The watchman and southron. (Sumter, S.C.) 1881-1930, November 29, 1893, Image 1
fltft?l
TBS SEMTEX WATCHMAN, Kat?blt?fced April, 1850.
4*Be Just and Fear not-Let all the Ends thou Aims't at, b? thy Country's, thy God's and Truth's."
THE TRUE 80S7THBON, Established Jone, 1366.
Consolidated Aug. 2,1881.
SUMTER, S. C., WEDNESDAY, NOVEMBER 29, 1893.
Hew Series-Tol. XIII. So. 18.
?k I&rtrliitau w? Soa?liroii.
Published Swry Yed&Mftay,
P>T. a Osteen,
SUMTER, S? C.
TS&XB:
Two Dollar? per ano om-io advance.
A D via T i a a K s s T
Ooe'Square first ioaertk>n....?,....~......$^ 00
. Every sobacqoe at ip ?cr? ?on-. ~~-50
Contract* for three mouths, or longer will
be made at red wed raies.
Ali communications which aobasrve private
interest* will be charged for a* ad vsrtwements.
OljiinwriS aiirii itfltf I? njrrrnr- -11 be
charged for.
rpfig SUPERVISOR OP REGISTRATION
.p w:il t>e io bis office ob Saleada y of each
month, for the parp?se of issuing cerf i Sou es
of Registration to ?ll persons who have be?
come twenty-one "years of ?ge since the last
Generai election. A iso transfers to those
... who baie changed place of residence.
W. S. JAMES,
Supervisor of Registration.
Dec: 7. v* -*
Office and URO* at Junction of W.
lilli iiu I lin fl w^aw?w?wawawaw?wawa?
CITY AND* COUNTY DEPOSITORY.
Tresaii?? a general Banking bosiness
"Aho has
A Savais fi&ik SeoartmeBt,
Deposits of $1 00 and onwards received.
Interest calculated at the rate of 4 per cent,
per annum, payable quarterly.
W. P. B. HAYNSWORTH,
W.F.RH*?, President.
Cashier-.
TKWims SATI0N1L BISK
OP SUMTER.
STATE, CITY AND COUNTY DEPOSI?
TORY, SUM TE ti, S. C.
Paid op Capital* ^ s& ^ ^ ? $75,000 00
Surplus Fund %?% |? > .-4" 11,500 00
Liabilities of Stockholder? to
depositors acccording to the
law go rerning National Banks,
* ia exe*ES of their ?tock ? $75,000 0X>_
Transacts * General" Banking Business.
Careful attention given to collections.
SAVINGS DEPARTMENT.
Deposits of $1 and op wards received. Io*
teren allowed at the rate of 4 per cent! per
annum. Payable quarterly, on first days of
Jaonaryw April, Joly ?nd October.
R S. WALLACE,
L. S. Caneos, President.
Aug 7. Cashier. _
TAXJ??TIC?T
0Pf K2?^E^JNTY TREASURER, 1
*'%r^tWWS*P ^SowTKa CPPwWf ?? f * V
Sema, S. C., Sept. 20, 1893. J
WTREASURER OF SUMTER County
ive*" notice that^ his books will be
open from the 15th day of OCTOBER, 1893,
to the 15th day of DECEMBER, 1893, for
the collection of Taxes for the fiscal year 1892
and 1893, for Sumter County.
The following are the rates per centum of
the levy :
. For St*ie purposes-five and one-half
mills on every dollar of the value all taxable
property.
For ordinary county purposes-two and
three-fouthi mills on every dollar of the value
of all taxable, property.
Special county tax for past indebtedness
one-fourth of one mill.
Special county tax for new jail-one
mill.
Constitutional school tax-two mills.
Meyesville, two mills extra levy for school
purpose* io the town of Mayes*ville.
Swimming Pens, two mills extra levy fur
school purposes in the township. *
Sumter (outside of city limits), two mills
extra levy for school purposes in the town- :
Oae dollar on each Poll between the ages j
of 21 and 50 years.
