The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-01

8 NOuAu dLbdNh 1AEhLEotuLdI4fG L AAA-EA >
position in respect TO silver. There is
not the least possibility, however, that
| they will attack it successfully. Mr..
! Turner's position is impregnable. All
/ the assertions, which are intended for
! arguments, that are made against it will
make no impression upon it.
Mr.. Turner's position is that Of the ma
tional Democratic party and the Demo
cratic party of Georgia. 1t is that of the
Democratic party of every southern state,
with the exception of the Carolinas, and
the majority of the democrats in
those two states are not far removed
from the populists.
The National Democratic party calls
for sound money, and so does the demo
cratic platform of Georgia. The Georgia
democratic platform says the purchasing
power of a silver dollar must be kept
equal to that of gold dollar. If Georgia
democrats had meant that they favored
the free and unlimited coinage of silver
at the ratio of 10 TO l they would have
had the courage to say so. They didn't
say so, and why? Not because they have
any hostility TO silver, but because they
believe that the free and unlimited coin
age of silver at the ratio of 10 to l would
result in a debased currency. Any why
do they believe so2 Because no country
that has its minis open TO the free
and unlimited coinage of silver at
any ratio has been able to keep its silver
money on parity with gold money. India
tried to keep her rupees on parity with
gold and failed. She was compelled to
close her mints. France and Germany
closed their minis long ago because they
saw tnat their silver currency was IN
danger of becoming debased currency on
account of the enormous annual increase
in the production of silver. Mexico's
minis are open to the free coinage of
silver, and two of her silver dollars can
be purchased for one gold dollar. In all
the South American states where there is
free coinage of silver one gold dollar mas
the value of two silver dollars.
This country thought the market price of
silver could be kept up by purchasing about
all the product of its own silver mines and
storing it in its treasury vaults. 1t was
mistaken. The price of silver steadily
declined and financial panic was threat
ened. Congress was forced by public
sentiment to stop the purchase of
silver. The treasury notes that were
paid out for the silver bullion
were, in fact, the silver put into circula-
ton in the shape of paper money. The
country had got all the silver money it
could stand, if the silver dollar was TO be
kept on parity with the gold dollar The
.S1 =.
gold money by the credit of the govern
ment, that is, by the belief in the ability
of the government to redeem the silver
with gold, and that is all that keeps it on
a parity with gold money now.
Congress, when it stopped the purchase
Of silver bullion, virtually said that the
limit of confidence in the ability of the
government to keep cheap silver
dollars on parity with gold
dollars had about been reached-that
if the minis were opened to the free coin
age of silver, or if the silver were pur-
chased and treasury notes issued for it,
silver money would become debased
money. 1t would circulate only at its
bullion value.
And what have the silverites to say
against this position which congress took
when it stopped the purchase of silver,
and which, if we understand him, is the
position which Mr. Turner now occupiesl
They have nothing, absolutely nothing, to
say, except to make the bold asser ton
that the amount of silver money which
the government can keep at par with gold
is unlimited.
Mr.. Atkinson says that France, with
smaller population, keeps more silver
currency on a parity with gold than this
country. He virtually admits that there
is limit to the amount of silver which
the government can keep on parity with
gold, and when he makes that admission
he knocks the props from under the sill
verites, who assert that there is no
limit TO the amount of silver which the
government can keep on a parity with
gold. They have not, of course, any ar
gument TO support this assertion. They
seem to think their assertion is sufficient.
Notwithstanding the fact that the whole
financial world holds contrary opinion,
and the further fact that in all free sill
yer coinage countries silver coin circu-
lates at only about half its face value.
Mr. Turner is dealing frankly with the
people. He tells them the truth He is
for sound money, and they are for sound
money, too though some of them have
been led into the mistake OF believing
that silver would continue to be sound
money under free silver coinage policy.
Port Arthur, which, according to our
dispatches of this morning, is the scene
of fight that was at last advices still in
progress between the Japanese and Chi
nese, is situated at the point of the Shing-
King peninsular. The Shing-king PENN
sular and the Shang Tung peninsular are
the arms that guard on the east the Gulf
of Pe-Chi-Li, few miles up river on
the western side of which is situated the
Chinese capital city, Pekin. The forts of
Wei Hai-Wei are at the point of the Shang
Tung peninsular, and the forts of Port
Arthur are at the point o. tho Shing-
King peninsulsr. Together they command
the strait into the gulf the water
route to the Chinese capital The Japa-
nese some time ago attacked Wei-Hai-
Wei, and, according to report, found
it less formidable than they had expected
Their attack upon Port Arthur may