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UfSE CAHTOL
t] ie Political Center
s from to Interest
that Occurs
k Washington.
iealousy between Mr.
.p w j Secretary Blaine,
ison su d persist
[h some people will
Lg t does _ not The exist, latest state¬ crops
a li times. Mr.
ly *bv the friends of
is, that if Mr. Harrison
ae to wait 48
been content
for the arrival of Mr.
? himself hur
ie, instead of
h preparing the demand
L f the Chilian junta, the
Lustration 0 to-day
would not
its present awkward pre
Lent. They contend that
Blame would have drawn
lie document so that the
fens would have found it
Lsible to have answered in
banner they did that of Mr.
fison, and charge that Mr.
feon’s reason for hurrying
math was, that bethought
htaiu some popularity by
Pg as the champion of
bican interests abroad
jih L might otherwise have
to his Secretary of State.
peculation as to the outcome
be Chilian difficulty is the
•9 kiipai occupation of a good
bv people in Washington at
/time, and not a few of them
bding all the officers in the
hr, where propmotion is alow
pie of peace, are heartily
ping lor war, notwithstand
pur poorly prepared condi
for war, even with a w eak
pr like Chili. Secretary
b admits that few even of
hew vessels areproperly pre
W to fight and that some
gis lacking in either the
Ippment or armement of
p 0116 of them; besides, we
F dud it very difficult to
ptain | a fleet in Chilian wa
without a single coaling
kin that section of the
t!d - However, it is not prob
e although possible, that we
1 &o to v ar with Chili. Senor
Mt. the t hilian Minister here
that an agreement
! satisfactory will be
j ader his government
'^shedthe f ^ into the investigation it
, 'mt advices fight of the
indicate > from Chili do
' that such
an opm
^publicans L? Pertained tin ere.
admit that Mr.
ire w °uld like
Minister _ very much to
P? fully ganout of Chili,
k. ! y sati sfied that he
l;:;" ake h sending hi nil
re Mbeysayhe
KfxntV! called will not
lAe the relations
inch ^phained *2 ■'° C0UE tries are
c ° ndi ti 0 n as
shaU be de -
‘^oif I dth('4 a uV ddiplomati i mmiStrati0n rela
c
M v-iua, ; and that will not
. j c Un; ess it
- b, ecome abso
lint J tarn ^essarj- the j m order to
a<w t os ‘ tion assumed
omand in its
u pon Cliili.
i * EQUAL RIGHTS TO ALL AND SPECIAL PRIVILEGES TO NONE.”
Conyers, Georgia, Saturday, r °7 7. 1891
Just a little more than $4,500,
000 of the matured 4J per cent
bonds are now outstanding and
not far from ten percent of them
are in the hands of the U. S.
Treasurer to secure parts of the
circulation of less than a dozen
national banks. These banks
have been requested to have
th ese bonds extended at two per
cent, which would make them
available as security for their
circulation, and which would
also please Secretary Foster, in¬
asmuch asit would meanseveral
hundred thousand dollars more
to help to meet the appropria¬
tion of the billion dollar Con¬
gress.
The Naval Court of Inquiry
into the loss of the U. S. S De¬
spatch has been holding daily
sittings here for nearly a week,
but the amount of actual infor¬
mation it has brought out might
easily have been developed in a
sitting of one hour. Briefly
stated the testimony of those on
the boat is all to the effect that
the vessel was lost because
Lieut. Noel, the executive offi¬
cer, changed the sailing orders
of the commander—Lieut
Cowles,—after he had retired,
and that this change was justi
fiablecause a light which should
have shown white, from a light¬
house, appeared to be red which
indicated that it was aboard of
a certain lightship. The most) 1
amusing incident eomiectedwith
Inquiry was when a hatch of
sailors, who had served on the
Despatch, were brought before
the Court/and after having the
sworn statement of the Com¬
mander read to them, were
asked if that statement was
correct. Of course everybody
knew what the answer would
be. These rnen are still in the
navy, and none of them would
be foolish enough to contradict
any statement made by an offi¬
cer, even if they knew to a
certainty that the statement was
incorrect, which please under¬
stand, it is not my intention to
even intimate not having any
better source of infomation than
the testimony before ths court.
