Savannah morning news. [volume] (Savannah) 1868-1887, 1886-01-12
>PUGH'S PLEA FOR SILVER
A POINT MADE ON THE SOUND
NESS OF OUR CURRENCY.


leaning OF the South Toward the Bi-
Metallic BRsis-A MonOmet@llic Foun-
dation Declared to Mean Bank Monop-
olv-No Gold standard Country Keep
y ing Pace with tho Double Standard
United states.
WASHINGTON, Jan lin the Senate
TODAY Mr.. Pugh called up Mr.. Becks
silver resolution and addressed the Sc
nate on it. With the aid Of all the learn
ing in the world, Mr.. Pugh said, the
orpatest statesmen were still graphing
with the money question at precisely the
came point at which they began to CRAP
ME with it. So far as the United States
we're concerned there had never been Il
timewhen our paper or metallic currency
had been so sound and healthy as it was
today. This condition OF affairs and the
premium on our bonds constituted a
grim satire on the prophesies of the op-
moments of the legislation hitherto en-
acted by Congress on the money ques-
'tsion. Nothing was more to be desired,
Mr. Pugh thought, than tl99 banks, bank;
ora and the Federal Treasury should
stand aside and allow the Gresham law to
shave full and tree operation on our silver
4 currency.
u THE PRESIDENTS STAND.
Hehad much confidence in the pTacti-
E sal sense, sound Judgment and integrity
of President Cleveland and his devotion
n SO constitutional principles, but many
a Democrats would differ with the President
. on the money question and on the details
affecting the tariff These questions were
so tar-re aching and comp lcated IN their
operation as not 70 be capable OF maj So
n ttion. satisfactory to all honestInquiries.
de Mr.. Pugh }, had given the Presidents
message much consideration but was con-
strained to differ with him with regard to
"A money. MIR. Pugh quoted figures from
/tbe New York Clearing House to show
that only about 80 per cent. Of the Clear
Eng House transactions were represented
by cash, the remainder being made up
I. principally Of checks.
THE REAL POINT INVOLVED.
Congress- was confronted, he said, with
an official announcement that our busi-
81 ness relations had reached a crisis in
which we must suspend the coming Of
silver till we could secure an internatfOn-
.1 81 ratio between gold and silver. The
IA real point involved MIR. Pugh believed
E so be not the suspension, but the total stop
qNge 81 silver coinage, and if silver com
age were suspended now 1t would be
bOw that would directly and speedily
lead to the coR f-s.'s .atiOn Of an organized
causpiracy Of capitalists to secure abso-
a lQta control Of all our currency and regu-
Ia alton of its volume. and consequent puc-
Il chasing power Mr.. Pugh believed he
spoke for the Southern people when he
g sad that three-fourths OF them would to-
& day, it an opportunity were given, vote
IN against the proposition to suspend silver
coinage. Petitions that came to Congress
ayoring the suspension were all on
& printed blanks and signed mainly by
laRkaTs.
CRITICIsING THE RULERS.
Mr.. Pugh criticised the arguments of
the Secretary OF the Treasury and of the
President. He inquired whether we were
20 take the mere dictum OF the President
on this matter, and insisted that execu-
tive officers were under obligation to en-
force the laws Of Congress. Why had
those laws been hourly violated? Had
Congress abdicated its powers TO the eX-
ecutive department Of the government? !?
The National Banks, who were the fiscal
a ents of the government, should not,
Nr. Pugb thought, have been allowed to
become members Of the clearing house
tnat discredited the silver certificates Of
ihe government.
THE LAW EVADED.
The National Banks had evaded the
Jaw OF Congress by agreeing that they
NTould not offer silver certificates to the
earring House, and therefore none had
been actually refused by the Clearing
House. A newspaper, be said, had
Rquarelv defended the evasion. Why
Hsas silver opposed by the National
Banks? Because silver was the only
nedium OF cur currency which they could
No control. "StOp the coinage of silver"
M i.d Mr. Pugh, land those banks will be-
come absolute monarchs Of all they sur
-" The opinion OF James G. Blaine,
continued, would have influence with
home. He read from remarks made by
10 Blaine while in Congress, to the f.
~ that the esta abliehment OF mOnome-
ic gold standard would be Injurious to
r industries and the commerce OF the
H.t-d states, and that the United states
p not wisely treat silver as European
i .utries did. Both metals, Mr.. Pugh
th 'sted, were necessary IN order TO cOuu-
8ract the constant tendenov OF money to
~ r.r2ct under the vast increase OF the
- ues of the world.
OUR FINANCIAL SUCCESS,
y quoted from an eminent English
Ia hority Mr.. GOsChen) to show that no
~ standard country in the world had
yinced in prosperity in "A degree at
% be compared with tnat OF the
lole standard United States.
N ilhOut concluding bis remarks Mr.
IL sh rave way 10 Mr.. Edmunds for
R ion 70 90 into executive session.
Vance gave notice thai at the
~ % the morning business tomorrow
go would ask the Senate to continue con
alton OF Mr. Beck's resolution.
Coke gave notice that on Wednee-
night be would ask the permission Of
En- nate 20 submit some remarks on the
" subject.