Historical Newspapers of South Carolina

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VOL. IX. MANNING, S. C., WEDNESDAY, APRIL 4, 1894. NO. 36. THE BLAUND BILL V ETOED TEXT OF PRESIDENT CLEVELAND'S MESSAGE ON THE SUBJECT. He Reviews the Finarcial Condition of the Country at Length-ThinkS the Measure 11l-ads i ed and Dangerous-The B; Faulty in Coustr actlon. WASHINGTON, March 29.-The ol lowing is the text of the President's message vetoing the seiguiorage bill: To the House of Representatives: I return without my approval Heuee bill numbered 4956, entitled "An Act direct ing the coinage of the silver bullion held in the Treasury and for other pur poses." My strong desire to avoid disagree ment with those in both houses of Con gress who have supported this bill, would lead me to approve it if I could believe that the public good would not be thereby endangered and that such action on my part would be a proper discharge of official duty. Inasmuch. however, as I am unable to satisfy my self that the proposed legislation is either wise or opportune, my concep tion of the obligations and responsibil ities attacied to the great office I hold forbids the indulgence of my personal desire, and Inexorably confines me to that course which is dictated by my reason and judgment and pointed out by a sin.ere purpose to protect and pro mote the general interest of our people The financial disturbance which swept over the country during the last year was unparalleled in its severity and disastrous in its - consequences. There seemed to be almost an entire displacement of faith in our financial ability and a loss of confidence in our fiscal policy. Among those who at tempted to assign causes for our dis tress it was very generally conceded that the operation of a provision of law then in force which required the gov emnment to pur chae monthly a large amount of silver bullion. and issue its notes in payment therefar, was either entirely, or to a large extent, responsi ble for- eur trouble. This led to the re on the 1st day of November, 19 of this statutory provision We had, iowever, not fallen so low In the depths of depression and timiditv, and apprehension had so cowpletely gained control in financial circles, that our rapid recuperation could not be rearon ably expected. Our recovery has, nev ertbelesi, ,,eadily progress-d, and though less than five mont6s have elapsed since the repleal of the mis chievous silver purchase requirement, a wholesome improvement Is unmis takably apparent. Confidence in our absolute solvency is to such an extent reinstated and faith in our disposition to adhere to sound financial methods is so far restored as to produce the moat encouraging results, both home and abroad. The wheels of domestic in dustry have been slowly set in motion, and the tide of foreign investment has tgamn started in our direction. Our ?ecovery being so well under way noth ing should be done to check our con valescence, nor should we forget that a relapse at this time would almost sure ly reduce us to a lower stage of finan cial distress than that from which we are just emerging. J. believe that if the bill under consid eration should become a law, it would be regarded as a -retrogression from the financial intentions indicated by our recent repeal of the provisions forcing silver bullion purchases that it would weaken if it did not destroy re turning faith and. confidence in our sund financial tendencies and that as a consequence our progress would be un fortunately checked and a return to our recent distressing plight seriously threatened. This proposed legislation is so relat ed to the currency conditions growing out of the law compelling the purchase of silver by the government, that a gace at such conditions and a partial reiwof the law referred to may not Between the 14th day of August, 1890. when the law became operative, and the 1st day of November, 1893, when the clause in it directing the purchase of silver was repealed, there were pur chased by the Secretary of the Treas ury more than 168.000,000 ounces of silver bullion. In payment for this bullion the government issued its Treasury notes of various denomina tlons,amounlting to nearly $156,000,000, which notes were immediately added to the carrency in circuli'tion among our people. Such notes were, by the law, made legal tender in payment of all debts, public and private, except when otherwise expressly stipulated and were made receivable for customs, taxes and all public dues, and when so received might be reissued. They were allowed to be held by banking associa tions as a part of their lawful reserves. On the demand of the holders, these treasury notes were to be redeemed in gd or silver coin in the discretion of the Secretary of the Treasury, but it was declared as a part of this redemp tion provision "that It was the estab lished policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio or such ratio as may ne provided by law. The money coined fromn such bullion was to be standard silver dollars and after directing the immediate coin age of a little less than 28,000,000 ounces, the law providedL that as much of the remiaiig bullion should be thereafter omnea as might be necessary to have for theredemptioni of the Trea sury notes on Its purchase, and that "any gain or seigniorage arising from coinage shall be accounted for and paid into the Treasury." This gain or seign orage evidently indicates so much of the bullion owned by the government as should remain after th" usng of a sufficient amneunt to coin as .e s at - dard silver dolla's as shou1l equal in number the dollars represent en by the Treasury nott s issued ini pay ment of the et ire quantA~y of buhiO. Tese Treasury notes now outsrantio~ ard in circt:latIOn emount to $152951, 280, ar-a ala bough tub re has tteeo anus fr but c' e.a.parativesy smautll amount of this builion coine' yet. the so-cdll- -- g in or seignierage, as above de fiaed, which would arise from the coibge ot the entire mass, has been eaesily ascer