The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-08

Calling attention to the experience of
the great states of Kansas and Colorado
under pOpulistic rule, the secretary asked
who would wish to see Georgia follow the
leadership of a Lewelling or Waite.
Bad as was the record of the third party
in the west, the crazy theories of their
leaders in congress were enough to stag
ger comprehension and shock thoughtful
men. They sought disbursements amount
ing in the aggregate to over thirty
billions of dollars. The people of Georgia
could not afford to indorse such a party.
The state would be disorganized locally
and discredited before the world if it ap-
peared to have even listened to their i'm
practicable theories.
AS TO FREE SILVER COINAGE.
Few of their beliefs were worthy of
discussion, but there was one which
seemed to have proved attractive, al
though when carefully investigated it
must be classified with their other the
orles, as almost equally wild and imprac-
ticable. He referred to the free and un-
limited coinage of silver at ratio of l6
TO by the United States alone, and de-
clared it to be a plan utterly at variance
with sound business principles and
fraught with incalculable evil. He did
did not wish his position misunderstood.
He was thorough bimetalist, strong
in his faith, and no one
could be more unalterably opposed to the
adoption of single gold standard. Such
a course would bring about contraction
of the currency calculated to cripple in
industries, and to lessen the demand for
supplies. The injury inflicted by a single
standard currency had been recently de-
mOnstrated abroad, and the evil effect
had been felt here upon the products of
this country raised for foreign consump-
ton He believed these evil effects could
be lessened by preserving the present per
capita of currencv. here; but where
three-fourths of our great cotton pro-
duct goes abroad, three-fourths of the
injury could not be reached except by
the success of bimetalism in the places
of consumption.
The secretary described the eight differ
ent kinds of money now used in this cOun-
try, and maintained that the instant any
one of these went to a premium it would
become a commodity for private sale, and
contraction would follow, but by pre-
serving them upon an equality, and by
an increase equal to the growth of bust
ness and population, contraction would be
prevented, This could be accomplished,
first, by changing the bullion in a silver
dollar, 50 as to require 100 cents worth of
silver in every dollar.
Second, by international agreement,
which, if secured, would prevent the ne
cessity of changing the ratio; or, third,
by calling in all money of small denOm-
nations, say $40 and less, not consisting
of silver, and giving silver the right-of-
way. He especially urged the repeal of
the 10 per cent. tax on state banks as a
remedy within control of the United
/ States of great value.
He siletched the history of silver coin
/ age in the United States and deduced
! from it several conclusions which he held
| to be irresistible.
| First, the people of the United States
| have the use of seventy times as much
| silver, as money, of full legal tender at
! present as they had before 1873. Second,
the depreciation in the value of silver
is due to causes other than it's treatment
in the United States.
1t is, therefore, evident that silver. at a
ratio of l6 to |, if unlimited coinage were
attempted in this country, must either
flood our mints with enormous quantities
of silver, which would at once depreciate
the value of our money, or it would be
coined only in reasonable quantities and
then could not substantially affect the
mercantile value of the bullion through
out the world.
In either event we would be forced to
the use of a dollars worth, only little
more than half the present dollar II
would cause the settlement Of all con-
tracts at the rate of so cents on the dol
lar. 1t would require the reorganization
of all prices to be adapted to the new de
preciated currency 1t would compel a
change of all legislation in fixing salaries.
1t would necessitate the entire re-adiust-
ment of the private and government busi-
ness of the United States to meet condi-
tions caused by a degraded dollar The
confusion incident to such changes could
scarcely be described. Commercial
disorder, business wreck and ruin
must at once be precipitated No
suffered has been comparable to the one
which would be inflicted upon the indus
trial interests by such action. The fear
that the government of the United States
would not be able TO maintain its various
moneys upon parity, but that we were
upon the point of being forced to the sill
yer standard, with results similar to
those just described, materially contrib
uted to the panic of last year. For the
condition Of the treasury which led in
part to this fear, the Secretary held the
republican administration responsible
The whole administration of MIR. Harri-
son, with the exception of the first year,
(Which received its impetus from the ex-
CellenJ financial conditions existing at the
close of Mr.. Cleveland's term, was one
of falling revenues, increasing expendi-
lures and heavy expectation of gold.
MIR. Cleveland retired leaving a surplus
IN the treasury of $3.50, ,34S, 600. -Four
years of republican misrule reduced the
surplus to S62, 900, with charges fixed
for the ensuing year amounting in round
numbers to Sg5, 600, ,000in excess of the rev.
enues.
That state Of facts occasioned alarm,
intensified by the conclusion universally
reached that the government could not
continue the purchase Of silver under the
Sherman act and maintain its silver cur
rency at par. The repeal of the purchas-
ing clause Of the Sherman bill stopped
the panic, and where money could not be
had at any price in the summer of 1898, it
can now be readily obtained at low rates
of interest.
And yet, with the terrible experience
of last year fresh in our minds, it is
proposed TO open the mints without a
limit to the flow of silver that would GER
tainly produce silver monometalism.
The fear of silver monetalism ma
terially contributed to last years panic.
What would happen with free and uu-
limited coinage OF silver which would abb
solutely produce such a result
Mr. Smith closed his speech with an
appeal to the voters Of the state TO re-
main true TO the democratic principles of
sound money inaugurated by jefferson,
supported by jackson and preserved by
Cleveland
IN COSTA RIGA.
Ar,ar{cape IN N{carag,,a Wall aatta-