The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-26

Of an home. and the interest as well as
portions Of the principal having come
due. must be- paid in gold because Dr. was
e. nominated in the bond. ana htnce
our gold has naturally been leaving us LOT
foreign shores TnQucstionahlN some OF
the present difficulty may oc ATTRIBUTED
to the uncnsincss ~ our protected lnouS-
tries. which have been accustomed TO rely
to q certain extent % governmental favor
itism TO support them. ] do noe disguise
the f3cf thar such uncasiness exists. ana
that IL contributes its share 10 the general
disturbance of financial affairs
THE TARIFF MUST BIB REFORMED.
But there is no relief for this situation
unless the dominant party abandons IT'S
principles and surrenders in adance 10
the interests which were defeated al the
last election The Democratic party is
pledged 10 tariff reform. and IL must re
deem its pledge come why may. OF
course. it must be expected there Will pc
some friction. Il is unavoidable. IL Is
incident to the anticipated withdrawal OF
public aid from private enterprises, and
must be endured The people
perfectly understood the question last fail
and they voted with their eyes wide open.
Our course is onward and we shall not re-
treat. Second. some portion OF the pres
emit pani, may be traced TO concerted
effort on the part Of numerous monome-
tallists to produce IL, in order TO 1urther
discredit silver as part OF the stdhudfu
money Of the country. The best nnancal
system in theworld could not stand such an
organized and vicious attack upon 1t.
These promoters of the public peril repre-
sent largely the creditor class, the men
who desire to appreciate the gold dollar
in order to subserve their own selfish in
terests, and men wholly unfamiliar with
IL ton a|HVFr
Third, the Sherman purchasing
law has been, at least in part, possibly the
most largely instrumental in producing
the existing complications. None now
defend it, Few apologize for il.
BITING HIS THUMB AT THE PRESIDENT.
It has been asserted that the President
himself, in his hostility to Independent
free silver coinage, was disposed at one
time to regard with favor or acQuiesce in
the provisions of the Sherman law, which
had been the instrument or means by
which such free coinage had been de
feated,. Whether this be so or not, the
fact remains, and has not escaped
observation. that, while the dem
ocratic national platform denounced
the Sherman law and demanded its repeal,
denounced it, not as the result OF
''truce. " but as a "coWardly makeshift,
vet Mr. Cleveland. neither in his speech
d
Y, in answer to the notification of his
nomination, nor in his subsequent letter
of acceptance, nor in his inaugural ad-
dress in March last, criticised the Shcr-
man law, nor made any allusion to il
whatever, although it was then already
threatening the prosperity of the coun-
try with the dangerous results of its OPP
Grafton, which were apparent 10 every
one who had given the subject any atten-
ton.
Mr. Hill alluded 10 his personal record
on the silver question, quoted from the
state platform of the New York demoC-
racy in deuouncing the Sherman law, and
said: The democracy of New York
wanted the law repealed because it
blocked the way to free bi-metallic coin
age, and not because it would aid in the
cause Of recommendation. That is exactly
my position to-day. ! am bi-metallist
/ do not believe in single gold
standard nor 4 single silver standard
But / do believe in the use of both gold
and silver as the standard money OF the
country, and the free coinage in our mints
at proper ratio without any discrimna-
ton In favor of one against the other
And as a bimetallist favor the repeal of
the Sherman law, because it is undemO-
cratic, illogical, dangerous in its ten
denotes and results, an impeachment to
free coinage and a disgrace to the silver
cause
The true friends of silver make a mis-
take, a serious mistake, when they defend
this law and allow it to be cOnfounded
with free bimetallic coinage The Sher-
man law IS Objectionable because II directs
the purchase of silver, instead of
providing for the free coinage Of
silver. Purchase means price, price
means commodity, and the treatment of
silver as commodity means its deroga-
metal. Gold has free coinage, and hence
it has no price in the United States. But
silver has price. 1t is the absence of
free coinage Of silver-thc existence Of a
limited and restricted coinage-that com
pels government purchases of silver, and
such purchases absolutely prevent
parity
Even the maintenance of parity drains
the treasury OF its gold, where silver is
purchased Free bimettallic coinage is
essential to the parity Of the two metals,
and nothing else viii succeed and salts
factOrily maintain such parity.
SHOULD BE REPEALED.
The Sherman law should be
repealed and for the same rea-
son that the Bland-Allison law
should not be revived Free bimet-
allism should be the goal for which we
should now strive If free silver coinage
were Isolated, confined to ourselves, as it
would be if adopted now, | fear that free
bimetallic coinage would be impossible,
even to this great United States would it
especially be impracticable at the present
time and under the existing conditions.
Independent free bimetallic coinage by
the United States is not consistent with
cOuuSels of monetary science il it is to
rest permanently upon 4 most isolated
free silver coinage Our return to free
bimetallic coinage is therefore now, for
the first time since 1873, subject possibly
10 then new hindrance and prior condition
OF an adequate international agreement
That is the legacy OF the Sherman law, the
joint legacy Of the Sherman law and the
delay to repeal it. But let the dead past
bury its dead . And for our parts let US
go forth to the future without fear and
with manly hearts
Discussing at considerable length the
monetary policy of the British govern
ment, Mr.. Hill said Great Britain de
feated the renewal of the parity of gold
aud silver at the monetary conferences of
1873, 1851, 1892, and now, in 1898, is com
bining her Asian with her European power
to prevent the renewal of the parity
Of gold and silver by the United
States and France, or other foreign
powers at any future time. The perma-
nent remedy for our financial difficulty he
held to be a return TO bimetallism. which
existed prior to 1873 This. he said, is
the only remedy which has not been