The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-24
CARRARD ON FINANCE.
Ills Views as He Presents Them in
Speaking.

Gathered FROM La1A Win InOs6 W no
Have Heard Him Argue the Cues
tion-The idea Seems to Be Taking
One--A Way he Suggests to Make a
Place for Silver without Bringing it
in Competition With Gold-Demo-
cratic Rallies This Week.
Hon. Louis r. Garrard, who has been
taking a close and active interest in the
campaign work in this section Of the
state, is in the city, and will leave to-
night for Swainsboro, Emanuel county,
where he will speak tomorrow. From
Swainsboro he will 90 to Statesboro. in
Bulloch, where one Of the largest rallies
Of the campaign is to be held.
The Bulloch county rally will
attended by several prominent
speakers, among whom will be Col. R. E.
Lester and G. B. Whatley, Esq, of Sa-
vannah, chairman of the executive COM
mittee of the party in the First con-
Fressional district
MIR. Garrard is well pleased with the
results that have been accomplished for
the party during the campaign. There is
no doubt that the campaign is one of edu-
cation. The people in the country, he
says, are reading everything they can get
hold Of concerning the questions of the
day, and with many of them the tariff is
sue is entirely subordinate to the financial
questions which are just now agitating
the public mind They read all they
can get hold Of on the silver question, and
many of them have formulated their own
ideas and opinions on matters of finance
They are almost all ready to argue the
matter with anyone, and while many of
them are extremists, sound views are be-
ing promulgated by some of the demo-
cratic speakers, and the people are taking
hold of them.
HIS VIEWS on SILVER.
In speaking of financial matters Mr..
Garrard uses some new ideas. His plan
is 10 provide place for silver in the gov
ernments coinage in such a manner that
a demand for it will be created, and at
the same time it will not come in too close
competition with gold.
The idea is an interesting one and has
set many of the extremists in both direc-
tions to thinking. 1t is suggested
that the gold coin under $40 in
denominatiOnal value, or under $50 if
that would prove more satisfactory, be
in amounts of $40 and above, or so and
above, as the case may be, aud that this
vacuum be filled by the coinage OF silver
dollars. If the $40 basis were taken
about $3.50, 100000 would be withdrawn in
gold and this amount of silver dollars
issued. In case the basis were $40 the
amount withdrawn would be about S5l7,-
0O0 200.
Against the silver dollar certificates
could be issued which would be payable
in silver There would be no doubt what
ever about what was to be given in ex-
change for the certificate should it be
presented at the treasury. The silver
dollar is a legal tender, and for the
amount of legal tender Withdrawn in
gold, like amount would be issued in
silver. The silver would not all be issued
at once, but during period of several
years, as the capacity of the mints at
most is not over DO 000,O0 silver dollars
year. so as contemplated there would
be nothing sudden about the change
TO DEFINE ITS VALUE.
Then it is urged that silver could be
given definite value which could be
maintained by legislative safeguards.
Mr. Garrard argues that this was done
in the case of government bonds when
they were made the basis of national
banking currency There was a clause in
the bill which provided that whenever
the bonds went below ninety the banks had
to make good their margin as they
were allowed to issue 80 per cent. of the
bonds in notes. The consequence is the
bonds have never gone below 80
since the national bank act was passed
In similar way he argues silver could
be projected and value given it by proper
legislation along these lines.
The plan simply Contemplates making
room for silver coinage, all that is wanted,
and in such a manner as to give silver a
fixed value without having it come into
competition with gold. Mr.. Garrard
furt ler argues that the repeal of the 10
per cent. bank tax would be another
means of increasing or creating a de-
mand for silver, by making the state
bank notes payable in that coin.
ARGUED AT CHICAGO.
This was a taking argument with the
westerners at the Chicago ,onveution
when The question Of the repeal of this
tax came up in the discussion of the plat
form. The banks would have to have a
coin reserve back of their notes, and this
would mean sill er dollars. Thus a de-
mand for the metal would be created. All
banks have TO keep "a certain percentage
OF their capital stock as a reserve in coin,
and this means silver. So it is urged that
there is q way in which a demand can DE
created for silver, thereby giving il a
fixed and stable value, and at the same
time keeping it out Of competition with
gold.
THE LAST OF THE POPS.
Mr. Garrard, in speaking of the situa-
ton, says il IS his impression that this
will be the last organi ed hight of the
third party in this state. Evidences of
its failing are seen on every hand, and
the democratic ranks are recouplng the
| small losses which were sustained when
! the third parry era first gained ground
In this section. \ sweeping ictory for
| democracy is predicted in every county in
this section of the state.
| MIR. Garrard had intended to speak
| here next Thursday night, but the theater
| is engaged, and he will be unable on that
account to do so. He will probably make
arran ements TO speak in savannah after
| the October election He will be in
! Gainesville. TUESDAY, Oct. ,, the day be-
! fore the election taxes place.