The Union times. [volume] (Union, S.C.) 1894-1918, 1913-08-08
OUR BANKING AND
CURRENCY LAW
A Discriminating System Which
Puts an Unjnsf Burden and
Handicap Upon Farmer.
Owner and Home
Builder.

Courier: The most momentous
struggle of this generation is on in
Congress. Public opinion should be
aroused and expressed with refer
ence to the shaping of the currency
bill. Not even tariff legislation is
so important to the people of this
country as the right kind of curren-
cy legislation-and the tariff exacts
from the people for a class annually
it's missions of tribute. The Presi-
dent has we'll said that he "regards
the vigorous debates among the
Democrats on the House banking and
currency committee as q wholesome
discussion calculated to bring out a
better measure" The people should
be heard from. The newspapers and
the thoughtful men of the South and
West should give attention and speak
out. The metropolitan organs of
high finance are not failing to level
their batteries against the reform
features of the pending bill and the
committee under the leadership of
its chairman is granting compromise
concession to this vociferous .criti-
cism. The bill began with too many
concessions to Conservatism" and
will be sad disappointment to Dem
ocfatic hopes of four months ago un-
less the forces of radical reform have
their inning and compel different
resultant of compromise from that
now foreshodowed.
l shall not attempt to define "mon-
ey." doctors differ" But we know
that at one time in Colonial Virginia
tobacco was used as money, and in
Colonial South Carolina rice was
money, while the money of ancient
times consisted of cattle, sheep and
goats. The very word "pecuniary"
is given as derived from "Pecua-
cattle of all kinds, sheep, money"
Cotton is the money crop of the
South, while corn and wheat are the
money crops of the West. If left to
a state of nature, not controlled as
we are by the artificialities of civ
iiization and government, these pro-
ducts would be the money" of these
sections. A very crude sort of mon
ey this would be, of course, not to be
carried around with you in your
pocket, but a "money" available to
US without dependence upon any
other country or region to mine and
furnish it.
Silver and finally gold, has been
the preferred money of the world.
because it congresses so much value
into so small a space, being thus con-
venient for handling, and is more
over imperishable. But it cannot be
used as a necessary of life-it can
not clothe or feed. It thus has a
much more limited or secondary util-
lty than cotton, corn or wheat. Ex-
cept for making wares for the we'll
to-do, it has a quite narrowed de-
mand as a material for consumption.
In fact, it has come to be in demand
chiefly for "money"-its value would
be lowered and it's production check
ed if it were no longer demanded by
the world for money. The mere
needs for manufactured products
would hardly afford a market for all
the silver and gold now available and
each year coming from the mines.
Ihus the Governments selection of
commodity as "money" adds great
iy to the demand for that commodity
and increases it's value. Such gov
ernmental preference whether bv
necessity or by favor,) increasing as
1t does the value of commodity and
the consumption of it, stimulates the
production and consequently raises
the profits and the wages of the pro-
duces and the wealth of the section
to which nature has assigned such
production. Relatively other COM
moditles and their producers suffer
thereby-are subordinated to this
Government-madc measure of all
value and medium of exchange for all
things"
In the universal commerce of mod
ern times there is sort of compulsion
upon the remote and heretofore iso-
lated regions to adopt in trade be-
yond their borders the monetary
standard of the most advanced ma
tons, which thus establish a world
standard. The laws of the strong
nations as to money" become para
mount throughout the world even
though such laws be to some extent
arbitrary say-sos. Thus the great
countries of the east and the south
China and Mexico--where silver is
the natural and legal money 1.-THE
product of their mines,) have been