Savannah morning news. [volume] (Savannah) 1868-1887, 1886-08-13
legislation under the power to regulate
Interstate commerce.
PRACTICALLY False RIILs.

merely false bills OF lading issued with
| fraudulent intent, but bills practically
falee, because issued before the property
ls actually received, in accordance with
extended usage, the cotton, perhaps, hav-
ing yet TO 20 through the press before de-
livery on the wharf. In such case the
cotton might be destroyed before delivery
to the carrier, and the bill of lading, al
ready gone forward into the hands of pur-
chasers, for value, would be no better in
their hands than if it had been forged.
The principle of law applicable here has,
perhaps, sufficient elasticity to permit
! the introduction of safeguards without
| the aid of legislation. II the courts have
| power to give such force to custom as in
Massachusetts case to which | shall here
after refer, 1t would be equally easy, If not
| easier, for them TO declare that an eX-
! tended custom to give bills of lading In
advance of actual receipt of property
should bind the carrier to make good the
value of the property TO bona 6de trans
feree of the bin, whenever it could be
shown that there was 10 fraud, and that
the actual delivery to the carrier was
only prevented by inevitable accident.
| Delivery into the custody of the carrier
being enough, without delivery on the
wharf or platform, it would be practI-
cable to stipulate that custody should De-
gin contemporaneOusly with the sigma
| lure vi Ju0 DlLl ny mdhiH2 Iho SObIOh
| press owner, or other holder of the prop
! erty, the agent of the carrier for this Sim
| gle special purpose.
HON. HUGH M'CULLOCH'S VIEWS ON
| SILVER.
The following communication from
! Hon. Hugh McCulioch, eX-Secretary OF
! the Treasury. was received:
! WASHINGTON, ID. c., July 10, 1886.
| George MdrStdnd, Esq, Secretary:
| DEAR SIR-YOurs of the 14th Inst. has
| been received.
| My engagements at home are such that
| | shall not be able to be present at the
meeting of "rbe Bankers Association" J"
on the 1lth and 18th prOximo. Nor have
| | time to prepare paper to be read at
| that meeting. Let me briefly say, how
! ever, that there has never been a time in
| our financial history when wise counsels
were more needed than now. The coun-
try is drifting financially from old land
marks. Danger is menacing, which Con-
gress adopts no measures to avoid. The
existing negative policy keeps the drift in
one direction. Without speedy chan ge
| there will ere long be in the United States
practically but one standard of value,
and that, unfortunately, will be silver.
! If anything is clearly taught by financial
| history it is that low standard OF value
places the nation that adopts it at great
|
tIOns, and at the same time and conse-
quently depresses its own industries. A
low standard is invariably an uncertain
standard, than which nothing is more
prejudiCial to enterprise, to trade; in fact,
| to everything upon which national pros
perity and reliable returns for labor de-
J pends. The opinion that abundant and
cheap money stimulates industry aud
promotes prosperity has been dis
| proved so frequently that its preva-
| lence in the United States
is not credltable to the intelligence of the
people. 1t is unfortunate that the present
depression in business and prices Is at
trlbuted by some, to whom the public
| looks for guidance, to the maintenance OF
the gold standard by some nations, and
the efforts of other nations to adopt it.
While l am clearly of the opinion that
the world is not, and never will be, pre-
pared for the adoption of single stand
ard, that both metals are and always will
be needed as medium of circulation and
tor facilitating exchanges, L am equally
! clear in the opinion, that the adoption Of
the gold standard, and the efforts
that are made to adopt it, have
had no agency whatever IN pro.
ducing the existing depression. Money
is abundant the world over. The
rates of interest are lower than ever be-
fore, and yet most branches Of business
are greatly depressed, and prices OF
manufactured goods aud OF agricultural
productions are scarcely above their
actual cost, and why: Simply because
the supply is greater than the demand;
because tue revolution in all branches OF
industry caused by machinery is now felt
in iull force. Time is required 10 bring
about equalizations, and there are hope
! full indications that the process has been
begun in this country, and that it will
90 on unless it is prevented by the
wrong action or non-actiOn OF Congress.
What then should be the voice of ''The
Bankers AssOciationP' ~
A suspension of silver coinage for an
indefinite period.
The discontinuance of the issue of notes
under 50.
The recolnage of part of the dollars
now in the Treasury into fractional
! pieces.
The maintenance OF the public faith, not
in letter only, but in spirit,