The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-09-12
would extend to the friends who thus


coinage and protection. They rest on es-
sentially different principles, are based on
separate foundations. Yet if this great
country, with its enormous area and
wealth and population and resources, is
to change its monetary policy to follow
and to be in accord with that of Great
Britain, it alters the whole basis Of our
relations with foreign countries.
L speak With hesitancy and reluctance;
but as the sbuject now presents itself, if
this bill shall pass and silver be, as it
must be. absolutely dethroned and de-
graded, | know of no reason why any
senator who believes in free coinage should
ever cast another vote in favor of pro-
lection in any form. If we are to have
steadily approaching currency and con-
stantly lowering prices, it is better for
our farmers and wage workers that they
have the opportunity Of buying, untram-
meled and unrestricted, in the markets of
the world. In the light of the proposed
pollcy, bountles are inquitous, protection
an oppression, and free ships desirable.
This is an era of experiment. Let us ex-
pertinent all around.
Even if it were true that our abandon
ment of silver would, in time,
hat It "a eo,. it and renew, its coin
would, In my opinion, be ruinous and unne-
cessary. We have q vast area of country.
with many and varied resources and con,
staltly increasing needs Our great cities.
the centers of the commerce Of the country
surrounding them. are remote form, and large
~ independent of each other. The number
leSS new new enterprises everywhere springing up
and the constantly increasing avenues of
trade demand steadily charging volume of
ctf1 chcy to Keep pace with our growing de-
mandS.
We produce Of gold, available for coinage.
less than $1S0o0,000 annually. We can alb
sorb the silver offered us for coinage without
Imitation OF the currency and without impair
ing our financial credit at home abroad.
The silver held in Europe is in coin and need
ed there, and surely not to be returned at
a less. we cannot get the gold to furnish
money. gold and silver, in preference to the
only other alternative. irredeemable fiat mon
ey. based only on credit The two metals
together, would furnish us, If our minis were
reopened, n stable, enduring. and adequate
currency. France for seventy years main
tanned their parity. With an area seventeen
times greater. than France, and vastly
larger population and far greater resources.
who shall say that the United States can
not coin both gold and silye at her mnts as
offered, and mantai in their parity ana her
own financial integrity?
TO those timid people who look to interna-
tional conference for sanction before they
are willing to embark upon the, coinage of
gold and silver I commend the fol-
lowing excerpt clipped from recent paper:
'"rhe increase of our population in the brief
period of ten years from 1880 to 1890 exceeds
IHe entire DOpulullOn OIL MtNlto, Hu illtltdSe
of population in the United States in ten years
of more than 80 per cent Of the entire popula-
ton of France. more than 40 per cent Of the
population Of Italy. nearly 10 per cent of the
population of Spain; increase equal to
twice the population of Belgium, three times
the population of the Netherlands or European
Turkey, four times the population of Switzer,
land and six times the entire population Of
Denmark or of Greece"
In the face of such q showing, l can i'm
agne no more cruel. or unnecessary, or IN
l,t.ciu tn
whole financial system In abeyance until Eu-
rope determines what policy will be satisfac-
tory to her
The other additional reason for repeal, Mr..
President. presented by the advocates OF the
bill reported by the Finance committee would
be droI, if the times were not tragic one
Senator after another tells us, and the other
house echoed with the same statement, mat
the existing law, known as the sherman law,
has absolutely nothing to do with the pres
ent deplorable financial panic. but that some
other people. who are not designated by name
or calling. think it has: that there Is wocfal
lack Of confidence, not in our SILVER certlh,
Gates but in our financial istitutlons ana
that this departed confidence will return
if congress will repeal the purchasing
clause of the act Of 1890
A few DAYS since | demonstrated as best
7 could the folly of this statement. and
shall not weary the senate with repetition
of what l then said This, panic will go
Months Mont '': ago the associated national banks
as an organization, began demanding the re-
peal of the Sherman act; They solemnly
they would be ruined if it were not repealed.
They charged to silver the EXPORT of gold
when every dollar that went would have gone
if we had never a silver dollar In our coin
age. They continued to clamor until the
people who had money in the banks drew it
out-blls gold or silver, it mattcred not
which. for they knew the dollar stamped by
the government was good for 100 cents.
They sought to bring discredit upon the finan-
cial policy of the government: they have
a,,In in Won
ask banker today how the repeal of the
sherman act is TO restore confidence to the
depositors who have drawn out some $780,,
100000 he cannot tell yon.
Mr.. President, the depostors did not COM
plain of the Sherman act and no one OF them
drew out bis money because Of the existence
Of that law. / have no sort Of hostility to-
wards national banks. The system afforded
the first basis Of confidence in our bonds and
has been of vast service to the country The
attitude of the banks towards the Sherman
law, however in connection with some recent
occurrences, deserves mention at this time.
The banks demand, as have said, the repeal
of the Sherman law. This act Is the only
now upon our statute books which per-
mits enlargement of the currency. In
time Of panic such as this. it would seem I'M
accountable that banking institutions should
not desire an increase in the volume of
money.
The fact is, however that when the Sher-
man act shall have been repealed, the banks
intend asking congress 10 authorize either an
issuance of bonds or bills to the amount of one
hundred millions or more for the purchase of
gold, and they have good reason to believe
that a cOmplaiSant finance committee will
authorize a bill for the issue. This would
bring temporary prosperity, and aid in the
journey toward gold recommendation
Meanwhile, we ars tsked to authorize the
banks to issue notes to the par value OF their
bonds deposited to secure circula ton, meas
ure which recent disclosures would Indicate
Is of Importance to their depositors as well
IA to the banks. While waiting for this
measure to become law, clearing house GER
tifcates, based on redscounted paper, furnish
an excellent substitute for money.
Nobody was disposed to find fault with this
ed the other day calling on the comptroller
of the currency, whose integrity everybody
recognizes to inform us whether the banks
were 0beying the law or not. an extraordinary
incident occurred The senator from Mary
land (Mr. Gorman) with batcd rcath inform
ed US that, as matter of fact, all the banks
were violating the laws; that If they did not
violate the law they void all have tQvclose;
and we were urged not to inform ourselves
No more remarkable statement ever
made. Congress Is In session ready TO en-
large or change the Law if necessary, but we
are informed that it is our duty to blind our
selves TO the facts and to our oaths, and to
suffer the law TO be violated without inquiry
rebuke
Did it ever occur to the senator from Mary
which the law ought to protect? And did it
ever occur to the banks that possibly the
lack of confidence" in their institutions
might not be wholly due to the Sherman act :?
In the struggle which is now being fought
out on this noor whatever may be the out
come we have all learned something of the
divinity that hedges around mQneyed insti-
,i,,1