The Manning times. (Manning, Clarendon County, S.C.) 1884-current, December 11, 1895, Image 4

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CLEVELAND'S POLICY. HIS VIEWS ON EXISTING FINANCIAL QUESTION. He Takes rosition Plainly in Favor of Gold Mononietalismn. Against Free Bauks and against Free Silver. President Cleveland, in his annual message to Congress, read on Tuesday the 3rd inst., devoted unusual attun tion to the financial ouestions which now agitate the people of the country. After a careful review of the treasury conditions which necessitated the sale of bonds to replenish the gold reserve, Mr. Cleveland says: Though the amount of gold drawn from the treasury appears to be very large, as gathered from the facts and figures herein presented. it was actual ly much larger. considerable sunis having been acquired by the treasury within the several periods stated with out the issue of bonds. On the 28th of January, 1S95, it was reported by the secretary of the treasury that more than $172,000,000 of gold had been withdrawn for hoarding or shi'ment during the year preceding. He now reports that from Jan. 1, 1879. to July 14, 1890, a period of more than II years, only a little over $28,000,000 was withdrawn, and that between July 14, 1890, the date of the passage of the law for an increased purchase 'of silver, and the 1st day of Decem ber, 1895, or within less than five and a half years, there was withdrawn nearly $375,000,000. making a total of more than $403,000,000 drawn from the treasury in gold since Jan. 1, 1S79, the date fixed in 1875 for the retire ment of the United States notes. PAYING DEBTS ANI) LEAVING THEM DUE. ---a ly $327,000,000 of the gold thus withdrawn has been paid out on these United States notes. and yet every one of the $346,000, 000 is still uncalled and reaav to do service in future gold de pletions. More than $76,000,000 in gold has since their creation in 1890, been paid out from the treasury upon the notes given on the purchase of sil ver by the government; and yet the whole, amounting to $155,000,000, ex cept a little more than $16,000,000, which have been retired by exchange for silver at the request of the holders, remains outstanding and prepared to join their older and more experienced allies in future raids upon the treasu ry's gold reserve. In other words,the government has paid in gold more tnan nine-tenths of its United States and still owes them all. It has paid in gold about one-half of its notes given for silver purchases without extin gnishing by such payment one dollar of those notes. when, added to all this we are reminded to carry on this as tounding financial scheme the govern ment has incurred a bonded indebted ness of $95,500,000 in establishing a gold reserve, and of $162,315,400 in efforts to maintain it that the annual interest charge on such bonded indebt edness is more than $11,000,000; that a continuance in our present course may result in further bond issues, and that we have suffered or are threatened with all this for the sake of supplying gold for foreign shipment or facilitat ing its hoarding at home, a situation is exhibited which certainly ought to arrest attention and provoke immedi ate legislative relief. I am convinced the only thoroughly and, practicable remedy for our troubles is, found in the retirement and cancellation of our United States notes commonly called greenbacks and the outstanding notes issued by the government in payment of silver purchases under the act of 1890. I believe this could be quite readily acomplished by the exchange of these notes for United States bonds of small as well as large denomina tions bearing a low rate of interest. They should be long termed bonds, thus increasing their desirability as investments, and because their pay mzent could be well postponed to a period far removed from present fi wancial burdens and perplexities,when with increased prosperity and resour ces they would be more easily met. A PLW TO CANCEL NOTES. To further insure the cancellation of these notes and also provide a way hy which gold may be added to our currency in lieu of them, a feature in the plan should be an authority given to the secretary of the treasury to dis pose of the bonds abroad for gold if necesry to complete the contemplat -ed red emption and cancellation, per . mitting imto use the proceeds of such bonds to take up and cancel any of the notes that may be in the treas ury or that may be received by the government on any account. The in crease of our bonded debt involved im this plan would be amply compensat ed by renewed activity and enterprise ini all business circles, the restored confidence at home, the reinstated faithin our monetary strength abroad, and, the stimulation of every interest and industry that would follow th~e cancellation of the 'gold demandrobhi gations now affecting us. In any event~the bonds proposed would stand for the extinguishment of a trouble some indebtedness, while in the path we now follow there lurks the menace of unending bonds, with our indebt edness still undischarged and aggra vated in every feature. The obliga tions necessary to fund this indebted ness would not equal in amount those from which we have beeui relieved since 1884 by anticipation and pay ment beyond the requirements of the sinking fund out of our surplus reve nues. LATITUDE FOR NATIONAL BANKS. The currency withdrawn by the re tirement of the United States notes and treasury notes amounting to prob ably less than $486,000,000, migh~t be supplied by such gold, as wou'ld be used on their retirement or by an in crease in the circulation of our nation al banks. Though the aggregate cap ital of those now in existence amounts to more than $664,000,000, their out standing circulation, based on bond security, amounts to only about $19, 000,000. They are authorized to issue notes amounting to 20 per cent. of the bonds deposited to secure their circula tion, but in no event beyond the amount of their capital stock~and they are obliged to pay 1 per cent. tax on the circulation they issue. I think they should be allowed to issue circu Jation equal to the par value .of the bonds they deposit to secure it, and that the tax on their circulation should be reduced to i of 1 per cent., which would undoubt edly meet the expense the gov ernment incurs on their account In addition they should be allowed to substitute or deposit in lieu of bonds niow sequired as security for their cir culation, those which would be issued for the purpose of retiring the United States notes and treasury notes. The banks alread existing, if they desired to avail themselves of the provisions of law thus modified, could issue circula -tion in addition to that already out standing, amounting to $478,u00,000 which would nearly or quite equal the currency proposed to be cancelled. At any rate 1 should confidently ex pect to see the existing national