The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-07-14
Defeat of the Silver Bill .

NO Dill providing Tor the Tree coinage OK
silver will be sent 10 the President at this
session Of congress. The vote by which
this decision was reached in the House yes
terday was not one that clearly divided the
free coinage and anti-free coinage men in
that body. 1t was quite evident that the
efforts 30 pass She Stewart bill would not be
successful whom the free coinage men de-
cided that it was absolutely necessary that
the bill should be amended. In the shape in
which it came from the Senate it was very
unsatisfactory. In the opinion of the best
/ lawyers Of the House it was unconstitu-
tionAl, and il 1t had been sent to the Presi-
dent he would have vetoed it without com
hitting himself for or against the free
coinage Of silver. II it had been amended
10 would have had to go back to the Senate,
and a vote upon it there could not have
been obtained before adjournment.
There are many good lawyers in the
Senate. One Of the best OF them is Senator
Morgan, Of Alabama. who was especially
active in pushing the bill through that
body. It Is remarkable that no one Of them
saw the defects Of the bill The silver sena-
tors we're 80 anxious, probably, to get the
examine It very closely. and it may be that
some Of those who voted for 1t saw its weak
points, but did not call attention TO them,
because they wanted 10 get the credit OF
voting for free silver coinage, though not
auzious 10 have the bill become slaw.
Az matter OF fact the bill would not
have increased the volume OF the currency.
It would have contracted it 1t
provided for coming all the silver
bullion in the treasury before coming
any silver brought to the minis. 1t also
stopped the buying of silver by the govern
ment, and consequently the issuing Of silver
certificates. A statement was read in the
Senate on Monday, from the Secretary OF
the Treasury, showing that it would take
two and half years to coin all the silver
bullion in the treasury even if the mints
were run at their full capacity. During
that time, therefore, no owner OF silver
could have got any silver coined, and the
splendid market he now has for his silver
would have ceased TO exist. The result
would have been that the price Of silver
would have still further declined. And as
the issuing Of silver certificates based upon
bullion would have ceased there would have
been a contraction OF the currency. 1t is
true that the dollars coined from the
bullion would have gone into circulation,
but the amount Of them coined annually
would not have been equal to the amount
Of silver certificates issued annually under
the existing law. And, besides. the silver
certificates based upon the bullion would
have been called in as fast as the bullion
upon which, thoy are based was coined.
tits doubtful IL 1t will over be possible to
get free silver coinage law that does not
require dollars worth of silver in a silver
dollar. There is very general feeling Of
hostility to a debased currency. The pres
ent silver dollar passes at its face value
because the credit OF the government sus-
tains il, but il the coinage OF silver were
made free at the present ratio, the price OF
silver remaining about what it is, the silver
dollar would very soon be accepted at only
its bullion value-about GO cents.
The national democratic platform takes
the right view of the silver question. 1t
says: I'VE hold to the use Of both gold and
silver as the standard money of the country,
and to the coinage of both gold and silver
oS1Ahnb
metal or charge for mintsge; but the dollar
unit OF coinage of both metals must be Of
equal intrinsic and scchdngedble value or
be adjusted by international agreement, or
by such safeguards of legislation as shall in
sure the maintenance of the parity Of the
two metals and the equal power Of any dol
lar at all times in the market, and In the
payment Of debts; and we demand that all
paper currency shall be kept at par with
and redeemable In such coin. We insist
upon this policy as especially necessary for
the protection Of farmers and Eaboring
classes, the first and most defenseless victims
of unstable money and q fuetuating cur
rency."
The Democratic party is In favor of the
coinage of silver dollars, but they must be
honest dollars.
An impression has got abroad among the
people that the free coinage of silver would
make times easier. This impression has
been carefully fostered by silver mine
owners, who hope by means Of free silver
coinage law 10 get more for the product of
their mines than they now do. If the peo-
pie " I'll study the subject carefully, how
ever, they cannot help seeing that they
would suffer by debased currency. No
owner of silver has proposed that free
silver coinage law should be passed that
would require dollars worth OF silver to
be put into a silver dollar. What the silver
mine owners want is a free coinage law
that will make dollar out of 66 cents
worth of silver. This is the kind of a
dollar they want paid to the farmers for
the products Of their farms and to work
men for their labor. But it is not the kind
of q dollar that the Democratic party
fsvors.
Now ia the Time to Organize.
h. - Rbo