The total levy in tbis county is eleven and
one-half mills.
D. E. KEELS,
County Treasurer.
Sep." 27._
Order Your
PROVISIONS AND GROCERIES
FROM
SI f. STEFFENS & SON,
Wholesale Agents, Charkitcn, S. C.
-Agents for
MOTTS CIESE,
BSD S???L CI&ASS.
w^niww^nw wwwaawv^nwaw ^Fnw^nrawamPa'Wavp
and 2)071 BAHS.
UP Kum
THE BEST
Remedy for colds, coughs, and the
common disorders of the throat and
lungs, Ayer*s Cherry Pectoral is uni?
versally recommenced by the profes?
sion. lt breaks up the phlegm,
soother inflammation, allays painful
symptoms, and induces repose. In
bronchitis and pneumonia, it affords
speedy relief, and is unrivaled as a
prompt and effective
Emergency Medicine
; in croup, sore throat, and the sudden
pulmonary diseases to which young
j children are so liable.
**Ayer*s Cherry Pectoral has hada
wonderful effect in curing my brother's
! children of a severe and dangerous cold.
It was truly astonishing how speedily
they found relief, and were cured, after
taking this preparation. "-Miss Annette
N. Moen, Fountain, Minn.
AVER'S
Cherry Pectoral
Prepared by Dr. J. C. Ayer & Co., Lowell, Maa*
Prompt to act, sure to cure
_ ?_
J. B? CARR j
Contractor and Builder.
Sumter, S. C.
DEALER IN
Rou^far and Planed Lumber, Doors, Blinds,
Sash, Laths,
* Cypress Shingles,
Lime, Glass and General Building Supplies.
Mill Work
Of all kinds made to order, such as
MANTLES,
DL'OR AND WINDOW FRAMES,
STORE FRONTS,
MOULDINGS AND TURNED WORK
OF EVERY DESCRIPTION.
C. *. A.. and C. S. k N. R. R'e.
H. A. HOYT.
MAIN STREET,
SUMTER, S. C.
^^^^^^^^^^^
GOLD ANO SILVER WATCHES,
FINE DIAMONDS,
Clodes, Jewelry, Spectacles,
MERIDEN BRITANIA SILVERWARE, kc.
REPAIRING A SPECIALTY.
Feb. 1
.Monterey.
1760. Tte Monks' Remedy. M
A TUNIC. XERV^r^^^D^^^IFIER.
Like Cures Line.
The Poison of the Swamp has its Antidote in
the SwHtnj?,
For Malaria, Nervousness, Indigestion Dys?
entery and Bowel Complaint, ask vour dealer
for MONTEREY. If he'does not keep it,
we wiil send you a large bottle, express
orepaid, on receipt of $1 00.
MONTEREY Co ,
Florence, S. C., Prop?, and Mfrs.
F. W. WAGENER * Co ,
Oct. II. Charleston. Sute Agents.
KR J. 11,11 Sllllill.\8,
DENTIST.
Office
OVER BROWN k BROWN'S STORE,
Entrance on Main Street
Between Brown k Brown and Durant k Son.
OFFICE HOURS:
9 to 1.30; 2 to 5 o'clock.
April 9. 2
NEW LUMBER YARU.
?BEG TO INFORM MY FRIENDS AND
tb? public generally that my Saw Mill
located on the C. S. k N. R. R., just back of
ray residence, ie now tn full operation, and I
am prepared to furnish all grades of Yellow
Pine Lumber from on oled timber, at prices
according to grades.
Yard accessible on North side of residence.
JJ. B. ROACH.
Feb 18.
Carlisle on the Currency.
The Chamber of Commerce of the
State of New York held its one hun?
dred and twenty-fifth annual banquet
oo the 21st instant, and among the
many distinguished persons present was
Secretary of the Treasury Hoo James
G. Carlisle, who made the speech of
the evening-expounding the financial
?lews of the Administration. He
was introduced by the President of the
Chamber of Commerce, who read the
following toast :
"Commerce demands and the honor
of the country requires tbat the obliga?
tions of the United States shall be paid
in coin current in any market of ?he
world, and that this question shall be
settled for al! time and beyond all con?
troversy.' "
To which Mr. Carlisle responded :
SECRETARY CARLISLE'S ADDRESS.