banks or others to be organized, avail them selves of the proposed encouragements to issue circulation and promptly f ill every vacum and supply every cur rency need. It has always seemed to me that the provisions of law regard in h apital of national banks which ope-rate as a limitation to their location fails to imake proper compensation for the sup pression of State banks, which camtle near to the people in all sections of the country and readily furnished them with banking accomodations and fa cilities. Aiv incoriveniience or em barr-assment arising from these re strictions on the location of national banks might Vvell be remned:cd by bet ter adapting the present sy tei to the creation of banks in snusller conim nities or by permitting banks of large capital to ~etablish branches in such localities as would serve the people. so regulated and rest rained as to secure their safe and conservative contro l and nianagement. ]-it there might not be the iecCessity for such an addi tion to the curiey by new issues of bank circulationl as at tirst glance is indicated. If we should be relieved from iaintaini ng a gold reserve un der conditions. that constitute it, the barometer of ouir solvency, and if our treasury should Ino longe-r be the fool ish purveyor 4f gold for nations abroad or for speculation and hoard ing by our citizens at home. I should expect to see gold resume its natural and normal functions in the business affairs of the country and cease to be an object attracting the timid watch of our people and exciting their sensitive imaginations. FINANCIALLY ILL. I do not overlook the fact that the cancellation of the treasury notes issu ed under the silver puichasing act of 189, would leave the treasury in the actual ownership of sufficient silver, including seigniorage. to coin nearly $178.000,00o in standard dollars It is worthy of consideration whether this might not, from time to time. be con verted into dollars or factional coin and slowly put intc circulation, as im the judgement of the secretary of the treasurv the necessities of the country should require. Whatever is attempt ed should be entered upon fully ap preciating the fact that by careless, easy descent we have reached a dan ge.ous depth and that our ascent will not be accomplished. We shall be wise if we realize that we are financi ally ill and that our restoration to health may require heroic treatruent and unpleasant remedies. NOT AFFECTED BY REvENUE. In the present stage of our ditlicul ty, it is not easy to understand how the amount of our revenue receipts di rectly affect it. The important ques tion is not the quantity of money re ceived in revenue payments, but the kind of money we manintain and our ability to continue in sound financial condition. We are considering the governments holdings of gold as rela ted to the soundness of our monev and as affecting our national credit and monetary strength. If our golI reserve had never been impaired; if no bonds had ever been issued to replenish it: if there had been no fear and timidity concerning our ability to continue gold payments; if any part of our revenues were now paid in gold, and if we could look to our gold receipts as a means of main taining a safe reserve, the amount of our revenues would be an influential factor in the problem. But unfortu nately, all the circumstances that might lend weight to this considera tion are entirely lacking. THE GOVERN3ENTS POSITION. In our preseht predica~e'it, no gold is received by the government in pay ment of revenue charges, nor would there be if their revenues were increas ed. The receipts of the treasury wher not in silver certificates, consist of United States notes and treasury notes issued for silver purchases. These forms of money are only useful for the government in paying its current ordinary exnenses and its quality it governient~ possession does not in the least contribute towvard giving us that kind of safe financial standing or condition which is built on gold alone. If it is said that if these notes, if held by the government, cant be used to oh tan gold for our reserve, thE answer 1s easy. The people draw gold1 from th treasury on demand upon Lnited States notes and treasury notes, but the proposition that the treasury cat on demand draw gold from the people would be regarded in these days with wonder and amazement, and even If this could be done, there is nothing to prevent those thus parting with their gold from regaining it the next day-o the next hour by the presentation of the notes they received in exchange for it. The secretary of the treasury might use such notes taken from the people as surpliis revenue to buy gol n the market, of course he could not do this without paying a premium. Private holders of gold. unlike: the government, having no parity t maintain, would not be restrained from making the best bargain possi ble when they furnish gold to the treasury, but the moment the secreta ry of the treasury bought gold on any terms above par. he would establisha general and universal premitun upor it, thus breaking down the parity be tween gold and silver, which the gov emnent is pledged to maintain and opening the way -to new and serious comlications. In the meantime the preium would not remain stationary and the absurd spectacle might be pre sented of a dealer selling gold to the government and with United States notes or treasury notes in his hand uim mediately clamoring for its return, and as a rule at a higher premium. AN OVERFLOWING TREASURY ABUsED. It will, however, be readily seen that the government could not refuse to pay out United States notes and treas ury notes in current transactions whet demanded and insist on paying out sil ver alone and still maintain the parity between that metal and the currency represnting gold. Besides the aceu mulation in the treasury of, currency of any kind exacted from the people throuhg taxation is justly regarded as an evil and it can not proceed far without vio-erous protests against and unjustifiabe retension of money fror the business of the country and as de nunciation of a scheme of taxation which proves itself to be unjust when it takes fronm the- earnings and income of the citizen's money so much in ex cess of the needs of government sum ply that large sums can be gathered and kept in the treasury. Such a con dition has heretofore in times of sur plus revenue led the - government to restore currency to the people by the purchase of its unmatured bonds ata large premium and by a large increase of its deposits in national banks and we easily remember that the abuse of treasury~ acaumulation has finisheda most persuasive argument in favor of legislation radically reducing our taril taxation. G;OLD) ONLY, IN DEMAN I. Perhaps it is supposed that sullicient revenue receipts would in a sentimien tal way improve the situation a oy. in spiring confidence in our solvency an