taned to be a quantity of bullion suffi cent to make vhen coit.pa 55,156.6h1 standard silver dollars. Considerixng the present ijdrinsic re lation betwee. gol ; andl siver thte maitena-nce of the parity between the tw o mer.als. as medtioned In this law, can mean nothing else thar thy main tenance of sneh a 1parity in the .r ima tion and confidence of the peop e- ho use our money ini their daily trax.sac tions. Manifestly the maintena: ce' of this parity can only be accoemplihed so faras it is affected by tnese Treasury notes, and in the estimation of the holdeis of the same by giving to such holders, onl their redeu..p ion, the coin, web;:-r it is gold or silver, wbich they prefer. It follows that while in terws the 1la' leaves the choice of comr to be pid on such redemption to the discre. ton of the Secretary of the Treasury. the exercise of this discretion, it op-' posed to the demands of the holders, is en~tirely inconsistent with the effective' and ber delcal maintenance of the part tyeha'=:.n tha two metals- If both gold and silver are to serve us as money s and if they together are to supply to i our people a safe ani stable currency, I tMe necessity of preserving this parity E is obvious. Such necessity has been re- ] pettedly conceded in the platf irms of s both political parties and in our Feder al statutes. It is now here no more E emphatically recognized than in tbe re- I cent law which repealed the provision t under which the bullion now on hand i was pureased. This law insists upon c the "maintenance of the parity in value i of the coins of the two metals and the i equal power of every dollar at all times E in the markets and in the payment E of debts." The Secretary of the Treasary has i therefore for the best reasons, not only promptly complied with every demand for the redemption of the Treasury notes in gold, but the present situation as well as the latter and spirit of the law, appear plainly to justify, if they do not ernjoin upon him, a continuation of such redemption. The conditions I have endeavored to present may be t thus summarizsd: First. The government has pur chased and now has on hand sufficient silver bullion to permit the coinage of all the silver dollars necessary to re- t deem, in such dolsars, the Treasury 4 notes issued for the purchase of said t silver bullion and enough besides to t coin, as gain or seigniorage. 55,156,681 t additional standard silver dollars. Second. There are outstanding and I now in circulation TTeasury notes is- s sued on the payment of the bullion I purchased amounting to 8152,951,280. c 1-hese notes are legal tender in pay- r ment of all debts, puDlic and private, -I except when otherwise expressly stipu- r lated, they are receivable for customs, c taxes and all public dues, when held by t banking associations, they may be t counted as part of their lawful reserves t and they are redeemed by the govern- t ment iii gold at the option of the hold- I era. Ttese advantageous attributes t were deliberately attached to these r notes at the time of their issue, they E are fully understood by our people to whom such notes have been distributed as currency and have inspired confi- a dence in their satety and value and I have undoubtedly thus induced their t continued and contented use as monoy i instead of anxiety for their redemp tion. Having referred to some incidents s whict I deem relevant to the subject, I it remains for me to submit a scientific t statement of my objections to the bill o under cnsideration. 0 This bill consists of two sections, ex. t cluding o-te which merely appropriates t a sum sufficient to carry toe Act into s teff.ci.. The first section provides for the' immediate coinage of the silver g bullion in the Treasury, which repre- u sents the so-called gain or seigniorage : r which would arise from the coinag.- v of all the bullion on hand, which gain a or seianiorage this section declares to be $55,156,681. It directs that the money so coined or the certificates is sued thereon shall be used In the pay- j ment of public expenditures and pro f, ides that if the needs of the Treasury g demand it the Secretary of the Treas- 0 ury may in his discretion issue silver t: certificates in excess of such coinage v not exceeding the amourt of seignior p ag in said sction autnorized to be e coined. The second section directs that as p oon as possible atter the coinage of t this seigniorage the remainder of the p bulion held py the government shalt t be coined ~to legal tender standard a ,ilver doll and that they shall be c held in the Treasury for the redemp ti ion of the Treasury notes issued in the & urchase ot said bullion. It provides ti hat as fast as the bullion shall be 1: oined the redemption of said notes shall not be reissued, but shall be can- i, elled and destroyed in amounts equal o o the coin held at any time in the 1F reasury derive~ from the coinage a provided for, and that silver certificates u shall be Issued on such coin in the i4 anner now provided by law, it is, si owever, especially declared in sala b lid section that the "Act shall not be ti onstrued to change existing laws re ating to the legal tender character or t mde of redemption of the Treasury ~ otes issued for the purcniase of the b silver bullion to be coined. The entire bill is most unfortunately onstructed. Nearly every sentencea resents uncertainty and invites con-a roversy as to its meaning and intent. he first section is ep ly faulty in this respect, and it Is emely doubt! d ful whether its language will permit c the consummation of its supposed pur oses. I am led to believe that the pro oters of the bill intended in this sec ion to provide for the coinage of stan-. ard silver dollars, and yet there is pos itively nothing in the section to pre ent its coinage in any description of as silver coins now authorized under any di xisting law. I suppose this section was also intended, in case the needs of he Treasury called for money faster di than the seigniorage bullon could act- t ually be coined to permit -the issue of t fiver certificates in advance of such q oinage, but its language would seem I o permit the issuance of such certifi- l cates to double the amount of seignior al age as stated, one-half of which would pl not represent an ounce of silver in the y reasury. The debate upon this sec- it ion in the Congress deveceped ani ear- T nest and positive difference of opinion ~ as to its object and meaning- In my t-vent, I am clear that the present per- ul plexitl' and emb. r-assments of tue Secretary ot the Treasury ought not to e augmenkted by devolving upon Dim the execution of a law so uncertain nd confused. 