Historical Newspapers of South Carolina

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A Foreign View bf Oar Currency. Attention has been frequently called in these columns to the valuable and instructive series of articles upon the current financial situation wbiob Mr T. Lloyd, the editor of tbe London Statist, contributes to. the columns of that journal The gentleman in ques- j tion is now devoting his attention to an exhaustive examination ol the influence pf the gold discoveries of tbe last few years, and the results that have thus far appeared, or are likely to ensue, from the large increase in the output of gold from South Africa and other conn tries. It will be recalled that some weeks ago the Statist published some exceed? ingly illuminating articles on the quan? titative or per capita theory of money. The articles now appearing in its col? umns are supplementary to those upon ?he quantitative theory. Ia the present series the writer above nu "ned combats the idea that, it is the large increase io the world's stock of gold which causes the prevalent low rates of. interest and discount. Oo ?he contrary, he holds and urges the opin? ion with great force that the fallacy of the quantitative theory leads to the ooo olusion that an addition to the supply of money cannot directly affect pri?es of commodities, rents, or the return on loanable capital It is credit which determines these according to Mr. Lloyd, who says : "The bi tue tal lists reply that credit undoubtedly does play an important part in all the 1 great markets, but that a man may insist if he pleases upon being paid in coin. To which I answer that a mao'* who bas entered into a contraot m&y, if he pleases..call upon the courts of law to interpret that contract, and the courts, if necessary, will employ soldiers and police to enforce their judgment. It would be just as reasonable, then, to contend that ail business of every- kiod is a form of violence as to assert that prices are determined by the supply of the precious metals. A man may, if be chooses, have recourse to the law courts just as he may insist upon being paid in gold. But neither, fact affects the great truth that it is credit whioh determines prices. Leaving the bimetaliists aside, however, aod turning to thc ordinary commercial community-and more es? pecially to bankers-I would point out that the plentifulness or scarcity of gold only indirectly, and after a time, affects ?he money market. Bankers are the great lenders and discounters But bankers rarely indeed ose gold in either leading or discounting. If they did so to ary great extent their business weald ?=*>me to aa end Banking is based ?poa the {principle that a back may ?orr >w from the public as mach 88 it om io tbs shape of deposits, and that it need hold in coin only a very small proportion of those deposits." "Here, aod in western Europe gen? erally," says Mr. Lloyd, "oredit has completely revived. Bat it has not .recovered io North, South and Central America; in Italy, Portagar and Greese ; io the Australasian colonies, or io India Backers, theo, in Eng? land, and io western Europe generally, are in a position to give immense ac .comniodatioa in credit. But their customers are afraid to employ the ?redits that they coa ld have on easy terms, in investing in the countries named. Therefore there is a vast superabundance of credit, and conse? quently rates of interest and discount are low." "it is cot surprising,'1 the editor of the Statist pursues, "that the long con tinnance of low rates should confuse . the judgment of even clear-minded bankers. It is not unnatural that an impatient backer should jump to the conclusion that, it is the great increase in the gold supply that is taking away profits. If bankers will overrule their impatience and look at the matter calmly they will see that it is the state of credit, not the supply of gold, that is affecting them, and that the immense addition that is being so steadily made to the gold supply is, instead of being a disadvantage to them, a very great advantage, for it is preparing the way for the adoption of mesures that will, by-and-by restore credit everywhere. Let us take the United States as an illustration. ? dozen years ago or more the American people were per? suaded by the silver party that there was not enough of gold in thc world to supply ail current requirements, aod that, therefore, prices must continue to fall unless a considerable quantity of silver was coined Congress conse? quently passed the Bland act, and the coinage of silver went on. Subse sequently the Sherman act was sub? stituted for tbe Bland