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

some length, to be true, that the great
commercial nations Of the world, includ-
, ing the United States, were to-day com
mitted to a single gold standard, every
hour of study strengthens his conviction
that 10 would be uWiSe, as 10 would be
impossible, for the United States. at this
time, to attempt to establish free aud
unlimited coinage Of silver at any ratio
and a { the same time preserve the parity
between the two metals.
Mr. Faulkner saw no solution of this
problem except in international bimetal-
lism. England had always been and was
to-day n stumbhngblock to the inaugura-
ton of international bimetalhsm, but
England had to face to-day condition
that had never before existed, and, con
vinced that her national interests de-
manded the adoption of a double stand
ard, she would at once remove the only
obstacle to the accomplishment of that
bimetallism.
WILL VOTE FOR REPEAL.
81 shall vote for the repeal Of the pur-
chasing clause of the act of 1880" said
Mr.. Faulkner, mot for the reason that /
believe it is the cause of the prostratiOn
Of our business industries and our tinan-
cal Stringency, nor that it has induced
want of confidence on the part of the pe0-
pie in the integrity and stability Of our
financial system, but for three good and
sufficient reasons:
First, the authority and discretion it
confers upon the Secretary Of the Trcast
ury TO enter the markets and purchase
1900, GOO ounces of silver monthly with
out any limit as to the time when this ac-
emulation Of bullion shall cease, presents
a constant menace and tends to depress
the price of silver bullion. The act is
founded upon a false theory as to the pro
per functions of government in its rela-
tiOns to money, and furnishes a vicious
precedent for the future.
Second, in the execution of its provis-
ions, especially in the storing of the bull
ion and the issue of treasury notes, it has
been fruitful source of the strongest ar
gument against the use of silver as a part
of our monetary system.
Third, the people believe, however er-
roneously, that the disturbances through
which we are passing are mainly due TO
this act, and, like any other faith cure,
its repeal, which is proper in any event,
will assist in restoring confidence, the
want of which is the chief obstacle to the
restoration OF business activity"
An ALTERNATIVE DECLARATION.
"Mr. President, although I shall vote
to repeal the purchasing clause of the act
of 1890, l certainly hope I may not be
called upon to do so without having first
secured an amendment to the bill now
pending before the Senate which win, by
law and not by a mere declaration, give
notice to the world that this government
will exercise all its powers, employ all its
resources, and throw the weight of it's
great influence in favor of the re-
establishment of silver on an equality
with gold as a standard of value"
Mr.. Turpie opened with what he called
a study Of the history of money for the
last 400 years and stated that il was not
to be doubted that the syndicate of gold
had favored the passage of the Sherman
law, which now it desired TO have re
pealed. The basis of the circulating me-
dium, truly considered was the subsidiary
coinage; and this coinage, he said, in
which labor was pald, was base, spurious
and dishonest.
BANDITS OF THE GOLD TRUST.
Whatever he might think Of the value
of the gold reserve in the treasury, he
was Tooth to have it looted by the bandits
Of the gold trust. 1t was a constant
source of irritation to it, and an anomaly,
1t was contrary to the traditions Of the
syndicate and to its mysterious law of ag-
gregation for the syndicate had long ago
said all gold is mine" He thought there
should be a renonetization of subsidiary
silver coin, in the interest of wage earn
the bill and act was that the standard
silver dollar (the money in which skilled
labor was largely paid was dishOuored,
and had not the full value of money be-
cause it was not legal tender,
THE BRAND OF BONDAGE.
To-day, said Mr.. Turpie, gold issbrought
to the mint; silver is bought by the treas
ury. The act OF purchasing was itself
discrimination against silver. The ever
recurring test Of purchase" was the vice
of silver circulation. IL placed on silver
coins the mark and brand Of bondage,
like the collar around the neck of Gurth,
the swineherdor in 'Jvanhoe." 1t de-
stroyed the parity of the two metals and
of the two moneys. He was in favor of
coinage Of silver, free and without
mint charges. He was prepared to sup
port, and had always supported, free
coinage. The national circulating med
ium ought to be, and would be in the
end, silver and gold coin, with paper as a
substitute-all Of full monetary value.
AS to the different proportions of gold,
silver and notes that were to be in circu-
lation, that was "A question Of secondary
Importance. TWAS necessarily a temporary
question and one wholly of eXpediency.
Mr.. Tnrpie closed with an Invocation for
the restitution of the freedom of the bal
lot The free ballot, he said, is worth
more than free coinage
SENATOR JONES SPEAKS.
Mr. Jones, of Arkansas, was the next
speaker. He favored the repeal Of the
Sherman act, not in part, but in whole.
He did not believe that the Sherman act
had been the cause of the financial
troubles of the country, and he believed
that they would pass away without the re-
peal of that act He heartily joined in
the demand for an honest dollar-a dol
lar which did not rob the creditor but
which returned to him at the end of the
contract all that he had parted with at
the beginning; and at the same
time a dollar which did not rob
the debtor, and which took from
him only as much as he had contracted
to pay If the pending bill passed, sena-
tors could not shut their eyes TO the fact
that they had gone back to and ratified
the great fraud Of 1873, and he feared that
none Of them should ever see relief from
that wrong until it came in a way the
mere con temptation Of which made him
shudder. He neyer-so help him God
would vote to destroy silver, and thereby
TO take bread from the mouth of honest
labor in order to swell the profits of CAPT
talists.
RETURN TO BIArETALLIsM.
Mr.. Jones quoted from Senator Hills
speech in favor of returning TO bimetal-
ism as it existed before 1873. lie (JonesJ
agreed with him, and believed that the
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