The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-03
ECKELS ON THE SILVER CRAZE.
THE CONTROLLER SPEAKS AT 4
BANQUET AT DETROIT.


for Action Arrives-A Single silver
Standard the Unavoidable Result
of Free Coinage.
Detroit, Mich, May p The Detroit
Chamber of Commerce was formally ded-
icated at noon to-day.
To celebrate the dedication banquet
was given in the Hotel Cadillac dining
room this evening. Many distinguished
guests from the state were present and
occupied seats at the tables.
Covers were laid for $50. At the speakers
table were Hon. Chauncey n. Depew.
Controller of Currency J. II. Eekels,
George Blanchard of Chicago, G. V. n.
Lothrop, Gov Rich, Hon. II. d. Gou1-
der of Cleveland, Hon. w. c. Maybury
of Detroit. o. d. Ashley president of the
Wabash railroad; Mayor Pingree, Presi-
dent Gillet and Hon. Thomas w. Palmer.
who was toastmaster.
Hon. W. c. Maybury of Detroit was the
first to respond to a toast. His subject
was mo North, No South, No East, No
West, but the Commercial Supremacy of
a Great Nation"
Chauncey NJ. Depew responded to the
toast Union of States; the Bond OF
Commerce Is Their Mutual Dependence
ana Enduring prosperity"
Hon. J. II. Ecl1les spoke on Currency;
Its Relation to the History of Finance
The discussion of the currency question,
Mr.. EckelS said, has been precipitated a
time when the country is emerging from
q period OF financial and commercial de-
preston, widespread and OF long con-
unued duration. 1t finds every avenue
OF trade, giving evidence of renewed act
lYity mill and factory again in opera
ton, and agriculture promising to those
engaged in its pursuit abundant harvests
and appreciating prices. 1t presses itself
upon the laborer now no longer idle, but
busy with the employment which has
come with the settlement of questions
which have long vexed the public mind
ability of the government to maintain un-
stained the public faith and the nations
@ S@Ieuit' II uiluef Such circumstances the
against the schemes proposed Ito to
proper payment of their Just debts and
give them riches through legislative ac-
tion cannot be sustained, the experience
of all monetary history will be reversed.
II this contest shall end otherwise than
IN the triumph of that which is right in
theory and sound in principle 1t will be
because the American people have lost
much OF that good sense and honesty
which a great writer declared though
sometimes permitting an agitation for
something wrong and mischieyous, al
ways when the danger point is reached,
brings forth mass of opinion, which
though ordinarliy quiescent, at such time
forces itself into activity, puts down the
wrong uhlng and peremptorily demands
the right thing instead.
believe we have come to a point in this
discussion OF our monetary system and
agitation for a complete change in our
standard of value when this mass of peo-
pie should not only be aroused, but should
make itself an active force in putting an
end to the currency vagaries of which the
Tree silver movement as to-day pre-
sented is the elimination. If
the commercial and industrial revival is
to continue; recurring loss to every citizen
ind wi Tua1
financial credit and integrity maintained
and ultimate disaster averted, there must
be no longer spirit of hesitation in those
who know the baneful effects of the thing
proposed. There can be no political ends
TO be served no party considerations to
be advanced, of sufficient import to war
rant any man in long debating as to the
position he should take when the finan-
cial honor Of his country is at stake, and
the prosperity of a great people threaten
ed. Here at least is no room for party and
no place for the Vaccinations of design
ing politicians or arrant demagogues,
The American people cannot too quick
ly recognize that they are in the midst
of a propaganda, skilfully and zealously
being carried on with the end in view of
reVolutioniZing the country's existing mon
etery system. Those who now direct the
free silver idea, map out the policy of its
advocates and control their action, have
ceased playing with words and put from
them the professions which heretofore
have characterized their utterances when
urging the cause for which they have
in the light of their acts, is that the
United States shall at once abandon its
present standard of value and substitute
therefore, irrespective and without the
cooperation of any other country, sim
gle silver standard
Nowhere is it suggested by the sponsors
for this latest tenet in silveroid that this
nation shall even undertake to maintain
at home a double standard Nowhere is
their promise given of an attempt through
international agreement to make every
dollar of silver which shall be coined the
equal in value of every dollar of gold
which comes from the mint, and fairly
interchangeable Herewith. They no lon
ger give recognition to the fact, attested
by every monetary union formed and con-
terence held that no nation can Isolate IL
self from those with which 1t has CONNER
cial dealings and maintain, independently
of them distinctive standard of value. 1t
Is not even designed that the dollar coined
snail approach in intrinsic value, the value
which 1t purports to carry but instead
ratio shall exist between coins of the same
denomination which is patiently incorrect
and untrue. The position which they now
assume, of necessity eliminates from their
ranks all who heretofore have struggled
70 bring about larger use OF silver IN
the country'S currency at an increased
ratio, and drives into the camp of the OPP
position every honest champion OF interna-
tional bimetallism.
Ihe plan laid is their own making, the
issue of their own choosing, and in face of
their acts the believer in the single gold
standard and the believer in a standard
neither aid nor succor. They challenge
the one and repudiate the other, and
from both should come united opposi-
ton
The contention which is now made by
the single silver standard adherents re-
duced to its last analysis is silver fiiatism
pure and simple. 1t differs in degree only
and not in principle from the contention
of twenty years ago of the advocate Of
the unlimited issue of irredeemable green
backs, and from that of the issue of the
hat currency of the period of the contl-
mental congress, and the era of colonial
ism 1t finds counterpart in the argu-
ments of the French revolutiOnsts who
bankrupted the citizens of France with
their millions of worthless assignats and
mandats-it resembles the reasoning OF
King Alexis of Russia when more than
three centuries ago he impoverished his
subjects and fomented civil strife by I'M
dertaking to force upon them copper CO.
PEGS of the same form and value as a
substitute for silver ones.
1t is the theory OF the socialist and popu-
list applied to monetary science. 1t is
based upon the belief in what has been
aptly termed "the all powerfulness' of
the state and is in utter disregard of that
great fact in financial history that medi-
ums of exchange and standards of value