The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-19
Senator Morean.. sneech.


J gence who has not made UP his mind on
/ the silver question viii see anything in
1T that will convince him that it would
/ be advisable for this country alone TO
| open its minis to the free and unlimited
Z coinage Of silver at the ratio Of 16 10 1.
Senator Morgan devoted much Of his
time TO showing the position prominent
democrats in the past have taken IN re-
gard 10 silver. but he was extremely care
ful not TO state that the conditions IN
der which those democrats favored free
silver coinage were very different from he
conditions which prevail now. When they
favored free silver coinage the silver in
silver dollar was worth very little less
than the gold in a gold dollar. and they
honestly believed that by the free coin
age Of silver the silver dollar would cir
culate on a parity with a gold dollar on
its merits; that is. that the price Of silver
would advance so that the bullion value
Of a silver dollar would be equal TO the
bullion value Of a gold dollar. But now,
when the bullion value of a silver dollar
is 40 cents less than the bullion value
Of a gold dollar. would they favor the
free and unlimited coinage Of silver? We
feel satisfied they would not. because
they could see that free coinage under
such circumstances would mean silver
monometailism. which would produce
tremendous financial panic. and bring dis
aster TO all kinds Of business and all
classes of people.
We supposed Senator Morgan would
take high ground and leave appeals to
passion and prejudice to the lesser lights
among the silverites, but he makes the
same sort OF attacks on John Sherman
and the British money power that Harvey.
PETER, Stewart and the rest of the silver
ties have made the country familiar with,
and he talks about silver being the
poor mans money Isn't It strange that
the sllvcrites should SO persistently as
sert that silver is the poor mans money?
In what way is IL the money Of the poo-
rather than Of the rich? 1t Is admitted the
world over that gold is the best money.
Why isn't the poor man just as much en-
titled TO gold as the rich man? The sound
reason, not yet explained. the silverites
appear 70 think he isn't. And this con-
tinued charge that Great Britain is re-
sponsible for the downfall CT silver! What
does 1t mean? Can anybody show tina:
Great Britain has bothered herself about
anybody's silver except her own? More
thaB three-quarters of a century ago she
relegated silver TO the second place in
her monetary system, because she couldn't
keep IT on an equality with gold. but her
action didn't affect the price Of silver,
and she doesn't appear to have attempted
to influence other nations in respect 10
silver.
1t Is worthy of notice that Senator Nor
gan agrees with Secretary Carlisle in one
respect, and that portion of his speech in
which he does agree with him ought to
be studied by Maj. Black. He doesn't
think gold and silver money can be kept
on a parity II both are made standard
r.cney. He doesn't take a position against
bimetalllsm, but If they cannot be kept
on a parity as standard money 1t would
be interesting to know how practical BIZ
metallism is possible.
Senator Morgan doesn't believe that
greenback money is constitutional We
assume he thinks it unconstitutional be-
cause 1t is fiat money: and yet he would
make fat money out of silver lie would
have the government say that so cents
worth of silver is a dollar and must be
received as a dollar by creditors. 1t
really looks as If the senator were in
consistent. But the fact is he says much
that is confusing. For instance, he says.
Our legal tender laws make equal every
gold silver and paper dollar issued by the
United States" but he forgets to say they
are equal because it is the policy of the
government to keep them equal; nor does
he point out that they would cease to
be equal If the coinage of silver were
made free and the guarantee of the gov
eminent to keep silver on a parity with
gold was withdrawn. Again, he says that
foreign coins in this country are not
money, but only bullion. and he says tina (
Mexican silver dollars and British gold
sovereigns are, in this country, bullion,
Mexican dollar is worth only half It's face
value in this country while the British
sovereign is worth its full face value
The British sovereign is worth what it
purports to be the world over, while the
Mexican dollar is worth only half what
if pretends to be worth, even in Mexico.
The senator says that he has no fear
that this country would become the
dumping ground for silver in the event
of our opening our minis to the free
coinage of silver, and he innocently asks
why South America hasn't become the
dumping ground for silver. No. this coun-
try would not become the dumping ground
for silver If our silver dollar, like those
of South America, should drop to its bull
lion value, about 50 cents. Does, then,
Senator Morgan think free and unlimited
coinage would give us a debased currency,
making our silver dollar worth only
50 cents? It would seem so from this
reference to South American silver dol
lars Why. then, does he not frankly
saw so and let the people understand that