Mr. President and Gentlemen : The
subject presented by the sentiment josi
read is so large and involves so many
considerations, not only of public policy,
but of public and private honor and
good faith, that I scarcely know how to
respond to it on such an occasion
as this, where brevity of statement will
be more appropriate than elaborate
argument. I am- somewhat em brassed,
also, by the fact that I am to talk to au
assemblage of gentlemen who, by reason
of their personal experience in commer?
cial and financial affairs, are at least in as
good a position as I am to understand
and appreciate the value of a sound and
stable currency and to foresee the inju?
rious effects of a departure from correct
financial methods.
Money and its representatives con?
stitute the tools with the merchant and
the banker perform their parts in the
numerous and complicated transactions
necessarily occurring io the growth and
development of our trade at home and a
abroad It is not possible to do perfect
work with imperfect instruments, and if
it is attempted the cooseqances will not
fall upon you alone, but mast be felt
sooner or later in every part of the land
Confidence would be destroyed, trade
would be interrupted, the obligations
of contracts - would be violated, and all
the evils which have invariably attended
the use of a base or fluctuating currency
would afflict, not the commerial and
financial classes only, but the country
at large. But our commercial interests
are not confined to our country : they
extend to every quarter of the globe,
and our people buy and sell in nearly
every market of the civilised world A
very large part of our farmers.
mechanic? and other laboring people
find constant and profitable employ?
ment in the production and transporta?
tion of commodities for sale and con?
sumption io other couotries. and the
prices of many of our most important
products are fixed io foreign markets.
Without exceptiou these prices are fixed
io the markets of countries having a
gold standard or measure of value
either by express provision of law or by
a public policy which keeps their silver
coins equal in exchangeable value to
the gold coins at the legally established
ratio. The value of our trade with thu
people of other countries during the last
fiscal year was more than $1,700,000,
000 and more than $1,100,000,000 of
this was with the people of Europe, while
with the whole of A*ia it amounted to a
little over $100.000,000, and with all
the countries of South America, exclud?
ing Brazil, which bas a single gold
standard, it was only $46,000,000.
While it would be unfair to attribute this
unequal distribution of our trade with
the outside world to the character of
fiscal legislation. 1 think it may be
safely asserted that this couutry could
not long maintain its present position
as one of the most conspicuous and
important members of the great com?
munity of commercial nations which con?
trols the trade of the world, unless we
preserve a monetary system substan?
tially at least in accord with the mone?
tary systems of the other principal
natious.
There can be no international legal
tender without an iuternationol agree?
ment, buttheie must, from the very
necessity of the case, always be a com?
mon basis upon which bargains are
made and a common currency in which
balances are settled. No one nation
can determine for the others what that
basis shall be or what that currency shall
be. It may establish a currency for itself
and for the use of its own people in their
domestic trade, but the value of that
currency will be ultimately measured
and conclusively fixed by the inter?
national standard, whatever that may
be The stamp on its coins attests
their weight and fineness, but it adds
nothing whatever to their intrinsic
value, and nothing whatever to their
exchangeable value in the markets of
the world ; so that a nation's stock of
international money always consists of
its uncoined bullion and the bullion value
of its coins. It oannot augment its
stock of such money to aoy extent by
overvaluing either gold or silver in its
coinage laws, nor can it diminish it?
stock to any extent whatever by under?
valuing either metal. While the num?
ber of its nominal dollars, or shillings,
or fraos, may be increased or diminish?
ed, as the case may be, the actual value
of the bulliou or cotos will not bc
chaoged io the least, for oo Act ol
Congress, or other legislative body, cat
repeal or alter tbe laws of trade or tut
laws of finance, and every attempt to dc
so mast re6alt in disaster sooner ol
later.
