The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-11-22

I
cisely the same value and could be so kept at
| all times, there would ne, in fact, but one
| standard, one unit for the measurement of
| values Whatever that actual standard may
| be as established by the laws of trade and
! finance, whether it be so many grains of fine
| gold or so many grains Of fine silver. 1t is the
! duty of the government to conform to il in the
! payment OF its obligations and in all its deal
/ lngs with the people.
THE DUTY OF THE LEGISLATIVE DEPARTMENT.
! 1t does not follow from anything have said
! that nothing shall circulate or be recognized
! as money or currency except gold, or paper
| issued against gold, nor that the prices of
commodities ought to be, or Will be, fixed
| upon the hypothesis that gold is the only
money in the world; but it does follow that
no part OF our currency, whether 1t be silver
| or paper. should be permitted to depreciate
| below the established and recognized stan
| dard. ANY financial policy which would en-
| courage or permit such depreciation,
| or create a reasonable apprehension of
| such depreciation, would unsettle values,
| paralyze business, arrest the growth
| and expansion of our industries, ana ulti-
| mately bring almost universal bankruptcy
/ and ruin upon the country. It must be re-
| membered, however that it Is the function
and duty Of the legislative department to es-
| tabllsh the policy Of the government upon
! this and all other subjects. and TO clothe the
! executive with the necessary authority and
! means TO carry 1t out. When the authority
| and means are granted the executive depart
| ment is responsible for the manner In which
| the law is executed, but beyond this it has no
/ bINC4 " uSG' anu NOLANS4 uSAAtAJ' ~ hNbJ W
: Gentlemen, the question whether the obi.
| cations of the United States will be paid in
| coin current IN ali the markets in the world
! has already been settled, and it has, In my
| opinion, been settled for all time to come
| 1t has been settled not by any specific act OF
| congress prescribing the exact mode Of pay
ment but by the spirit and obvious purpose
| of the whole body Of existing legislation upon
! the subject, and by the deliberate judgment
! of the American people and the declared pur-
/ those who have hppu lDfruSte0 with
! the execution Of the laws. The disposition
| and ability Of the government to maintain It's
! own credit 81 the highest possible standard,
| and to preserve the integrity OF all the forms
| Of currency in circulation among the people
| cannot be reasonably DOUBTED and ought not
to be subjects of serious controversy here
| after.
This does not imply that silver is to have
| no place in our monetary system. w hat is TO
! be the ultimate fate OF that metal is one OF
| the problems which time ana events alone
can solve: but for many years, notwithstand-
| ing all our legislation IN its support, the
! fluctuations in its value have been so rapid
and so great as to dem 0nstrate the fact that
! ii can not be safely coined without limitations
! into money Of final redemption at the existing
! ratio or at any other ratio that might be es-
| tabl1shed. 1t Is not possible, under existing
/ circumstances for any one govern
ment to establish and maintain stable rela-
| tiOn between the two metals, and for this
| reason alone. If there were no others, we are
! bound to place some reasonable limitations
/ upon the coinage and use of silver. How
much OF it can be safely coined and upon
! what conditions il can be safely used. are
! questions upon which there will be wide diff
! ferences Of opinion; but after all that can be
! said on both sides, they will be finally de
| termined by circumstances Wnlch can not row
| be foreseen, and by the natural increase OF
| our population and the natural growth Of our
| industries and trade
OUR STOCK OF SILVER.
1t is enough to say at present that we have
| already on hand a stock of silver. coined and
! hnnOlunn El1fnel2DI meet
| requirements of the country for many years
| 10 come. The minis OF the United States
| have coined 10 332,55D standard silver dollars,
| and we now have l40G9J,76J fine ounces Of sill
! yer bullion which at the ratio OF IS to !,
would make $751; gl4Sil, or 1901 ,241 ,3Jl in the
! aggregate. Besides this, We have S76,s77 092
| in subsidiary silver coin, which is legal ten
| der to the amount OF $40, and is by law, re-
| deemabl9 in full legal tender money on pres
! entaton. Our total stock OF gold coin and
! gold bullion is 1888 l67, 9i9.
| The tiVe countries constituting the Latin
| Monetary Union. with a combined population
! of more than s0000000, exclusive OF their
! colonial possessions. have S}70,OOJOO in gold
&725 900 900 Of full legal-tender silver and 49,,
| 0O0000 Of subsidiary silver coins; and yet they
| found it necessary several years ago to dis
/ continue the coinage Of legal-tender silver
! and enter into an arrangement by which each
! country agreed to redeem IN gold all its own
! legal-tender silver coins when presented by
| any other member Of the union. Thus god
! has been made to support limited quantity
! Of silver coin at par in France Belgium,
/ Italy. Greece and Switzerland as It has been
| required to do in the United States since 1873
/ and as it must continue to do hereafter here
! and elsewhere unless a great change shall
/ occur in the relative values Of the two metals.
| Being the greatest silver producing country
/ in the world. and having on hand a large
amount OF silver coin and bullion. the United
! States can not Re otherwise than d seply IN
| terested in every measure designed to en-
! hance its value and increase its use as money
| upon a sound and safe basis, but we can not
| alone maintain its unlimited coinage as full
| legal tender in oppOs ton to the policies Of
| the other great nations OF the earth; and the
! country is to be congratulated upon the fact
| that we have at last placed ourselves in
! position which enables us to preserve oar owl
| monetary system intact and exercise poten,
! influence in any movement that may be here
! after made for the permanent adjustment OF
| this very important and difficult question
! 1t is a great mistake to suppose that the
| supporters Of our recent legislation upon
/ this Subject were animated by any Keeling Of
/ hostility to the continued use Of silver money
! to the largest possible extent consistent with
| the stability OF our currency AMI the presec-
! walton Of the public faith. The Wisest and
/ safest friends OF That metal are those who
! have had the sagacity TO foresee the inevita-
| bic effect Of its continuous accumulation in
| the form OF bullion IN the vaults Of the treas
/ ury, and the cOuT1ee to remove from the stat
! ute book an experimental law which from the
! time Of its enactment was constant menace
! to the welfare OF the whole country.
IN conclusion. Mr. President, permit me to
| thank you ana the cham Der OF commerce OF
the state Of New York for afford.ug me this
opportunity 70 meet some Of the leading bust
ness men Of this great business city. Although
! your organization has been in existence more
than129 years and has passed through many
trials and vlcissitudes. IL is but simple justice
to say tina its counsel has always been wise
and conservative and its action patriotic and
beneficial. All that is needed now 70 insure
the early Inauguration Of an era Of great
prosperity Is such action upon the
part Of this and similar organizations
throughout the country as will inspire con
fdence and revive the spirit Of enterprise
among the people. Now that our credit has
been greatly strengthened and our currency
made more stable and secure, an opportunity
is afforded those who control our commercial
and industrial interests 20 resume operations
under more favorable conditions than have
existed for many years ana am sure you will
cheeif1lly cooperate in any effort they may
make in that direction.