The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1913-12-24
CURRENCY DEBATE
SENSTOR Smith PUTS into IT
some new FEATURES
FIGURES BACK REPORT

az - AAO Nl2OAo AAA2 VA2
Senator Holds Attention of the Sem
ate on Credits and Needs Of Com
mercial life in America-Increase
of Production Overshadows In
crease Of Circulating Medium.
Severely criticising the inadequacy
of the present currency law, Senator
Smith, in a speech in the Senate
Thursday, held that gold and govern
ment bonds were at present the only
basis Of issue; that prime commercial
paper in addition to the gold and the
government bonds, was absolutely
necessary in view of the increase OF
farm productions which amounted to
IS per cent. for the past decade,
while that of the circulating medium
was only II per capita for the past
decade.
The Senator strongly criticised the
Republicans for not having enacted
in their regime an adequate law by
which the credits and the needs OF
commercial life in America would at
all times and under all circumstances
be met By an adequate circulating
medium. With a table piled high
E:.h statisticse, Senator Smith held
the attention of the Senate, while he
injected new features into the cur
rency debate.
The Senator first called attention
to the cotton increase by citing that
in 1900 the value Of the increase was
more than double the value In ten
years. The South Carolina Senator
then read to the Senate mass Of hg-
ures whereby he effectually and
clearly pointed out that IN addition to
cotton all farm products, mining pro-
ducts, manufacturing products and
commercial products had increased
in varying amounts during the past
10 years, while the amount OF in
crease Of the circulating medium was
hardly worth consideration.
Senator Smith thep cited figures to
show the increased population and
he actual increase Of money during
the past census period. From the
data, he drew skilful comparisons to
demonstrate on what thin ice the
American people were traveling."
Comparing the amount Of money
| in circulation in 1855 to the amount
now in circulation and the value OF
the crops OF that yeav to those Of the
present year, Senator Smith said that
unless the amount cf money was In
creased to a sufficient amount that
the commercial and farming interests
might conduct their business without
inconvenience, ruin would confront
the nation.
The large amounts CT money stored
in the reserved centers, particularly
in New York, Chicago and St. Louis
which are used for specula:ing pur,
poses, was declared unnecessary tc
the classes and of harm to the
masses. The value Of the increment
Of railroads and their earnings was
! discussed in detail.
"The acutla products Of America IN
wealth is outstripping beyond the
available circulating medium, even
where tse money is equitably diffus'
ed, that is, Il each branch or division
Of our industries were to get a pre-
data share according to the law oi
supply and demand of the circulating
medium, on account Of the infexibil'
ity OF the present banking and cur
rency system, there is not sufficient
amount Of money to guarantee faitt
and confidence to meet the expanding
trade; therefore, I want to state thai
it is the duty Of the government tc
provide a safe and adequate law By
which the credits and the needs o.
agricultural and commercial life car
at all times and under all circum
stances by an ample circulating me
dium.
Senator Smith then commented or
the safety Of the proposed increase
by stating: "Thirty-fve per cent. o.
the loan secured by gold or by gov
ernment bonds in addition to the 10C
per cent. secured by prime CONNER
cial paper is certainly enough for any
reasonable man. 1t is necessary, fol
the prosperity of the nation, that this
bill be passed"
In concluding his speech, Senator
Smith cited the trials the farmer eX'
periences in the financing Of his crop
with the following: GAS nature car
not be forced-it takes nine months
to produce a staple crop in America
This means that the cost incident tt
production must wait nine months
fer liquidation. The value Of the
produce depends largely on force
beyond the control of man it car
never be calculated, discounted OF
foretold--this force consists Of TIL
seasons. and the uncertainty Of the
labor supply. The supply, if it be
kept up to the demand, must be prop
erly financed, so there will be en- In
ducement for it's Increment"
KILLED AT HIS DOOR.