No matter, therefore, what oar uiooe
tary system may be here at home at
established by oar own laws, we mas!
either relinquish a large part of oui
share io the commerce of the world 01
conduct oar international trade upon
such basis as the geoeral jagment com?
mercial nations may establish We cac
not possibly change this situation, and,
consequently, the ooly practical ques?
tion is, whether it is better to establish
by law an inferior kiod of money foi
ase at home exclusively and anothet
kind for ase abroad, or to have ai) out
money good enough for as?* in every
market where our people trade. I be?
lieve the people of the United State?
are entitled to have for use in theil
domestic trade just as good money as an}
other people in the world have, aud
that they are entitled to gave just a?
much of it as may be necessary to carry
on their business regularly and profit?
ably. Whether it be gold or silver, ot
both, or paper based upon the coins ol
the two metals, the people have a right
to demand that it shall be io tact what
it purports to -be-a just and true
measure of value, or the representative
of a just and true measure of value.
Gold is the only international money,
and all trade balances are settled io
gold, or, which is the same thing, on a
gold basis, ail other forms of currency
being adjusted to that standard. It U
useless for the advocates of a different
system to insist that this ought not tc
be so; it is so, and we cannot change
the fact Bat the gold eagle and doable
eagle are not accepted at a particip?t
vaiuatioo in these settlements simply
because the United States of America
have declared by law that they shall be
legal tender at the nominal value, but
solely because the bullion contained in
them, if uncoined, would be worth
everywhere the same amount. This ?6
a great and powerful Government, but
there is ene thing it cannot do-it can?
not create money. There are some
things, however, which the Government
can do for establishment and preserva?
tion of sound and stable currency. In
the exercise of its constitutional authori?
ty to "coto money and regulate the
value thereof,'' it can suspend or limit
the coinage of either metal whenever it
is ascertained that the coins of the two
metals, of the same denomination, are
of unequal value ; or it can change
their legal ratio so as to make them a's
nearly equal in value as possible, o- it
can t.'jaintain the parity of its coins by
receiving them aod their paper repre?
sentatives in payment of all public dues
aod discharge all its own obligations in
whatever kind of money its creditors
may demand.
The principle or rule cf law that the
option as to the kind of legal tender
with which an obligation shall be
discharged beloogs to the debtor, and
not to thc creditor, has no just applica?
tion in a case where the Government
issues notes to circulate as a currency
among the people and, by making them
legal tender, compels the people to
receive them. The private ci tir en may
very properly avail himself of the law?
ful right to discharge bis private
obligations, held by voluntary creditors,
in any kiud of legal tender money,
because he has only his own personal
interest to protect aud owes no public
duty in the premises. But when the
Government of tbe United States has
undertaken to supply the country with
a currency, and has issued its obliga?
tions in the form of oo'es to circulate
among the people iu the transaction of
their.private business, aod bas received
for every dollar represented by such
notes a dollar's worth of the people's
property, its honor, as well as sound
public policy, demands that they shall
be redeemed upon presentation in money
current in all tbe markets of the world.
Xo Government can honorably disparage
or depreciate its own obligations, and
especially obligations which it bas
forced its people to accept ; nor can any
Government honorably discriminate
between the different kinds of tuouey or
currency which it puts io circulation.
Whatever may be the differences io the
flinns aod qualities of the currency
while it remains in circulation, when
the time for ultimate redemption comes
all must be treated alike
The country bas recently heard a
great deal about bimetallism aud a
double standard, aud it is possible that
these subjects will continue to be dis?
cussed to some extent in the future.
For my part, I have never been able to
understand what is meant by a double
standard, or double measure of value,
and I have never found anyone who
contd tell me. To my mind it seems as
absurd to contend that there should he
two different standards or measures of
value as it would be to insist upon hav?
ing two yard sticks of different lengths
or two galions of different dimensions.
If there were two standards, or
measures, not equal io value it is evi?
dent that one of them mast be a false
measure ; and if they were of eqtl value
it is evident that, no matter what the
law might declare, there would be in
fact bat one measure, although com?
posed of two different kinds of material.
