New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-01-12
SILVER SAID TO BE THE PEOPLES MONEY.

A VOICE FROM THE SOUTH IN BEHALF or con
TINUED COINAGE AND TIE DOUBLE STANDARD.
WASHINGTON, Jan. 11.-Mr. Pugh called up Mr..
Becks silver resolution to-day and addressed the Sen
ate on it. With the aid of all the learning in the
world, he SAID the greatest statesmen were still Crap
ping with the money question at precisely the same
point at which they began grapple with it, So far
as the United States concerned there had never
been time when paper metallic currency so
sound and he alty il to-day. This condition OF
affairs and the premium the Government bonds
constituted a grim satire the prophecies of the op
ponens of legislation hitherto enacted 10y Congress
on the money quest II. Nothing was more to be
desired Mr.. Pugh thought than that the banks, bank
ers and Federal treasury should stand aside and allow
Grehans law have tull and free operation on the
silver currency lie had much confidence in the prao-
ticsl sound judgment and integrity of the Presi-
dent and his devotion to constitutional principles. He
had given the Presidents message mich consideration
bat constrained to older with him in regard TO
money.
Mr. Pugh quoted figures from the New-York clearing
house to show that OILS about three and Onehalf per
cent of the clearing house transactions were repre-
scented by cash. the remainder being made up prncl-
pay of checks. Congress was confronted. he said,
with official announcement that the country :
business relations had reached crisis IN which there
must be a suspension of silver coinage TIL On
International ratio between gold aud silver could be
secured. be real point INV oyed Mr. Pugh believed
TO e not the spensOn but the total tOppage of silver
coinage; and if silver coinage suspended it
would be blow that would directly and speedily lead
TO the cons ImmatlOn OF organized conspiracy OF
capitalists absolute control Of all the currency
and the regulation OF It's volume and consequent pur-
chasing power. Mr. Pugh believed that he spoke Tor
the Southern people, when he said that three fourths
of them would to-day il opportunity given. vote
against the proposition to suspend the silver coinage
The petitions that to Con iaVoring suspen
sion we're all Oh printed blanks and signed mainly by
bankers.
Mr. Pugh criticised the arguments OF the Secretary
of the Treasury and OF the President lie inquired II
the people were 10 take the dlotum of the Presi
dent on stls matter aud insisted that the executive
officers under obligation 10 enforce the laws OF
Congress Why had those laws been hourly violated
Had Congress abdlcated its powers the Executive
Depar ment OF the Government The National banks
who were fiscal agents of the Government should not
Mr. Pugh thought have been allowed TO become mem
beers OF a clearing house that discrcditcd the silver
certificates OF the Government. The National banks
had evaded the law of Congress by agreeing that they
would not offer silver certificates TO the clearing house
and therefore had been actually refused by the
clearing house. a New-iork newspaper, he said, had
squareiy deft ndel the evasion. Why silver OPP
posed by lie National banks Because silver the
only medium of the currency which they could not
control " Stop the coinage of silver said Mr.. Pugh.
and these banks will become absolute monarcLs of ali
they survey"
The opinion Of James G. Blaine he continued would
have influence with some lie read from remarks
made by Mr. Blaine. while in Congress, to the effect
that the establishment of monomeaiic gold standard
would be injurious 10 the oOuDtry's Industries and
commerce. and that the United States could not wisely
treat silver the European countries did. Both
metals necessary i'll order to counterfeit the
stant tendency OF money to contract under the vast
increase of the aues Of the world. He quoted from
an eminent English authority-Mr GOschen-to show
that gold standard country in The world had adj
vanced in prosperity in degree at all TO he compared
with that OF the double standard United States.