ABHEBORt) COURIER. '
Trice $1.00 Year, Invariably in Advan
ANCE.
PRINCIPLES, NOT MEN.
Advertising Rates Reason a i:t.e.
VOL. XV.
ASHEBORO, N. C, THURSDAY, DECEMBER 3, 1891.
NO. 47.
ALLIANCE DEPARTMENT.
A Guilford Man On "Something
Better"
Than Any Substitute Offered for the
Sub-Treasury Plan for Obtain
ing Loans Upon Land.
Be it enacted by the Congress ef the
United States, that whenever any corpo
ration, duly chartered by the State in
which the coi point ion is to have its prin
cipal place of business, shall deposit with
the Treasurer of the United States its
bond or bonds bearing 2 per cent, inter
est for a sum not less than $50,000, se
cured bj' mortgages upon land, said mort
gages not exceeding one-lnlf the value
ef the land covered, by the same as assess
ed for taxes; Mlid bond or bonds being
duly authenticated and deposited as
aforesaid together with the mortgages se
curing the san" as collaterals. Then and
in that event the Treasurer of the United
States shall issue, to the corporation so
complying, inttrtouvertable bonds bear
ing 2 per cent, interest payable semi
annually in the currency of the United
States. Provided that said bonds at the
option of the owner thereof when presen
ted at the Treasury of the Unite States
shall be exchanged at par for United
States Treasury notes, which shall be le
gal tender and receivable for dues, public
or private, except for those upon imports
into the 'United States. Provided how
ever in no case shall the Treasurer of the
United States issue bonds as aforesaid to
any corporation presenting securities as
collaterals which are based upon laud
which is owned by any person or persons
not citizens of the United States nor upon
land in excess of 1,000 acres the property
of one individual or corporation.
In presenting the foregoing plan for
distributing money from the 1 reasury of
the United States among the masses, the
writer would modestly claim for it supe
riority over any substitute he has seen of
fered for 'the Sub-Treasury plan. A se
rious object iou to the plan proposed by
ex-Senator Norwood and others, "t j make
the distribution through .the agency of
the States;" arises from the fact that the
funds would be used for partisan
ends even if distributed, through a system
of State banks.
Any financial measure to be acceptable
should be constitutional, equitable ' and
practicable. Granting for the .J sake of
argument (what the w riter does ''not be
lieve) "that the United States Govern
ment is prohibited by the Constitution
from making loans direct to individuals,"
no ma;: eov.I.l bring th?t a an objection,
to the plan suggested. The practicability
of the government basing its credit upon
a few ac res of land scattered here and
there may be called in question, but if
the number of acres be increased to thous
ands aud the same be bonded for 50 per
cent. oF their value as assessed for taxes,.
can any sane man deny to land so situa
ted its recognition as available capital, or
is there a statesman living, with the con
gressional precedents before him, who
w ill say that lauds so circumstanced Id
not an accept a le basis for a government
loan? The plan is equitable, not disturb
ing or encroaching upon the rights of
others and is no more "class legislation"
'nor ."paternalism" than that recommen
ded by the National Rankers' Association
of depositing corporation bonds of cities
aud railroads with the Treasurer of the
United States as securit-, upon which
the government shall loan its credit to
the corporation depositing them," in or
der to float their bank paper currency,
but is-a "great deal safer, because cities
may be burned down or pass under the mu
nicipal control of factions who may loot
their treasuries and destroy the value of
its real estate, thus rendering the bonds
worthless, but land can neither be burned
. up or made away with, which constitutes
it the very safest basis for securing loans.
As to the practicability and availabili
ty of the plan the writer would submit
that no sensible man doubts the safety of
land security, but objects to i because of
its want of availability, being properly
hedged about by the statutory enactments
of the States in which it lies, it is a secu-
ty v.uich cannot be readily realized
upon, hence with the trading world it is
in disrepute as such. This objectionable
feature s at once eliminated by the fore
going plan. As an illustration say indi
viduals A. B. C. D. E. and others desire
to organize a stock company for banking,
merchandising, manufacturing or enga
ging in anv other industrial enterprise,
with a capital of $100,000. Now A, and
B.'s wealth consists iu monev and, they
subscribe to amount of $50,000 and pay
in the cash.but-C.D.E...and other's wealth
consists in land which in the aggregate'
amounts to $50,000 at one half the value
as assessed for taxation, upon which basis
they severally mortgage their land' to the
company in payment, for their respective
subscriptions aud like A. and B. receive
their certificate! of stock. The company
desiring to convert all of its assets into
money executes its bond for au amount
equal to the sum of said mortgages and
deposits the bond and mortgages as col
lateral security with the Treasurer of the
United States'and receives in lieu thereof
United States interconvertible bonds which
are exchanged for Treasury notes thus
making the entire capital of the company
available, and C. I), and E. capitalize
their lands into dividend-bearing assets.
