The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-07-23
Joseph +. Brown on Silver.

distinguished Georgians, Governor DO
seph E. Brown wrote a remarkable let
ter on the silver question.
Governor Brown stated at the outset
that he was opposed to the demonetlza-
tion OF silver and TO the immediate
forced resumption of gold payments
He believed in both gold and silver as
the true basis of our currency, and held
that the banks and the government
should lee reQuiI ed to redeem their bills
in gold or silver, or both. 1t was his
opinion that an immediate return to
specie payments would put the debtor
class entirely ut the mercy of the cred
itor class. 1t would cause a Shrnkage
OF values and ruin the debtors to require
them after Il certain day, before the
period of initiation was over, to pay i'll
gold the debts contracted on an infia-
tion basis Such policy would work
general ruin to the debtor class, because
ii would give those who had boarded
gold IN advantage which they would be
certain 10 use in speculation. He re-
feIred TO the fact that in England,
after the Napoieonic wars, there was
forced resumption on Il particular day.
The result was almost universal bank
ruptcy. He who held a mortgage on
his ncighbor's land for onc-balf its val
ne foreclosed and sold it. and there
being little gold in the country he got
it at his own price The same result
would doubtless follow the resumption
act here.
lie was most decidedly in favor of re-
pealing the act OF 1873 stopping the
coinage of the 412la grain silver dollar
and leaving it no longer Il legal tender
in sums exceeding 81. He would
sweep away all legislation against sill
yer. and make both gold and silver Il
legal tender, as tLcy were before the
act II the output of silver from the
mines had Increased. the demand for it
had also increased. The decentralization
Of silver in Germany had brought de
precision and distress upon that coun-
Try. Willie France, under bimetallism,
was Prosperous. lie WAS not afraid
that we would he flooded with silver if
We had free coinage, because if we had
more than we needed the hundreds of
millions of people in The silver using
countries of the east would absorb it.
And then the governor put these point
81 questions:
But why should the United States which
Is now producing more silver than any
other nation on earth seek to demonetize
il and to reduce its value, thereby losing
the great advantage which she should real
ize @rOm il in her commerce with the east
eru nations in competition with Engla nd
and Germany. who use the gold standard
Why not hold onto this advantage, and
EtiH q firm foothold on the trade of China
and India and the hundreds of millions of
population Of Asia who prefer and use the
silver standard
Tie repeal Of the decentralization act
and The restoration of the 412b grain
silver dollar rs a legal tender would
take from gold the fictitious value that
bad been given to it by anti-silver lcgis-
iaUou. and the two metals would readily
adjust their relative value, and silver
would not be a deprecated currency,
bat would be equivalent to gold in its
purchasing power As neither gold
nor silver is an irredcemabIe currency.
he did not see any danger of getting
too much of it. In our depressed con
dition the laborin% and debtor classes
needed more gold and more silver in
circulation. To strike down silver would
bo in the interests Of the hoarders of
gold and the creditor class. Nor would
1t be unjust to the bond holders TO make
silver a legal tender When the GOV
eminent bonds were issued they were
redeemable in legal tender greenbacks.
Ii was the legislation after the war that
made The bonds redccmable in coin.
Governor Brown went on to show
that as our population expanded we
needed an expansion aud not a contrac-
ton of The currency. 1t was unjust to
men who had made debts when they
had abundant means TO pay them to
force the resumption of gold payments
and contract the currency, thus leav-
ing them unable to meet the demands Of
their creditors. Such Il policy, if CON
tinued Il few years, would enrich the
few and turn the masses into hewers
Of wood and drawers of water.
The letter, which we have briefly
synopsized here, was read to one of the
largest democratic meetings ever held
IL Atlanta, and was enthusiastically
endorsed. lis views were those of our
people. and when the primaries were
held Colonel Gambler who favored the
forced resumption of gold payments and
the decentralization of silver. did not get
= vote in Fulton county, and the plat
form adopted by the GAINESVILLE con
vcntion was directly in line with the
free silver and currency expansion
views of Governor Brown.
Cur people have never doubted Sen
ntor Browns financial wisdom. Every
prediction made in Ills letter concern