If, for instance, tbe silver dollar and
the gold dollar were of precisely the
same value and could be so kept at all
times, there would be, in fact, but one
standard, ' le unit for the measurement
of values. Whatever that actual
standard may be established by tbe
laws of trade and finance, whether it be
so maoy grain* of fine gold or so maoy
grains of fine silver, it is the duty of
the Government to conform to it io pay?
ment of its obligations and io all its
dealings with the people.
It does not follow from anything I
have said that nothing shall circulate
or be recognized as money or currency
except gold or paper issued against
gold, nor that the prices of commodities
ought to be. or will be, fixed upon the
hypothesis that gold is the only money
in the world, but ic does follow that no
part of oar cnrreocy, whether it be silver
or paper, should be permitted to depre?
ciate below the established and recogniz?
ed standard. Any financial policy wbicfar
would encourage or permit such depre?
ciation, or create a reasonable appre?
hension of scab depreciation, would
unsettle values, paralyze business, ar?
rest the growth and expansion of our
industries and ultimately bring almost
universal bankruptcy and ruin upon the
country. It must be retubered, how
ever, that it is the function and du>y
of the legislative department to establish
the policy of the Government upon this
and all other subjects, and to clothe .the
executive with the necessary authority
and means to carry it out. When the
authority and means are granted, the
executive department is responsible for
the manner in which the law is execut?
ed, but beyond this it bas no power to
act, and consequently no duty to per?
form.
Gentlemen, the question whether the
obligations of the United States will be
paid in eoio current io al! the markets
in the world has already been settled,
and it bas, in my opinion, been settled
for all time to come. It has been
settled, not by any specific Act of Con?
gress prescribing the exact mode of
payment, but by the spirit and obvious
purpose of the whole body of existing
legislation upon the subject, and by thc
deliberate judgment of the American
people and the declared purpose of those
who have been intrusted with the execu?
tion of the laws. The disposition and
ability of the Government to maintain
its own credit at the highest
possible standard, and to preserve
the integrity of all the forms
of currency io circulation among
the people, cannot be reasonably doubt?
ed, and ought not to be subjects of
serious controversy hereafter.
This dees not imply that silver ie to
have oo place in our monetary system
What is to be the ultimate fate of the
metal is one of the problems which
time and events alone can solve; bot:
/ 1
for many years, notwithstanding all our
legislation in its support, the fluctua?
tions in its value have beee so rapid and
so great as to demonstrate the fact that
it cannot be safely coined without
limitation into money of final redemp?
tion at tbe exietiog ratio or at any
other ratio that might be established.
It is nut possible, under existing cir?
cumstances, for aoy one Government to
establish and maintain a stable relation I
between the two metals, and for this
reason, alone, if there were no others,
we are bound to place some reasonable
limitations upon the coinage and use of
silver. How much of it eau be safely
coined, and upon what conditions it can
be safely used, are questions upon
which there will be wide differences of
opinion, but after all that can be said on
both sides they will be finally determin?
ed by circumstances which cannot now
be foreseen, and by the natural increase
of our population and the natural
growth of our industries and trade.
It is enough to say at present that
we have already on baud a stock of
silver, coined and uncoined, sufficient to
meet ail probable requirements of the
country for many years to come. The
mints of the United States have coined
419,335,550 standard silver dollars,
and we now have 140,699,760 fine
ounces of silver bullion, which, at the
ratio of 16 to 1. would, make $181.
914,841, or $601,247,391 in the ag?
gregate. Besides this, we have $76,
977.002 in subsidiary silver coin, which
is legal tender to the amount of teu
dollars, and is by law redeemable in
full legal tender money on presentation.
Our total stock of gold colo and gold
bullion is $659,167,949
The five countries constituting the
Latin Monetary Union, with a combined j
population of more than 80,000.000,
exclusive of their colonial possessions,
have $975,000,000 in gold, $725 000,
000 of foll legal tender silver,
and $95,000,000 of subsidiary silver
Highest of all in Leavening Pow
ABSOUS!