The plan is self-adjusting or inflexible,
for whenever a corporation at a certain
season of the year did not need its funds
it would be possessed of two ways of re
lieving itself of the redundency, either
by loaning the surplus at a low rate of in.
terest to its stockholders upon their , cer
tificates of stock as collaterals (many of.
them being farmers would be likely to
to need 'money to carry on their farming
operations about the time of the year a
surplus began to accumulate). Or if na
company it could return the surplus to
the Treasurer of the United States and
receive an inconvertible bond which
stops the payment of interest. The inter
convertable bond bearing the same inter
est (3 per cent.) as the corporation bonds
deposited by the company. This plan
would afford protection to the people
against trusts or monopolies, which owe
their existence to the scarcity of availa
ble funds on the part of producers and
consumers by enabling them to organize
co-operative associations for manufactur
ring or exporting their farm products and
thus fight trust with trust withthis different
end in view. Private trusts ignoring the
laws of supply and demand are operated
by a few individuals solely to enric h them
selves. Co-operative associations should
exist for the purpose of making an cquit
ble distribution of bene3ts between the
producer, consumer and manufacturer.
Courting for it the fullest discussion,
the "writer, modest! v submit his plan to
stand or "fall upon its merits. - ,
Guilford College, N. C. J. B. Smith.
another plan for relief.
Mr. Editor: The cotton crop is being
gathered, and the prices are so small that
the faces of the farmers have a sad, dis
turbed look. When odc meets another
the first question, after the usual friendly
salutations is, how are your crops, and
the common reply is, very good, but the
starvation prices of cotton makes me
sad, and if the good merchant that
advanced to me can't carry me over, I
shall have to let him take my home, and
the reply is, I am in in your condition,
and life is but little pleasure to me. I
sometimes wish I had never been born.
I have worked so hard this year and so
hopefully, for my crops responded so
cheerfully for every stroke of labor that I
gave it, and is there no rcmely for us?
and the reply is, none, unless the Nation
al Government, through the earnest so
licitation of the Alliance, will come to
our rescue. The reply is, that will not
be done, for the majority of our repre
sentatives are directly opposed to our re
medial plans. But, Mr. Editor, I, for
one, believe the needful remedy can be
gotten at our next National General As
sembly within thirty davs after its con
vention. The Alliance is a national or- '
ganization and therefore has its adher
ents in every State in this grand Union,
and suppose President Polk was to call a
natioual convention of the Alliance and
that convention was to select twenty of
its members from eai.h State, send them
to Washington City aud there let llieni
organize themselves into a eongris r
convention., as one may please to te u. ii,
elect a picsident, selecti their coinih in
formulate i lwi: plans, draft their r ''
tions, get themselves iu working coudi
tion, and then say, North, what is ntc 1
ful for jour reform; it is thus, let the
answer be, you can have it. The West
the same, the East the same, and when it
comes to our southland just afford us the
opportunity of holding our cotton for
two crops this crop and one more.
Draw such a bill as the different sections
require, take it iu a body to the Presi
dent of the Senate and demand a vote
upon it by that body. They are our ser
vants and will likely obey, and then take
it to the House of Representatives and
demand the same ; say to them we want
it as an experiment and if it does not
answer our requirements we will come in
two or four years and ask a repeal. Ex
treme or severe cases needs strong reme
dies, and if it can't be accomplished
without it, demand the passage of a stay
law for two years with the proviso that
the interest of the individual indebted
ness shall be paid. The creditor might
sav, "why that would ruin me." I
think not. Let his debtor deposit his
cotton with him as his collateral security
and the security could be extended from
one to another in such a manner that the
wheels of business would not be clogged
iu the least; and if the government Avould
inflate the currency to a liberal and legit
imate limit, the wheels of prosperity
would begin to roll and before the expir
ation of the first twelve mouths cotton
would command satisfactory prices and
other products the same, and we would
then have a prosperous and happy, nation.