act, and, as everybody knows, the result wse a panic, immense quantities of gold being driven out of the country. So redund? ant is the currency, indeed, that the government bas had again and again to borrow in order to maintain the gold re? serve in the Treasury. The cause of the mischief is manifest to every one It is the inflation of the currency under tbe Bland and the Sherman acts. And the remedy for the mischief is the con? traction of the currency. But a con- ^ traction of the currency cannot be hoped for so long as there is a belief amongst the majority of the voters in the United States that there is not j enough of gold in the world to meet thc world's reqirements. The vast increase j in thc gold supply is rapidly converting the American public. When the con? version is completed, and Congress is . compelled to act wisely, it may reson- I ably be concluded that greenbacks will j be concealed. Then room will be made for a very considerable amount of gold, j and the immense ^mass of American | f -~-:-~- -:-. gold colo ir bi ch . is> lying idle io tbe ! Bank of England wi!i bs taken back | again, and niora besides. Tbe adop? tion of a wise police, followed by a great influx of gold, will completely revive confidence in the United States." -Bradstreet. Toe Alaskan Boundary Dis pate. Some reference bas already been made in these columns to the Alaskan boundary dispute, which daring the last week or so has been made to assume a considerable degree of importance. The question is still io a more or less vague condition, and any light that may be thrown upon it. should be wel? comed. For definite information bear? ing on the question we shall have to wait until the report of the joint com? mission appointed to survey the terri? tory adjacent to the boundary line has been made public. For the present we must, be content with such indications aa will be forthcoming in press dis? patches from Washington. . One of these dispatches gives the following account of the boundary ques? tion, and what has been so far accom? plished by the surveys so far had : Under the treaty, between Russia and Great Britain, fixiog the boundary line of Alaska, and the subsequent treaty by which Alaska beoame the property of the United States, the boundary Hue was to run from the point where the Portland Canal . intersects the fifty fourth degree of latitude, northward along tbe crest of the mountain range, if there should be any, to the Hist degree of longitude ; if no mountain range were found, the line .-was to run ten marine leagues from the coast line. No range of mountains was found so that the United States, territory under the treaty is a strip of land ten marine leagues in width along the coast. Along tbe coast are a series of islands, beginniog with Prince of Wales' island to the southward, koowa as the Alexander Archipelago, and wbeo the reports of the surveys are made, the question as to whether the ten marine leagues is to run inland fro?jj the line of these islands or .from the main land, and as to whether the coast line shall he considered to run from headland to headland or to follow the actual coast Hoe, mast be determined under tbe President and Secretary Olney on behalf of the United States, and .Queen Victoria and Sir Julian Panncefote-on behalf of Great Britain. The Canadian mapa now make the boundary line run ten marine leagues from tbe outer coast Hoe of the island of tbe Alexander Archipelago, show? ing that Great Britain is already pre? pared to make a contention for tbat Hoe. The point at which tba Portland Canal i crosses tb ? 2.6tb degree of lati? tude'h%s been determined, and aluo the point at which the ten marine [?a^ues Hoe,meeta the. 141st parallel. M unt St. Elias, it bas been.ascertained, is in longitude-140 degrees and 47 minutes weat. ,,. . . Another point of importance rn be determined by the survey.*is aa to tbe plaoea at which the 141st degree 0f longitude -crosses the. Forty-mile ('reek and the Yukon dyer, a point whieb iovolveg tbe ownership of some .gold miues now being developed. For defi? nite information on all these questions we must wait until the publication of the report of the survey. A circumstance which bas drawn at? tention to the. boundary question dur? ing the last week or so: is a report , of trouble between United States and British miners. A somewhat sensation? al report has been made public to the effect that troops organized and drilled under the inspection of revenue officers are in Alaska, north of Juneau, pre? pared to protect American rainers in their rights. As to the grounds for this report, alf that can be said is that as far as it can be ascertained such action as that rumored bas not b?eo taken un? der tbe. authorization of any recognized national officials, but if .disputes or con? flicts bave occurred, it must have been between miners acting in a purely pri? vate capacity. . That opportunities for .inch conflicts naturally present them? selves under the condition" hedging about tbe Alaskan boondry line cannot be disputed, but it seems likely that they will not lead to any trouble of importance, certainly not until further 9teps looking toward a delimitation of the boundary have been made by both governments.