The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-12

clusion 20 be drawn from my axioms.
must revise them I'm my next edition. but
10 Will be sad disappointment TO my
numerous disciples and believers who have
pinned their faith IN me to be thus unde-
ceived- The fact Is. Mr.. Tribune man. I
had never closely reasoned out your point
agdinst the silver unit and the cause OF its
nat failure to perform its function as
the money Of ultimate redemption.
guess Hamilton was right that gold was
the proper unit Of account. ] agree with
YOU that there Were no silver dollars in
lois. but there would have been plenty
a few years later when silver bullion de
clined greatly n the Law of 1875 stop
ping silver coinage had not been passed. d"
"kut as there were. no silver dollars in
1873 10 DE Wrongcd, who or what was
wronged by the legislation OF that year
which You say replaced the silver dollar
You admit was not the unit of value by
another dollar"
The men who were debtors in that
who are those menu"
Why, all the people Of the United
states, said Coin. FOR they are the ones
who but for that law could have paid or
the national debt In silver dollars. which
would have been cheaper units of value. q"
DO you mean that this country would
nave resumed specie payments on the de-
preciated silver basis and not on the gold
basis but for the crime act of lS73?''
Yes. do"
And that every year from about 1876
TIL 1879 the value of the silver unit would
les, the bullion value of silver would
nave sunk down year by year. and that
would have made 1t easier FOR debtors
10 nay their creditors; don't YOU see
And that the worth of the silver dollar
to-day would, as measured boy gold. he
somewhere between 80 AMI 90 cents?"
Yes, There or thercabouts.'
And you th!nk that would have been
wise and honest pOlicy2'
Sufficiently so, yes"
but by sticking TO the gold unit have
not rates Of interest steadily declined for
twenty years. a total of almost one-half,
And has not that been of vast benefit TO
farmers ana an entcrprising men wanting
loans of money to aid them in buying
farms. homes. implements. etc2'
well, / suppose that is true
"And would g have been possible to
refund the national debt at these exceed
ingly low rates II there had been "a con-
stantly dcpreciating silver unit of value
i suppose not. n I must admit the
truth. But amt you getting away with
me by your questions
And have not state and municipal
debts been reduced at enormously lower
rates by reason of resuming on the gold
basis in lS792'
''Well, yes"
Some Z per cent. Chicago bonds. re-
Moved IN 1873 at Z per cent, are 10 be
renewed now for about 4 or less. Would
that be possible with a declining silver
Possibly not; but the farmers. who
gave mortgages prior 20 1873 and are get
ting for wheat only half what they uld
then. are suffering.
'Shuw me one of those farmers, Mr..
Coin Produce the farmer. depending on
wheat who gave a mortgage before 1873,
and is trying to pay it off at the old rate
of interest or any other rate. Don't say
You have heard or talked of such a man,
II do know seine" said Coin. who
borrowed money five or six years ago at
higher than the present rates OF inter-
est"
"That viii not fill the bill We have
agreed that the unit has been gold and
has been Interchangeable in value since 1913.
That being so, the man who became IN
dpbted since that year has nothing 10
complain of and his creditors can gain
nothing He will receive when he Is paid
off simply the stipulated number OF units
of Interchangeable value. Why are you so
much concerned about the present gem
Grafton of creditors, who came into eN-
istence since the alleged crime you speak
Of was committedT .
Il have an engagement this afternoon,
said Coin, "with@a class tof democrats
whom / am coaehingvfor the silver con-
vention In Springfield they are going 70
hold They are green as grass ana look
to me for arguments on the currency
question / cannot disappoint them, but
/ will drop I'm again few days hence ana
will answer your questions.
Exit Coin