We an kdow mat, iu price oi couon is
not regijjated by sjipply ud demand, for
there is 'one bilKou live hundred and
twenty-five million of people in this
world, and only, four billions of pounds
of cotton made per year, which is not
quite 2$ pounds per capita, saying noth
ing of what is manufactured into ronp
canvas, cotton bagging and many other
mpaes oi manuiacture. oo you see, Mr.
Editor, that it cannot be supply and de
mand. Fakmeh.
.......
President L. F. Livingston, of Geor
gia, lost his whiskers in Louisiana. He
tells how he escaped without further
damage in an interview in the Atlanta
Constitution :
After a long drive through
some of the laurel swamps we reached
a little village. I was tired and weary,
and felt ill at ease. Seeing the familiar
striped siga of a barber shop, I entered,
threw myself into a chair, directing the
barber to give mc a shave, and to trim
my whiskers. Under the soothing touch
of his hand " I became drowsy and fell
asleep. You may imagine my surprise
when I arose from the chair, and looking
into the mirror, saw a perfect reproduc
tion of my friend, ex-Governor Boynton,
of Griffin. I put my hand to my chin,
but it was no illusion it was as bare
as ever it was in my callow days. There
was nothing to do but to retire in dis
gust and trust to time for a reparation of
the damage. I am afraid to go home,
however, until some sign of a beard re
appears. '
. The Canadrau apple crop i3 estimated
OUR SOUTH ATLANTIC DEFENCES.
The Need of Protecting the Coast Line
From Cape Hatteras To Key West.
Washington, D. C, Special One
of the most noticeable recommendations
in the report of Gen. O. O. Howard, as
commander of the Department of the
Atlantic, is that Tybee Roads and Port
Royal Sound should be defended by
works on Hilton Head aud Tybee, Perry,
and St. Helena islands. With these
would be joined, of course, submarine
mines, and the navy in due time might
furnish torpedo boats.
Important steps have been taken for
the protection of the Atlantic coast from
Portland down to Norfolk, and new bat
teries at some of the more important
points have been begun for the reception
of guns and mortars now under construc
tion. But from Fort Monroe to Key
West the seaboard is at present defence
less. Tihere is not even a coast garrison
between the former point and Fernan
dina, so that in this respect the condition
of the coast is worse than before the civil
war.
If we look at the Bermudas, where
England has a strongly fortified naval
station and rendezvous, we find that the
distance thence to Wilmington is 674
miles; to Charleston. 772 miles; to Savan
nah, 884 miles; to St. Augustine, 869
miles.. North of -Wilmington the dis
tance from the Bermudas to the coast of
North Carolina even diminishes. Keep
ing in view the high speed now given
to war vessels, it is evident that a hostile
squadron, secretly assembling at tha Ber
mudas, which are connected by telegraph
with Halifax, but by no direct cabli with
the United States, could appear off our
South Atlantic ports after a comparative
ly short run. Coaling at the Bermudas,
it would have an ample supply left for
operations on our coast.
It must be kept in mind that we really
are not separated by the broad oceat from
the nearest possible European enenjy, but
only by a few hundred miles intervening
between onr ports and such stations as
Halifax and the Bermudas, or thf; various
West India islauds in foreign posession.
The recommendotion of Gen. Howard in
regard to fortifying the coast'l of the
Carolinas, Georgia, and Florida lis there
fore based on palpable facts." Tybee
island is at the mputh of the Savannah,
and works there would protect the river
and the city. Broad River audJPort
Royal Sound, a little to the Arth,
always regarded as waters of iinpy ince,
as shown by the Hilton Head exp Mtion
early iu the civil war, become ach" rnal
ly so from the new dry dock. n T Inder
rony t rue t tp, while thejp I sta
tion is s'isI"ow i.u valiij t sit
uation.
The Fortifications Beard of It
out on this coast, between Fort ""ft
and the Gulf, for. defence by peril
works, Key West, Charleston, tJ
Wilmington, and Cumberland. Sol
that order of relative importance.
