The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-08

why Colquitt is Against Repeal.
a usmbar Of gentlemen Of Va.dosta
requested senator Colquitt 10 vote for
the immclmte and unconditional repoal
of the sherman silver law lu his
answer O. these gentlemen the senator
said That II ha believed the Sherman law
was iu any way responsible for the panic
he would vote for its unconditional re-
peal He also said the New York banks
started the scare iu order 10 force con-
gress 20 wipe out the only silver law on
the statute books. and be pointed out that
$50 Unul0 In treasury notes had been
issued by authoritvof the sherman silver
law, and asked where would we be if il
were not for that Sl5O001 O00'
Senator C0Iquitt does not seem % have
studied the financial situation with much
profit to himself. He is one Of very few
of the silverites who do not believe the
panic was caused by the Sherman silver
law. The most Of them admit that that
law caused the panic The evidence that
il did is overwhelming The scare started
in Europe among the holders of American
securities who began 10 fear that our gov
parity between gold currency and silver
currency, ana that they would have to
accept deprecated silver currency
in payment of the interest on
their securities. and also Of the
p incipal Of these securities. Their fears
were justified. The volume of the silver
currency was increasing rapidly and the
gold was disappearing from the treasury
the gold that was necessary to main
tain parity between gold and silver.
The scare extended to this country and
people began to hoard money De
posits in the banks fell off and the banks
were compelled to hoard money in order
TO be ready for threatened runs Then
followed the extraordinary money strin
gercy. As soon as the House voted to re
peal the Sherman silver law and there
was a prospect that the Senate
would also vote TO repeal it, the money
stringency ceased. The premium on cur
rency disappeared and money was album
dant for all legitimate purposes. What
better evidence could there be that the
panic was caused by the Sherman silver
does not think the panic was caused by
that law. What sort of evidence does the
senator require TO show that it was2
What better evidence could there posi-
bly, be than that which has been brought
to the senator's attention. Is it not
rather that he doesn't want to admit that
he is mistaken, and therefore refuses to
accept the evidence that is conclusive in
the estimation of about all the business
men of the cOuntryl
The senator says the New York banks
brought about the panic in order to force
the repeal of the Sherman silver law
What evidence has the senator that they
did that} He presents none 1t may be
the seniors opinion that the New York
banks are responsible for the panic, but
why assert as a fact that which is simply
an opinion? If he can show they caused
the panic why doesn't he do it? He can
hardly expect the country to accept as
fact that which is only his belief
The truth appears to be that the New
York bankers did all they could to avert
panic. They had nothing to gain and
much to lose by great financial disturb
ance, and it was by their wise and con-
sentative course that a condition of af-
fairs that would have overwhelmed this
country in financial ruin was prevented.
The senator wants to know "where
would we be" if the $50, 900, 600 Of treas
ury notes had not been issued under the
authority of the Sherman silver law.
What has that question to do with the
repeal of that law? The senator seems
to think that law wise and beneficent
one, notwithstanding the fact
that his party condemns it
IN tho strongest terms, calling it
a ''cowardly makeshift." But the
question is not whether the S15O,0O0 600
added to the volume of the currency has
n OF had a helpful effect, but whether the
Sherman law is not bad law which,. if
continued in operation, would result in
widespread financial disaster That is a
bad law is shown by the panic it has pro-
duced Therefore, it should be promptly
and Internationally repealed