Savannah morning news. [volume] (Savannah) 1868-1887, 1886-01-22
Senator MorriIps silver speoch.

The statement Of Senator morrill, in his
speech on the silver question, on Wednes-
day, that he knew of no party and no
combination OF individuals who wanted
TO demonetize silver, robs the arguments
/ OF Senators Beck and Brown, and others
who favor the continued coinage
OF silver, Of whatever force they pos
sess. Being chairman OF the Senate FL
nance Committee, he would, in all proOa-
bilitY, know it if there were anybody who
was advocating the decentralization OF
silver.
The silver men are forced to assume
that there Is a purpose on the part OF
somebody to drive silver out of clrcula-
ton, in order to make basis for their ar
guments. Withouttbis assumption they
would have to be silent unless they boldly
avowed their real purpose, which appears
TO be to force the country TO silver
standard, They don't dare to admit, how
ever, that they want silver standard,
because such an admission would be un-
popular.
The only proposition that has yet been
made Is that by the President in his mes
porary suspension of the coinage of the
silver dollar. Where in this proposition
do the silver men lind the purpose to de-
monetize silver? If not in the President S
proposition where do they ind it? 1t
would be well for them to answer these
questions at once.
AS matter of fact, is there not pur-
pose 10 demonetize god instead of silver;
Is 1t not the purpose Of the silver men to
drive gold out OF circulation and make
silver the standard OF the country, and
are they not trying to hide their purpose
by vehement assertions that there Is a
purpose on the part Of somebody to de-
monetize silver? What are the facts?
The best informed tnanciers in this coun-
try and Europe are Of the opinion that If
there Is not a suspension OF the coinage
OF the silver dollar that gold Will soon be
at a premium. What viii be the result?
Senator's Morrill, and Mcpherson both
showed IN their speeches that bad money
always drives the good ont OF circulation.
Silver, being a deprecated currency,
would speedily drive gold out of circula-
ton. Is it not fair to assume, therefore,
that the purpose of the silver men is to
force the country to a silver standard:
Neither the President nor those who
agree with him on this silver question de-
sire to demonetlze silver. Their pur-
pose is to keep silver in circulation at
its face value. They want to maintain such
a relation between gold and silver that
they Will circulate together, and that a
silver dollar Will command gold dollar.
IT, order to do this they believe that the
coinage of silver dollars must be stopped
until the millions Of dollars of silver now
piled up in the Treasury vaults can be put
into circulation. Their position has the
support of about all OF those who give
financial problems careful study, and who,
therefore, are qualified to speak intelli.
gently with regard to them,
1t is true that the silver men insist that
the reason silver stays in the Treas
ury is that no great effort is made to put
| it into circulation. But is this true? Has
not the Secretary of the Treasury stated
/ that he has done all that it was possible
| for him to do, without causing gold and
silver to part company, to put all the sill
yer which is coined into circulation, ana
that he has failedg The assertions of the
silver men that the country is ready to
/ take hundreds of millions more OF silver
| dollars, and that there is no danger that
gold viii be driven out of circulation, are
unsupported by facts. The Secretary OF
the Treasury is better authority than they
are. Silver certificates find their way
back to the Treasury through the custom
houses as fast as they are paid out, and
whyg Because they are not worth what
they pretend to be, and there is desire to
get rid of them as soon as possible.
The only hope for free coinage OF silver
is in an international ratio. If the ma
tions OF Europe would agree with this
country upon ratio, the coinage of sill
yer might be continued without any ap-
prehensiOn Of the dangers which come
from deprecated currency. There is
not much hope Of securing such a ratio,
however, as long as this country contln-
ues the coinage of silver, because such
coinage affords England and other Euro
pean countries the opportunity to force
apOn this country an inferior kind OF
money, the value of which they control.
A suspension of silver coinage would
greatly increase the chances OF the adop-
ton of an international ratio.