Savannah morning news. [volume] (Savannah) 1868-1887, 1886-01-21

L ne senator from hentuckyIS Is so much
oil devotee of the silver rdollarintrinsieal-
ly worth less than soc. that he proposed at
once to commence the payment of the
public debt with that coin and no otner,
although later he seemed to have consent
ed to mixture. OF course he expects to
carry the Empire State in lSSSon his plat
form. NOthimself eligible as a candidate
Tor the Presidency, the distinguished SEN
atOr waves his banner, reckless of
clouds without any silver lining
which there bet0ken the fate of any
Democratic son of New York who
may seek to conquer under that
sign. OF course the inevitable result of
using silver in The payment of the public
debt would be to Danish gold OrtwO-thrds
oil all our present metallic circulation and
leave us with nothing but silver coinage.
our tive or six hundred millions Of gold
would soon command premium increas-
ing day by day. Go where it might it
would have more appreciation, and it's
departure could not tail to produce a Sc
rious monetary crisis.
REMEDYING THE CONTRACTION.
''The contraction which COngress,would
be promptly askedtO cure by an indefinite
issue of new edition Of legal tender
greenbacks or by revival OF wild cat
banks to supply the place of departed
gold, this, or anything the Supreme Court
has already announced, Congress may
do at It's pleasure. Such step once ta-
ken, however, the experience Of the world
shows cannot be easily retraced."
MIR. Morrill, characterized the old time
Democratic party as a party of infleXible
hostility to paper money ana devotion to
gold, and asked why the financial princi-
pies of Jefferson and Jackson were now
denounced. 1t could not be, he said,
that there was anywhere any reluctance
to paying the wages of labOrers or the
pensions of union soldiers in dollar
worth 100 cents.
FRANCE NO CRITERION.
MIR. Morrill, denied that France offered
an example for the United States in re-
gard to silver circulation. Banks were
few there, be said, and the people kept
more of their money in the house. Banks
were numerous here, and the people used
them. He also denied that suspension
Of our coinage would depreoiate silver, or
increase the value Of gold. 1t had been
demonstrated that the whole service of
the government for seven years had failed
to increase the value Of silver. 1t was
worth less to-day than 1t was then. When
the United States in 1863, he said, was
| trying to obtain a loan OF $1,000, 100000
subscribers to the loan had been
informed that ''while the bonds
are 20 year bonds they may
be redeemed in gold at any time after five
years" All the departments of the gov
ernment so understood the contract.
THE LETTER OF THE LAW.
The letter of the law uuques 6iOnably
made United States bonds payable in
either gold or silver coin, but this was
done when no silver dollar was in circula-
I ton, then worth more, also, than the gold
dollar and when the policy OF the govern
ment had been for generation to coin lit
tie more of silver than what was required
for ordinary use rs change. For many
years we had paid both the interest and
| principal OF these bonds in gold, and this
infieXible rule had given pledge Of pub
lie faith that they would forever con-
| tinue to be so paid until their
final eXtinguishment 1t was
this trusting faith OF our own people
which enabled The governmental refund
| its bonds at the low rate Of 3 per cent. in
| terest, and these are the bonds which the
| Senator from Kentucky so sternly advised
| the Secretary of the Treasury should be
paid at once and paid in silver, saying
nothing about what would or would not
be conducive to the public honor. 1t
might be truthfully asserted that it con-
cerned the highest interest OF our future
career in the worlds history to preserve
| the public credit above all criticism and
! above all suspicion of the smallest fnan-
| cial cFoOkedness.
PERIL IN THE LEGISLATION.
''Our own legislation" i" said Mr.. Morrill,,
sis Fastening a disastrous revolution as
the President and Secretary OF the Treas
ury believe in all the-cOnditfOns surround
ing the silver dollar now in danger of fur
! ther depreciation, and the question arises
| can we with proper deeency take advan-
tage of our act TO pay off the bonds OF the
| United states at cost Of only 70 cents or
! less on the dollar? The fact that nearly
all the merchants and trained business
men of the country whose daily life has
| afforded broad information upon the his
| tory and practical knowledge Of the sub
| iecU are arranged upOn the side favorlng
! at the very least, either an Increase in
weight of the silver dollar limit, or tenn
porary suspension Of it's coinage does not
appear to have the slightest weight, but
is contem ptuOusly disregarded by those
who theoretically and sentimental
lty cling first and last 10
the dollar Of 4t2l5 grains of silver The
fact that the President and Secretary Of
the Treasury, the Treasurer, Director OF
| the Mint and Comptroller OF the Curren-
co. experienced treasury officials no less
under the present administration than
under the preceding, are all agreed IN
urging congress 10 cedSb lue iIc5tub
coinage OF the silver dollar, goes for moth
ing with the Senator from Kentucky and
and his obedient followers"
At the conclusion OF Mr.. morrilPH
| speech running debate followed upon
the silver question, participated In by
Messrs. Beck and Teller upon one side'
and Messrs. Mcpherson and Morrill, on
the other. with occasional remarks inter-
jected by Mr.. MaXey and others. The
debate, which was characterized through
out by great warmth Of manner, then
came TO a close, and the Senate at 3:4O
o'clock weDtinto executive session. At
q 30 O'Clock the doors We're reopened, and
the Senate adjourned.
FEARS OF FIAT MONEY.
At the expiration Of the morning hour
in the House to-day Mr.. Morrison moved
that the Hcuse adjourn, but the House
voted the motion down and, on motion OF
Mr. Matson. went into committee Of the
whole, the purpose being to continue the
discussion on the pension bill. The first
bill on the calendsr, however, was the
Senate bin for the purchase Of the Old
Produce Exchange IN New York city, and
Mr.. 9ymes, Of Colorado, receiving the
recognition Of the Chair, stated that that
was the precise bin he wished % talk
about, and proceeded 20 deliver a speech
in opposition 90 a suspension OF the silver
dollar coinage
Ia concluding his speech Mr. symr8
d