The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-23


had gone llp the voice of the prophc. of
financial evils: from the great money
centers had cmanatcd cruel tdlris con
tracing the currency, and resulting lu
manic. No one believed there was want
Of confidence I'm the government creditor
or in the stability OF its currency, not
withstandng the empty treasury LETT by
the last administration and the record OF a
billion dollar congress. The American
credit was better to-day than that OF any
other country on the globe, and
even cOwardly capital seized upon
our bonds with swift greed. Investors Of
capftal complained that the adminlstra-
tion had refused TO issue at least three hun
dred million more bonds. This additional
Indebtedness increasing the burdens OF
American labor, would be hailed with the
keenest delight and swept with ayidlty
into unpatriotic vaults by the very parties
who most loudly declaim against the gov
ernmeut credit.
STRONGER THAN EVER BEFORE
There we're many reasons why our
credit should be stronger than ever be
fore. 1t rested on the absolute unity of
purpose Of the American people that 1t
should be upheld. No one but political
madman could deem political contest in
this country ever again possible on lines
Of sect onal animosity The public credit
of every European government was un-
ceasingly threatened by shadows of com
Ing wars Financial resources
there were constantly weak
ened by vast standing armies
and permanent navies, but throughout
the wide earth there were none 10 modest
us or make us afraid of war or rumors OF
war Alone, as il were, the colossus OF
the western hemisphere and towering up
In isolated power and glory, our hmltless
material resources are sometimes over
T-rfra bA oil on n
our financial strength. The interstate
commerce of the United States alone OK
ceeded in value the entire foreign
commerce and carrying trade of Great
Britain, Germany France Austria, Hol-
land, Russia and Belgium put together.
The development of international re-
sources, Of wealth on the farm, in factory
on the rivers, on the ocean borders, IN the
mountains, and on the inland seas,
dwarted into insignifcance the achieve
ments of any other age, race or nation.
TOUCHING ON PROTECTION.
Legislation had checked our foreign
trade. and we had not to-day a CONNER
cial friend In the world. For every law
that we enacted denying to foreign pro-
auctions place in our markets and de
Ginning commercial friendship, we might
be certain Of an injurious blow in return
from every trading people in the world.
removed with the other evils which chal-
lenged 0 attention and action, and if
the true greatness of the country was
studied it would be that financial panics
and alarms could have no foundation
here.
But there was another and an exceed
ingly sensitive and powerful test of gov
eminent credit which asserted its claim
not only to the trust and admiration of
the American people, but also TO the bust
ness confidence and respect of every civil
lied nation beneath the sun. Money was
simplya medium for the exchange of val
ues: money was a creature, and congress
its creator. Gold and its alleged intrin-
sic value went for naught
as circulating medium unless
the coin bore the stamp of the govern
ment-a stamp more powerful than the
grasp of the lions paw or the eagles claw
in bestOwing life and activity to a dead
and otherwise useless material. The
same official stamp on silver, or on paper,
at once ennobled them to an equality with
gold in purchasing power, no matter how
dehased or valueless the material may
have become as a commodity by sinister
or unwise legislation.
NINE DIFFERENT CURRENCIEs.
It would doubtless sound strange to
some ears that there were nine different
currencies in the transaction of the bust
ness of this country, and, to a large eX-
tent, of the business of the world. So
uniform in purchasing and debt-paying
power were they; so in harmony with each
other, and Interchangeable, that nearly
one-half of them were generally unknown
to exist National credit had been tested
by the smooth and harmonious circula-
tiOn of those nine currcncieS and had met
the ordeal in a manner to awaken the
pride of every patriotic American heart.s
Never was a part of it discounted or dis
credited, except by the government it.
self That happened once, and will never
happen again.
Mr.. Voorhees, said he had referred to
these things TO illustrate the power and
duty of government in furnishing sound,
reliable and constitutional money for the
people Al this point, he said he was
confronted by law without precedent
or parallel in American history; a law,
which for months past had been the
theme of all tongues and pens, and in
whose name financial panic, alarm and
+. distress had been invoked, and for whose
repeal this congress had been con-
vened Mr.. Voorhees, briefly sketched
the birth of the law, which resulted from
a compromise, and said that in an evil
hour the worst and darkest that ever be-
fell the cause of bimetalllsm or the honor
of silver money, this pernicious compro-
MIST Was ldSbelCu Oh bu6 country.
MEANT TO DESTROY SILVER.
The act, he said, was not intended in
good faith for the coinage of silver at all
On the contrary, it emanated from the
enemies of silver money and its purpose
was to degrade, dishonor and disgrace
this, one of the precious metals, until
it could no longer hold its p4ace with gold
as a part of the specie basis of this coun-
try and of the world. In reducing silver
to merchantable commodity, on a level
with the products of the field and farm.
and issuing treasury certificates on it ac-
cording to its market value, there could
be but one effect on the dignity and sta
biity of that great money metal 1t
staggered under the blow until now its
enemies predicted with JOY it's speedy and
total destruction
Mr.. Voorhees, said that he spoke in no
partisan vein, but yet it was with great
satisfaction that he quoted from the
record that not single vote on his side of
the chamber was cast for the act which
bore the name of the senator from Ohio to
such peculiar eminence. As a firm,
unfaltering believer in bimetallism. and
as an undertaking supporter of the
coinage and use of both gold and silver as
a standard money of the country, without
discriminating against other metals.
Mr.. Voorhees, said he voted against the
measure of the Sherman act; and