1 am not wililag, however, to rest y objection to this section solely on hese grounds; in my judgment sound ~ finnte domes nout commend a furt her iu- ci u en of silver into our currency at ~ ths lime unaccompanied by furtber oequate provision~ for the maintain- P mee our Trens'ary of a safe gold r'-- C. 'r,.. Dour-ts also arise as to the e, n-miag ad construction of the ee- er >ad seetita of the bili. if the silve-r j oiars therein directed to be coined a .re, as tL-. sectioni provioes, - o e! neld in theITre isuir for rei- -f ion of Tre-asury notes it is sugg'-sted not ije i-sue-d ou such coin -in -ne m>tn aer rso- provIded by law," be'cause ~ these doll ars are monley hield i;- ' iresury for the express purpos.- of re deemtcg Treasury nottes ou emnd ,ihien would ordinarily mean '.flat :ey were set apai:. for the purpose of tU substituting them for tae's Tresury s> n-rs. Tni y are not, therefore, hel in E suha way as to forniisf a basis for g e-it.f,-.ates accoramng io an~y pro~v1ion f elist.ig saw. 1t, bewever, -siveI t4 ertiicates can properly be issued1 apon these doli-ers, taere is nothing in Ide I ction to i:.dlcate the ci rracteristics I md functions of these certfi,ates. 1 b t~hey were to 'e from the same charac- f ter as silver certieaces int-irculation i urder existi'. ls 'tiay would at. bes' 0: be receivable only tor customs, texes d nd all public duts; aid under the laa- Iti guage of tnis sectlin i. is, to say the i ieas, extremely do :tf ul whether the Ii :eicates it contemplates would be a a-ully receivea even for such pur- c poses. c Watever else m ty bs said of the un- t< eertainties of expression in this bill, , 'hey certainly ought not to be found f in legislation affecting subjects so im-lu pm.rantoan a r.eaning a our financae 6nd currency. in statinz cther and nore important reasons for my disap iroval of this section, I shall however, issume that under its provisions these Creasury notes issued in payment for ilver bullion will continue to be re leemed as herete, fore in silver or gold t the option of the tlders; and that f when they aie presented for redemp ion or reach the Treasury in any oth nanner, there are in the Treasury -ined silver jollars -qual in nominal raiue to such Treasury notes, then and a that case, the notss will be destroyed nd silver certificates to an equal 6mount be sutstituted. I am convinced that this scheme is Ul-advised and dangerous. As an ulti nate result of its operatiOn Treasury Lots which are legal tender for all ebts public and private, and which re redeemable in gold or silver, at the ption of the holder, was replaced by iver certificat_-,whicb, whatever may ie their character and description will iave none of these qualities. In an icipation of these results, and as an mmediate effect, the Treasury .notes vill naturally appreciate in value and tesirability. The fact that gold an e realized upon them and te further fact that their estruction has been decreed whe:L hey reach the Treasury must tend to heir withdrawal from general circula ion to be immediately presented for old redemption or to be hoarded for resentation at a more convenient sea on. The- sequel of both operations vill be a large addition to the silver arrency in our circulation and a cor esponding reduction of gold in the reasurv. The argument has been aade that things will not occur at ce because a long time must elapse efore the coinage of anything bitt he seigniorage can be entered upon. If he physical effecTs of the execution of he second section of this bill are iot to be realized until far in be future, thbi may furnish a strong eason why it should not be passed so auch in advance; but the postpone aent of its actual operation cannot trevent the fear and loss of confidence nd nervous precaution which would mmediately follow its passage and 'ring about its worst consequences. regard this section of the bill as em odying a plan by which the gover' ient will be obliged to pay out 4.s canty store of gold for no other pur ose than to force an unnatnral addi ion of silver money into the hards of ur people. This is an exact reversal f.the policy which safe financ- dic ates if we are to preserve paity be ween gild and silver and maintain esible bimetallism. We havs- now outstanding more than 338.000,00 in silver cprtificates issued naer exibring laws. They are serving he purp 'se of money usefully anid rithout question. Our eold reserve, rununting to only a Jit'e more thAn 100,000.000. is direcs !!aei with 2e redemption of $346.6000.0 -) U sited -ates notes. When t. :- n->csed to ifate our silver currency it is a time )r strengthe.'ning our g.ild reserve in ead of depb-ting it. I cannot conceive f alonger stet to silver monometallism aan when ve sm-nd our gold to buy sil er certificat' s for circulAtion, an 1 ecially in view of the fac- of -he difli ulties surrounoing the replenishmer.,t f our gold. Tnis leads me to earnestly resent the desirability of ranting to ie Secretary of the Trea.surr a better ower than now exists to issue bonds ) protect our gold reserve when for y reason it should be necessary. Our arrency is in such a confused condi ton, and our financial affairs are apt t'o ssume at any time so critical a posi on that it seems to me such a course idictated by ordinary prudence I am notinsensible to the arguments favor of coining the bullion seigni rage now in the treausry, and I be eve it could be done safely and with dvantage if the Secretary of the Tre es ry han the power to issue bonds at a iw rate of intet est under authority in ibstitution of that now existing and etter suited to the protec tion of the ~easury.. I holre a way will present itself in is aear futura for the ad justment of ar monetary affairs in such a compre ensive and conservative manner as rill accoid to silver its proper place in ar currency; but in the meantime, I m extremely solicitous that whatever tion we take on this subject may be ich as to prevent loss and discourage ent to our people at home, and the strnction of confidence in -our finan al management abroad. GROCVER CLEVELAN. Executive Manasion, March 29,189k. Porced to Resign. WAsHINGTON, Mach 28.