Savannah morning news. [volume] (Savannah) 1868-1887, 1886-02-17
SAVANNAH AND SILVER.
MIR. BROWN PRESENTS THE Pc
TITION TO THE SENATE.

WASHINGTON, Feb. Ex-senator Brown
said in the Senate to-day:
Mr.. PRESIDENT beg leave to present
a petition from Savannah, Ga, signed
by comparatively large number
OF my most intelligent, worthy and re-
| spected fellow-citizens. The petition is
printed, and is, think, in the same Ian
| guage as the printed head Of many others
OF Nike character, which have doubtless
had common origin, and 1t IS in the fol-
lowing language:
! To the Honorable Senate and Rolss Of ReDrs-
ssntatiges oftke Fortv ninth Congress of tAe
/ United St3tss al Washington nOap assembled
| Your petitioners respectfully represent thaV
| 1t is their conviction that the law recurring
| the Secretar II the Treasury to coin not less
| than S2, coo, 900 per month Of standard silver
dollars should DC immediately repealed. The
law has now been ia operation for over seven
years, ana experience has shown that not
only has IL failed ia every promise prOphesied
by its rojectoTs, but 1t has proved TO be OF
| great inconvenience 20 the people, detrimental
| TO the mercantile. mapu1acturing and legtu-
mate banking interests, dangerous to the
| credit and welfare of the government, and at
this time is retarding the increase of pros
perity and menacing the finances OF the
| country. We are therefore impelled TO recon-
! mend the repeal Of SAID law, and, as in duty
bound, will ever pray.
| C0MPLIMENTING THE SIGNERS.
The petition was signed by large num-
Der OF very Intelligent ami highly respect
ed gentlemen, including bankers, mer-
| chants, lawyers, etc. AS they have done
me the honor to send me the petition with
a request that lay it before the Senate, |
comply with their request with great
pleasure. They bave a perfect right as
| an intelligent portion Of the American
people TO be heard by petition before this
body, and / respectfully commend my
worthy constituents who have signed the
petition personally to the favorable con-
sideration of the Senate. AS | have
already expressed at some length my
views on this important question, it may
not be inappropriate for me to state in
this connection that | differ in toto with
the petitioners.
ONLY ONE STATEMENT RIGHT.
They are right in the statement that the
| present law has been IN operation over
seven years, but they are wrong in my
judgment in every other statement they
make in reference to IL. Experience has
not shown that the law has failed In every
| promise pr0phesied by its proIectors- On
| the contrary, the prophesies of its pfojec-
tors have been fulfilled almost to the very
letter. The law has not proven an lncon-
| venience TO the people, but 1t mas been
great convenience, as it has added to the
material prOsperitv Of the country by
keeping in circulation, and in the
Treasury large amount OF com tnat
would not otherwise have existed at a
time when the volume of currency was
already too small.
NOT DETRIMENTAL.
The law has not proven detrimental to
the mercantile, manufacturing, and legit-
innate banking interests of the country.
On the other hand, it has greatly promo
ted the mercantile and manufacturing
interests of the country, and it has in no
way retarded the banking interests. They
may sometimes have been put TO little
inconvenience in handling silver ON ac-
count Oflts bulk, but they have in no other
way sustained any material losses on
account OF the Law, while they have
thrown all their weight against its sue
cess and done all in their power to dis
credit silver.
NOT DANGEROUS.
The law i,r,.ot DANGEROUS TO the credit
and welfare he government. On the
other handhg hofqt It's passage the gov
erument &C x cNDt have resumed specie
payment in 23.3 and continued 1t up to
the present time, and the law is not at
this time retarding the increase OF pros
perity. On the other hand u is greatly
promoting the prosperity Of the country.
When the crash of 1873 came on the coun-
try we did not have the large amount of
gold and silver coin 10 fall back upon
which we had at the time Of the crash OF
1884, and it took about six years to recov-
er from the shock TO the mercantile, man.
ufacturing and other important interests
of the country.
SAVED BY SILVER.
When the crash of 1884 came on We had
nearly 200, 100000 of silver dollars in the
Treasury and in circulation, adding that
much to the volume of our coin and aid
ing to maintain the specie standard.
RECOVERING RAPIDLY.
The result has been that in about two
years, instead Of about six years, the
country is fast recovering from the crash
and prosperity is already on the increase.
In a word. we are recovering from a finan-
cial crash much more rapidly than we did
from the one OF 1878 Finally, the law is
not menacing the business of the country.
On the other hand, IL is increasing our
prosperity, multiplying our business, and
resulting in great good to the whole coun-
try. So far from the prophesies made by the
advocates OF the law having proved un-
true the very reverse is correct, while the
prophesies made by the opponents Of the
law and the advocates of it's repeal have
from first to last proved untrue, and their
predictions have been utter failures.
1OLU NOE UiNAN EN OtAs
They predicted Immediately after the
passage OF the bill tnat it it was continued
In operation even short time it would
drive ali the gold out Of the country and
reduce us to q silver standard. This has
been reiterated by every secretary Of the
Treasury, believe, from 1875 the year OF
the passage OF the act, to the present time.
Has the prophecy proved true! On the
contrary wo have received IN settlements
OF balances with European nations. in
gold. an average Of about Sl0O,000,000 a
year, which has gone into. circulation,
and our stock OF gold IN the country, as
shown by the report OF the Secretary OF the
Treasury, Is almost double that Of our
stock Of standard silver dollars.
GOLD INCREASING.
The gold has greatly increased In the
quantity In circulation and IN the Treas
ury, and is constantly increasing instead
OF being diminished. ] feel justified In
submitting this criticism upon the petit
tiun ON account OF its be-
ing printed form, originating
in great money centre and sent around
TO be used IN various places by persons
who could be influenced by such inspira-
tion. II the form had not been in the
shape It Ia, and the statements bad not
contained go many errors, ! certainly
should not have made any remarks Otner
than the usual remarks made by a Sena-
tor on presenting the petition Of bis con-
| stituenta.