allaing the fear of pecuniary exhaus ion. but all through our struggles tc maintain our gold reserve there never has been any apprehension as to our ready ability to pay our way with such money' as we had and the ques tion whether or not our curremr re ceipts met our cuirrenit expenses has not entered into the estimate of. om solvency. < f course the general statt of our funds, exclusive of gold was en tirely immaterial to thre foreign creditor and investor. Ihis debt could only be paid in gold anid his only concern wva ur own. but all silver to ' Ls last ration with gold. Our at Xmipt to ac-oniplish this by the free oinage of silver at a ratio' differing :idv from actual values would be - le :,iznal for the complete departure ly f gold from our circulation, the im- M iediate and large contraction of our er irculating medium and a shrinkage a -i the real value and monetary eflici- ht ncy of all other forms of currency as o lev settle. to the level of silver ino- re; nnetallism. Every one who receives jo fixed salary, and every worker for aaes would find the dollar in his sli and ruthlessly scaled down to the .a oint of bitter disappointient if not qu > pinching privation. A change in ur standard to silver mononetallism to -ould also bring on a collapse of the lt utire system of credit. which is re- or onized and adopted by the - world of S usinesq, is many tinies more potent ur ud uaseful than the entire volume of in urency, and is safely capable to if aeet the growth of trade and enter- at rise. In a self-invited struggle, or irough darkness and uncertainty, ur humilation would be increased by sh onsciousness that we had parted com- mi any with all the enlightened and ar rogressive nations of the world and hc rerc desperately and hopelessly striv- li ig to meet the stress of modern corn- th ierce and competition with a debased fic nd unsuitable currency and in our as- di ociation with the few weak and lag- el ard nations which have silver alone de s their standard of value. h< AN EARNEST PLEA FOR (LD. m Our country's indebtedness. wlie- v her owing by the government or ex- re ting between individuals, has been pE ontracted with reference to our pres- in nt standard. To decree by act of con- di .ress that these debts shall be payable th a less valuable dollars than those to -ithin the contemplation and inten ion of the parties when contracted se vould operate to transfer by the flat- e I law and without compensation, an ti, mount of property and a volume of bs ights and interests almost iucalcul- ti< ble. Those who advocate a blind and su eadlong plunge to free coinage in so he naie of bimetailism and profess- di ng the belief, contrary to all experi- st nee, that we could thus establish a di ouble standard and a concurrent cir- be ulation of both metals in our coinage, I .re certainly reckoning from a cloudy cl tandpoint. Our present standard of pi 'alue is the standard of the civilized th vorld, and permits the only bimetal- fu ism now possible, or at least that is I vithin the independent reach of any ai ingle nation, however powerful that ei Lation may be, while the value of gold ci s a standard is fixed by almost univer- I al commercial and business use, it v Loes not despise silver nor seek its ex 0anishment. Wherever this standard o s maintained there is at its side in free nd unquestioned circulation a vol- ,C tme of sil'ver currency sometimes o: quafling and sometimes even exceed ng it in amount, both maintained at a r iarity notwithstanding a depreciation st >r fluctuation in the intrinsic value of ilver. PI at Shocking Crimes in Turkey. LosDos, Dec. 2.-Constantinople at .dvices to the United Press under yes- rE erday's date say that the official re- la >orts of the disturbances in Caeserea ei n the 30th ult., state the disorder was n lue to two Armenians discharging if uis in the market place. Some per- y, ons were killed, the report says, but h rder was restored within three hours. w Details of the rioting at Harpoot, ei how that on November 10th, the p: urds made an attack upon the place, zr >ut were easily repulsed. On the 11th if party of the soldiers and leading tl urks met the Kurds in a conference, at luring the progress of which a bugle e ras sounded at which signal the sol- si iers withdrew. The Kurds advanced c< vith yells. There was no effort on v he part of soldiers and Armenians to it esist and the Turks joined in the kill- t< ng and plundering. Thr Armenian o chool was bnrned and then began the st ttack upon the Christians. The v >ildings in which they were was also ei et on fire. The Christians were with. e< ut weapons of any sort and trusted v intirely to the government to protect al hem. The Americans remained in n he girl's seminary until that building sa was set on fire, and then they appealed b. o the governor for protection. They fi >btained a .guard of soldiers, all but ei wo 'of whom afterwards deserted. te hese two remained and carried out c, he orders issued to them to fight the h ires that had been kindled. The bur'- ei ng continued for two days. ir The Americans were stripped of ev- v rything but their clothing. All of d he Christians villages around were e: >hrned by the Kurds. The outrages f :ontinued until, the .government at t Jonstantinople ordered the troops to I ake action. Fourteen Kurds were si hen shot, when the murdering and f >illaging ceased instantly. The dis- o rict of Diabekir Malatia, Arabekir, ~-o ?ein and Patu have been made deso- a: ate. Thirty five villages have been e testroyed anid thousands of the inhab- hi tants have embraced Islamism in con- e equence of the pressure brought to ei ear upon them. p The Turkish troops whichi were on st heir wvay to Zeitumn to suppress the a rouble there are concentrated at Ma- a: ash, where they await the return of v, he delegation sent to Zeitun to nego- g; iate with the Armenians who are in e: ontrol there for their surrender. The if ~overnment at Constantinople ssy Tj hey are projecting more extensive re- ft ief work and would welcome foreign ea tid through a joint commission. They fs LIso state that the appointment of the el ix commissioners now engaged in Ar- n nenia has proved a great success there, jg aving a tendency to restore public onfidence. re Riza Pasha, the public prosecutor at tI ~ontatinople, has been appointed af lie new governor of Adana. a. .J udgmnent Suspended. h Judge White of Pittsburg has sus-n ended judgment in the case of a man vhose wife was trying to have hima ommitted to an inebriate asylum. d fter full discussion and con~ference' tI he man admitted his frequent itoxi ation, declared his desire to reform',t Lnd voluntarily otffered to take the b feeley cure.- With the above prom-b se, the judge adjourned the case, to e nable him to take the "cure." This P peaks a good word for the belief t udge White has in the efficacy of the d (eeev cure, and lie is not a man who. ets without dtue deliberation and sin ere conviction.