The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-05-23

monopoly in use that gave value, and COM
munity in use that took it away. He be-
neved that free coinage of silver would
bring gold into the country, and not drive
1t away. Money attracted money; riches
attracted riches; everything assim-
Hated with its kind the world
over; and money was the most social,
assimilative of material things. American
silver has drawn gold to US; and how better
could the future be judged than by the pastl
In 1878. when the United States had no sill
yer money, there was S200, ,0000O0 of gold in
the country; hut even partially restored
silver had proved such magnet to capital
that the country now had between $780,,
600, 900 and S400, 900, 900 of silver, and be-
tween $500, ,000, 600 and S760, 600, coo of gold.
Good prices and active business attracted
gold and silver and men ali the world over.
If free coinage Of silver were established in
America it would gladden. the hearts of
humanity by giving to the laborer a larger
price for his product
THE EFFECT ON WHEAT.
Mr.. Daniel read from the April circular
of Henry Clews, a banker of New York, to
the effect that free coinage of silver would
make the rupee of India dearer, and that
the dearer 1t was the less wheat India was
likely to export, and there would therefore
be a better demand for American wheas.
ALCAO 1dA OCch q Adlk bhO NeAuO VI OhC
products of the soil all over the United
States. Bonds, mortgages, notes, debts,
taxes, obligations, and contracts to
pay. of every kind. remained
at their fixed figure. The underpinning
(the property which was to discharge those
debts) had parted away from them, and
had left the roof of debt, of mortgage, of
obligations, at the same hight from the
ground of solvency. But between the roof
a nd n tbaya ha hoap rfitinr, nf ualtla
SO that debtor had to pay more to dis
charge his debt than he contmplated in max
ing it. The demonetization of silver had been,
perhaps, the greatest contributing cause
of that result. That was a movement die
tated by kings, ministers, courtiers,
sycophants and monopolists. 1t was a
movement of monarchy and autocracy.
The movement to remonetiZe it was move
ment springiDg from the fountain of that
republicanism or democracy that believed
in the great doctrine of the federal consti-
tution-that to promote the general welfare,
and not the welfare of a class, was funda-
mental to the institution of government.
EUROPEAN DEMoNETIzATIoN.
Mr.. Daniel sketched the action of the
monarchies of England and Germany (the
two great creditor nations) in demonetizing
silver; and said that France, the light OF
| republicanism in Europe, had resisted the
movement and had preserved both metals.
No great republic of the earth, he said, had
ever willingly or consciously dismissed
silver from its service as money.
True, the United States had demonetized
it in 1878, but not by conscious
action, and then had occurred
he said, the most shameful thing that had
ever been recorded in the history OF the
nation. That act had been smuggled
through congress. There is one Thing clear
about it, which neither false declaration
nor the sophistry of argument, nor the
cunning of rhetoric can disguise-and that
is, that the sole animus of the demonetiza
tion of silver III Europe and America is the
ACKNOWLEDGMENT of the few at the expense
of the many.
Mr. Daniel spoke for three hours, partly
| from full notes and partly extempore. Ht
was listened to with close attention and in
terest by pretty full attendance of sena-
| tors AS he took his seat he was applaudec
from the galleries.
MONEY FOR THE NAVY.
The bill was finally laid aside without
any action, and the naval appropriation bill
was taken up. All the formal and minol
| miGtee having been agreed t
the amendment was taken W
which strikes out of the bill
an appropriation of S5O0,000 for repairs
| to the dry dock at the Boston navy yard.
| Another amendment strikes out a similar
amount for the Portsmouth navy yard.
| These two amendments were opposed by
| the Massachusetts and New Hampshire
senators, and the bill went over without
action on them. After an executive session
| the Senate adjourned