It is only the absurdity of ex¬
pecting enlisted men to a disa¬
gree with their commander, to
which attention is called by the
incident.
Secretary Foster was the on¬
ly member of the cabinet that
went on the stump during the
State campaigns just closed.
Since Secretary Blaine’s re¬
turn Secretary Tracy is no lon¬
ger known as brevet Secretary
of State.
The rain makers have tried
their dynamite at Birmingham.
There wasn’t any rain, but as
the explosion occurred on the
ground, instead of in the air,
there were some narrow escapes
on the part of the spectators.
Bagging and ties at bottom
prices at Almand & Langford’s
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STATESMEN TALK
What the Sages of All Ages
Think of the Money
Question.
Very few persons are aware
of the unanimity with which
nearly all writers on economics
concede the fact that “more
money brings better times, and
less money harder conditions.”
This is all the more remarkable
when we realize how complete¬
ly this point is ignored by the
monopolistic press, and the
money-owners and their political
servants. I can do no better
than fill out this letter with ex¬
tracts upon that proposition.
William H. Crawford, Secre¬
tary of the Treasury, in a report
(February 12,1820) to Congress,
says:
All intelligent writers on currency
agree that when it is decreasing in
amount, poverty and misery must pre¬
vail.
The Encyclopedia Britannica,
1859 (article Precious Metals, by
J. R. McBulloch) says:
A fall in the value of the precious
metals, caused by the greater facility
their production, or by the discove¬
ry of new sources of supply, depends
in no degree on the theories of philos¬
ophers, or the decisions of statesmen
cr legislators, but is the result of
circumstances beyond human control;
and although, like a fail of rain after u
long course of dry weather, it may be
prejudicial to certain classes, it is be*,
neficial to an incomparably greater
number, including all who are engag
ed in industrial pursuits, and is, speak
ing generally, of great public or na¬
tional advantage.
Ernest Seyd, 1868 (Bullion,
613) says:
Upon this one point all authorities
on the subject are agreed, to wit, that
the large increase in the supply of
gold has given a universal impetus to
trade, commerce, and industry, and to
general social development and pro¬
gress.
* The Amercan Review (1876)
says:
An increasing amount of money,
and consequently augmenting prices,
are attended by results precisely the
contrary. Production is stimulated by
the profits resulting from advancing
prices: labor is consequently in de¬
mand and better paid, and the gener*
al activity and buoyancy insure to
capital a wider demand and higher
remuneration.
Leon Fauchet (1843) in Re¬
searches upon Gold and Silver,
saj T s:
If ail the nations of Europe adoped
the system of Great Britain, the price
of gold would be raised beyond mea¬
sure, and we should see produced in
Europe a result lamentable enough.
M. Wolowskisaid:
The sum total of the precious metals
is reckoned at fifty milliards, one half
gold and one-half silver. If, by
stroke of the pen, they suppress one
of these metals in the monetary servi
ce, they double the demand for the
other metal, to the ruin of all deb
tors.
Baron Rothschild says:
Tbe suppression of silver
amount to a veritable destruction of
values without any compensation.
At the session (October 30,
Price per Year, §1.00
1873) of the Belgian Monetary
Commission, Professor La veleye
said:
Debtors, and among them the State
have the right to pay in gold or silver,
and this right can not be taken away
without disturbing the relation of deb
tors and creditors, to the prejudice of
debtors, to the entent of perhaps one
half, certainly of one third. To in¬
crease all debts at a blow (brusque
ment) is a measure so violent, so revo¬
lutionary, that I can not believe that
that the government will propose it,
or that the Chambers will vote it.
Adam Smith, the father of
political economy, says, page
205:
From the high or low money price
either of goods in general, or of corn
in particular, we ean infer only that
the mines which at that time hap¬
pened to supply the commeacial world
with gold and silver were fertile or
barren
John StuaatMill, in Principles
of Political Economy, saysf page
301:
If the whole money in circulation
was doubled, prices would double.
If it was only increased one-fourth,
prises would rise one-fourth.
Ricardo plainly says in regard
to this question:
That commodities would rise and
fall in price in proportion to the in¬
crease or diminution of money, I as¬
sume as a fact that is incontrovertible.
