Savannah morning news. [volume] (Savannah) 1868-1887, 1885-01-26
SILVER AT A DISCOUNT.
The GLUT WORRYING GOVERN.
MENT OFFICIALS.

Immediate Remedial Legislation Con :
sidered ImperatiYe-BOstOn's Obiec-
uon to Government Payments Being
Made on the silver Easis-Secretnry
McCullOch ApprehensiVe of Bad Re-
suits from Discrimination
W AsHINGTON, Jan. 25.-It has been founa
utterly impossible TO induce Congress to see
that unless relief is Immediately fortheo,nin,-
the glut of silver and the over coinage of tb,,
silver dollar Will lead to very serious results
in business and financial circles. Only a few
days ago New York bank sold silver certid-
Gates at discount The silver eranks in
Congress laughed and said that the sale was
only made Tor scare. Yesterday the United
states Treasurer received a letter from the
sub-Treasurer in Boston calling his attention.
to the serious inconvenience, embarrassment
and loss suffered by the business men Of
that city at the present time on account of the
apparent discrimination against Boston In
the use Of silver certificates for the DaVmenl
of the government indebtedness there th,
general facts stated IN the letter were preyi-
ousiy Ia The possession of the departments, but
Mr.. Nyman thought best to lay the matter
before the eecretary at once, and a consuta-
uOn was called by Secretary McCulloch at
which he, \ ssistanG Secretary Coon and Mr.
NYman talked the matter over. Subsequent
ty. lE conversation with the NEWS correspond
ent Secretary McCullOch said that the matter
contained IN Mr. Hayen's letter would receive
the serious consideration of the department
1t was true that Boston was placed at a dis
adVaBtage at the present time by reason of
the use OF silver certificates. He did not
know what could be done TO relieve the diff
Guilty.
MIR. MCULLOUGH'S FEARS.
Upon the general subject of silver and sill
yer certificates, the Secretary said that he
mad always been apprehensive that the busi-
ness men would gradually discriminate
against SILVER and silver certificates, and in
favor of the gold currency, thereby bringing
about the difference between them which
would result IN bringing the whole country
to silver basis. He sald II do
not think that there is reason
for apprehending any serious trouble just at
present, but | cannot say that l do not feel
that there may be great trouble before tho
next session Of Congress unless we have reme-
dial action Immediately"
Late in the day Mr.. McCullOch gave direc-
tiOns to the Treasurer to make arrangements
which he thought would give relief to the
Boston people. The discrimination COM
planned of is that while in New York the in
debtedness of the government to the Clearing
House Is settled only in gold OF legal
tender notes. In Boston and other
cities all government debts are paid IN
whole or in part in silver certificates.
While the officials of the Treasury attempt
to create the imp essiOn that they do not
anticipate any alarming condition of affairs,
even II Congress neglects TO legislate, it is
evident from the guarded manner in which
they speak on the situation that they fear the
silver glut may lead to a great deal of
embarrassment Some of the most astute
inanciers in Washington predict the depreci-
alton of silver certificates to q figure some
thing near their intrinsic value, unless Con-
gress takes action. 1t is conceded that the
suspension of the coinage law for a brief pc
ROD would afford the necessary relief, but no
one expects that the controlling party in the
House can be induced to see the absolute ne
cesslJy OF action until financial panic is
upon the country.
BEN'S BURIED BOMBAsT.
1t Is said that after the late campaign had
ended that Ben Butler prepared very bonn
bastic Address to the People," in which his
were rOundiy berated, and the
causes Of his defeat were set forth. The ad-
vice of Editor Dana prevented its publication
at the time, it is said, but it may be promul-
gated should an occasion deemed sufficient by
Butler arrive.