Savannah morning news. [volume] (Savannah) 1868-1887, 1886-01-19
EUSTIS DEFENDS SILVER.
EXECUTIVE OPPOSITION DE
CLARED DIsLOYAL.

Silver Equals That ofIts Gold
WAsHINGTON. Jan. 1S--Mr. Eustis adj
dressed the Senate to-day upon the silver
question. "We were told in 1875" he
said. .that we could not become a BIZ
metallic ration without an arrangement
with other nations establishing the rels-
tion OF silver to gold, and that the silver
coinage legislation then proposed would
flood this country with silver, that gold
would be exported in large quantities,
and that our securities would con
seQuentIy depreciate. The gold men
then predicted universal distress as
sure TO come. Since that time
actual experience had taken place.
The speculation law Of 1878 had been
eight years in operation, and none OF the
predictions had been realiZed. silver
and gold were still fun legal tender The
President had told that there was not
enough silver now in circulation to cause
any uneasiness, and that the whole
amount now coined might after time be
absorbed by the people without apprehen-
sion, but that it was ''the ceaseless
stream that threatened to overflow" etc.
A DOUBLE STANDARD.
'tWe were to understand tnen that this
silver dollar is an honest dollar when alb
! sorbed by the people, but dishonest when
offered to the bOndholders: Were we to
have adOube standard Of mOrality-one
for the people and the other for the bond
I holder? Would any department of the
Il government arrOgate to itself the arb
trary power OF establishing an unjust dis
81 elimination against the people and an in
81 defensible favoritsm to the bOndhOlder?
8 II so how could the people accept that de-
& partment as a guardian of their interests?
We had not been informed that any I'M
usual expectation of gold had occurred,
e nor that gold and silver had parted COM
pany. We also know that the bonds had
n not deprecated, they being worth more
to-day than in 1878.
THE COINAGE SINCE 1878.
"sinee 1873 we had coined 1882, ,OOO,0 900 of
4 gold and $215, coo of silver. Our inau-
cial legislation had received the approval
of the country, and we should have cour-
age to maintain our position and to sur
bender only to force of argument. 1t
wOuld be an appalling admission to make
Ito the country ii we were to create fl
financial policy every few years and then
Destroy it merely because persons high in
authority had chosen to differ with us. 1t
bad never been proposed by us, MIR Eus-
lis continued, to control the value OF sill
yer bullion in London. Neither was it
LIN our power TO control it there. But our
- NaJ - ader coin should not have
Z ion in other countries.
ALL THAT WE NEED
''Itwas sufficient for us to know that the
present silver dollar contained the same
II number Of grains of silver tnat it had al
i ways contained from 1872 to the present
& time. 1t had proved satisfactory to the
American people, and nothing more need
be said in It's favor" MIR Euslis re-
viewed at some length the history Of coin
age, and also the financial history OF
France, 'EWbOse example" he said, "we
could we'll afford TO follow. France had
a total silver coinage in circulation in-
cluding French, Belgian and Italian
silver OF $3.50, 100000 without including
Subsidiary coin.
CAN BE ABSORBED HERE.
ssIf that amount could be absorbed with
e out une2siness or disturbance in France
let our executive officers explain to us
why the same process Of absorption could
I not safely occur in this country. After 50
years of experience France is determined
= 70 maintain her policy. AZ the present
rate Of coinage ia the United States it
would take us 10 years to make our silver
cOlnage equal in volume TO our gold coin
age. and il would take Us 10 gears 20
reach the existing volume of J-franc
III pieces now in circulation IN France. Our
: popu alton, resources, and enterprise be-
ing greater than that Of any European
cOnntry why could we not With perfect
safety approximate the financial cOndi-
tiOn of Francey
THE ONLY REASON.
"There was but one reason. That reason
Was that ia France all the departments of
The government were in hearty sympathy
with the financial policy OF the country,
and actively cO-Operated with The people
10 sustain il because in France 'punlic Of
hce is apubhc trust, while 1t would seem
that 10 this country that patriotic maxim
Prevails only to limited extent. The re-
suits Of the Congressional policy OF com
age had never been fully tested according
ID its true intent and spirit, because our
Executive department had IN iis practice
Manifested uniriendllness to taaJ policy,
and by psrtiality and discrimination had
retarded il. II that department had not
iiscriminated in favor Of the bOudhOlder
as against the people its representations
ae 10 finance would have been entitled 10
more respect"
DECLARED DIsLoYAL.
In conclusion Mr. Eustis said: "lf
this disloyal practice of nciVism by the
executive department IN declaring war
against silver cOiu, which is the coin Of
the government, iu beiittling It's useful
ness, IN deprcCi iHiing its existence. ANA in
Inviting others go believe tnat 10 is TIE
deiorned 0hsWus of legislative imbe-
cility, IS 10 continue. then some or the
evils that have ucel predicted may come
20 pRss; but those CNi > Will not be aijri-
hutel 20 anyVc in our financial systcm.
but b the practice aud assertions OF tno
nxecntive department IN dishpnOring and
tliscredtinC The coin which 1t i5 their
duty to sustain hy sll the influence and
powell OF their official authority"
THE HOND CALL.
Dir. Ingalls, o1orad o .esolutiou direct
ing the Secretary cf t-e lIa'aury 90 in-