Prof. Francis Bowen in his
work, “AmericanPolitical Econ¬
omy,” page 280, says:
The power of money thus to deter¬
mine its own amount arises from the
reciprocal actions of the quantity of
money in active circulation and the
price of commodities.
Thomas Tooke:
If money has idcreased, industry
and trade are increased; and thus the
tendency to depreciation is met and
strongly counteracted.
Prof. A. L. Perry, Political
Econony page Go, says:
If the money oi a country becomes
relatively more abundant than before,
general prices will rise in that coun¬
try for reasons already made apparent
and when money becomes less abuud
ant prices will fall for corresponding
reasons.
Allison’s History of Europe:
The evils complained of arose from
the unavoidable result of a stationary
currency, co existing with a rapid in¬
crease in the numbers and transactions
of mankink, and these were only ag¬
gravated by every addition made to
tiie energies and productive powers of
society'.
Doubleday’s Financial Histo¬
ry of England:
We have alieady seen the fall in
prices produced by this universal nar
rowing of the paper circulation The
effects of the distress produced , al*
over the country, the consequence cf
ils fail, we have yet to see.
Henry Clay, during the de¬
bates on the sub-treasury in
1840, made the following eloqu
ent, truthful, and logical speecn.
It shown clearly that his great
mind had grasped the idea,
that price, not only of products,
but of labor, depended upon the
quantity of money m circuia
tion:
The proposed substitution of an ex
c i US xve metallic currency to the mixed
medium with which we have been so
* on £ familiar, is forbidden by the
principles of eternal justice. Assum¬
ing the currency of the country to
consist of twotbirds of paper and one
of specie; and assuming, also, that the
money of a country, whatever may be
its component, parts, regulates- all val¬
ues, and expresses the true amount
which the debtor has to pay his credi¬
tor, the effect of the change upon that
relation, and upon the properly of the
conn cry, would be most ruinous. All
property would l.e reduced in value
to one-third of its prsent nominal
amount, and every debtor would, in
effect, have to pay three times as ranch
as ho had contracted for. The pres¬
sure of our foreign debt would be
three times as great as it is, while the
six hundred millions, which is about
the sum new probably due to the
banks from the people, would be
multiplied into eighteen hundred mil¬
lions! Have gentlemen reflected upon
the consequences of this system of de
pletion? I have already stated that
the country is borne down by a
weight of debt. If the currency bo
greatly diminished, as beyond ail ex¬
ample it has been, bow is this b-.-bt to
be extinguished? Property, the re¬
source on which the debtor r< tied for
his payment, will decline in value and ^
it may happen that a man who honest¬
ly contracted debt on the faith of prop
erty which bad .a value at the time
fully adequate to warrant the debt,
will find himself stripped of all his
property,.andhis. debt remain unex
Anguished ; ‘ . \. - -
N. A. Dunking
THE PUBLIC RCA DA.
The Georgia and Hie Southern
States Road Congresses have
met and adjourned. While the
general movement throughout
the South is to be heartily com¬
mended, our people are much
more interested,- of course, in
the movement to improve Che
public roads in this State. The
suggestions and recommenda¬
tions of the Georgia Congress
will result in great gout) if they
are ever carried out. One sug¬
gestion is that county convicts
be put to work on the .roads 6f
the county in which they are
convicted, Tilis is alre h'■ y bring
done in a number of thu : duties
wfcih splendid results, a ad the
plan should be adopted in all
the counties, Another s ;ques¬
tion is that the penite.o con¬
victs be put to work < .too pub¬
lic roads of the State, n.d to
that end resolutions wem r- dopt
ed against any renewal cf the
convict lease system \M - i the
present con tracts t on ate.
Public sentiment in the office is
already so strongly in favor' of
this proposition that it v, < -’.hard¬
ly' necessary to pass the resolu¬
tion. The trouble is thin r will
. be several years hence before
j the new poliev can be in.'; . • mat
ed. Before adjourning, l econ¬
gress recommended the .-.hole
matter to the earnest co mi dera¬
tion of the next Legisk-:- -. It
is to be hoped that body will
give this important subject the
attention it deserves. The last
two Legislatures, with the earn
est recommendations of a simi
lar congress before them, and
a ' vare of the sad condition of
nored the w hole question. We
wish the State better luck in the
next General Assembly.- Col
unibus Enquirer Sun.