---This official mouncement was made at the Treasury s afternoon: "Mr. J. B. Brawley, Sixth auditor of e5 Treasury Department, todJay ten rEd his resifnation to the l'cesident, take effect upon the apnointment and lificatiorA of hia tuccessor. Mr. Braw y is a citizen of Meadvilie, Pa.. is a wyer by protession, and was appointed ditor April 19. 1893. The position sys 3 600 per annum. No action hag it been takea on his resianation, and is not known when it will be accepted. bis is the first. promineeit official ap >inted by the present administration ho has resigxned. His renignation is aderstood to have been f~rced. For >me time past the relations ot thbe sixt.h iditor and Sscretary Carlie have not sen pleasant, and s x weks ago, there 'as quite a scene in Secretary Carlisle's >om between the s~x;.n auditor a.d. tue creary. S-cretarv Csriiste has no s'n impressed with Mr. Brawleg a exe Itive capacity. The work o1 tbe sixth door's iflice is tar behin'; methods nployed were not businessi'e, and 'tmaster Genera! B sel, 8:-cret-r\ arl and tie Pre d-at, six w -ek r, came to the conclusiu L:a. >ange was neces=ary is !e oilic" Mr rnee7 called at the Trotir Dw.ar: tent \'.,er11 and k~r l1 --1r s resia aion. Tei- ah Ii r-as -be em*ira~ ALieh L. Depmi Rn-zta zno Muw-.e-. JACKsoNviLLE, \l tn f7 --i. e: cial r~e: i'here is grea. ex m- r lavilL', a fei uil .-1 -< Whis tace, over the mxura r -' I.,i- , aged tooian, an i-.- ,a fij initl mal:,ue i( *fh home Iu ri~.t L le rodl in roux t f h- houise withl ne~r rs b- .-a . Oal Mrs Turter wa~s an c aa :j re ouse, her htead ha g as> beeti oraten to a j y- Au ax' Sa natenxt !ad bee u-ced ny th-- *ur erer. An ex-amiuationl of the- body of i girl sho ws that snie had bUen rav tied. ji is supposed ''.at ,.'er t'u ed had stteli '4id ni t, e slew the ir and tne oid wnman, to ~ rev~ent ni. rime being aiscovered. T here is no !-ae to the murderer. but It is supp ised have been the work ot a negro tra..p rho was seen near the house at nighi t ll. Tne people are terribly wrougnt p and if the murderer can be disc-ov deJudg mincne .a il dispose of him. TAKE YOUR CHOICE! WE ARE BOUND TO HAVE FREE SIL VER OR FREE BAN'KS. An Argunment in Favor ot State Banks of Issue-If the Pef, pie are not Given Free Batkithey wilt a the End have Free SiLver. To the Editor of The News and Cou rier: For several years I have given careful thought to the financial prob lem, and have read the best arguments on all sides of the subject. I have giv en no less attention to existing politi ical conditions, since in matters of ad ministration it is necessary to study not only abstract questions, but modi fications rendered necessary by the fact that government is a compromise. and that the wise statesman must con tent himself with doing not what is best, but what is best under the cir- 1 cumstances. "Abstract ideas, when true render Governments impractica ble, and when false *tend to destroy them." The abstract question of money is in itself a difficult one. Money has sever al functions to perform, and for each there are requisites sometimes opposed to one another. To be a perfect medi um of exchange money must :e in great demand, to be in great demand it must be comparatively scarce. But when too scarce it does not afford a sufficient supply for loans. In attempt ing to secure a volume sufficient to meet this demand for loans, the requ- I sites of i perfect medium may be sacri ticed. Money must also be elastic in volume, varying directly with the wants of trade in ordar to become a perfect standard of value for different times. A government currency, while it may be a perfectly safe medium of exchange, cannot possess sufficieht elas- c ticity of volume. Rigidity gives rise to alternate plethora and scarcity in busi- . ness centres and disturbs the market I for prices and loans. As most of the traffi of the world is based on credit. 0 any considerable fluctuation of prices r of commodities works serious injury. Even in a steady general rise of prices creditors are swindled. while through a 1 steady decline debtors may be ruined. Ail economists concur in the truth 0 that the standard of values should be set by commodities, and that money is . m-rely a measure of that standard. t Wnen it fails to perform this duty it 1 becomes a national nuisance. The ex ising long continued decline of aver age prices, measured in gold, uncontest c able proof that, gold is not following the 1aw of average value, and that unless supplemented in volume it cannot be takeh as the standard. A silvet stand ard is still more unreliable. At present neither the goll dollar nor the silver dollar is a representative of average values. If all prices nave fallen 25 per cent in the past few years It can be 0 seen that the voluime of mcn ey should be increased, both for reasons S of honesty as of politics. This truth ti may as well be accepted. Taose who compare merely the vol n ume of money ior different times Re- - glect a great factor in the problem. The b irade or the cou.-t.ry is based on one part money and nine parts confidence. f Each may fluctuate - independently. 