-Bradstreet. AD Excellent Show. Pawnee Bill's Wild West Show pitched its tents on the East side flats, Thursday, and al! day the grounds were swarmed with eager spectators, Both afternoon and evening per? formances were largely attended, and all were thoroughly pleased with the exhibition. All the different phases of frontier life were por? trayed in a realistic and thrilling manner, and for an exhibition of its kind it is the best that ever visited Warren. The daring riding and feats of horsemanship exhibited by bands of Indians, cowboys and Mexicans, was of a j high order, and filled the hearts of all with admiration. The boomerang throwing, by j the Australian bushmen, was a novel feature. ' i and deserving of special commendation. In short the entire performance from start to i finish was excellent, and held the closest at? tention of the large audiences.-Warren, Pt , Mirror. - ? I? .?*-4B? The Red Lane Road matter, that has been a bor:e of contention and a source of irrita- ? tion in Providence township for several j months, is not settled yet, and there is t:ie prospect of litigation and considerable trou ble before the matter is finally settled. - ? ca-??- -gpM Good advice: Never leave home on a journey without a bottle of Chamberlains' Colic, Cholera and Diarrhoea Remedy. For i eale by Dr. A. J. China. I THE ANNUAL MEETING. The Cou Dty Board of Commission ers Meet. From the Daily Item, Nov. 8. The County Board of Commissioners met yej'erday in annual meeline, as provided by law, with the full'membership of the Board present. The n,iou tea of the last meeting were read and-approved. Count j Treasurer : Scarborough made his report to the Board, which was read and ordered filed Messrs. J, A. M. Carraway; E. M. Cooper, John F. Hawkins arjd Daniel Keels, the com? mittee appointed to inspec: the crossing and bridgts at Douglass Swamp, recommended that the work be received and paid for. The report was received and the committee dis? charged. Commissioner Cooper stated that the Board of Township Commissioners had examined the bridges and crossing at Field's Crossing, Lynche'a River, and found them to be in bad condition. Some repairs had been made in order that persons crossing at their own risk might do so with somewhat, more safet?. The bridge may serve ?be purpose for some time. The report wa9 received as information Commissioner Crosswe? reported the bridges at Carter's Crossing, uear Manville, as being rotten and unsafe. A motion was made and adopted authorizing the Township Commissioners of Carter's Crossing to re? build or .repair the bridges, as should r?e found necessary. The report of the Clerk of Court of jurors, witnesses, and court expenses for the October term was$945 30. The report was received aa information. An account for $19 75 waa presented by W. A. Spann for work done on the roade near Horeb and Providence churches The Township Commissioners of Providecc' Township recommended that 50 per cent of the claim be paid and the road bnuds ? credit on their work for the balance, motion, 50 per cent of the ame. .s approved. The claim of Peter Anderson, colored, for damages to a horse at DesCbamp Mill was considered. Anderson ms.de a claim for $75, but the Board, after bearing all the evidence, allowed bim $20, which be accepted. G. W. Boyken, of Providence, presented a claim for $50 damages to his field, caused by the removal of a dam on the side of the road, which kept .the water from overflowing the field. The claim was not allowed. The Red Lane matter wa.? brought up as deferred from last meeting, but, afcer a dis? cussion, the Board decided that it bad no power to consider the matter, and on mo lion it was dismissed. The cages for prisoners in the City Guard House were put together several days ago in anticipation of a crowd of prisoners ou cir? cus day. The cages are strong and roomy aod when a law-breaker is once locked in, there is but little chance ef an escape There waa a drunk and disorderly customer in the cage last night, who lamented in a loud