The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-02-01
Secretary WINDOWS Last Speech.

The speech which Secretary Window de-
livered at the New York board Of trade
dinner few minutes bsfore he died was a
notable one He attempted 70 show that
subsidies to steamship lines were necessary
to enable this country to get fair share OF
the ocean carrying trade. and that free
silver coinage would contract the currency
instead Of increasing 1t He expressed the
opinion that if the free silver coinage bill
should pass there would be financial panic
that would be extremely disastrous to all
business interests.
Quality of the currency, be said, was
more important than quantity. The baleful
effects OF debased and fuctuating cur
rency could not be over-estimated. Such
a currency is absolutely fatal to foreign
commerce Owing to the belief that free
silver coinage bill would be passed more
than s24, OOO. 900 of gold had been drawn
from the treasury since Dec. 1.
DIR. Window said that he was bimet-
allist; but he would welcome the time when
the great commercial nations should reach
an international agreement which weuld
make the free coinage of silver safe. In
giving his reasons for thinking that the
free coinage of silver would produce con-
traction he said: Free silver coinage by
this country, while other great nations
pursue an opposite policy. would invite all
the owners of that metal throughout the
world to exchange Btu grains of pure
silver. worth about SO cents, for 1922
grains of pure gold, worth every
where 100 cents. Nearly all the nations of
Europe are anxious 70 exchange their silver
for gold, and they would at once accept so
tempting an offer. The mint statistics of
the treasury department show that the
stock of full legal tender silver in Europe
amounts to 81, 1o1, 900. A large part of
this vast stock Of silver would lie sent to
this country at once, in order that gold ex-
change on Europe might be obtained for it.
The people of this country would not await
thu arrival of silver cargoes from Europe.
Bank depositors, trust companies, the
holders OF United States notes and gold
certificates would instantly lock up
all the gold at command, aud
then join the panic-inspired pro-
cession to the treasury each
and all anxious to be in time to grasp the
golden prize before IL was too late.
This sudden retirement of 5000. O00, 900 of
gold, with the accompanying panic. would
cause contraction and commercial disaster
unparalleled in human experience, aud our
country would at once step down to the sill
YER basis, when there would be no longer
any inducement for coinage, and silver dol
lars would sink to their bullion value.
Are these views of the late secretary cor
rects The majority of congress think they
are not. They are the views which the late
secretary expressed in his last annual report,
and which Senator Sherman presented to
the Senate when the free coinage bill was
before that body. They are the views
which the ablest flnanciers of the country
hold, and which are causing the Houss of
Representatives to hesitate to pass the free
coinage bill sent to it by the Senate.
The advocates of free silver coinage have
no fear that free silver coinage would drive
gold out of the country or produce a flnan-
cial panic, but, Of course, no one knows
what the effect of the adoption of unlimited
silver coinage would be.
The fall is the time of the year when the
NSAAoAu AL AhVhSJ 10 BAuoecot. oud tuo ld&to
secretary had a plan for increasing the
amount Of currency in circulation at that
time. In two and a half months last fall
the treasury paid ont over SIS, 00O, 900.
The late secretary favored inter-convertible
bonds bearing low rate of interest. He
believed in exchanging the present bonds
for such bonds, instead of paying them.
These inter-convertible bonds could be ex-
changed for money whenever there was a
great demand for money, and when the de-
mand sackened the bonds could be obtained
again. In 1862. when Mr.. Chase was Secre-
tary Of the Treasury, there was such bond,
and it answered admirably the purpose of
supplying the demand for more currency
when more was needed.
Whether the late secretary's financial
views are sound or not they will have a
good deal of influence in determining the
action Of the House on the free silver coin
age bill.