The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-06-24
MORTON ON FIAT MONEY.
.ur srrrrrARY or AGRICULTUREA D-
,octTEs A SOUND CURRENCY.


s,,r,, the Popuii.t- and the Advocates
r,,, silver, and says he Doesn't
rink the People Can Long he Misied
=, Tbem-ue Thinks the Sherman Law
xym TO Repealed, nnd Possibly the Tea
Per tent. Bank Tax as Compromise.
v,suryGroS juno 23.-Secretary Morton Ia
=, the members of Mr.. Cleveland's Cabinet
rho does not hesitate to express himself on the
money question. In an interview given to-day
ho azores the free silver advocates, and attacks
sor,e Of the financial heresies which are RAM
INT IN certain parts Of the West. During the
i.st campaign Mr.. Morton was among the lead
Inc opponents Of the Populists and Nat money
advocates and since the election he has not
hssi,ated to express his condemnation OF all
efforts on the part of the Democracy anywhere
totemporze with tho Peoples party.
",rhe Populist party" the Secretary said, rs
d,sintegrating. BY the nomination OF MIR. Cleve-
lind and the wording OF the platform the Demo-
cratic party repudated all heresies and took
the position to which 1t belongs-on the side OF
sound money and sound principles. The party
&c n,cdeed to this, and the election OF Mr.. Ceve-
land is an endorsement OF his position BY
majority OF tho people. His election meant,
among other things. the condemnation OF
laws placing artificial prices upon commodities.
whether OF wool or metal. tin or silver: that
the Government should not be forced to be q
buyer or free coner Of silver. and that sound
financial policies should be enforced. with a
relatively unfiuctuating standard OF value. I
do not think the people are led away for long
BY demagogues. Tho strong common sense
OF the average citizen discovers the agitator
and demagogue In time. and the third party
led by disgraced demagogues discharged from
the two national parties. is rapidly going to
pieces. All the plain. honest people OF
the country want q sound. reliable currency.
sufficient for the purposes OF trade and COM
merce You can never get majority OF the
people OF this country to favor a currency
based on an artificial value. and consequently
unstable and liable to serious depreciation
The great trouble in settling this question has
come from the fact that many OF our States
mem OF both parties in Congress are dema-
Rogues and are influenced by the considera-
ton Of what may be the immediate effect Of
their action upon their political prospects.
rather than by their own judgment as to what Is
theright thing to do. They deceive themselves as
to what the people want, and then sometimes
deceive their constituents into wanting what is
not the best thing for them. An evidence OF
the pressing needs of the Populists is given in
the efforts they are putting forth at this time.
They are engaged in what they call midsum-
NOR campaign. holding camps and mass meet
ines to press their false doctrines upon the
people,
Mr. Morton then raps Mr.. Allen. the new
Populist Senator from Nebraska, and Mr..
Bryan. the young free silver Democrat who
represents the Lincoln district in Congress-
ALLEN 10 holding meetings and preaching
the Fat money doctrines throughout the State"
said tho Secretary. but he Is having snail
Of .vs bit with M tha has tbss
Nv %h iS ssked i 20 though. fusion would 30
last fall. Mr.. Morton declared that the sensible
m tine s Woad
nsnn M ssa o hS she
SHsfnsp pe aE s9D ee the 10 per
cent. bank tax may also be repsaIed as com.
prstenee q raising revenue. twas Intended
ido not think there is danger Of. wildcat bank
Ing. for only that currency will circulate which
oety %Ress ssued and noWhsre
forced into circulation. for no State can give
It's currency Legal tender ern aTaity The
repeal Of the tax law as a compromise with
coinage OF silver and gold alike might be
agreed to as HomPromise.thhat Is II they both
The stamp OF the Government would then
signify NO more than merely that the coin was
Of q certain weight and fneness and the peo-
ss q ean %yo AZ MT S.d f j. DIssa
their merits. and we could soon find
out what the people ,o, wanted m e, The
same A twenty dollar gold piece is $50 worth
OF bullion. The bullion value Of silver is "a
cents an ounce. The coin value is 81. ~ per
ounce Twenty dollars In silver Is worth 40
coin. To every ounce there is 40 cents OF nat
or fictitious value. Twenty silver dollars rep
resent an actual value OF little M ore than $12.
rs.ihlze that the are BEING reqsirsd to Ok:
change their products. produced at the cost OF
great labor, Tor product costing much less
labor and possessing. therefore, less In
than their wheat and their corn, There Is no
advantage to the farmer or the laborer in a re-
dundancy of cheap money: 1t raises the price
othe farm In chsap cutting
hst With, a fictitious price put upon wheat.
through the cheapness Of the money with
Which it is purchased. J.. the foreign
our farmers. but goes to India. Russia. or the
Argentine for his wheat. The consequences Of
this Is hard times here and the export Of gold
rom rom the country. As soon as our wheat gets
abroad. as soon as we begin to sell to foreign
purchasers. the supply and the demand alone
regu ating the price. the gold begins to come
sso Within the srn dsys Ws s0 Sua to
the sales OF wheat. which had been brought
about by the NECESSITY tho holders were under
to raise money"
BANK FAILURE IN NIAGARA FALLS.