The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-20
~ APPEAL TO A SENATOR.
lIdtu Written 10 Him by a SaVal-
nah Constituent.

for Repeal Clearly Put.
letter written to prominent Senator
,,.ooe Of his constituents:
Hon --, United States Senate,
washington, D. c.. Dear sir: While I
have always been your warmpersonal
ar7 rolitical friend, I do not think have
over attempted to offer you informal
ton or advice in reference to political
subjects.
The financial situation now is so seri-
ms and its gravity is so little appereci-
s-od feel it my duty to tell you what l
know about it. I must premise by say
inc that am in favor of both gold and
silver as money ; and believe that the day
will come when England Germany and
France will be compelled to join with the
United States in an agreed ratio at which
fine two metalsIshall be coined-similar to
the Latin union of France, Belgium, Italy,
switzerland and spain.
But England and Germany will never
90 into such a union while the United
States has free coinage of silver or is
rprcbaser of silver-even if it should coin
its purchases at "a to 1. The reason is
that every one prefers a money of certain
vaIue to one of uncertain value, and no
one knows how cheaply silver eau be pro-
drced. Now that India has ceased free
coinage of silver the United States is the
only large purchaser of it. If the United
States ceases to buy or coin it, silver will
decline to the price at which the richest
mines only can economically produce it,
and the correct ratio value between gold
and silver based upon quantity and cost
of production will be established and rec
ognized
With untainted money the resources of
the United States will assert themselves,
and the enormous value of grain, provi-
sons, cotton, etc. etc, exported annually,
in addition to European investments in
American securities, will make the
United States the creditor nation and
drain the gold from England and the con-
tiuent, until they will have to beg the
United States TO agree to the use of both
silver and gold, at an agreed ratio.
Whether this opinion be correct or not, or
whether gold viii be the only recognized
basis of value, time alone will prove.
But this much is certain, the financial
world believes in one or the other theory,
and believes that the United States is
drifting into a situation where its cur
rency will soon be at the value of silver
bullion only, whichis now 80 to 40 per cent.
below gold, on the old parity Of l6 to l.
Our financial situation at this moment
is just what ours was in 1861 IN the Con-
federate States. Commerce has not en-
tirely stopped but money, which is the
water upon which it floats, is rapidly
fppayintr in IN solid 100 en- fbot il no lOTl-
ger floats, and navigation will soon cease
entirely. Grain has gone to lower price
than for twenty years, and this mornings
newspapers Aug. l4th, 1888 say western
banks can no longer advance money on
bills Of exchange drawn against grain
shipments, and they have ceased at some
points, and VIII soon stop at all.
Cotton viii be ready for market at an
early date.
Savannah generally gets cotton of the
value Of half million of dollars a day.
Every dollar is sent to the planter before
he ships the cotton, or as soon as it
reaches the port. Where is the money
to come from now? 1t will require thirty
or forty million dollars to move the Geor-
gia crop alone. .......,
If the crops cannot be marketed, no one
IN the country or in the city can pay
debts or buy even the necessaries of life.
to pay every dep0sitor at the same time,
but if all the depositors call and one is
not paid, the bank is ruined. The want
ofconhdence induces every depositOr to
ask for his money now, and every bank in
Ihe United States is afraid to let out one
dollar to move the crops. The money is
frozen solid in bank vaults, just enough
being allowed to tricble out to keep de-
posters from protesting checks.
In each city transactions may be car
Hed on by means of certified checks,
winch IS really nothing but barter. But
Ine certified checks of one city are al
most valueless in any other city, and are
entirely worthless in the country.
Nhen there are no buyers except
foreigners, the price of cotton will go
lower and lower. English newspa-
pers are already telling English spin
ners to postpone buying, as they
VIII be able to get cotton at cents
per pound. If they will wait long
enough, and congress does not restore con
Huence, the foreigner will get cotton at
cents or cents or cents, or at any
price he chooses to name, because the
painters must have some money, and no
american will have any money with
winch 10 buy. The cotton crop of Geor-
std Is IN round figures, 100000 bales.
livery decline of l cent per pound, means
d loss OF S5,000000 to the planters of
Eon't you think the most enthusiastic
zimmerman will want congress to repeal
we sherman law, when he appreciates
yuaJ SAID law is the ghost which has
SSauseu this panic, and that said panic is
aeI1!hg MN TO sell his cotton at loss out
VI GoI 4ls rocket Of five or ten or even twenty
oolaIs per bale! Suppose there is not
Guy tloSt' and what is supposed to be
gg-gS- is only sheet on bean pole, IS 1T
"yy wise to pull down the pole and hide
away the sheet?
mere is no use to reason about the sill
;,40t purchase law, nor even to argue that
d.. ID uoJ the cause of the present trouble.
Iau-c is without reason, and the only
"Gl 70 s-opl is to remove its accredited
f"@e Whether the Sherman law is or
y, 10y -uc cause of the present trouble,
o n'e 1Aancial world believes it to be the
,r. 'o.' auq hence the result is the same
'T4g1utr IL is or is not
r,oo 10 last week l thought [ appreciated
NE Ss!Juaton, but l did not I am sure
-G u.alorlty of the farmers and planters
So Ioy NeJ appreciate it, but they will, so
e,s 5D "S Its results touch their wn pock-
NM 9uU Jhen they will condemn their
en- en- men for not having foresight
,r5 gu 10 prevent or stop the panic.
St- NeN Crk savings banks alone hold
hl,oJl'U 0O OF deposits. They have saved
r n. temporarily by requiring six
rr 1"s notice from depositors. If con-
n.' Not7 not restore confidence before
r,r5 ny days end, there will be such
e.. Jhose savings banks as viii break