
the Senators and Representatives in
Congress from this State the wisdom
of such legislation
Sec. 3. That the clerk of the two
houses are instructed to provide each
Senator and Representative in Con-
gress from this State with a copy of
this resolution"
Mr.. Irby was in the city Saturday
and in speaking of the resolution had
this to say in regard to it:
According to the report of the
Comptroller General, in regard to the
state debt, $5,621 ,35197 of said debt
bearing 12 per centum interest may
be paid in full at any time after the
year 1913. The annual interest on this
debt is $3.50, ,96O.83. If we continue to
pay this interest for the next twenty
years we will have paid $5,O59.216. 6.6G
rs interest alone without having re-
duced the debt"
If we could obtain law as urged
in my resolution, the state could place
lis bond with the national government
and issue enough money to pay, $5,-
21,351.97 debt and would not have to
pay more than $2S,10675, thus saw
ing the people in taxes to pay inter
est to the amount of $224,S 4,S54.OS an
nually."
These figures arc based upon the
same charges to national banks for
the same privilege ct present and I
do not believe 1t would cost the state
as much"
Promoted Again.