The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-05

1903 was cancelled or redeemed IN any
manner. or withheld from the general
circulation.
fered a free silver coinage anne udmenJ 10
the repeal bill, and it was referred 10 the
finance committee.
REPEAL TAKES THE FLOOR.
At 1:10 MIR. Cullom, rep, Illinois, ad-
dressed the Senate in favor OF the blll 10
repeal the purchasing clause OF the Sher-
man act In the course OF Mr.. Cullom
speech he was asked by MIR Mitchell,
rep.. Oregon. whether if the repeal bill
was passed and there was no further
legislation on the subject, another silver
dollar could be coined.
Mr.. Cullom admitted that there could
not be, and added that that was the case
UP to the passage of the Bland-Allson
bill The repeal bill he sand. had no
suggestion as TO what the standard should
be whether gold or silver. He ass umed,
however. that the party In power IN the
Senate and country would take such ac-
ton with reference TO the silver on hand
as would be wise. and proper.
Mr. Cullom began by saying that the
question which engrOsses the attention oil
congress and the country was Of more
surprising Importance than any Whlcn
has been the subjects of congressional
action since the abolition OF slavery.
Commerce is stagnant. banks ana com
mines are closing. and within the last SIX
months perhaps million OF
wage-workers have been thrown out
of employment. Unfortunately there
was no agreement Of opinion among Jhe
people as TO the cause of the distress or
OF the remedy. No such peculiar condl-
ton of affairs was ever known IN our
history. All classes were without con
fdeuce and were appealing to congress for
speedy relief. He did not believe that
the appeals to lay aside sectiOnahsm ana
politics were needed; if he dld ne
should deplore the decadence OF national
spirit.
ARGUMENTS GROWN HOARY
If the national bank bill were enacted
it would result in an increase Of our CIR
culating medium. with as good money as
the world affords 1t was recommended
by the Secretary of the Treasury. Before
a vote could be had upon it, it was found
70 be necessary TO discuss
all over again the whole ma
tional banking system in the same old
strain and with the same old arguments
that had been heard over and over again
since it was established twenty-five years
ago. Why not give the country the relief
1t demanded and afterwards, when the
people had emerged from their present
distressed condition. take up and amend
the bank note act2 He favored the pas
sage of the bill rs it was, but he would
not object to the German amendment.
He should vote for the repeal Dill
reported from the finance committee.
He did not believe that the sherman act
was in great degree sponslble for the
condition but he was for It's repeal be-
cause it was but a temporary eXpedlent,
and government could not afford to buy
silver and coin il or issue paper upon II
when the dollar represented less than
sixty cents worth of silver. Such
performance, long continued
would embarrass any government. He
was not a monometallist, and few men
demanded the ostraCism of silver or OF
gold, but the close commercial relations
which existed between nations made an
international agreement desirable, if not
absolutely necessary So he favored the
free use of silver upon an agreed ratio.
GOLD AND SILVER ALIKE AS MONEY.
Gold had no money function which sill
yer did not possess Both metals We're
the creation of nature, while money was
the creation of law. All that was known
of the science of money was the resultOt
experiment and experience, and it was not
certain that what to-day appeared to be
well-detined principle would long remain
So The people wanted silver, and so did
he; but first of all they wanted to have
all of the circulating medium of equal
value without regard to material
Mr.. CullOm entered on an argument to
demonstrate the unsOundncsS Of the prop
osition that a fixed ratio could not be
maintained between gold and silver, and
continuing, he said that the United
States must adopt a policy which would
do justice 10 all classes and all sections
of the country. Universal bankruptcy
would be as fatal to the creditor class as
TO the debtor class. He SympathLed
with the people of the silver states, but
1t was necessary to have in mind the in
terest of all the people and secure free
coinage, if a all, upon an enduring basis.
THAT AWFUL TARIFF
Turning his attention to other causes
than the Sherman act of the present de
preston Mr.. Cullom said that he doubted
if the credit of the United States was as
good to-day as it was year ago. In 1893
party came into possession o. all the
branches of the government pledged to
repeal the protective tariff under which
the country had been developed and TO
overturn the national bank system which
had furnished the best money
the people had ever had and replace
il by state bank money at a discount
everywhere except in the neighbOrhoodof
its issue. What wonder that doubt or
want of confidence seized upon the people,
which resulted in the almost complete
paralysis Of business and the boarding
away of money, and this extra session
He hoped that he was mistaken. but he
believed that we would no5 again have
good times if the pledges of the Demo
cratic party were to be observed Sena-
tor Vance had argued that conditional re-
peal meant united party. The inference
was that conditional repeal meant di-
vided party. That would be a calamity
the country could easily bear.
BOTH PLATFORMS ALIKE.
In conclusion MIR Cullom compared the
financial planks of both parties, holding
that they were much alike in respect to
the maintenance of the value of the
money in circulation. He showed that
the Sherman law had closed mines, and
under its further operation the United
States would buy only foreign silver.
The people wanted no fat money, hut
they did wanta dollar intrinsically worth
100 cents. Said Mr.. Cullom The
business men of all classes appeal
to US to pass the bill of the repeal of the
silver act of 1890. Multitudes Of laborers
are pleading for work If there. is any
thing we, as legislators, can DO consist
ent with national honor and financial
safety to lift the clouds that darken the
situation, remove the difficulties and
start the wheels of commerce. which are
now rusting on the railroad tracks. in the
shops, factories and mines, let US do it at
once.