Savannah morning news. [volume] (Savannah) 1868-1887, 1885-12-27

I Silver Coinage the Leading Question.
Doubtless many Congressman will &C.
cupy their leisuee time during the hOli-
days IN studying the silver question. 1t
is alresdy recognized as the most impor-
tant question that will engage the atten-
ton of Congress this winter. The dis
: cussiOn Of il may not be delayed very
/ long after the holiday recess. The coun-
/ try is too anxious to know what kind Of
silver legislation may reasonably be ex-
pected to admit OF very great delay.
II is, OF course, impossible to predict
with any degree of certainty the shape in
which the question will be presented. 1t
may be presented differently in the two
Houses. The first thing that the Senate
will do In the matter probably will be to
invite the Secretary Of the Treasury TO APP
pear before its Finance Committee. and
give his reasons for not calling in bonds,
and for not making greater efforts to put
silver dollars into circulation. That he lie
well prepared to answer any questions
which may be asked him is shown by the
very able manner in which be discussed
the financial affairs OF the government in
his annual report. He will not only have
the results OF his observations since he
became Secretary to assist him in en-
tightening the committee, but also the
assistance Of the ablest fnanciers of the
country.
In the House Mr.. Warner doubtless
will take the first favorable opportunity
to bring the silver question before that
body. He is the recognized leader Of the
silver advocates, and is perhaps as we'll
informed with respect to Cheir views as
any man in the country.
What adds to the interest in this silver
issue is the certainty that the administra-
ton Is opposed by some of the ablest of
the Democratic Senators aud Representa-
tiyes. While Senator Beck is a man who
thinks for himself, and who does not hest
tate to speak what ne thinks, he would
not have criticised the President and Sec
rotary OF the Treasury so harshly perhaps
in his late speech, if he had not known
that his views with respect to silver we're
entertained by very many Democrats in
both branches Of Congress. He had taken
leading Democrats before he made up
his mind to assume the aggressive tone
which characterized his speech.
1t is somewhat remarkable that in this
controversy, which promises to be a
memorable one, some OF the ablest Of the
Republican Senators and Representatives
will be found defending the position OF the
administration. They will not support
the administration on account Of any good
will they bear it, nor because they think
they STE a chance for breach between
the President and faction of Democratic
Congressman, but because their convic-
ions are against further coinage OF
silver at the present time.
Not the least important thing In con-
nectlon with this approaching debate is
the fact that it will be followed closely
and with the deepest interest not only in
this country but in all commercial coun-
tries Of the world. So closely are CON-
mereial countries connected, and so de-
pendent on each other are their interests
that the action Of Congress with respect
to silver will be felt on the other side of
the ocean as we'll as on this.
One of the arguments that are used to
influence the South in favor of silver Is
that the Southern people are deeply in
debt, and That a free coinage OF silver,
by making mopey plentiful and cheap,
will assist them greatly IN meet
ing their obligations. This means
nothing more nor less than that debtors
ought to cheat their creditors out Of a
part of what is due them il they can do
so without violating any law. The silver
dollar Is now worth eighty cents, and if
silver coinage is continued at the present
rate, and the produc ion of silver in
creasss as it now promises to do the sll-
yer dollar may be worth much less than
eighty cents a year hence.
But there is one thing that the South
should not forget, and that is. that de-
prsclated currency must be obtained be-
fore it can he spent, and that under the
changed conditions that will result from
a continued coinage of silver, it will lie as
difficult to accumulate deprecated money
as it now is to accumulate honest money.
The purchasing power of silver dollar
will not be anywhere near as great as 1t
is now. The ability to pay debts, there
fore, will not be greater than it is at pres
emit. There is another thing that is I'M
portant to remember. 1t is that a very
large percentage OF the silver dollars
which are in circulation is in the South.
These silver dollars cOst the South their
face value in gold. IL congress refuses TO
suspend silver coinage, these silver dol
!ars will, in all probability, be worth only
their bdllion value, and the South will
suffer to the extent of millions OF dollars.
II is not easy to see, therefore, how the
South is to be benefited by the free coin
age of silver.
The Councils Difficulty.
There is reason for thinking that the