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

There is not @ fairm.r8cl man in all
this broad lana who. having 800 under
standing Of the subject that congress has
been convened 90 consider. win not have
% higher aprrc. iation of thc President
after reading his message. II is paper
that shows honesty, courage and "a high
order Of craftsmanship. IL is clear, in
telligent and comprehensive statement of
the financial situation, and the cause of
the existing financial troubles, together
with @ recommendation Of remedy for
these troubles. IL is wholly free from
partisanship and deals with the subject
in hand as one i'm which every citizen is
deeply concerned. SO plain are its state
ments and 50 logical its conclusions that
even those who have not given the sub
. ject il discusses much thought cannot fail
TO understand it fully
A marked feature of it is its confident
tone The President is convinced he is
right and he takes the whole RESPONSE
bility for what he says, and what he
recommends. He seeks no support by
referring to party leaders or tinanciers
who are regarded as authority He
speaks from the standpoint Of common
! sense, and what be says carries convic-
! ton.
He declares that the chief reason why
| banks are breaking, business men are fail
/ ing and factories are closing, is the pur-
chase and storing of silver bullion He
| says lit is apparent that the operation of
the silver-purchaselaw now in force leads
in the direction of the substitution of sill
yer for gold in the government treasury,
and that this must be followed by the
payment of all government obligations in
deprecated silver" No reasonable man
doubts that just as soon as the govern
ment failed to pay gold on demand, gold
and silver would part company, and the
government would no longer be able to
carry out its policy Of maintaining parity
between the two metals.
The republican press has been condemn
ing the administration for not replensh-
ing its gold by selling bonds, but the
President points out that if the purchase
of silver was continued the gold obtained
for bonds would be taken out of the
treasury by the notes issued for silver
until the credit of the government would
be impaired. During the whole time the
silver-purchase law has been in operation
the amount of gold in the treasury has
steadily decreased and the amount of
silver has steadily increased. If that
law were left in operation much longer
the country would be forced to a silver
basis, and, as the President says, 1--WE
could no longer claim place among
nations Of the first class, nor could the
government claim performance of its
obligation, so far as such an obligation
has been imposed upon it, to provide for
the use of the people the best and safest
money"
The President says that we might
maintain a fixed amount of silver cur
rency on a parity with gold currency just
as France does, but that it is extremely
doubtful If we can maintain parity
between the metals if we continue to
add fifty millions of dollars to our silver
currency yearly with no time fixed when
such addition shall cease and there is no
one, except an extreme silverite, who
will not say he is right.
The President declares the people Of the
Onlb6u E1tdbeS dEH Gublbleu 10 II ES0Q0Q
and stable currency and to money rec
ognized as such on every exchange and in
every market in the world" The people
want sound currency, and many of those
who are now callingfor the free coinageof
silver would be the first to condemn the
government if the currency should be-
come debased. A very large percentage
of the people are wage eaners, and they
would be the greatest sufferers from an
uusound currency. Many of them do not
seem to realize that debased currency
would iniure them, but they would com
plain quickly enough when they began to
feel the effects of such currency.
The President wants congress to repeal
the silver-purchase act promptly, because
delay is full of danger. His desire in this
respect is that of the great majority of
the people. They believe that the prompt
repeal Of the law would be followed by a
return of business prosperity, and the
fact that they do so believe would help
greatly to bring about that condition of