0 When there is a loss in the stock ofi confidence an additional demand is cre- a ated for maney. A dimunition of 10 per cent in confidence calls for a tre mendous proportional increase in cur rency. But this increase may be need- P ed only until confidence is restored, y when it ought to be withdrawn. Gov- t. einent cannot secure elasticity with out resort to tha Ocala sub-treasury plan, which has so many other bad fea ture as to render of no accoust this s good one.P The problem Is how best to inzcrease ~ the currency and make it elastic, and et pr.eserve its true money character. t must be based on gold, the money of the world. It cannot be exclusively gold, for gold is scarce. It cannot be basd on silver at the present ratio, for silver Is dIscredited in the markets of S the world, and the United States are not re stronag enough to force the world to re- a1 :eive silver on the terms offered by the el dvocates of free silver. The demand vi that the United States should Issue pa- c< per money would have been laughedot n by all statesmen of all parties from the n beginning of the Government till the E remarkable decision of the Supreme w ourt a few years ago, which in the ce language of Hugh McCullough changed pl his representative Government Into t< an imperial sovreignty. No more than af he States should Congress make "any- ci hing but gold and silver a legal tender si n payment of debts." -ai There are six hundred million dollars e: n silver in the United States today, and o1 his is enough in all conscience. Any y. further issue of silver will tend still ci further to deplete the treasury of the e: old t hat is now the only means of pre- T1 serving the parity of all the silver and pi all the paper currency of the Union. ni The seigniorage bill Is but a further p. issue of silver. Instead of preventing 54 run on the gold in the treasury it will ct tend to aggravate It, and will have the el endency to force either a new call for gold loan or the appropriation of pl gold to a premium, and its withdraw- la l from circuiation. If President Cleveland simply sign bs bill he will be yielding to the cal A for more slv-r. If he vetoes it wIth- A u it dicating some other relief he will still more surely strengthen the hands E f tbe advocates of free silver or of un imited greenbacks, and the irrepressi :e conflict between good and bad mon c a-v will ne on. Anyone who has paid C attention to the signs of the- times will c ee that only blind fatuity will prevent c be erremist of the West and South r i:ombining to sweep away "all the con F .xr Congress will be two-thirds in fa F v r of frt-e coinag~e, or even free greene ek', unlesas some step is taken to ob- c ~ae this danger. - The third step is the repeal of the 10 per cent tax on private bank isui-s.g n.trac-ly and politicilly this is tfle L satst c zurse- L I. may be admitted that for many ~ purpo~.-s a bank bi is not as good as aM goa aallar. But if bas- d on gold itM m.y for certain other purpa'ses be as N t~e as a gold dollar. The principle o' c -v ision of labor teaches that uuiver- c sal money is not needed to pay local d:ts. i If a dolla~r wi11 cir calate freely where e it is inieunded -to circulate, tohit is S -'ougu. A mane is not needed to do U; b I.1e werk. The cleari'g house cer V rxtiec.te-, represe'etiug muoiicg but pri- Y vite c:-eat, and even untier the ban of (joverment so fair as it claimed to he coey, WeDnt around the ittle tread mill of its dluty and saved the Un!on, whn t he st iver d ollar and the gold dol lar and tree sovreign greenioack and the -orfees." natuon-t b:rik bill were skulk- V ug in~ corners. i2 this bank certificate ii was so efiic cious mn time of panic, why hi shoua not ctue bank's bill be good in of time of conience-? c< Te cry that bank issues must neces- st sarily be dangerous is met by the teach- gi ug of history showing what private et Daoks of the Middle Ages did for h sound money when Governments were e< issuing clipped and debased coins and 1] worthless paper. It was the banksathat p: m.de umQor a honnet Thereai a )o reason today why the bankers of )harleston should not be as intelligent md honest as their fathers or them ielves were before the war. This talk about wildcat currency is ibsurd. So swift are methods of com nunication today that a bank would be :c.mpelled to redeem its issues or sus )end in a montb. Nothing but a gocd )ank bill would ever get out of sight >f the bank. The advantages of the private bank ill are as follows: It can be based on a gold reserve, hereas the silver dollar will depend in its on value. It will diminish tne pressure on na lonal money, and tb-reby permit the iovernment to resist Government in lation. It will supply a local want within a :ircle in which it performs every fanc ion of money. It will serve as a stock for local loans on property that has no lending value n the great centres, but is thoroughly ood security. It will not be congested in the great noney centres, but will be confined rithin the several States. All objections to it as local money an be met by State regulation, and here is an abundance of national noney to supply all the wants of na onal exchange. The system of State banks is opposed iy theorists who endeavor to secure a ierfect money in every respect regard ess of political condition3 by those who wish to control all loans and by those rho believe that a national currency ystem is the only safe one. It is op osed no less by the silver kings and ainers who see in it no opportunity to ell their products at an inflAted value y those who want paper fiat money, nd by those who want the Government o take all business into its hands A word now of warning. There are 2any who wish to secure a safe finan ial system and will join conservative rees to obtain it. But thoy feel that he-present condition of affairs is not ast to the producers of the country. nnominally low prices and the want f a supply for loans have combined to - un the farmers in the wall, along witb 2any others. They are determined to ave more facilities of some gind for )ans. They will take good money if 8 bey can get it, but bad money if they Inst. If the question narrows itself own to the issue lxtween the