The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-01-27

he sentiment in "A great financial crisis
soWed the first seeds of popular discomfort
with the democratic administration.
Inc revision OF the tariff. which unfor-
tunately had been practically postponed
WI 1871, seemed TO widen and extend party
oiherences OF opinion. Extremists again
came TO the front and demanded that
their peculiar views should be engrafted
upon the proposed legislation. regardless
OF well established democratic principles.
the provisions Of our national platforms
ana the record and traditions Of the party.
single tax theories were urged, entire
tdriH extinction was seriously advocated,
instead of the reasonable tariff reforma-
tlon 10 which we were pledged direct tax
atlon was proposed to be substituted for
indirect taxation. radical reductions were
pressed, regardless Of the growing treas
ury dehcit and war income tax in time
OF peace was the eliminating atrocity and
bIunder strenuously insisted upon. The
great victory of 1892 seemed 10 have turned
the heads of some Of our friends. II was
time FOR wise, safe and conservative ac-
tion. IL was no time for experiments 1t
was no time for crude theories. 1t was no
time for populistic or socialistic measures.
a wise policy dictated that we should
have surprised and at the same time salts
ned the country by the moderation of our
leslsatlNe action. Every pledge should
! have been redeemed but redeemed on
!
| democratic precedents. Pardon me for
quoting, I had the honor of saying in a
speech In the Senate, on April 9, 1894, as
follows: THE extreme features Of the
Mckinley bill must be eradicated in obedi-
ence to the peoples mandate but patriot
ism alike demands that extremes in the
opposite direction must be avoided" Sub
sequent events have justified the propriety
of that warning
Largely the same influences, ultra and
unreasoning. which obstinately and blind
ly opposed the repeal Of the Sherman sill
yer bullion purchase law, succeeded i'm
foisting their populstic income tax upon
the tariff reform bill. It was an agregious
/ "A serious, vital mistake 1t put In peril
| and greatly endangered the passage Of
any tariff bill whatever. II delayed final
action at a period when time was all inn
| portant, and It provoked division where
/ unity was imperative.
had hoped that better and wider coun-
sells would have prevailed, and regret that
the present congress eyinces no disposi-
/ ton To lift the party out of the rut into
| which through unwise or mistaken lead
| ership, IL has fallen, and place il upon a
| safe and defensible position for future
contests. If we expect to win in the fu-
4 ture obstinate and sh0rt-sghted bour-
| bonism must go to the rear.
The country is now confronted with a
| steadily growing deficit IN the treasury.
/ occasioned by a failure of the recent ds-
cal Legislation to produce the necessary
revenue needs Of the government. It is
/ hoped that this difficulty viii prove but
/ temporary. II is believed that with the
| country gradually recov ving from the
/ recent depression. with every prospect Of
| returning prosperity, with every liISoli-
| hood of increased importations with the
| additional internal revenue provided for
! but not yet realized, there may reason
"a ha fn1 a..
/ sufficient revenues to meet the nations
! expenses. But what is to be done in the
| interim? How is the credit OF the govern
| ment to be maintained and its liabilities
! hquidated?
Provision for additional revenue does
| not seem now to be feasible. existing leg
| islation is regarded as inadequate, but
/ must be further invoked If nothing else
/ is provided, and hence the only alterna-
| tive presented is the securing Of needed
| funds by borrowing. Explicit and un-
| questioned authority for this purpose
should be drafted by this congress at
/ once The emergency should not be met bv
| indirection, evasion or circumlocution
but resolutely, bravely firmly. Whether
| the moneys necessary TO be borrowed
/ should be raised upon bouds, treasury
| notes, exchequer notes, certificates OF in
| debtedness or other means which are
usual, which may be devised Is a mere
which should not hinder or prevent the
concession of the main relief sought.
No hostility to the present administra-
/ tion, no political grievances and no fac
tional differences should be permitted to
| retard immediate legislation so indis-
| pensable at this time for the maintain
ance OF the credit and honor of the gov
! ernment.
To arbitrarily refuse such action now
! unless some legislation for silver shall pre-
/ cede, accompany or supplement it, and
| thereby compel the calling of an extra
session of a republican congress is the
hight of political folly only equalled by
the republican opposition to the repeal
of the Sherman law in 1S93 and the foist-
ing of the pOpulist income tax upon the
country in 1894.
In urging temporary financial relief /
do not forget nor underestimate the i'm
portance and desirability of some appro-
pirate legislation In behalf of monetary
reform, neither do we forget the fact
that the Democratic party is by tradition
and interest the hard money party, the
party that believes in the money Of our
fathers the money Of the constitution,
the money of intrinsic value, the party
which, in the language Of the national
democratic platform, "hoids to the use
of both gold and silver as the standard
money of the country and insist upon
the maintenance of their parity at all
times and in all places" For the full
restoration and maintenance of the hard
money of the constitution with nothing
else as legal tender, and with all paper
currency made redeemable, the Demo-
cratic party stands committed. In the
carrying out of that policy, the gradual
retirement and extinguishment of the
United States notes commonly known as
''greenbacks" is an important, If not the
first. step in the right direction. They
are not money" according to the demo-
cratic idea, but only currency" redeem
able in hard money.
They are a debt against the government
which should be paid and cancelled. Be
ing redeemable in gold coin when de-
manded according to the construction OF
existing statutes by the Secretary of the
Treasury, and according to settled prac-
tice) they constitute a standing menace
to the treasury, constantly declining its
gold and impairing the reserve, necessi-
tating the Issuing Of bonds to supply the
necessary gold.
I believe that legislation is demanded |
from the present congress providing for |
the gradual extinguishment Of this cur
rency. and thereby relieving the treasury |