Savannah morning news. [volume] (Savannah) 1868-1887, 1885-12-09


/ strates that the point Is easilyreached, In the
| attempt to float st the same time two sorts OF
money OF diffe gcut excellence. When the bet
( ter VIII cease to he in general clrculatlon.
/ The hoarfiuC pf gold, which has already
taken place, indicates that we shall not es-
cape the usual experience IN such cases 80
4 n this silver coinage be continued we may
reasonably expect that gold ana its equlya-
lent Will abandon the field OF circulation TO
silver alone. Thi7, 81 course, must produce
a severe contraction of our clIeu-
lating medium, instead ef AIDING
To 1t. 1t will not be disputed that any al
tempt on the part of the government 10 cause
the circulation Of SILVER dollars worth NJ
cents side by side with gold dollars worth 100
CENTS even within the limit that legislation
does not run counter to the laws OF trade, 70
be successful must be seconded by the conn-
dence Of the people that both coins VIII retain
the same purchasing power and be inter
changeSble az WILL
EFFORTS 70 FLOAT SILVER.
special effort has been made by the Sec
rotary OF the Treasury 20 increase the amount
OF our silver coin IN circulation, but the fact
that large share Of the limited amount thus
put out has soon returned to the public treas
ury in payment of duties leads 10 the belief
that the people do not now desire TO
keep 10 in hand and this, with the evil
dent disposition to hoard gold. gives
rise to the suspicion that there already exists
lack OF confidence among the people touch
ing our financial processes. There Is certain
ly not enough silver now in circulation 10
cause uneasiness, and the whole amount
coined and now on hand might. after a time,
be absorbed by the people without apprehen-
sion, but II is the eeaseless stream that threat
ems TO overflow the land which causes fear
and uncertainty. What has been thus
far submitted upon this subject
relates almost entirely to considerations OF
home nature unconnected with the bearing
which the policies of other nations have upon
the question, but IL is perfectly apparent that
line of action in regard to our currency
cannot wisely be settled upon or persisted in
without considering the attitude on the sub
ject of other countries with whom we main
tain intercourse through commerce, trade and
travel.
PROOF OF THE FACT.
An acknowledgment of this fact is found in
the act by virtue of which our silver is COM
pulsorily coined. 1t provides that the 'Presl-
dent shall invite the governments of the
countries composing the Latin union, So
called, and Of such other European nations as
he may deem advisable, to join the United
States in conference to adopt common
ratio between gold and silver for the purpose
of establishing internationally the use of BIZ
metallic money and securing a hXity of the
relative value between these metals. This
conference absolutely failed, and a similar
fate hasiawarded all subsequent efforts in the
same direction, and stlll we continue our coin
age of silver at a ratio different from that of
any other nation.
THE ACT IMPERATIVE.
The most vital part of the silver coinage act
remains imperative and unexecuted, and
without an ally OF IrienQ we Dastle upon the
silver field in an illogical and losing contest.
TO give full effect to the design of Congress
on this subject / have made a careful and
earnest enueavor since the adjournment of
the last Congress. To this end | delegated a
gentleman well instructed in fiscal science
to proceed to the financial centres Of
Europe and in conjunction with our ministers
to England, France and Germany to obtain
full knowledge Of the attitude and intent of
those governments in respect OF the establish
ment OF such an International ratio as would
procure free coinage OF both metals at the
mlnts OF those countries and our own. By
my direction our Consul General at Paris has
given close attention to the proceeding of the
Congress Of the Latin union in
it's objects and to report Its action.
II may be said in brief as the result of these
efforts that the attitude of the leading powers
remains substantially unchanged since the
questioned that the views of these govern
ments are in each instance supported by the
weight OF public opinion.
UsELESSNEss or THE ATTEMPT.
The steps thus taken have therefore only
more fully demonstrated the uselessness of
further attempts at present to arrive at any
agreement on the subject with other nations.
In the meantime we are accommodating silver
coin based upon our own peculiar ratio
to such an extent, and assuming so
for in any international negotiations as will
render us an undesirable party TO any future
o a
niticant fact that four of the five countries
composing the Latin union mentioned in our
coinage act, embarrassed with their
silver currency have just COM
pleted an agreement among them
selves that no more silver shall be coined
by their respective governments, and that
such as has been already coined and In circu-
lation shall be redeemed in gold by the coun-
try of ite coinage. The resort to this expedi-
ent by these countries may well arrest the at
tention OF those who suppose that we can sue
coed without shock or injury in the
attempt to circulate upon it's merits all the
silver we may coin under the provisions of
our silver coinage act The condition in
which our Treasury may be placed by a per-
sistence in our present course is a matter of
concern to every patriotic citizen who does
not desire his government to pay in silver
such Of its obligations as should be paid in
gold.
INTEREST PAYMENTS JEOPARDIZED.
Nor should our condition be such as to
oblige us IN a prudent management of our
affairs to discontinue the calling in and pay
ment of interest = bearing obligations
which we have the right now to dis
charge, and thus avoid the paymeRt
debtor class, for whose benefit the continued
compulsory coinage of silver is insisted upon,
are not dishonest because they are In debt;
and they should not be suspected Of a desire
to jeopardize the financial safety of the
country in order that they may cancel their
present debt by paying the same in deprecia-
btu IOiidiHs NUT slloNlh ~ De forgotten LN6J
it is not the rich nor the money lender alone
that must submit TO such a reimbursement en-
forced by the government and their debtor,
the pittance OF the widow aud the orphan
and the incomes Of helpless henefcaries of
all kinds would he disastrOusly reduced. The
depositors IN savings banks, and other IN
situations which hold in trust the savings Of
the poor, when their little accumu-
lations are scaled down TO meet the
new order Of thlngs, would in their distress
painfully realize the delusion of the promise
made TO them that plentiful money would
improve their COndt ton. We have now on
hand all the silver dollars necessary to supply
the present needs of the people. ana 10 satisfy
those who from sentiment wish to see
them in circulation, and If their coinage il
suspended they can be readily obtained by all
who desire them. II the need Of more is at
any time apparent their coinage may be re-
newed.
DISASTER ALWAYS IMMINENT.
That disaster has not already overtaken us
furnishes no proof that danger docs not wait
upon a continuation of the present silver
coinage. We have been saved by the most
careful management and unusual expedients
by a combination Of fortunated conditions,
and by confident expectation that tho course
of the government in regard 10 silver coinage
Congress. Prosperity hesitates upon our
Threshold because Of the dangers ana uncer-
families surrounding this question. Capital
timidly shrinks from trade, and investors are
unwilling to take the chance of
the questionable shane in which their
money will be returned to them, while
eferDrige hglts. q riFk against which cara and