present ystem and free silver the masses will ake the latter every time. And the s lasses have lots of votes. The capitalists of the North have the iatter.in their own hanas now. They an eff-ct a compromise on free bank ig. But if they blindly set themselves I ) work to thwart every enan.Ze they rill find that they may be o ver whelm cI in the deluge of wild financial %hemes. If they refuse to accept bank ills they will be forced pretty soon to ke siomething they detest still more. A recent writer in the Forum has own that the silver agitation in Col rado and other Western states has be =me a craze. Tne necessity of the outh are driving Its people to ally emselves with the advocates of more loney, whether paper or silver. In oth Carolina thousands of rock-rib d Demecrats who have no use for the 1 cala platform unite in its demand )r siiver, because it seems to be the nly practical way out of the deser t. et them see that there is another and better way. A rw Congress will be elected this l. Unless Mr. Cleveland and his nmediate counsellors make some com romise they will be powerless next Bar by veto or any other way to con-, :ol affairs. 'There will be either free banking or ee silver In the near future. Let cap- 2 ilists take their choice. The political .tuation grettly modifies the financial roblem. It is wise to da~ the cest one n, and to do it when one can. 1R. biEANS DAVIs. Suth Carolina College, Columbia S.C.. [arch 24, 1894. The5tate's Pensioners. COLrMtmA, S. C., March 28.-The ate pensioners will, in a short time, ~ ~ceive the annual quota of the pensica ppropriation. For the past week the erk of the pension board has been re sing the rolls sent in by the various )nty pension boards,and the work is early completed. There are only three ore counties-Fairfield, Marion and ershaw-in which a further revisionC ill have to be made before the board m take final a:tion and order the reparation of the warrants to be sent each penaioner. From the returns imade up there has been a total in ease since last year of only ten pen oners. The~ number this year is 2,265, Sagainst 2,255 last year. The ordinari cpenses,etc., for this year will be paid it of the amount held over from last ar's appropriation. This wiil in ude about $1,100, the amount of the c :penses of the several ccunty boards. he per capita payment which each, ansoner will receive for the year will yt be less than $22, and it is all to be aid at once. The warrants are to be nt to the several count~y clerks of , mrt for distribution to thle pension- c -5. - C The following shows the number of a masoners in each county for this and c at year: 1894. 1893 t .bbeville................ 6 70 d iken..... .... ..... .... 58 53 1 nderson.............. 148 151 t ar wel-... .... ........ 52 56; u eaufort...... ..... ..... 1 1 d erkley.................. arleston................. ester................... estrfield................ laredon.............. 67 6 erinto------ 1-8 69 dg~ed------- 415 45S airied------ 46-~ 49 1 lorence...... ...... ..... 32 3 e orgetown....... ....... 2 2 reenville..... ......... 164 159 b mpton........... ..... 42 4') d orry...... ...... ..... . 35 37 1 erhaw...............-5- 4 arcaster............... 4 66 aurens................. ezington................ [arboro................. ewerry.................la eoe............... rangeburg............... ichianid..... ..... ..... trEanurg..........,S & uC., eln................AILERIS.. (ilamsburg... Total.......EISTRATION. .ith Carolina, s .CLARiENDON. BIRMINGIAM, - WITH THE PRiOVIS rilliaau lugratn, 0'the General Assembly, g near Everrgeltar ouf February, 1882, I .nigehds n Ort Lmo'se ini lanning. in .inedse the clerk of the court, the first rmencse.- ch month, for the purpose of rumens nscoming of age since the ram ecamnflection to register, and to at I an axe anther business pertaining to my irled it int. S. P. HOLLADAY, ige struct 4'Rtegistrationi Clarendon Co. ixon and cess: Panola, S. C. roducing de ad s spend A ROW IN DARLINGTON. AN ARMED MOB WANTED TO ATTACK STATE CONSTABLES. rhe Gans of the Darlingtou Guards Taken from the Armory to Xke the MiJitia P- werlest-Tho Fall Story of the At ftdr. COLUMBIA, S. C., March 29.-There :ame near being a big riot in Darling :on yesterday over the raiding of biind :igers by State constables. The matter ,ortunately passed over withou* ''.-.d ihed, but the indications for some time were for serious trouble. The first known of the trouble here was about 2 o'clock in the afternoon, when Governor Tillman received a tel !gram from Dispenser Floyd saying ;ttat raids were being made and that a nob was on the streets armed with inchesters. From then on until 9 )'clock last night the wires between iere and Darlington were kept hot with telegrams. As will be seen from the story pub Ished below the mob took the arms of te Darlington Gaards,leaving no arm d organization to uphold the law. lovernor Tillman promptly provided i or the maintainance of the law by tel- I graphing to Sumter and putting the ;amter Light Infantry in readiness to o to Darlington and by arranging for special train to take the company to )arlington. The full story of the trouble is found n the following telegrams. These are Lil the telegrams which pasbed between he Governor and Darlington and Sum er and Charleston. The telegrams are )ublished in the order in which they vere sent and received and explain hemselves: DARLINGTON, S. C., March 28. Constables raiding. Armed men valking streets swearing they will hoot. J. B. FLOYD. [o Sheriff Sparborough, Darlington, S. C.: Columbia, S..C., March 28. I expect you to preserve the peace nd see that the law is upheld. B. R. TILLMAN. Darlington, March 28. 1 Fighting sure. Mens with guns wear they are going to kill. J. P. KIRVEN. V. H. Lawrence, Darlington: Wire me how many constables in )arlington. Keep me posted. B. R. Tillman. ,aotain Darlington Guards, Darling too, S. C.: Pat your command under orders of iheriff and Dreserve the peace. B. R. TILLXIAN Governor. Darlington, March 28. 