The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-21
FREE COINAGE FATAL.


conceived opinions may be upon any ques-
rion, they viii not refuse 20 give IL a fun
and fair Investigation or fail to reach a
just conclusion when both sides have been
heard Therefore, I shall speak 10 you this
evening with fun confidence that. what
ever may be your present opinions on the
subject 10 be discussed, YOU are willing
10 re-eXamine the grounds upon which
they have been formed. and change them
II they are found TO be erroneous.
There has never been a time since the
close OF the civil war and the settlement
Of the questions growing ont Of il when
passion and prejudice eXerted such a pow
erful influence in controlling the action
OF the people upon political and economic
questions as they have during the last
two years. A great wave Of depression
has swept over the whole Industrial. conf
mercial and financial world. more injuri-
Gus in its effects in some places than In
others, but entailing great loss and dis
tress nearly everywhere II did not be-
gin twenty years ago. as some of our
friends are in the habit OF asserting, but
less than five years ago. It's first serl-
Gus effets were felt in Argentina, where
the people and the government, notwitn-
standing the warnings OF experience in
all ages. determined 10 try again the ex-
pertinent Of a cheap and inflated currency.
II failed, Of course, as IL always has and
always viii wherever tried. and its fail
ure. by reason Of the extensive CONNER
cial and financial connections between
that country and English capitalists. pro-
duced a crisis which seriously involved
many Of the great financial institutions
in Europe and had depressing influence
IN all the money markets of other cOun-
tries; for, in these days OF rapid communi-
cation and close commercial relations an
injury to credit ia any part of the globe
IS Immediately felt all around the world.
hold
10 procure means to meet their obligations
at home and in Argentina, sent them here
IN large amounts for redemption or sale,
and, consequently, the feeling OF appre-
hension and uncertainty. which already
existed to a considerable extent, was In
tensified in all the great centers of trade
and finance. But II our own domestic
affairs had been wisely and economically
conducted our people would have soon re-
covered from the effects OF this foreign
disturbance. We possessed all the essen
tial elements of prosperity, except a sound
and reliable financial system, and that we
might have secured within a reasonable
time; or at least, we might have greatly
improved our condition in this respect,
II political OF party considerations had
not influenced our legislation. 1t is true
that our revenue laws were not in sat-
isfactory condition, but they had been in
force long time and the people had been
compelled to adjust their business to them,
and, after the election Of President Harri-
son, did not expect any benefcitl change
until another administration should come
in.
When Mr.. Cleveland's first administra-
ton went out Of Office on the 4th day Of
March. 1889, the government had an am
pie revenue for all purposes; the free gold
in the treasury amounted to S196. $50 GA;
agriculture, manufactures and commerce
were I'm reasonably healthy and pros
porous condition, and the prospect for the
continuance Of a fairly active business
era was apparently as good at It had been
for many years. During the four years
of Mr.. Clevelands administration the sum
of s341, ,449 was paid on the public debt,
and at its close there was left in the treas
ury balance of $3.50 34S, 9l6 including the
gold reserve. This vast sum had been ac-
cumulated by taxation upon the people,
and they had a right to expect that it
would be faithfully applied to the ex-
tinguishment of the public debt and to the
payment Of the necessary expenses of the
government without waste or extrava-
gance; but il requires very brief state
ment Of the results Of President Harri-
sons administration TO show how these
just eXpecta tions were disappointed. When
his administration closed on the 4th Of
March, 1893, and a democratic admins
tration came in again, the cash balance
in the treasury had dwindled down to
Sl62. 50, including the gold reserve, or
$50 450,57 exclusive of the reserve, not
withstanding the payments upon the pub
lie debt during his term amounted to
$105,OOO,OOO less than the payments made
during the preceding four years.
In addition to the actual re-
ceipts of the government, which
were very large, congress-, by
law passed in 1890, turned in to the treas
ury. as part of the general assets TO
be used for public purposes, a trust fund
amounting to more than $54000.0O0 which
belonged to the national banks and had
always been held for the redemption of
their notes, and this fund, or what was
left of II, helped to swell the balance at
the close of the administration.
There came with President Harrison a
republican congress, and for the first
two years of his administration that party
had absolute control in both branches of
the legislative department as well as in
the executive, and was therefore wholly
responsible for the government of the
country. That congress will be distin-
guished in history for three things only;
first, the enactment of the law of July
Il, 1890. providing for the purchase of
$500, 900 ounces of silver bullion each
month and the issue of legal tender treas
ury notes to pay for 1t; secondly, the pass
age of the so-called Mckinley tariff act
which largely increased taxation upon the
people and at the same time diminished
the revenues of the government; and
thirdly, the Inauguration of the most
wasteful and extravagant system of pub
lie expenditures that ever existed in this