Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-07-18

unf1inching friend. as he is, of the single
gold standard
Mr.. Morgan criticised the bond issue, and
said the necessity for such issue was found
in the tnkering with the sherman law.
He said the contract for'the sale of these
bonds was without precedent or trstiiioa-
ton.
Our Financial Solvency.
He then entered upon definition of
sound money, and said that it was n paltry
accusation or an unworthy fear to speak
of unsound money as being issued~by a
country whose bonds are at 20 per cent pre-
MUM; that has paid nearly $1,000 O00. 600
on her public debt in thirty years. and
whose resources defy acknowledgement;
whose people prosper even under the Sc
verest taxation, and in spite of laws hostile
to production and the wages of labor, and
trlumphs over every adversely. He con-
tended that silver had the same constitu-
tional right to free coinage that gold had,
and he urged that gold and silver coins
were on this account legal tender. regard
less of what Congress may say. He added
that 1t was an inexpressible cruelty to the
debtor class to strike down one Of these
metals.
They may claim" said the Senator.
that they are honorable men, who keep
the faith of nations and pay honest debts
in sound money, yet they mistake cupidity
for honor, and they translate mere power
as meaning Justice 1t Is might that makes
all things right with them. Their glory
shines out like that of the Turkish flag at
Chipka Pass. that hoated over pyramid
of the headless trunks of captives taken in
open war. slaughtered after they had sur
rendered"
Mr.. Morgan combated what he termed
1.-THE false issue invented by Mr.. Sherman
and adopted by Mr.. Cleveland" that 1t Is
the duty of the government to preserve
the parity between the metals by adjusting
their commercial value. England" he
said. wanted gold because she was the
largest creditor nation. and killed silver to
get rid of this parity issue. The first Sher
man act of 1878 did the same thing, and
with the same result With England this
was the Staying of a commercial rival with
us it was the murder of the friend and
protector of the industrial classes"
The Gold Reserve Jack Pot.
Speaking Of the 800 600 gold reserve
he said: ut was a sort of Jack pot put
Up by Mr.. Sherman. that has kept up the
gambling in our money. 1t was never
reedeG to give strength to the credit of the
United State. A country that has paid. in
debts and interest more than 100000 900
in thirty years, could not need the support
of S1OO COO, OOC deposited in the treasury TO
support it's credit. The only effect of such
q deposit was to assure men VINO owed
money in Europe that they could always
draw the gold from the treasury to meet
their convenience. and to invite dealers in
they could profit by Using 1t. Is drawing
gold from the treasury when Its price in
creased.
What this idle fund has cost this coun-
try. no ran, I think, could accurately state,
with the interest and additions made to 1t.
I believe that its actual cost has been not
LEGS than $500 600 in actual expenditure
and an incalculable sum In the promotion
of panics All these many years has this
fund lain in the treasury, as dead to the
people, who paid for and own it, as If it
was again locked in its native quartz veins
in the bosom of the earth.
HAS craftsmanship degenerated into
charlatanism, that the experiences of this
country for eighty years, without break.
from Washington to Grant, should be held
for ndught, and that round and sonorous
demand for sound money, with no definition
of the phrase, shall be made as an i'm
parchment of all our history down to 1892?
"Shall alarm agitate the country, when
this demand is uttered by a President who
vetoed bill requiring the coinage of $780,
600, 600 silver bullion in the treasury, and
yet has coined 1886, DOB silver dollars.
while asserting that it is unsound money!
Senator Morgan concluded as he had be-
gun by contradicting that the democratic
party was not the friend of silver lit is"
he said, "a safer guardian of the rights of
silver money than any other party, wheth-
err republican, populist or mugwump. I
the1 efore am willing to intrust this great
question to their keeping and I shall re-
main at my pest urder that flag. as have
done for twenty years in the Senate, and
will do all that Is in my power for this,
the cause Of the people,"