voice.bis lost and fallen condition His voice, in despairing tones, floated out on the oark ness, and echoed down the dark alley that leads to the guard house, as he wailed, "My Lord, .oh Lord I .What.ha ve I done to be treated so?'' . "Whe?e am I, and why am I there?" "Somebody come tell me why I am treated so." The.last heard of him he was still lamenting and still drunk . The people a re .more interested ,in the pro? position to pave Main. Street, than any one wouid suspect, A great many of the heaviest taxpayers are anxious to see the street paved. Great and thoroughly re? liable building-up medicine, herve tonic, vi:a!izer and Blood Purifier Before the people today, and which stands preeminently above all other medicines, is HOOD'S Sarsaparilla It has won its hold, upon the hearts , pf the people by its own absolute intrinsic merit It is hot what we say, but what Hood's Sarsaparilla does that tells the story: - Hood's Cures Even when all other prepar? ations and prescriptions fail. MI have been afflicted for over twenty years with a very sore limb caused by bad blood. I began taking Hood's Sarsaparilla and. have been getting better ever since and can truly say that it is the best medicine that I have ever seen." ABRENA HITCHING, White Pond, South Carolina. Hnnfi'c P?JS? :,re tai-f?ws.JrJltf. offec ?S Real Estate for Sale. AVERY DESIRABLE LOT at Effiog- ? ham, Florence County, containining 4 acres, lying adjacent to the depot at Effing? ham, on the N. E. R R, bounded on all sides now or formerly by lands of estate of John M. Timmons, deceased. ALSO ATRACT OF 250 ACRES, situate about 3 miles from Effingham, bounded ny Lynch's Creek, the public road and land now or forerly of Jesse James. The last narced tract of land well timbered, anil admirably adapted for planting and ['HAt'iiage. Terms easy. A pp: y to PURDY & REYNOLDS, Attorneys at Law, Oct. 30. Sumter, S. C. F ONE OK THE MOST DESIRABLE j Farms i:? Sumter County, containing 290 acre?-, situated in Staleburg township. | Commodious and comfortable residence with I numerous well-appointed outbuildings. ?Store ! building on puiic road at good ?t md for busi- ' ness. Land has b ten te>ted a??i found ad-! mirably suited for culture of tobacco. Lauds ? level and gently ro!ii:;<_r. Plenty of wood ; and water. Surrounding? attractive. Appiv to W VV . ANDERS! ?N, Ja , Sta:* burg. S. C., or t.> ; MARK REYNOLDS, Sumter, S. G. 0 ' 4t k The only real Novelty of the century and the Amusement Triumph of the Age. NOT A CIRCUS ButaMiffhtv Moral %net Or Menagerie that you have seen ? J Everywhere attracting enthusi since your childhood days. iastic multitudes. "Will ESxlixbit ?tt ??ra. j^oyember 15, P? BILL S jil ED KT ^^^^ ^^^^^^ " ^ ?i^^ 60-Braves, Scraaws aad Papooses-6C jjrji^^ i 100-First ?iass Performers-IOC Realistic representation of the Mountain Meadow Massacre-Herds of wild Buffalo and oic-horr.ed Texas steers. MAY LILLIE-Champion Lady Horseback Rifle Shot pf the World-5000 animated and inanimated Curiosities aod Relics in tne Museum. Indians at Home in tlxelr own Village. ilrOlH M?VIPQfl UlTVnfli?Pfll??li_By ?.Company of Star Performer* from Old Mexico, including Vaqueros, Toreadors, Lariateros. UidUll lllCiluull IllUlIUulUlUu lovely Seuoritas. Cnnnot Race.*, Sranding Races, and all kinds of thrilling and exciting cootes of speed. A band ot Mobare and Digger Indians-Hundreds of Interesting Features which cannot be mentioned ia this space. A 6RAND, GLORIOUS AND NOVEL FREE STREET PARADE Moving through principal streets at 10 a m Great Free Outside Exhibition on arrival of the parade at the Park. Doors Open at 1 and 7 p. m.-Performances Begin One Hour Later. The Largest Tents would be too small for this vast Exhibition, itisgiven in a canvas-enclosed Park. 6000 waterproofawniDg covered seats. ADMISSION 25 Cents-Making it at once the most novel, Largest and Best Exhibition DU Earth for the price Excursions on all lines of Rail Roads? One Ticket Admits to all. No Extra Charge For Seats. They Have Come. We have been telling you so much about, and they are beauties. These goods are made by . Tie (Mam l?ii?ti Co., Situated in the mountains of North Carolina, where the wool is brought to them by the farmers, as the cotton is brought to the gin, thereby avoiding any expense on the raw material. When you *buy these goods from us you can feel assured that you pay no big profits to middle men and the prices are a guarantee of that. 10?4 weighing & lbs per pair $4.?0 ?- 14 weighing 6 lbs per pair $4.75 1-24 weighing 7 1-2 lbs Der ur ?ft.TA e are m?e agen ls for Sumter County Our stock of Blankets is complete in white and colored.