-Temperance .fri ~une. Clyde's New Line. NEw' YoRK, Dec. 5.-The new Clyde.f ine steamer Conmanchie, Captain lPen- T ington, sailed this afternoon on her g naiden trip for Charleston an~d Jack-r onville. It is calculated that the ' peed of the Comanche wiltenable her a o reduce the time from New York to u acksonville (inicluding a half day's s1 top at Charlostow ) by 24 hours. She c eft her pier about i p. mi., and was U -eported passing out at Sandy Hook u it 5:2) p. mn. This is very quick time o the hock. The Comanche has ~ erths for 200~ cabin passengers. On 0 his trip she takes out 25Q pussengers. Y 1(iTound D.-ad in a Cave. st lamaru, N. C., D.ec. 1.-A. C. o: )enning, a wealthy farmer living on he Coast Line, 12 miles fronm Fayette- p -ile, was found dead in a cave oix p jape Fear river. He had been very n 11 and while delirious, escaped from a; is attendoats, and met deafh in this s. 11E NEW CONSTITUTION. [CONTINT'Eb FROM PAGE ONE.] be entered on the journal. Any eiber of either house shall have lib Ly to diLsent from any protest ainst any act or resolution which may think injurious to the pu'lic to an individual, and have the isons of his dissent entered on the urnal. - Se-c. 23. The doors of each house all be open, except on such occasions in the opinion of the house may re ire secrecy. Sec. 24. No person shall be eligible a seat in the general'assembly while aoldsany office or position of profit trust under this State, the United ates of America, or any of them, or der -any other power, execpt oflicers the militia and notaries public; and any member shall accept or exercise y of the said .disqualifying offices positions heshall vacate his seat. Sec. 25. If--any election district all neglect to choose a inember or embers on the day of election, or if y person chosen a member of either use sh all refuse to qcualify'and take s seat, or shall resign, die, depart e State, a&ept any disqualifying of :e or position, or become otherwise squalified to hold his seat, a writ of action shall be issped by the presi nt of the senate or speaker of the use of representatives, as the case ay be, for the purpose of filling the. cancy thereby occasioned for the mainder of the term for which the rson so refusing to qualify, resigri g, departing the State. or becoming squalified, was ,elected to serve, or. e defaulting election district ought have chosen a member or metabers. Sec. 26. Members of the general as mbly, and all officers, before they iter upon the duties of their respec re offices, and all members of the r, before they enter upon the prac :e of their profession, shall take and bscribe the following oatb: "I do lemnly swear (or atirm) that I am iy qualified, according to the Con Etution of this State, to exercise the ities of the olice to which I have. en elected, (or appointed) and that will, to the best of my ability, dis Large the duties thereof, and preserve -otect and deftnd the Constitution of is Stateand of the.United States. I do .rther solemnly swear (,r affirm that have not since;the first day of Janu y, in the year eighteen.hundred and ghty-one, engaged in a duel as prin pal or second or otherwise; and that will not, during the term of office to ich I havebeene lected(or appointed) igage in akluel as, principal -or sec id or- otherwise. So help ie God." Sec. 27. Officers shall be removed r incapacity, misconduct or neglect duty, in such manner as may be -ovided by law, when no mode of ialor removal is provided in this Con itution. -Seo: 28. The general assembly shall act such laws as.will exempt from tachment, levy and sale under any esne or final p, ocess issued from 'y court, to the head of the family siding in this State, a homestead in .nds. whether held in fee or any less estate, to the value of $1,000 or so ugh thereof as the property is worth its value is less than $1,000 with the ,arly products thereof, and to every ad of a family residing in this'State, hether entitled to a homestead ex nption in lands or not. -personal roperty to the value of . $300O; or so uch thiereo? as th~pro ' -rfy 'Ts worth its value is less tgi, 5500.* The ti e to the homestead to be set ''off and signed shall be absolute and be for rer discharged from all debts of the Lid debtor then existing or thereafter mtracted except as herein after pro ided: That in case any womanhav iga separate estate shall be married >the head of a family who has not his own suflicient property to con itute a homestead as hereinbefor pro ided, said married -woman -shall be atitled to a like exemption as provid for the head of the family: Pro ided, further, That there shall not be a allowance of more than '$1.000 ortti of real estate and more than $300 orth of personal property to the hus and and wife jointly: Provided, irther, That no pr-operty shall be ex npt from attachment, levy or sale for xes, or for payment of obligations cntracted for the purchase of said ometead or personal".property ex nption or the erection or making of oprovements or repairs thereon; Prol ided, further, That the yearly pro ucts of said homestead shall not be tempt from attachment, levy or sale r the payment of obligations cons acted in the production of the samp: rovided, further, That - no . waiver 1all defeat the right of honi'stead be re assignment except it be by de~ed coneyance, or by mortgage, and nly as against the mortgage debt; ad no judgement creditor or other reditor whose lien does not bind The omestead shall have any right pr uity to require that a lien which nbr~aces the homestead and other roperty shall first exhaust the home ead: Provided,-furth,er. That after homestead in lands has been set off ad recorded the same shall. not be -aived by deed of conveyance, mort age or otherwise, unless the same be meuted by both hutsband..ap~d wife, both be living: Provided. 'further, hat any person not the head of a mily shall be entitled to a like ex ption as provided for the .headiof a mily in all necessary wearing appar ana tools and implements of- trade, t to exceed in value of the s-tm of Sec. 29. All taxes upon .property, al and personal, shall be..laid uuon ie actual value of the property t,-- ed, the same shall be ascertained by an sessment made for thee . purpose of ying such tax. Sec. 30. The general assembly shall ever grant extra compensation, fee on lowance to any public officer, agent, rvant or contractor after service ren red, or contract made- nor au orize p)ayment or part-.payment any claim under any con act not authorized by any law; t approprations may be made .for cpenditures in repelling invasion, eventing or s.uppresmg insurrec on.