The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-07
currencr LeeI.Intion Ncces.ary.

Currency Legislation Necessary.
The republican leaders in congress who
are expressing their views in the news
papers do not seem TO think that any cur
rency legislation at present is necessary.
They express the opinion that if the
revenues were sufficient 10 meet all the
obligations of the government gold would
not be exported. They DO not give any
reason for that opinion, except that prior
20 1880. when there was surplus Of reve-
nue., gold was not exported to an alarm
ing extent.
That reason is not a satisfactory one.
Prior TO 1880 our exports may have so
greatly exceeded our imports that there
was no need for exporting gold. The bal
ance of trade was in our favor. During
the last few years, however, conditions
have changed so much that the balance
of trade is now against us. and we must
send gold abroad to pay our debts. These
conditions are due to several things. ow-
ing to hard times, Europe has not been
so heavy purchaser of our breadstufrs
and provisions. Besides, the demand.
which a few years ago we almost wholly
supplied, is now being partly supplied by
the Argentine Republic, India, Russia and
Australia. Another thing that has in
creased the demand for gold is the re-
turn Of our securities. The agitation OF
the silver question has alarmed the fore.gn
holders Of them. The timid ones lave
become afraid they will have to take sill
yer for their bonds, and are returning
them while they can get gold. And the
fact that we have not exported as much
cotton this year as usual must not be
overlooked. All of these things have con-
tributed TO make us the debtors of Eu-
rope, and our debts must be paid in gold.
our treasury furnishes the gold. Those
who want gold for export take green
backs or treasury notes to the treasury
and get it. The treasury cannot refuse
it, To do so would create a panic at
once. because confidence in the ability
to maintain gold payments would be de-
stroyed.
But the republicans say that if we had
a surplus of revenue gold would not be
demanded. Why wouldn't it? Suppose
the governments revenues exceeded its
obligations SlC0,OOoOOO annually. why
wouldn't the demand for gold for export
be Just as great as it is now? Can any
one of the republican congressman show
that it would not? No one of them has
yet attempted to do so. And that is pretty
conclusive evidence that no one of them
can show it would not. Would an increase
in the revenues put gold into the treas
ury? It certainly would not. IT, then,
AN increase in the revenues would not
lessen the demand for gold nor put gold
into the treasury, how would an increase
in the revenues be a remedy Tor the finan-
cial difficulties from which the govern
ment now suffers? That question, the
republican congressman who talk so
glibiy about the governments financial
difficulties being caused by a deficit in
the revenues, do not attempt to answer
There is need of currency legislation, and
the need is imperative. To-day a large
amount of gold will be shipped abroad,
and the gold reserve will be still further
depleted. At the rate at which gold is
going out the gold reserve will soon be
down to the danger point and more bonds
for gold will have to be issued.
We have seen no feasible plan for pre-
venting the gold reserve from being de-
pleted except that pointed out by the
President in his message, namely, the
retirement Of the greenbacks and treas
ury notes, which are the instruments by
which gold is taken from the treasury.
1t is for congress to say whether or not
there is another and better plan. The re-
sponsibility for finding a remedy for the
governments financial difficulties now
rests on that body.