The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-21
- Money strlneenev in he 800.

The Money stringency in the South.
DO the people Of the south fully
appreciate what the continuance
Of The currency famine means
10 thcm7 II they do il seems
90 us tha, they would be making their
influence felt in Washington in favor Of
tho prompt repeal Of the sherman silver
law, law which the democratic party in
its national platform calls a ''cowardly
makeshift"
Yesterday the MORNING News pub
lished a letter from prominent Saw
aunahian to distinguished Georgia
senator. In that letter the truth as to
the effect the currency famine is having
i'm the south is clearly and strongly told.
The continuance of that famine means
the loss of tens Of millions of dollars to
the south. Already the price Of middiing
cotton has fallen below cents a pound.
a still further fall is inevitable unless
money eau be obtained to move the cotton
crop.
Cotton men agree that the price of cot
ton is now a cent a pound lower than it
would be if money were plentiful. Esti-
mating the cotton crop of Georgia at
l,OO0.0 600 bales, the cotton growers
will lose S5,OOO,OO0 on this years
crop if the money stringency should
continue throughout the cotton season,
even if the price should go no lower, and
it is certain to go lower if something is
not done to restore confidence and bring
money out of its hiding places.
The circular of Hubbard, Price & Co,
which we publish this morning, shows
how the money stringency is affecting the
price Of cotton. Only the richest cotton
buyers will be able to buy cotton
if the stringency continues, and
they will be able to do so
only because they are financially
able to pay the premium which currency
commands. The cotton will have to pay the
premium. That is inevitable, and the
more difficult money is to get the less
will be the price which cotton will bring
If Georgia stands to lose s., 200, 900 at
the price TO which cotton has already
fallen, how great must be the loss of the
whole south And suppose the money
stringency continues and the price of
cotton drops still lower. The loss of the
south under such conditions might run up
TO Sl00,000,000 Such a loss would be
felt by all kinds of business and industries
and by the railroads. as well as by the
cotton growers. IL would cause factories
and work shops to shut down and thous-
ands of people would be thrown out of
employment.
What is to be done7 Why, repeal the
Sherman silver law. The whole country
says the repeal of that law would restore
confidence. 1t doesn't make any differ
ence whether that law is the cause of the
financial troubles or not. The people be-
lieve it is, and they think its repeal
would be followed by a revival of
business and a return to prosperous
times. What is needed is a restoration
Of confidence, not more money. There is
plenty of money. Do what is necessary
to get the money into circulation. There
is general agreement as to what should
be done to accomplish that object
To talk about the banks locking up
money to force the repeal of the Sherman
silver law is the worst sort of nonsense.
The banks haven't got the money to lock
up. The people have it in their strong
boxes and their stockings, and they are
not going to put it into circulation until
they feel certain that the currency of the
country will be kept on a sound basis
In the meantime congress is talking.
The silverites are urging free silver coin
age at the present ratio or new ratio.
They don't know what they want They
do know, however, that no ratio they can
fix at this time will be a stable one.
Under any ratio that could be adopted
a silver dollar would be worth one price
one day and another price another day.
But TO reach an agreement in respect to
any ratio will take time, because it is a
matter of the greatest Importance
The country cannot afford to wait
for such an agreement. Delay
in granting relief means the loss of hun
dreds of millions of millions of dollars,
financial ruin for vast interests and star
walton for hundreds Of thousands. Con-
gress must act, and act promptly Pub
lie sentiment must make it act. The
time for talking is past; the time for ac-
ton has come Repeal the Sherman sill
YER law at once and settle the silver ques-
ton afterwards.