*. - Sec. 31. Lands belonging .to or: un er the control of the State shalL nev Sbe donated, directly or-. indirectly, private-corporations or indi-v.iduals r to railroad- companies.' -Nor-shall ilh land be sold to corporations,. or sociations, for a less price thazi that >r which it can be sold to individuals. his, however, shall not prev.ent the neral assembly from grattng .a ght of way, not exceeding 150) feet in 'idth, as a mere easemenit to railroads ross State land's, nor to interfere ith the discretion of the general as mbly in confirming the .titiggj. ands aimed to belong to the ->Slate; but sed or possessed by other: -parties uder an adverse claim. - - Sec. 32. The-general assembly shia~ll ot authorize payment to any person Sthe salary of a:deceased of leer be ond the d'ate. of his death: nor graut Lnsiois except for military and naval ,rvice: nor. retire any ollicer on pay part pay. Sec3:. The marriage of -a white erson with a negro or mulatto, or ersonm who shall haveone-eighth or ore negro blood, shall be unlawful ad void. No unmarried woman all legally consent to sexual inter -us wh all>not hae attained the age of 14 years. See. 34: The general assembly of thi State shall not enact local or spe-lal laws concerning any of the FE following subjects or for any of the following purposes. to wit: I. To change the names of persons 01 places. ' - 1[. To lay out, open, alter or work roads or highways. IlM. To incorporate cities, towns or villages, or change, amend or extend the charter tbereof. IV. To incorporate educational, re li.-ious, charitable, _ocial, manufac- p turing oi banking institutions not un- fr( der the control of the State, or amend r or extend the charters thereof. -. V. To incorporate school districts. ii VI. To authorize the adoption or leritimation of children. ar 'II. To provide for the protection pc of game. VIII. To summon and empanel grand or petit juries. to IX. To provide for the age at which th citizens shall be subject to road or eu other public duty. at X. To fix the amount or manner nt of compensation to be paid to any bi county officer, "::cept that the laws, of may be so made as to grade the, com- si pensation in proportion to the popula tion and necessary service required.- of XI. In all other cases, where a m general law can be made applicable. til no special law shall be enacted. fu XII. The general assembly~ shalr lv forthwith enact geneial laws concern- h~ ing said subjects for said. purposes, ve which shall be uniform in their oper- .in ations: Provided, That nothing con- 10 tained' in this section shall prohibit at th6 gefieral assembly from enacting th special provisions in general laws. 31 XIUI. The provisions of this section' h shall not apply to charitable andedit ca'ional qualifications where, under the terms of a gift, devise or . will, special incorporatian may be required. t Sec. 35. It shall be the duty of the a general assembly to enact laws limit- -, ing the number of acres of land which ti any alien or any corporation con- I trolled by aliens may own within this tb State. 0 (TO BE CoNTINtED.) id CLEMSON'S CONDITION, An Extract from the Trustees Aunual i report. in The following extract from the an- t< nual report of the board of trustees of is Clemson College, just issued, will be ti read with interest by those interested d in the management of this state insti- o tution: a By reference to the report of this ti board made October 31st, 1S94, a bal- g ance of $15,136.9S appeared. This balance was brought forward to this d fiscal year's account, but no part of it c was Ioney appropriated by the State a -*4;1S5.43 belonged to the cadets, r being'deosited with the treasurer to t< pay for uniforms and the remainder, f the sum of $10,951. 55, was the balance s: o^ the insdrance money received on .f the burnt building. e THE MONEY RECEIVED FROM THE STATE. I Special appropriation.....35,000.00 .i Privilege tax...030,317.r75. Less amount of b cost of collect- ' - . I ing tax, etc.. 4,376.4G~ 25,9'41.29 ' Interest on Clemson be- - - quest.................. 3,512.36 Interest on land scrip fund ................ 5,754.00 t Balance received from old c:-" a agricultural department 791.69h Amount redeived from . , experime~nt statioA fund 5 for repairs............. 837.40 e t $71,S36.74 t Add to this balance of in- s surance as above stated 10,951.43 s $S2,788.17 a This amount, SS2,~88.17, was ex- c pended as shown by report. leaving~a I balance on hand of $4,291.78. -'But in I thisreport of expenditures the follow ing' sums were paid .for permanent f improvements, enlarging and equip- c ping the college plant. nameTY:' 1 Mechanica epartment (this I was for enlargin'g build- r ing and purchase of ma- t chinery)............. $13,85.77 I AdditionMl outfit for dairy..- 2,312 56 Riertdrnishing and eqjuipping recitation rooms, library, - etc................- o .3158.24l Insuring ecolege buildinot for five years:.-.....- 97 Construction and repair.. 27-,715:73 3 Tools and machinery......-1,37.12 I 'it will be 'seen,' therefore, t Sthat of thi~ amount re- . .ceived from the State and insurance ............ $82,79-17 I There was expended for per- s . manent improvements... 50,256.73 a Leaving f or current expen- t 3.............. -32, 531.33 3 To th-is-arnount 'add Hatch - 1 fund. (Fe4ral appropria tion................15.000.03 And Mornill fund. (Federal appi-opriation). ....... .10,000 0) 3 Which gives............ 57531.33 t -'The whole amount available 1o0/ I current expenses during the year. ~' The buildings completed and erect- t edsince last report are: 1 The main building completed and. t furished with electric lights, steam heating and water works and recita- a tion rooms and library restored. a .Mechanical hall completed. 1 -Hotel completed. One brick ~professor's house erected with outbuildings and two bric.c : houses for water closets and'- bath a rooms. -- t The buildings. being new, are ini t good repair, and are all insured for ~ ~five years. c We are gratified to report that un- 1: less the attendance of students should4 s be largely increased, rendering addi- t tons to the teaching force necessary, a the privilege tax, Clemson- bequest o and the Federal appropriations will be t' 'sutlicient to meet the curr-ent expenses a of the college and no special appropri- s ation is required or asked for. f In the spring of this year a levee f was built by convicts, to protect the i: river bottoms from overilow, ~but . shortly after this was done, and~ be- t fore the baniks became settled, a fresh- 2 et came and destroyed a large par-t of 5 the work. , ,ir It is a matter of great impuortance iti should be protected from overflow, e .and this can only be done by a levee. j Besides much heavy work on the r farm remains to be done to properly I fit it for experiements and instruction. We-'therefore respectfully submit thats we be furnished with the same num-t -er of'convicts as before, namely, 83. lI conclusion, it atlords this board ~ gratpleasure to report that the cot- c 'legis well organized arid is workir t sioothly arid harmomiously min .0 b y t~ 'i departuments. . !.-e Pesident Board of Trustees Clemson Agricultur~al College.. - ' Froseu to DearhI.