Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-02-10
cultivate a garden-as good a garden
as possible; but anyhow some garden.
Same Old Issue.

In congress OcIoDer D, 1850, MI. ooHi
l.. McLaurin delivered a speech on the
currency question that attracted ma
tion-wide attention. The country was
in the throes of the panic Of 1893, and
he was pressing a resolution to issue
one hundred and twenty-five million
dollars in United States treasury
notes to replace those lost or de-
stroyed. There was such dearth of
money in circulation at that time that
the banks in the South and West had
issued clearing house certificates to
move the crops. Mr.. Cleveland was
trying to force the repeal of the pur-
chasing clause of the Sherman act and
secretary of the treasury had under
taken to enforce the law levying 10 per
cent tax on the certificates. There was
a long debate and finally resolution
was passed forbidding the 10 per cent
tax.
Senator George of Mississippi, in dis
cussing these questions said: I'VE have
a hundred million dollars in gold, as
fund as Mr.. Beck says, to guard the
greenbacks. We have $346,000,000 of
these greenbacks or legal tender treas
ury notes, Mr. Beck says, and he has
never been successfully contradicted
that s50,OO0,OOO gold is ample to guard
the S346, 100000. If that be so, and he
proves it, as have read in the hearing
Of the senate, it is clear we may in
crease the volume Of greenback cur
rency to double the $346,000,000 and 1t
will remain a safe, sound, redeemable
currency equal to coin.'
In the panic of 1893, Europe held sew
eral billion dollars of our securities and
were sending them home for sale, and
taking the proceeds to the treasury and
demanding gold. Mr.. McLaurin said:
I'VE are at the mercy of foreign secur-
ity holders, who, from an unreasonable
fear or from malice, can at any mo-
ment produce a panic and cause our
people to suffer. The foreign investor
sends his money here to reap all the
tribute possible and then at the very
first token Of alarm takes his flight
homeward and leaves us to work out
our own destiny" ,....
Are we not to large extent playing
the same game now with Europe? Is
it wise to continue it? Certainly with
foreign trade as it is, we cannot devel-
op trade.
America during the war bought back
her securities, and the $500,00O,OO0 that
formerly went abroad each year in div
idends and interest now remain here,
and in addition Europe owes us eleven
billion dollars.
1t seems to us that as these countries
are unable to trade in our dear dollars,
that the logical remedy would be to in
crease our domestic currency in some
stable manner, so that no Washington
board can suddenly contract it without
notice. To retire these non-lnterest
bearing notes would take time and re-
move from the business world the
haunting fear of repetition Of 1920.
A dollar is supposed to have only 100
cents in it. The American dollar in
this country now has 200 cents in 1t,
compared with the purchasing power
on January 1st, 1920. In Europe its
purchasing power is constantly on the
increase.
In 1920, the per capita tax we imag-
inc would average for town, state and
Federal government at least $1Oo, in
Guiding the subtle tax on consumption,
the most deadly tax in the world. 1t
takes now three times as much cotton
to pay 1t as in 1920, and the end is not
yet.
If these notes were issued for the bo-
nus, bearing no interest, they would be
greedily taken and cost the taxpayers
nothing and if the effect is to cut a zoo
cent dollar 10 100 cent dollar, 1t will
stabilize foreign exchange and restore
in the stability Of our credit
system. This opens up foreign trade
and creates wider markets.
Secretary Mellon is trying to force
the soldiers to pay their own bonus by
taxing their tobacco and other luxuries.
Last week the treasury gained six
million dollars in gold and about 60 per
cent of the available gold supply Is
locked UP. The ratio Of reserve is now
about Is per cent for the Federal Re-
serve system. Why borrow money and
pay interest?