LOCAL CURRENCY. AN IMPERATIVE NEED IN RURAL COMMUNITIES. Experience and Irractize in Great Britain. The U. S. Second Bank--Col. Younan' Convincing Argumnlt Against National curreney. To the Editor of The State: In my preceding articlis I have endeavored to show that oold is too searce to atone constitute tTie money of final redemp tion. That. as the money basis, it is entirely too narrow to sustaim a vol ume of circulation sufficient to :neet the requirements of increasing popula tions and ex-panding businessactivities: and that its failure to eiciently per form this function results in a coni parativE contraction of themoney vol ume, which disturbs property values, dislocates prices and produces that un certainty, apprehension and general distrust, which chills enterprise and investment, yzes industry and reads broadcast want and distress. tthe gold standard is most hazard ous for this country, first. because England, controlling about two bil lions of American securities, three fourths of them payable in gold, holds practically an opei lien on our finan ces more than fifteen times as large as our treasnry reserve, and four times as great as our entire volume of gold. This lien, which she can exercise at any time by throwing these securities upon our market. not oul - subjects our entire financial system to her whims and caprices, but giving her control of 'ur currency, gives her also control of our exchanges and enables her to set the price of our foreign ex ports; and in conjunction with the Northeast, she is helping herself to our cotton and wheat at prices, which they have set below the cost of pro duction. Second. because placing us on the same financial plane with Eu rope, it not only exposes our system to the hazards of drainage and col lapse by every panic and war in Ea rope, but compelis us to repress our laDor and reduce our prices below the European level, so as to be enabled to underbid Europe for gcld. The inevi table result of which will be to de grade eighty-five per cent. of our peo ple to a parity with the toil, subjection and wretchedness of the paupermasses of Europe. The pretense that any fi nancial system which we may adout will unsettle our exchano-es or dislo cate our commercial relations with Europe, are all the merest twaddle. We do not now, nor have we ever conducted these exchanges with the slightest regard to our financial system or even to our coinage laws; while it is true that the Bank of England usu ally receives the Russian Imperials. the French Napoleons and the Ameri can Eagles without melting, it only does so because of their standard weight. We settle our balances with Europe not by coins but with bullion and by weight: and to settle this false cry of "full value money of the world," I will quote the highest au thority on finance, Sir Walter Bage ot, see Lombard Street, page 44: "Within a country the acion of . government can settle the quantity and therefore the value of its currency ; but outside its own country no govern ment can do so. Bullion is the cash of international trade; paper curren ies are of no use there, and coins p ass only as they contain more or less bul lion." We settled our debts with Europe in bullion when we were on an incon vertible paper basis, we settle in the same manner now, and will continue to do so, no matter what standard we this article to discuss the ~lac and Populist idea of confining our note is sues entirely to the Federal Treasurv, and to deal with a theory similar in some respects, that all of our paper circulation should be guaranteed by the Federal government, so as to ren der it equally current in all sections of the Union, I propose to lay down at the outset and to sustain the proposi tion, as a well established fact, that any currency which circulates equally at arin every section of a country 'wl congest at the great commercial centres and flow freely only in the great arteries of trade, leaving the ru isl districts and more remote sections bare of money and subjected to a usu . rious rate of interest. This kind of a currency once concentrated in the re?channels of trade, as it will be aninexorable jaw of finance, there are no automatic infiuences to redis tribute it. Consequently this redistri -bution is only effected by the applica tion of some extra stimulus, which us ually appears in the guise of extra in terest anid heavy brokerage. To deal intelligently with the questions of of this nature, we cannot be governed by the edicts of political parties, or the exressions of off-hand opinion. but only by a careful investigation of - the phenomina resulting from similar financial conditions in the past. The records of the great continental na tions furnish but a meagre field for this investigation, subjected not only to the disturbances of internal dissen tions, but to the greater risk of for eign invasion and plunder, which they have several times realized dur ing the last century. They have only recently begun to develop a tendency towards perfection in their financial systems, and this development has been seriously retarded by the appre hensions of their people, naturally arising from the experience of loss by these disturbances and invasions- r suilts which have caused a strong ten dnyamong them to hoard, and to dslya timidity towards the deposit system. In England, a country whose finan cial system has remained stable for centuries, free from violent revolu tinand undergoing its mutations gaulyto correspond with changed surroundigs, is presented a field in which the subject of finance may be studied with ed'fication in almost ev ery phase and from almost any stand point. It is here that the science of .money has been most diligently stud ied,; and most thoroughly understood, -and it is herethat the system of only *a national money has been .rejected.: It must be borne in mind that the un answerable arguments advanced' against this system. which could not be rebutted by the ablest and most ~powerful of moneyed influences of England apply with more -than double force to the Untited States. In tognparing the areas of the t wo countries, we find, that whilst Great. Britain compri'ses an extent of only 88,000 square miles. the ULnued .a es comprises an area of over 3. 500,000, nearly equal in extent to the whole of Europe. Now, the aroguments used in this territory. smialler than the combin ed area of Georgia and Alabama. against a monopoly of note issues by the Bank of Englan~d and its branches -institutions ocenipying in English finances a position eery similar to) our National banks-most ably and speci ously presented in a~ mem'orial by the countr bankers to Earl Grey and Lord ~tee June 12, 189i3. see (G il bert "OnBanking," vol. 1, pages 107. 110. 