-'t -. WiNSs-rN, N. C., Dec. 4.-R~obt. Watkins, a married man,:37 years iold, r was found frozen to death in his wa- S gon necar Hay Meadow, Wilkes count-. r y, vesterday morning- He had beenm t over the mountains with a load of -t pirodce. When found lie was sitting # in the wagon, his feet on the double e trees and his head leaning against the f e of the wagon. of mtoner. ' lf Aio l:EHEN. S iNs CA'SDEi> wlii- I DRANwALS.t <i> duly. lst, 1z-22,iO, more than a year C an1d a half before the first bonds were % issued to replenisih tI Lrold reserve t ihere was a net balance In the treasury C -e-xclusive of suchI reserve of less than I 813,000,000, h-a the gold reserve e aun Ltd to more than - 114. i10(0, I which was the 1ieting feature of the e sitIIation. it was when the stock of t old began rapidly to fall that fright r smer-ryvened and our securities held a abroad were returned for sale and v debts owed abroad were pressed for I payment. In the meantime extensive I shipients of gold and other unifavor- t able indications caused restlessness c and fright among our peoule at home. v T1 hereupon the general state of our e funds, exclusive of gold, became a so e iniaterial to them, and they, too, I drew gold from the treasury for hoard- i ing against all contingencies. . This c is plainly shown by the large increase r in the prouortion of gold withdrawn T which was retained by our people as t time and threatening incidents pro- c gressed. During the fiscal year end- c ing June .30, 1894, nearly -),000,000 I in gold was withdrawn;fron the treas- I ury and about i7,,000,0)00 was sent N abroai, while during the tiscal year i ending June 30, 1S95. over 117,0010,- r 000 was drawn out, of which only a about $66,000.00i) was shipped, leaving s -the large balance of such withdrawals c to be accounted for by domestic hoard o ing. Inasmuch as the withdrawal of our gold has resulted largely from fright, there is nothing apparent that t will prevent its continuance or recur- 1 rence with its natural consequences, c except such a change in our financial E methods as will reassure the frighten- c ed and n-tke the desire for gold less i intense. It is not c.lear how any in- i crease in revenue, unless it be in gold, t can satisfy those whose only anxiety 1 is to gain gold from the government's store. It cannot, therefore, be safe v to rely upon increased revenues as a r cure for our present troubles. I TILE TREASURY NEVER DEPLETED. I At no time when bonds have been t issued has there been any considera- i tion of the question of paying the ex- E penses of government with their pro- i ceeds. There was no necessity to con sider that question. At the time of 2 each bond issue we had a safe surplus s in the treasury for ordinary opera tions, exclusive of the gold in our re serve. fIn February, 1894, when the I first issue of bonds was made such sur- a plus amounted to over $1S,0(0,000 in November, when the second issue was i made, it amounted to more than $42,- 2 000,000; in February, 1S95, when s bonds for the third time were issued, < such surplus amounted to more than 1 41,000,000. It now amounts to i9S,- i 072,420.'30. Besides all this, the sec- z retary of the treasury had no authori- 1 ty whatever to issue bonds to increase tile ordinary revenues or pay current expenses. I can not but think there has been some confusion of ideas re garding the effects. of the. issue of a bonds and the results of the withdraw al of gold. RESPONSIBILITY OF slUNEiR. It is nieither unfair noi unjust 'to charge a large share of our present fi nancial perplexities and dangers to the operations of the laws of 187S and 1890 compelling the purchase of silver by the government, which not only fur. nished a new treastiry obligation upon which its gold could be withdrawn, but so increased the fear of an over whelming flood of silver and a forced descent to silver payments that even ] the repeal of these laws did not entire ly cure the evils of their existence. ARGUIENTS AG3AiNS'T SILVER . While .i have endeavored to make a< plain state~ment of the disordered con dition of our currency and the present< dangers menacing our prosperity,. and to suggest a way which leads to a 1 safer financial system, I have con- I stantly had in ~mind the fact thati many of my countrymen. whose sin -cerity I do not doubt, insist that the cure for the ills now threatening us I may be found in the single and sim ple remedy of the free coinage of sil-< ver. They contend that our mints shall be at once thrown open to the 1 free, unlimited and independent coin- 1 -age of both gold and silver dollars of futll legal tender quality, regard.less of 1 the action of any other government. ,< and in full view of the fact that the I ratio bet ween the metals which they suggest calls for one hundred cents, 1 worth of gold in the gold dollar at the present-~ standard, andi only fifty cents in intrinsic worth of silver iri the silver dollar were ther-e < infinitely stronger than can be adduced 1 for hoping that such action would se- 1 cure for us a bimetallic currency mov- < ing on lines of party, an experiment so novel and hazardous as that propos- 1 ed might well stagger . those who be- 1 lieve that stability is an imperative] condition of sound money. _No gov ernent, no human contrivance or . act of legislation has ever been able to hold the two meta.Js together in free < coinage at a ratio appreciably differenti from that which is established in the markets of the world. Those who be-1 lieve that our independent free coin age of silver at an artificial ratio with 1 gold of 16 to 1 would restore the pari- 1 ty between the metals and consequent-i lv between the coins oppose an un- 1 supportable and improbable theory to 1 the general belief and practice oIf oth- < e. r nationsand to the teachings of the wisest statesmen and economists of the 1 world, both in the -past and future,] and what is far more conclusive, they run counter to our own actual expe riences. Twice in our early history our lawmakers, in attempting to es tablish a bimetallic currency, under; I took fr-ee coinage on ratio which acci-< dentally varied from the actual rela tive values of the two metals not more( than three per cent. In both cases, I notwithstanding greater dilliculties and cost of transportation than nowv exist, the coins, whose intrinsic worth was uuidervalued in the ratio, gradu- I ally and surely disappeared from our circulation and went to other countries where their real value.was better -re cognized. Acts of congiess were im potent to cr-eate equality where natu ial causes decre .d even a slight ine quality. T wice in our recent history . we have signally failed to i-aise by legislation the value of silver. Under an act of congress passed in 1878 the government was required for more than twelve years to expend annually at least $24,00J0,000 in the purchase of silver bullion for coinage. The act of July 14. 