The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-28
The Inteerit, OF 40 currencr.

The Integrity of the Currency.
II is quite evident that the President
F does not believe congress will do any
( thing % protect the integrity Of the cur
+ rency. There are a Eoo1 many indica-
tons that 1t viii do nothing. It is doubt
ful if the republican leaders expect II
VIII do anything. The haste in which the
republicans Of the House have responded
10 the Presidents call for legislation that
would enable the government 10 maintain
gold payments is intended for political
effect. That this is so is shown by the
character Of the measures which they
have proposed for the treasury's relief
AS pointed out by Representative Turner.
the President asked for legislation which
would enable him 10 keep the currency
sound. and the republicans have respond
cd with measures which stand no chance
Of becoming laws ald which. if they did
become laws. would not accomplish the
object that is desired
The President has been in consultation
with leading fnanciers Of New York.
What the result Of the conference is has
not been made public. It is supposed,
however. that he is preparing for another
issue Of bonds. II bonds were issued they
would. Of course. have to be per cent.
coin bonds. because ne hasn't authority
to issue any other kind. And congress
win likely refuse 10 authorize him to is
sue 3 per cent. gold bonds or any other
kind Of bonds.
The last congress refused to authorize
per cent. gold bonds. and because OF
its refusal to do so the country was put
10 an additional expense Of $1,000 coo.
The opposition newspapers and the silver
orators and silver newspapers abused the
President without stint for the bargain
he made with the Belmont Morgan syn
dictate They still abuse him for that bar
gain. No later than yesterday Senator
Teller declared the bargain was a crime.
But could a better bargain have been
made under the conditions which existed
at the time? There couldn't Every man
who knows anything about the situation
that existed knows there could not, and
every fair-minded man will say there
could not Congress. by its idiotic re-
fusal TO authorize per cent. gold bonds,
made it impossible to float per cent.
coin bonds at such a premium as could
have been obtained if there had been no
doubt Of the ability Of the government to
maintain the currency, on a gold basis
and the purpose Of congress to keep it
there.
This congress promises to bring about
the same condition of affairs that result
ed from the refusal Of the last congress
TO authorize the issue of gold bonds. BY
its refusal TO authorize such bonds it will
so weaken the credit of the government
that per cent "coin" bonds cannot be
sold for what they are really worth. The
bonds will have to be sold for whatever
can be obtained for them, because the
necessity for gold will become imperative,
and then the President will be charged
with making a bargain that is Grim
inal Even sound money paper like the
New York World will join in making
charge like that Fortunately. however.
the people have too much common sense
to be Influenced by what that paper says
on any subject. or what the republicans
or the siiverites may say in respect to
the Presidents bond bargains. They know
that whatever he does Is the best he can
do for the good of the country.
The World says that the whole question
OF protecting the integrity of the cur
rency is now in the hands of congress
that the President has nothing to do with
it. Suppose congress refuses to do any,
thing. and that the whole gold reserve
should be withdrawn? Would there not
be a money panic like that of 1873? There
certainly would, and the World would
howl itself hoarse for bond issue. and
would find the English language made
quate to express its condemnation of the
President for permitting the gold reserve
to fall TO the panic point. 1t is pitiful
that in dealing with great public ques-
tions there is in congress and in the press
so much politics and SO little patriotism.