CO?DS ; aod yet they foaod it neces?
sary several years ago to die
continue the coinage of legal
tender silver and enter into an arrange?
ment by which each country agreed to
redeem in gold all its own legal tender
silver coins when presented by any
other member of the anion. Th as gold
bas been made to support a limited
quantity of silver coin at par in France.
Belgium, Italy, Greece and Switzerland
as it has been required to do in the
United States since 1878, and as it
must continue to do hereafter,
here and elsewhere unless a great
change shall occur in the re?
lative values of the two metals.
Being the greatest silver-producing
country in the world, aod having on
band a large amount of silver coin and
bullion, the United States can not be
otherwise than deeply interested in
every measure designed to enhance its
value and. increase its use as money
upon a safe and sound basis, but we
can not alone maintain its unlimited
coinage as full legal tender in opposition
to the policies of the other great nations
of the earth ; and the country is to be
congratulated upon the fact that we
have at last placed ourselves in a posi?
tion which enables us io preserve our
owu monetary system intact and exer?
cise a potent influence in any movement
that may be hereafter made for the
permanent adjustment of this very
important and difficult question. It is
a great mistake to suppose that the
supporters of our recent legislation upon
this subject were animated by any feel?
ing of hostility to the continued use of
silver as mpney to the largest possible
extent consistent with the stability or
our curreney and the preservation of"
the public faith. The wisest and safest
friends of that metal are those who have
bad the sagacity to foresee the inevita?
ble effec- of its continuous accumulation
io the form of bullion in the vaults
of the treasury, and the courage to re?
move from the statute book an expert*
mental law which from the time of ita
enactment was a constant menace to the
welfare of the whole country.
In conclusi?n, Mr President, permit
me to thank you and the Chamber of
Commerce of the State of New York for
affording me this opportunity to meet
so many of the leading business men
of this great business city. Althougb
your organization has been in existence
more than one hundred and twenty-five
years, and has passed through many
trials and vicissitudes, it is bot simple
i justice to say that its couoeel bas al?
ways been wise and conservative, and
its actioo patriotic and beneficial. AU
! that is needed DOW U> insure the early
I inauguration of nu ^r* 'if great pros
I perity is such action upon the part of
j this and similar organizations through
! out the country as will inspire confi?
dence aod revive the spirit of enter?
! prise among the people Now that our
j credit has been greatly strengthened
! and our currency made more stable and
j secure, an opportunity is a afforded
! those who control our commercial and
industrial interests to resume operations
j under more favorable conditions than
i have existed for mauy years, and T
! am sure you will cheerfully co-operate
in any effort they may make in that
direction.
Trial of tbe Roanoke Rioters.
ROANOKE VA, November 22.-Three
of the persons under indictment for
participatiog'in the riot of September
20 were found guilty in the Hustings
Court, to-day. but almost the minimum
penalty was imposed.
James G. Richardson, who was
proven to have been one of the fore?
most lead3rs of tbe mob which sur?
rounded the jail where the 'negro was
confined and attempted to break into it
when they were fired upon by the
militia, was sentenced to thirty days io
jail aod to pay a fine <>f one hundred
dollars. D. D. Kennedy and S. W.
Fuqua, who were al-o identified as
having been act iv- participants and
made incendiary talk, were sentenced to
one day's imprisonment iu the city jail
and one dollar fine. Abe Perry, who
was also under indictment, charged
with a misemeanor. and the only one
who has not been represented by a law?
yer in the trial, was acquitted.
The trial of Chief of police J. F.
Terry aud Sergt. H. II. Griffin, under
indictment as accessories before the
fact of the hangiog of the negro, was
begun to-day aod the decision upon
a motion to quash tbe indictment on
account of a technicality will be ren?
dered to-morrow A motion to set
aside the verdict of the jory io the
oases of Ri cu?rdson, Kennedy and
Fuqua had been made and will come up
for argument Monday.
er.-Latest U. S. Gov't Report.
ny ran