Howard is said to have been strl
the expediency of mauuing For
son at the Dry Tortugas and yc
at Key West, now only in chart
geants as property keepers.
sites for two martello towers af
were selected. -The fortifk
posed for Key West are a turj
ing two 16-inch gun3, ten i
in barbette batteries, thirty-t
mortars, six torpedo boats,
ty of submerine mines. Th
proprialion estimated for thij
$3,406,500; for Charleston,
for Savannah, $2,244,000;
ton, $1,942,000; for Cumbed
sUcSo.uuu. it siiouui be stf
that some of these ports ou
coast be partly defended aj
squadrou by the interpositi
tions in the channels, so thf
pect their wants are not
those of more important h
North Atlantic coast.
An interesting proposal il
is to be made by a South
gresman at the coming sessl
a garrison iu Charleston ha
Moultrie. The proposition!
that for many years this ir
bor, the scene of great niilif
operations both in the Pevi,
civil war, has been.jMthon
0k. sP-Ue compaw-of artu
aeuoMTus iacK win be
there are modern guns to
not sooner, since Charleotor
in order of importance by
tions Board among the poi;
Fort Monroe until Key Wesi
Lieut. Gotti "Weds a B
A Ui-m (.. T .
Gotti, of the Italian arrnyji
In llw "Prinrcc "IVf-iiM! T..ll
Bathilda Caroline Jeanne .
Bonaparte, daughter of Prh
Charlts Bonaparte and d
Lucien Bonaparte, a brother
.Napoleon, liie .wedding
bv the presence of Italian
the officiating priest was Car
nonaparte, who is both a
Church and a temporal Prh
of the branch of the Bo.napai
the bride belongs. Piiuc
Charles, father of the bride,
ed rich in Italy, though 1
cut much of a figure in Lon
T 1. TT . 1 1 I
xoiiv. jic iuaue ine uriae-i
by the assurance of $5,000 h
careot nis wite with. There
gathering of Italian nobilitv
ents included gifts from Kin
and Queen Marguerite. It is t
of the King to bestow upon
a Wic of nobility, so as to
nearer in rank to his bride.
Too Much. Koast
i
Dallas, Texas, Spw-ial. 1-1
plant of the D;tllas Dies3cd'
PackiDg Company was cemsuinecf
THE NOTICE ON. THE DOOR
Which The Depositors Stand Around
And Read.
The following notice was posted on
the doors of the First National Bank at
Wilmington, N. C, last Wednesday
morning:
"In consequence of the stringency in
financial affairs and their iuability to
meet further demands, the directors of
this bank have decided in the interest of
all concerned to suspend business until'
further notice."
The officers arc iu the bank, every
entrance to which is closed, and it is im
possible now to get any statement as to
the condition of affairs. The capital
stock is $250,000. The last published
statement shows a deposit of $405,000.
An employee of the bank who is familiar
with its affairs expressed his opinion
to an Associated Press reporter that the
depositors would suffer no loss. Large
crowds gathered around the bank discuss
ing the situation, but the excitement is of
a subdued character and everything is
comparatively quiet. The Bank of New
Hanover and the Wilmingtou Savings and
Trust Company are not affected by the
suspension.
The board of directors have given to
the prrss the following official statement
concerning the suspended First National
Band. The causes which led to. suspen
sion have existed a long while Its capi
tal was impaired by heavy losses several
years ago, as is generally understood
from the fact that no dividends have been
declared since 1887. The directorrs
hoped that by careful management the
earnings of the bank would be sufficient
in a few years to cover these old losses,
but slow collections in consequence of tbe
general stringency prevailing in our sec
tion this fall, have compelled them to
abandon this hope and close the bank .to
protect depositors', as well as stockhold
ers, against further risk. Notwithstand
ing the shrinkage in many securities on
account of the general depression of busi
ness, it is hoped that the resources of the
bank, under prudent handling, will yield
more than enough to piy the depositors
in full.
LUGGING HOME GREEN GOODS.
Two Southerners Greatly Surprised
To Find Out "What They
Had Bought. .
A special from New York City says:
Big Policeman Peter Reen.who does duty
in the Pennsylvania Railroad depot in Je,
sey City, notice! two typical p
Siting IxwMSawlfccr n
THE "MANLY ART' IN COLUMBIA.
A. E. Gonzales Attacks a Newspaper
Correspondent.
