The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-05-23
A CRY FOR MORE MONEY.
SENATORDANIEL SPEAKS FOR THE
SILVER BILL.

The Nations Financial System De-
clared in Disarray-The Currency
insufficient for the Needs of the Peo-
pie -Mono-Metslists Represented as
Conducting Mock Auction.
WASHINGTON. May 22-In the Senate to-
day Messrs. Allison, Dawes and German
were appointed conferees on the pension
appropriation BILL.
MIR. Hale said that as he understood that
Mr.. Daniel desired to address the Senate on
the silver bill, he would not, as he had given
notice yesterday, call up the naval appro-
priatlon bill now, but would do so
at the close of Mr.. Daniels remarks.
The silver bill was then taken
up, and MIR. Daniel addressed
the senate in favor of silver currency. The
was In disarray. 1t comprehended taxa
ton, currency and debt. Separately and
collectively they were out of joint. The
currency was insufficient in volume to
maintain prices, and was irresponsible to
the laws of trade.
CoNGESTED IN THE TREASURY.
1t was congested in the treasury. A hun
dred millions of it was held to redeem an
other portion of it that was, like itself,
legal tender, while thirty millions of it was
lent out to bankers, without interest, tax
alton was excessive-worse than a useless
burden, bringing a surplus into the treasury
and stimulating extravagance to get it out.
The public debt had been put in such
relations to the laws that the govern
ment appeared on both sides of the sales
counter in obvious incompatible and con-
Trajectory relations On one side of the
counter the government boosted up the
price of bonds far beyond their par value
On the other side, it paid them before
maturity at exorbitant rates. Whenever
before, he asked. had a seller run up the
price of a thing he had to buy, or bought
when he himself was boosting the prices
A MOCK AUCTION.
In that respect the mock auction sale was
the model Of the so-called financial system
of the country. To call it a System" was
a misnomer. There was no more system
about it than there was in game of jack
straws. Still, there was science in 1.-THE
science of putting in paper or silver jack
straw and pulling out a gold one. The
arbitrary tax law of the coun-
try prevented the American producer
from buying in cheap m arkets, 1t did not
prevent him from having to sell in a cheap
market his wheat, corn, cotton, meat, and
other staples. "Be patient while you are
getting poorer" said the high tax mono
metalist land we will be build you a home
market
"All right" said the honest producers,
'but if we are to have home market, let
us make some home money out Of the silver
that God has given us, 50 that the people
can pay their taxes. and that we may have
high prices"
1Oh, no,n replies the mono-metalist,
"that would put us out of gear with British
gold and German gold and the gold of
Europe
FOUNDED ON NON-INTERCoURSE.
And SO, Mr.. Daniel said, the tax system
was built on non-intercourse and was called
the American system. How was it that an
American system was demanded for taxes
and a British system for currency2 If
a citizen of the United States was
not allowed to trade more freely
and to get higher prices in foreign markets,
why not let him make money freely? That
would stimulate the home market. So
long as the mono-metalists could keep from
answering that question, or could so befog
it as TO keep the people from
answering 1t for themselves, the tumble
would be continued and would be played
by the the mono-metalists with gold jack
straws.
Welded BY NATURE.
Gold and silver money were welded by
nature. They were beautiful; they were
durable; they were divisible; they
possessed a permanent and ubiquitous
value They were readily measurable,
they were readily stamped and coined.
They were both limited in quantity, and
were each the product of labor.
Before the jury of all civilized
and enlightened nations throughout the
centuries the case of gold and silver had
been heard, and with one voice the nations
had answered that to gold and silver bes
longed the royal attribute of money.
KING AND QUEEN.
By universal suffrage they had been
crowned and placed on throne, and every
where gold and silver were by divine right
and natural selection the king and queen of
money. He criticised the unbroken front
which the treasury department had always
shown against the use of silver money, and
said that Europe had been indoctrinated
into belief that the United States was a
gold standard country. But he predicted
that when the people of Europe were
advised by the passage of a law that the
people of the United States insisted on free
coinage of silver they would themselves
come to the double standard.
Notwithstanding the brave start which
silver had taken at the national republican
convention at Chicago, positive hindrances
were interposed by the administration
against free coinage of both metals at a
fixed ratio.
NOT AFRAID OF GLUT.
Mr.. Daniel ridiculed the Idea of an ava
lanche of silver crushing down upon US in
case Of the free coinage of silver. 1t was
obvious, he said, that silver money abroad
would not come to the United States mint;
and it was also obvious that there was nc
such annual production of silver in the
world (S142, 600 900, of which ali but S51 ,000,-
OO0, was now coined) as to cause any fear
on that score. There was only one other
point OF pprehension-appre that
there was an accumulated stock of silver
that would rush to America as soon as the
mint was open to free coinage; but that was
answered by the Secretary of the Treasury
himself, who stated in his report:
mere IS no known accumulation of silver
pulilon anywhere in the world. Germany
long since disposed of her stock. In view of
these facts there would seem to be no suffi-
clent reason for limiting the amount of
silver bullion that may be deposited for
treasury notes; and there are strong reasons
against such limitations 1.-THE gap between
silver as commodity and silver as money
would close as soon as the right of money
was conferred on silver. The logical con-
clus1on was inevitable that all silver
should be readmitted to free coinage, and
all silver being SO admitted to value
equal with gold, it was most reasonable to
conclude that as soon as there was restora-
Iion OF silver to its ancient ulane of money