Savannah morning news. [volume] (Savannah) 1868-1887, 1886-03-21


deal had been said aboutth stock iobbers
of Wall street. If there was one thing
they delighted in, it was luctuating
money market. The great fortunes OF
wall street had been made almost en-
tirely when gold was at a premium, and
when the business of the country was
conducted on a fluctuating currency.
That mad been the heyday Of millionaires.
Referring TO the difficulty OF getting the
standard dollar in circulation, he said
that the history of mankind did not show
that good money required any power be-
hind 1t. 1t went on its own merits.
sILvER's LEGAL VALUE.
The legal value OF our silver dollar over
the real value was maintained only by act
OF Congress. 0ne-tifth of its value rested
upon the act of Congress, and the only
assurance the people had that this fictiti-
Gus value would continue was found in
the hope that Congress would continue in
the same mind that it was in 1878. If
Congress should ut any time withdraw
the legal tender function OF silver down
it would at once fall to its real value and
every citizen of the republic VINO had sill.
yer in his pocket would, in the twink
ling of an eve, find that it had fallen
twenty cents on the dollar.
THE TRADE DOLLAR EXPERIENCE.
Had such thing ever been? In 1878
the trade dollar had been made legal ten
der for any sum not exceeding So. In
1876, when Is, 100000 of these dollars had
gone into the pockets of the people, Con-
gress had deprived them of their legal
tender qualities. The Treasury refused
to receive them and they were worth only
shout Soc. The government was in the
peculiar condition OF receiving at the
Treasury dollar containing 4l2IS grains
and repudiating another containing 420
grains. 1t multiplied its Inferior coin at
the rate of$20, 100000 year and refused
to recognize its better money, coined out
OF exactly the same metal.
ACCUMULATION NATURAL.
Was it any wonder that people were
slow of taking the standard dollar, when
they realized that One-tifth OF its value
rested wholly on the action of Congress?
Those who desired to see the country en-
ioying stable currency could not be
blamed il they insisted that the people
should be provided with a coin which was
what it pretended TO be and depended for
its value or what was in it, and not on
the varying notions Of an ever changing
Congress. The poor people We're entitled
to as good dollar as anybody, and If his
vote would give it TO them, they should
certainly have it.
DESIRE OF THE PEOPLE.
He believed that If the great body of the
people of the country apprehended the
facts connected with this issue and under
stood what was being done in their name,
they would repudiate the whole thing as a
sham and humbug. He then wept on to
discuss the policy OF Great Britain which
he declared was the richest nation on
earth, and said In conclusion ''How has
England achieved this most envi-
obIa r1Acitfnn9 fnIx hxy
the coinage OF silver, for she has not in
dulged in that for near century, and
while our friends say that England has
grown enormously rich on a wrong nnan-
cial policy, still If we can bring these
United States to the same condition as
the mother country, have all nations
debtors to us, and conduct our entire pe0-
pie to that contentment and happiness
that comes with prosperity and wealth, ],
for one, will not dlsdain TO follow her ex-
ample.
AGLoRI0Us RESULT.
That would be indeed a glorious result,
worthy the noblest ambition of statesmen
and patriots, and toward the accomplish
ment of which / would count myself hap
py in being able to render the slightest
aid; for | most desire of all worthy things
to contribute something during the years
of my active manhood to the true develop
ment of this great country aud to the i'm
pr0vement and ameliOratIon Of the condi-
JIon of that generous people who have
chosen me TO this high office, and with
whose good name l shall be proud to have
mine associated as long as anything said
or done by me shall be remem bered among
the sons of men. Applause.
VIEWS OF ONE OF THE COMMITTEE.
MIR. Bynum, OF oCIndiana, member of the
Committee on Coinage, Weights and
Measures, supported the minority report
which fayors the passage Of the free COIN
age bill. P0ssessing,a as he did, the greatest
confidence in the integrity and patriot
Secretary of the Treasury, he
he could, to support Their views and up
he was compelled to dissent from the
views presented in the message of the
President and the report of the Secretary.
Commenting upon and sustaining the
original act, he declared that had the
spirit and intention OF that law been hon.
estly carried out it is more than proba-
Bile that the problem would
have been settled long ere this,
either by free coinage or by suspension.
But the administration of the law had
been in hostile hands and the effect of the
policy followed only tended TO further de-
preciate the market value of silver
bullion.
Mr.. Stone. of Missouri, announced him
self in favor OF any measure which would
tend 10 restore silver 10 an equality with
gold. The House then adjourned.