1 Gans taken away from )arligton uards by mob. J. B. FLOYD. Darlington, March 28. Six constables here. Not enough to told crowd down. Winchesters and hot guns displayed. C. B. SWAN. japtain Darlington Guards: I hear yout arms have been taken by I nob. Answer if this 18 true. B. B. TILLMAN. heriff Scarborough, Darlington, S. C.: If you do not arrest those resisting he law and assist constables in their vork it will be the worse for you. )ariington Guards -ordered to obey our commands. Answer. B. R. TILLMAN, Governor. i. B.Swan, Darlington, S. C.: Sheriff has been ordered to assist you md Darlington Guards ordered to obey lis orders. .Do your duty.3 B. R. TILLMIAN, Governor. I Darlington, S. C., March 28. No trouble here and no prospects of1 ny, but a good matured crowd in. o-n. I can keep the peace.t W. F. DAnGAN, Mayor. t Darlington, S. C., March 28. Telegram received, Have conferred r 'ith Sheriff who says there is no dan 'er of breach of the peace and no ne- C essity for ordering out malitia. C .-IiNRY T. THOMPSON, 5 Captain Darlington Guards. t t og gn March 28. r All quiet. *D 'ate any t ouble, If neces. Storg GEORGE , H. p o J. B. Floyd, Darliik. Chief constable has b.. STATE AGE Mrligton. Have warra . gainst all persons who --alea, unstables for riot, consp sting an officer. AttC rill come down tomori DIRECT IMO til maae the arrests. B. On receipt of your firs., - rent to the court house onsultation with officert LV. iand concerning it, V osence from the arrrh.arest tizns went there ats. f guns. On hearing 1em and de-mandedCI VA L er them immediatel now have all the gi_________ ken such precaut~ ~ A & liv pr.-vent a re ent. Eve-ythin Capt EVE~ At 9 o'c-loc~.,a t a telega ien quiet Tte roll r7 o'c) 4,'8 to 486 Meeting~ Stre WETHER HORN -.-MANU3FACTI SASH. DOOE 7, 9, 11, 13 Smith Street, LARGE iSSORTMENT Tinware, No. 232 Meeting St., The following telegram was sent to Dhief Constable Gaillard at 5 o'clock .n the afternoon: Take your entire force of constables, j irmed with Winchesters to Darlington ;onight. B. R.TILLMAN, Governor. A TRIHLE ALLIANCE. DARLINGTON, S. C., March 29.- 1 Everything is perfectly quiet here now. rhe Sumter Light Intantry are her*, Lnd are quartered in the Guards' armory. Lbere was real; y no occasion for their )eing ordered out. Sumter, Florence md Cheraw have all sent offers of assis- r .ance in case of necessity. 1 A large meeting of the citizens of.Darl. r ngton, Sumter and Florence was held t it the court house this afternoon, at c which the following resolutions were J ;assed, without a dissenting vote: d ReslIved, That it is the sense of this s neeting: I First. That a man's house is his instle, and that he is expec'.ed to defend ;be same against all anreasonable warches. Second. That in the counties cf Dar- h ington. Florence and Sumter search t )f ptivate residences, private rooms and t ,rivate apartments, used by their own- d rs as dwellings and not as places of ,rade, shall be neither tolerated nor per. t nitted. We hereby pledge ourselves o e esnt all such unlawfal depredations. a Third. That the citizens of Darling- k on, Florence and Sumter hereby mu ually pledge themselves to support each t >ther in resistance to all such unlawful a Lts, and we invite the co-operation of r dl other law-abiding and liberty-lov!ng c ivzens. FLORENCE ALLIES. FLORENCE, March 29.-The people j f Flornce have.been in a state of excite- d ent all day, waiting anxiously for news r rom the "-seat of war." By 6 o'clock his morning the notice was heard click- o ag over the wires, warning Darliugton t hat a reinforcement of twenty-five con- C table would pay that town a visit to-day 8 Ater on taere came a telegram from t )ariington, saying that they expected rouble. Tnereupon a party of citizens d bartered a special train, and reached )arlington at 2:15 p. m. Immediately 11 ferwards a joint meeting of citizens of 1 )arlington, Sumter and Florence coun. e ies was held in the court house. Ad- ii Iresses were made and resolutions read S and adopted. P At 4 o'clock the Darlington Guards, wenty-five- in number, marched down 1 o the deopt to meet the Sumter LIght 0 :nfantry; these latter arrived on a special t rain at 5 o'clock, forty-three strong. d ,apt. Phelps in commond. The com >aies then marched together to the )arlington Guards' armory. a The meeting of citizens had adjourned t o witness the arrival of the military. rhey resumed business at 5:15 p. m., f; Ldopted further resolutions, listened to tj Dirited addresses and adjurned at 6. f o trouble is expected to occur just iow. The constable have been refused 1 .ccommodation at any of the hotels P here, and are staying closely cooped at 11 be sheriff's own house. They did not ap >ear on the streets. There is no dis >osition on the part of our citizens to a esist.the majesty of the law, but they , >ropose maintaining the Constitutional t xemption of private dwellings from ua- k easonable searcbes. - p MAYOR DARGAN TALKS. - n DARLINGTON, March 29.-There is a o mob in Darlington nor has there h een any. No one has defied the law or ti ny authawiity. The reports current and c ent abroad are absolutely without faun ation and have been originated and ' :romulgated by irresponsible and evil-u inded persons from fear or malice. I b esured the Governor by wire that there k as no row or prospect of one and that I could keep the peace of the town. The ta eace has been kept and that, too, by is he ordinary number of police on duty. n During the constabulary raids which s rere made without hindrance or moles- o: ation, some one circulated the ,report si bat raids would be made on private P ouses, . Immediately some five or six, r possibly eight, men got double-bar- ~ sled shot guns, and openly asserted ~ at resistance would be made. Theb onstables were than in a difierent part i f the town. I immediately went to the a heriff,'who accompanied theralding par- d 7, and asked if there were warrants for s ie search of private houses. He assured ii re that there were none. I then went b; ythe men who