Savannah morning news. [volume] (Savannah) 1868-1887, 1885-09-29
The Silver Problem.

The Silver Problem.
II congressman follow closely the dis.
cussion OF the silver question that Is now
going on in the newspapers and at conven-
tons, they ought to be pretty wen pre-
pared to actupon it soon after congress
meets. 1t is the leading question Of the
day, and promises to grow in Importance
as the time for the meeting Of congress
approaches.
The indications are accommodating that
public sentiment Is strongly in favor OF
stopping the further coinage OF silver.
Even the journals that have all along
! been the persistent advocates Of It now
| seem disposed TO admit that the danger
| point has been reached. and that 10 stop it
would be an act Of wisdom.
The silver organs nave commended that
the South and West were strongly In favor
Of a continuation of silver coinage. They
based their belief upon the fact that in the
last Congress the supporters Of silver were
! chiefly from the South and West. There
is not much reason TO doubt that Southern
Congressman who favored oliver in the
last Congress did not represent Southern
sentiment on the silver question, and it Is
probably safe 10 assume that the number
Of them who will favor silver next winter
will be much smaller than it was last.
The Chicago Tribune has been one Of
the most persistent and aggressive OF the
Western journals In the advocacy of sill
YER. 1t would not admit that there was
any doubt that the West was strongly in
favor Of continued enforcement OF the
silver coinage law. A few days ago it
published an editorial article in which &c
summed up Is conclusions from impress
sions obtained from many hundreds of
letters received from correspondents in
ten Western and six Southern States. In
this article it said:
Many who were earnest advocates OF
the recommendation OF silver now think it
would be prudent to suspend the coinage /;
out it is clear that anything like the de-
mOnetizatiOn of silver or its permanent
withdrawal from circulation would excite
widespread opposition. In the South and
West, at least, the people are well salts
fed with the silver dollars, and while
there is a growing disposition among
prudent men to favor a suspension of the
coinage for a time, it is plain that no such
result can be brought about by arbitrary
measures enforced without regard to pub
lie opinion. The public mind is appar-
emily in that state where the people may
be persuaded as measure of prudence to
consent to a suspension Of the coinage, or
by means of war on silver they may be
aroused to resist every change.
An admission like the above, from 80
pronounced an advocate of silver as the
Tribune is, means great deal more than
it would seem to mean at the first glance.
1t means that it has been discovered that
not only the North has enough of silver,
but that the South and West have all they
want Of it for the present
The conventions which have been held
in the Northern States this fall. Demo-
cratic and Republican, have spoken very
emphatieally against silver. The Demo-
cratic convention in New York last week
demanded the repeal of the silver coinage
act, and pointed out that the government
was losing several millions of dollars an
nually in interest by buying and storing
silver, instead of applying the money to
the payment of the public debt.
The full text of the bill that Congress.
man Warner proposes to introduce into
Congress next winter is now known. 1t
is substantially what has been published
time and again. His plan is to stop
the coinage OF silver and permit silver
bullion to be deposited in the United
states Treasury to any amount on which
"bulliOn certificates" expressing an
amount Of money equal to the market
value of the bullion deposited shall be
issued to the depOsitor. These certificates
are to be new kind of currency. When
the holders of the certificates want their
bullion they may present their certificates
ut the Treasury ana get it at its market
value. IL it is lower in price than when
they made their deposit they get more
than they deposited, and if it is higher
they get less.
1t can be seen readily that the bill is
open to grave objections. 1t is doubtful
whether it is constitutional; 1t provides
Tor a currency that would have an uncer-
tain value, and it would AFFORD speculators
an opportunity to rob the government Of
millions Of dollars annually. The specu-
lators could manipulate the silver market
Just as they now manipulate the grain
and cotton markets. They could make
heavy deposits Of silver and then depress
its price and draw from the Treasury
vastly more than they deposited.
The fact that Mr.. Warner, the leader OF
the silver men, has prepared such bill
Is significant, because it lie an admission
by the silver men that the coinage OF sill
yer has become dangerous, and that Con-
gress is pretty certain 10 stop It. What
they want DOW is 10 get the best terms
that they can. They ought not, however,
to be granted any terms. There ought to
be no such thing as a compromise. The
silver coinage act ought to DO repealed
without any concessions whatever.
An Unsought ONCE.
1t is noticed as q somewhat remarkable
fact that there does not seem to be any