111 and 112, were that "every man possessed of practical information who understands the subject knows that by giving the exclusive circula tion of notes to the Bank of England abundance will be created in the mnoneiy -aret and in the great commercial lie scui :tid -ttim ulatingi the pro dice imarke t -while uiexamlpled sear city will be the causequence ii the COumliry, produtiCinig jer I-mbarrasinent aniong the cultivators of thLe soil and all who are dependent upon them* if all bankers sho'id be compelled to supply their cu. and at laist with a frecnzy bor'n of t luinger' and despair. they made a ter' 'ible rush down the miountamn sides 1 idattacked the tyrants instead of POWDEk Absolutely Pure. A cream or tartar narmg powder. Highest of all in leavening strength-IA test United States Government Food B port. Royal Baking Powder Company, 106 Wall St.; N. Y. was like a god and killed nineteen men with his own sword before he fell dead. Fr. Bedras was a soldier, too, and en couraged his children, and when he was at last killed his body was cut in pieces and given to the dogs. Alpag was the last town that the bloodthirsty tyrants visited, and this place contains eight villages-Verient, Chaden, Moodavar, Eukik, Kaiaxaz. Choroop, and Davlorig. The people had for the most part made their es cape, but when Mooshir and his soldi ers went their way 1 300 bodies were found even here. Many more were burned, but their number cannot be known. All bodies'were left where they were butchered and those who would travel this district must risk their lives through the pestilential odors that go up from so many dead. All who es caped from the Sassoun district came to the villages and plains of Moosh, and hungry, destitute and broken hearted, they look for hope and help and sympathy from the civilized world to whom the news of their terrible lot may come. SENATOR TILLMAN IN WASHINGTON. He is Cordiany Received by Democratic and Republican Senators. WASHINGTON, - Feb. 21.-Senator elect Benjamin R. Tillman made a very successful debut in the Senate ehamber today. Senator Irby returned from South Carolina this morning, accompanied by Senator-elect Tillman and Governor Evans. Senator Irby presented the credentials of Mr. Till man and they were read and placed on file. Senator Butler was present but made no objection to the creden tials of his successor taking the usual course. A few minutes later Senator Irby escorted Mr. Tillmrn and Gover nor Evans into the Senate chamber and gave them seats over on the back row of the Democratio side to the right of the Vice President. Several Demo cratie Senators, including Senators Mc Laurin, of Mississigpi, and Pugh, of Alabama came forward and were sentedto the new comers. While Mr. Tilinan was getting acquainted with Senator Geore of '%hssissippi, Senator Irby moved aUut the chamber and in vited Democratic and Republican Sen ators to come over and meet Senator elect Tilbnn. Nearly allof the mem bers of the Senate we're familiar with. the incidents of the Butler-Tiflman campaign, and they expressed some curiosity to meet the man who could defeat the gallant Butler. It was ob served that the free silver men were particularly gracious to Mr. .Tillman, and they were pleased to find that he was righit in touch with them on that subject. Senators Teller, D)ubois, Stewart, Carey, Power, Pettigrew, Chandler and many of the leading Re publicans camne over and chatted pleas antly withI the South Carolina contin gent. At one time the buzz of conver sation around Mr. Tillmnan and Gov ernor Evans was so pronounced that the Vice President was obliged to re quest order. While all this demonstration was 0oing- on over Mr. Tillman Senator Nutle'r was sett'ing but a few seats away, apparently oblivious to what was going on in the vicinity of Senator Irby's desk. He was interested in a few' items in the Indian appropriation bill, and as soon as they were disposed of he arose and left the chamber to meet some friends in the lobby. In the meantime Mr. Tillman joked pleas antly with Senators Hill, Allen, Martin and other Democratic Senators about State and National politics. To your correspondent he stated that lhe came on to WasTington with. Senator Irby and Governor Eyans for a few days' rest and recreation, and also for the purpose of meeting some of his future associates in the Senate and to learn something of the ways of that august body. He says heho there will not be an extra session, b cause he has made his arrangements upon the idea thathe will not be catled to Wa'shington to assume his Senator ial duties before next winter. Senator Irby says he has been home attending a conference of Democrats who are intesestedl in the coming Con stitutional Conventiou. He says- the leading Democrats in the State, in eluding many of those who have here tofore differed on State affairs, are dis posed iLo bairy the past and unite in an effort to preserve the supremacy of the white man's party. He says they realize that nothing is to be gained by continuing the factional 'war that has been g:>ing on for several years past. President of winthrop College. COLmBmA, S. C.. Feb. 22:-Tuesday night at a meeting of the Board of Trustees of the South Carolina Indus trial and W~inthrop Normal College, Professor 1). B. .Johnson was elected i'resident by a unanimous vote. The >puosition to him, which was predict ed' did not develop. It was generally >elievedl that he would be elected. Nevertheless. such a vote was a hand ;ome compliment. The two things ihaL weighed most with the Board were his executive ability and his in luence with Northern educators, es ecially the Trustees of the Peabody 'u ad, 'to which the College looks for iid. P.-ofessor Johnson has been ~welve years Superintendent of the ~itv Schools and nine years President >f t'he Winthrop Normal College, for .vhose more extended work he has >een selected. Professor Johnson was >orn in LaGrange. Tenn., Jani ai-y 10, L85', where his father was founder nd President of the LaGrange Female ollege. He worked his way through ~ollege and graduated with the degree -f A. B. at the University of Tennes ee, Knoxville, Tenn.. in 1877, with lie tirst honor of his class, and 'with he senior captaincy of his battalion. 5mmediately after graduation he was lected assistant princip~al of. the 'noxville High School, in which )osntionl he served ten years, when he vas elected . assistant professor of mathematics in his alma mater. In S80 lie was awarded the dege of A. hi. by the University of 'Tennessee. he young ladies of the Winthrop 'ormial C'ollege presented an address > the G~overnor and the Board askig aat Professor Johnson be elected. Ie will remain ini charge of 'the (hools for the~ remainder of the ses ion and will go to Rock Hill in Sep