The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-30

Men who study the financial situation
carefully are of the opinion that times
viii be much harder than they have yet
been unless the sherman silver law is
repealed. The Senate's delay in passing
the bill TO repeal that law is causing a
great deal of uneasiuess in financial cir
cles In New York il is said that condi-
tons are almost ripe for an outflow Of
gold. Il is quite certain that if the eX-
porting OF gold begins again while the
volume of currency, based upon silver
continues to be increased at the present
rate there will be a return of the distrust
that was so disastrous a few weeks ago.
The persistency with which some re
publican newspapers and congressman in
sist that the fear Of tariff changes, and
not the Sherman silver law, is the cause
of the hard times is almost criminal. 1t
does not seem possible in the light Of
the facts that any sane man can believe
that the hard times are due to any fear of
changes in the tariff 1t is quite certain
that there will be no changes for, at least,
year, and no changes win be made that
will injure any legitimate industry.
Those who are attributing the hard
times to proposed tariff changes
are doing so with the hope Of preventing
any interference with the Mckinley tariff
There are good reasons for thinking that
they are influenced wholly by selfish
motives.
A day or two ago Hon. Abram Hewitt,
in a letter published in the Herald, de
clared it was all nonsense to say the hard
times are caused by threatened changes
in the tariff. More than fifteen years ago
he said what the effect of the too free use
of silver in the currency would be and he
pointed it out In his letter he says:
The times are not easy, but are very
hard indeed, and every man in business,
especially if he be an employer of labor,
is in great straits to provide work and
wages for those who are dependent upon
his business.
So far as l am concerned, ! predicted
the outcome of the silver legislation in
1876, when it was first proposed, and /
have lost no opportunity since that time,
in public and private, to warn my fellow
citizens against the evil consequences of
disturbing the standard of value. UnfOr-
tunately, the workingmen, for whose ben
eft demagogues insist they are anxious
are the chief sufferers from the ignor
ance and greed involved in what is known
as the "silver legislation" The opera
ton of this mistaken policy has destroyed
and unless the Senate shall
act promptly in repeating the mandatory
provisions of the Sherman law | look for
a long continuance of bad times, in which
the innocent will suffer for the sins of the
guilty representatives who have brought
the country to the verge of ruin.
There are men in the Senate who know
nothing about financial matters and less
about business who persist in resisting
not only the will of the majority of that
body but of the great majority of the peo-
pie. With a few exceptions they have
never shown any ability to solve finan-
cial or business problems, and if they
should lose their places in the Senate they
would find it difficult matter to earn
decent living. Yet these men pretend to
know more about the financial needs of
the country than the tens OF thousands of
capable fnanciers and business men
who are conducting great financial and
business interests They cannot be
reached by reason and it is doubtful if
they will yield to the majority before
they have brought upon the country
another disastrous panic.