had she guns and told 3 2em there was no foundation for the re- 1E ort and to put up their guns, which fi ~as Jmmediately done. Everything P Sdown.c ) ~ort time afterwards a rumor was ~hat Mr. C. S. McCullough had e constables to raid his home d ~ he constables had accepted his p -jy Immediately McCullogh's '~ushed for his residendence on & S-eet. The constables were then se -et, and perfectly ignoranL at ~~ejr ing on. On the way to o~ 'use they met McCul- LI his friends that there ca )11, ~ - 0."or. Everybody P1 - again put O M'FG. CO~ c tAND : BLINDS.i & USCER, RERS OF CHARLESTON, S. C. 1ER.D & CO. Goods, Etc., I' ~ ---AT Send for circulars and price lists. CHA RESTON, S. C. A SUMTER SENSATION. UDGE BENET ACCUSED OF GAMBLING WITH CARDS. [e Indignantly Denies the Charge from the Bereb, and Says He Was Orly En gaging in a Sccle I Game of Whist With Friends. Week before last, the Sumter Free ian, an Alliance paper that is very inch opposed to Gov. Tilman, re iarked editorially that Judge Benet of bis circuit, who was then holding urt in Sumter, was a prototype of udge Mickey. The Manning Times id not like this, and said some pretty iarp tnings about the editor of the 'reeman, whereupova the Editor of the tid paper had the following to say in st week's paper: "Since the Manning Times undertakes to ,port rumors about the favorable impres on Judge Benet has made upon our people ere we regard it as essential to truth and > a future proper administration of jus ce that we should publish the rumors o! a ifferent character that are passing around ilck and fast. $Ve hear that since Judge lenet has been here presiding in the day me in our Courts he nas been almost ev ry nightpiaylng cards with persons known s professionals. Of course everybody has eard that Judge Benet before his election ras a notorious gambler, but since his elec ,onit was hoped he would try to mend his rays a little. It is distressing to thlinkhe as not done so. We know that the fore ian of the grand jury has had his attention alled to this matter and we hope it will be rell ventilated before we are through with We want no gambling Judges." Upon seeing &he aoove Jadge Baret a open Court at Sumter last Wednes sy morning made the following state ient: I wish the attention of the members f the Bar and the jurospresent and 2e jurors and officers of the Court con erning a matter which has arisen mice the adjournment of Court yes rday. It is a very painful matter, ;hich I cannot well pass over. When I left the Court House yester ay evening and got to my lodging I >und in my mail a newspaper, pub shed in this town, addressed to me and arked in certain places, In that pap r I was openly charged with consort ig with professional gamblers of amter and spending my nights card laying and gambling. The charge nas been made against ie openly asa Judge. I have no means f redress, except to answer it from ae bench as a J udge. The office I hold eprives me of the ordinary personal eans of redress, and while it is true iatoffice pats in my hands power by thich such conduct might be justly ad severely punished, I will not use 'is power in my own behalf. I do say as a true man the charge is se, absolutely false, without even ie semblance of truth as a foundation )r It. Gentlemen, I feel I owe this state ent to members of the Bar, of whose rofession I am an humble memoer. I el I owe it to the officers of the Court, ho have been so kind and courteous ) myself. I owe it to the jurors who te present and the grand jury who re absent, especially in view of my 3arge to the grand jury concerning ieir duty as officers of the law. I now I owe it to the people, wnose re resentatives elected me to the uffice I-' ow hold. I o we it to the good men ad women of Sumter, whose kuaid Dspitality I have enjoyed. 1 owe it to te office Inow hold, however ineffi ently. I owe it to myself and to those ho _ear my name to say that theman ho wrote this charge wrote what was tterly untrue, without excnee and ithout foundation. I canndt compre mnd what motive he had. I hardly aow thle man. I never cross his path, know no reason whatever for his at ck. He must have been shamefully uposed upon by his Informant, or he nist have wilfully believed lies that ere told him. [ therefore feel that the ily way to meet the published accu talon is to do so thus promptly and alicly. I cannot go. into the newspapers. I ill not. My hands are tied. Men of oper sentiments comprehend what I tean by that. Good men know I mean i that. The best way to meet a false Jod is to confront it with the truth. .nd this is the simple .truth: that Iring the three weeks I have been in imter my goings out and my comn gs in have been seen and known i all who cared to see and know. othing I have said or done and no here I have gote would I seek to hide om the most t~umeless man and the irest woman. to far as that Is con ~rned my conscience is clear. Wnerever I enjoyed the hospitality friends I met good men and good omen, and while in their company I d not see anything tnat had the ap ~arance of eyii or the suggestion of is. What probably is the only foundation r the charge is tis-although it ems pitifui tnat I have to make the stemients that follo w matters purely private hie. On twojoccasions during ese tlare e weeks, and only on two oc slons, I have seen or handled cards. I ayed wIist in company with three her men wno are piayers ini the pre nce of ladies for one and a half or S- We engaged in S. THOMAS, Ja. J. I]t.:hl& ~tephenThomas, Jr. & Bro. EWELRY, SILVER & PLATED WARE, Spectacles, Eye Glasses & Fancy Gonds, *rwatches and Jewelry repaired by nnpetent workmen. 257 KING STEET, CHARLESTON, S. C. save Your Eyes! When you need a pair of spectacles don't uy an inferior glass. You vwill find none etter than PERFECTED CRYSTAL LENSES Q uti n tAliva. -on THE CELEBRATED i-ma' + Diamania + :- 6ctack --EYE -:- GLASSES. -: For sale by DR. W. M. BROCKINTON, Manning, S. C. Parties desiring agricultural rent liens Lnd supply liens can find them at The tinning Times offie.