Columuia, S. C, Special. Another
personal encounter, following on the
heels of last night's fights occurred today
in the state-house.
This time it was between A. E. Gon
zales, general ageut of The State, and M.
F. Tighc, correspondent of the Charles
ton News aud Courier.
Gonzales approached Tighe and, pro
ducing a copy of the News and Courier,
read therefrom a portion of Tighc's ac
count of the fights, which he denounced
as a lie.
I'pou repeating it, Tighe struck him.
Gonzales responded by hitting Tighe
under the left eye, cutting a gash, which
bled profusel)'. The two men then
clinched and rolled over ou the floor,
Gonzales being on top. Both men fough
"gamely" for several minutes. Finally,
when they had both got up, Tighe said :
"You are my physical superior, but I'll
fight you iu any way a gentleman ought
to fight, and I challenge you now."
Gonzales replied that Tighe could get
all the fight he wanted out of him iu any
way he desired.
The row occurred just outside the door
of the hall of the house of representa
tives, whilst that body was in session,
aud many members rushed out to the
scene. Shortly thereafter Representative
Burns brought the affair to the attention
of the house,but action was postponed.
The Opening of Columbia's Great
Canal.
"Hail Columbia' might have been
said or sung by every citizen of South
Carolina the other day, for the gates of
the iocks of the canal that had been long
the deferred hope of their capital c ity
were opened in the presence of thousands
of people, and 13,000 horse-power" was
made available for the industries that
will soon be established.
Au expenditure of $1,000,000 that for
long has seemed to be a dead loss will
now contribute to Columbia's prosperity,
and while the city has no coupons to c ut
statedly as representing the interest on
that investment, it will soon have some
thing worth much more in the form of
permanent industrial enterprises that will
add thousands of wage-earners to her
population and add. in: a multitude of
ways to that fair city's prosperity.
There has been for years a deal of sen
timental talk about union between Mas
sachusetts aud South Carolina. Colum
bia and Boston have done away with any
further nonsense of that kind by combiu-
""'sri "tm inn;til in the
LORD LYTTON'S PEATII.
Frenchmen Regret tho Loss of tho
Diplomat. His Literary
Attainments.
A cablegram from P;ui; says: The
death of the earl of Lytton, British am
bassador of Frame, has caused the most
profound regret iu this "city. All tho
papers publish aitich-s on the dead dip
lomat, aud all speak in the highest terms
of his great advic e to his country. Tin
papers pay high tribute to the earl's lit
erary attainments, and they all concur in
the opinion that in his death Prance has
lost a sincere friend.
In an article on the late earl, published
by The Eveuement, that paper says tho
presence oi ine can oi iauoii in raris
was a more reas.surinr liledc: of neaco
than all the protests made; by the cabinet
oi ;m. .jamcs.
It has been practically decided that
the remains of the late carl of Lytton, the.
Biitish ambassador to France, be interred
at Keuilworth, Hertford, England, i.s
siion as the necessary arrangements c au
be made.
At the request of the dead poet-diplomat,
no flowers will be placed upon his
coffin, and, in all other respects, the fun
eral will be of the most simple descrip
tion. There is no doubt, the friends of
the dead man say, that .the earl's death
was brought about, directly or indirect
ly, by the sanitary condition of British
embassy.
BURNED TO DEATH.
And the Crime Was the Result of
a Conspiracy.
IUleiou, N. C, Special. News
from Wilkes county states that a torrible
crime was committed there. An aban
doned woman twenty years old, named
Cynthia Hoffman, camped out with Co
lumbus Daucy, her brother-in-law. They
feil asleep,. and when .thc"3waRened her
clothes were on fire. """
She ran several hundred yards to a
house, but was horribly, burned and died
Tuesday night.
The coroner held an inquest, ' and the
verdict of the jury was that the woman
came to her death at the hands of assas
sins, a conspiracy having been formed to
kill her by Columbus Daucy anil P.hett
Dancy. It appeared in evidence that
these men had threatened to kill her.
Lum got her out that night. She caught
on fire some distance from the fire, the
leaves not being buriic 1 between her and
the fircJjum would.,. not attempt to
V after it cat
other safe investment was open to uie
. at 1,000,00'.).
in the night. Loss, $200,001) ; ia-j