1890, in a still bolder e ffort to1 increase the-amount of silver the gov ernment was conipelled.. to pu-chase and forced it to become the buyer an nually of 5L000.000 ounces, or practi cally the entire production of our mines. Under both laws silver rapid ly and steadily declined in value. THE CHAS11 TO BE IiRIDGED. 1 The prophecy aiid the exp~ressed, hope and expectation of those in the con gress who led mn the passage of thme ) - last mentioned act that it wvould re establish and miaintain the former ; - parity between thme two metals are 1 - still 'fr-eshi in our memory. That of these experiences. wichl accorct wita 1 te experiences of the other nations there is certainly no secure gr-oui d for. the belief that an act of congres could now bridge an inequality of fif tv per cent bet ween gold and silver at our present ratio, iior is there the least possibility that .our countr-y, which jasless than oue-seventh of the silver money in the world could by i .,;ctin ane raise not only KILLED -Y SNAK ES. :ARFUL MORTALITY FROM THEIR, BiTES AMONG-NATIVES. e Man Dies Etvery 1alf Ilour--Trai- or naernons iteptile, Ti.L Ent.r Houz-,em ;enuine Sea Serpents With a Fatal Iite. Every -half hour in India. on the eage. a death occurs fro'm snake isoning. The total number'of deaths )m this cause in a day is about 50 d ii a year about 20,000. Fortun aly for the inaintenance of the Brit i power in India. these casualties Sconfuined alnost entirely to the orer and more ig orant natives. These natives are themselves largly blame for the frequency with which ey are stricken down by the poison s reptilis^.~ Th-ey habitually go out with bare feet, making so little ise that the snake is surprised and Les, whereas if it had been warned the native's approach it would have ink harmlessly out of the way. India may fai-ly be called the home snakes, but all of these are by no eans poisonous. It is easy to dis iguish between those that are harm I and-thgse whi1 ai-e not. General the shape of a poisonous snake's ad is oval,.and in the case of the nomous colubridae there is a scale front of the eye.which exten ds down the scale in.which the nostril is situ ed. This indicates.almost-certainly at the speecies is poisonous: -If the ake is marked with white rings. roughout its length, which is usual about 3 fet .ypu may feel sure that :u are in.possession of a karait. Karaits are very inconvenient ani als to have about the house. They ,e sociable creatures and are fond of king up a residence in huuiau habita ns. They have an ancomfortable tbit of dropping upon the bed out f* atcli with which the bungalows.or houses are roofed. They also lurk .the,tops of window sashes, coil emselves u behind the basin on tha ashstand, and .Vhen the chance of rs will ensconce- themselves snugly the privacy of a bureau.drawer. They are too stupid or too lethargic get out of the way, and the result ani appalling number of deaths from eir bites. Throughout northern In a the karaits are so abundant that 2e has to be very cautious in walking ross his room at night for fear of eading on one of these unbidden aests in the dark. T vro other snakes in India are more dly'than the karait. These are the )bra, which is- almost as commop. d the hamadryas. which is quite tre. These creatures ai both related the karait adcan >e distinguished -om harmless snakes by the same gns. You need never fear inury lnthe cobra if y.ou treat .him with ven a small degree of consideration. [e will retire at the approach of a uman being if he has time enough. t his temper is irritable, and when e'does'bite he places you immediate bey6nd the reach of medical aid. he only thing that will save you is to uickly cut out the wounded flesh spot *ith a knife. Once in India a a man who was cut ng wood was bitten on the finger by cobra. At once he raised his axe in is other hand and chopped the finger an6f.- He began to regret his act, thinking he might as well make an ffort to save his finger, he recovered ae severed piece and placed it in posi on. The poison penetrated into his u.ste'ii throuighrtherejoined blood yes Is, with the result that he died. A woman was bitten in the .hand by cobra while she was nursing her hild. Both child and fbother died. 'his story has been recorded officially y a qualified physioian. The poison of the cobra has been und to be almost as deadly when red and ground in':o powder as when jected by the reptile itself: .Native ndian physicians use the poison in ainute does in various maladies, but be results are not encouraging.. The. aethod of extracting the poison. is 'ery in eresting. A cobra is placed in earthen ppot and a banana dropped fter it. The lid is then tied dowri nd the pot heated over a fire. The .ncomfortable rise in temberature auses the r:risoner to become irrita leand -it vents its wrath on the ha ana, biting it again and again in its aoxysms. The -f.ruit . s afterwards arefully dried; and is then ready for se. - it is said to.g.a .pqwerful stim The hamadryas is the largest and aost formidable of the:. venomous nakes. Members of this species often ttain a length of 14 feet, and they are o fierce.tbat they will sornetines at ack and en'persue a'n/one who. entures.to near their riests. They ~are been known to impede travel by locking the road throgli a jungle and efusing to move. The hamadys feed largely upon ther snakes, and from, this circumi tance, his presence in -Iydia is not a i mnxitited evil.- Thieyare acqvuent yristaken for a harmless rock snake, ad natives of India have been knc-wn a receive a hainadryas mntd their famn Ly,.uder the imupressicn that th.: rep ile was not poisonous. The karait, the cobra and the ham:. dryas are all colubrine. nages, or sps, andare supposed'td be eldsely re a~ted to- the . creature by means of ihich Cleopatra committed suicide. India also has a plenti~ful supply of iperine snakes. These -creatures can lways be recognized without diflicul 7 b~y theirnbroad, swolen heads and feir necks'covered with tiny scalest ipers are divided into -pit 'iipers, Liaracterized by the possession of a ttle hole or pit easily vissible on the de of the, head between -the eye and ie nostril, and the true vipers, which ee without this organ. The pit viper, I ndia are related to the rattlesnakes tugh thev. do not havce .rat'tles; nor ce they nearly so deadly as the rattle aake-,- thogh their bite is very pain 1. Thy arc viviparous, bringing >rth their young alive, instead of lay One of the most dangerous of the -ue vipers of India, is the daboia. his is colored a bright yellow and is ey ierce in disposition, its bite al iost-always causing fatal resulfs. It ,, owever, very lazy, and, instead f advancing or retreating when it appens to, hear -some-one coming, 1aintains i'ts position and hisses loud The waters about India contain sea arpenlts, as to whose genu-ineness aere can be no doubt. They are with u exception poisonous anid are espe ially numerous in the Bay of .Bengal. 'hey sometimes penetrate the city was er pipes. They nave oar shaped tails, y which they steer thiemselves. Th tret of receiing their poisonr into the .uman system is to raise thie spirits ad cause a e'eiigofgi-eat sociability. 'his pas~seo and the victim dies at iee end-of three days. The Bitish government offlers large ewards anmally for 'thlje&Ies of psi anous snakes: consequently great ubers are destroyed. An obstacle > their 'axterniination is the venera .an with' which the natives regard me of the most poisonous varieties. specially the cobras. Comparatively awmatives in India will kill a snake .'Hillnl -.-World. POWDER Absolutely Pure. A cream or tartar namg powder. ighest of all in leavening strength-La test United States Government Food Re port. Royal Baking Powder Company, 106 Wall'St., N. Y. DOOMESDAY IN CAROLINA. Five Ne;:ro Murderers Pay the Death Pen alty. CHESTER. Dec. 6.-Charley Loyed was hanged here today. Young Williarni Welch, son of Capit. J. V. Welch of Kershaw, Lancaster Co., was murdered by Charlie Loyd, a des perate negro. on the night -of the 24th of Augus: last at Haile gold mine, without anyT' pro'vocation whatsoever. Fi-om trW-6'acts brought out at the tri al it sesins that while a negro .frolic was.in rogress. Wm. W.elch .and John Houagh, two.young..white men, were passing alongthe 'road >near the house where the fun was going. on and without any warning from any source they were' in a twinkling fired upon and Hougi was wounded in the left 'aym and Welch was 'shot through the stomach and head and killed instantly. The muraereF niade good his es cape immediately and Hough remai-nedsby the side of his dead comrade until the white men of the neighborhood could- be, arou-sed. A posse was -formed that itight -and commenced to search for Loyd. He, however, could not be found in Lan caster county. He was, however, captured 21 miles above Monroe, N. C., near his-home, on August 26, two days-after. his- atrocious crime..:had been committed. He. 'wase taken to Lancaster and lodged safely in jail to await his trial at the September term of -court. When I he trial came up Loyd's at torney movfd for a cha~g'e of venue and before' agii'ent'duld be'niaeon the part of the prosecution,. Capt. Wehh granted a.change on the .part of the prosecution.. -.The court.. order ed the prisoner to be taken. -to Ghiester for trial in October.'- The trialt was completed iere in 'one day azdd the jury was out only 10 - minutes when they renderid their virdict-'Guilty of mnrderin the first degree." "Jidge Townsend immediately-ordered boyd to stand up and ordered that he shiould hang on the 6th day of December in in the county of Chester, between the hours of 10-and 2-o'clock. Exactlvat 11 o'clock Sheriff Hood opened the back door of the jail and admitted those 'who h'eld permi to the scene of the execution on the' th id floor, where was arranged a unique and easy-working trapdoor. This same gallows was fashioned after Sheriff Hoodi's own original idea threery$ears ago for the execution-of- Joe-Brairyan.. It was uued-i-K ay, 1894, when--Moses Fair was'-hing, and again in .1895 Charlie Loyd paid the death pe'nalty for the brutal murder, of:. William Welch 'of Lancaster county. Loyd acknowledged his atrocious crime, and said he hoped -God. had forgiven him, and -that he was not - aff-aid to die. At 11:20 Sheriff Hood had the death sentene' real- t-him, and led him upon the tr'ap scaffold. Loyd did not flinch while'his legs and arms were being tied and the rope ad justed around his neck, but when the black cap was placed over his' head and face he seenied terribly ;frighten ed and almost shook .himself off the stand. The rope as securely tied so as not -to-ship and r ause stragulation but almost in an instant after Sheriff Hood sprung the trap, Loyd twisted, squirmed and kickedaround so vidlent I'y that he. broke his hands' loose and was grasping for the ropes around his neck. He pulled the leather string that held the main rope in. position, loose from his head and was about to misplace the black cap before Sheriff Hood could-get to him. One of the constables''finally caught his hands and Sheritl" Hood tied -them again tightly and then the poor wr-etch strangled for 26 minutes, when' Drs. Brice~ and' Henry pronounced him da.THREE SwING iN IIAMPTON. . HAunTON, D~ec. 6 -The. three ne groes who so brutally murdered' Mr. E. R. Mears on the night of Angust 9th, for the purpose 'of robbery,.--were executed here today in the enclosures rof the count'f:j'ail. They all confessed to the mul-der sad said they., were pre pared to die. The names of the ne groes are Prime Grahamr, Jason Blake aiid Wmn. Fraser. Th le two former struggled for a minute or two and the latter was dead as soon as the dron fell. They'-held out t.o the last that the negi-oi Wm Blake,-'Si'., who was lynclied at this place the night of the 16th of October, after he had been sentenced .to life in the State iveniten tiary, had'riothing to do with the kill ing whatever. - . -- MURi>ER oF MioSELEY AV'ENGED .AmEXILLE, 1)ec. 6.--The foul mur der of Constable J1. J. Moseley at Greenw.ood, on October' - 3th, . was avenged here tcd:ty, when Tot Peter kin was hanged. Peterkin mnad'e no ~tatginent on the gallows. but met his ~ft almly and without flinching. He was attended by F"ather Buddo. His neck w-as brokeni by the fall' and life was pronounced extinct and his body was cut down irr- 13 minutes frorn the springing of the trap. No friends were presenlt to claim th'e body 'nd P'eterkin was buried at public ex pense in potter's. field. The drime which P'eterkin was convicted 'was a' particularly edldsblooded one and the .evidence was that it had been planned for some time before its .execution. Constable Moseley was shot' down at about 1-: 15 o'clock Onl the morning of of October 13th, while lie was at the Georgia, Carolina and Northerns rail road station. in the act of placingsome contrabanid.liqiuor. which had arrived on the train im the depot He was shiot through the brain and died al miost instanly.-The State. Tiniman on the Men~age. W.\miN(Tox. Dcc. 4.-- Speaking of the President's message. SAnator Till man said: ''I see nothing in the mes sage that indicate statesmuanship or a regard for' the general weifare of the people. The question that suggests itself to my miind is. if lie' -retires the reenbacks, what will-be substituted heref'or as currency: If national bank notes are~ io be issued upon the hoods issued to retire the greenbacks, wh y not save the interest that i.ill ac cru'e upon these bonds? Both bonds and the greenbacks ar-e the promises of the government to pay. The only dillerence is that the bonds will draw interest and the greenbacks not. Why then. saddle this additional interest up)on a sutl'ering people: The liicy of Mr. Clevecland is surely leadibg to nlutocracy idstead of Deinderacy."