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


years 10 come. The result of this legisla-
ton and Of the general policy Of the re-
publican administration was that, when
the Democratic party secured possession
OF the executive power for the second
time, 1t found the financial affairs Of the
government in a most unsatisfactory and
precarious condition, and rapidly growing
worse. The revenues had been greatly
diminished and the current expenditures
had been enormously increased by the
passage of laws making permanent and
other EOpriations which the treasury
was bound to pay; the compulsory pur-
chase of silver bullion and the issue Of
legal tender treasury notes We're still
going on, and silver was being piled up
IN the treasury at the rate of more than
1874 tons per month; distrust of our ability
under the circumstances to meet the OBJ
legations of the government and maintain
the parity of the two metals prevailed
and was increasing in all the great fnan-,
cial centers atahome and abroad, in con-
sequence of which gold to the amount of
more than $500, 900, had been withdrawn
from the treasury and shipped to other
countries during the three months just
preceding the Inauguration of the new adj
minis tratiOn. and not a dollar had been
brought in, in short, unwise legislation
had already produced it's inevitable re-
suits, and whatever criticism the impa-
tient spirit Of disappointed and rest
less people may have prompted them to
make upon the present administration,
am sure impartial history will place
the responsibility for what has occurred
where it properly belongs, and l am will
ing TO wait until Il is written. 1t must
not be understood from this that l am not
ready at all times to vindicate the legality,
the Justice and the good policy of the
course pursued by't present administra-
ton in its efforts to maintain the credit
and honor Of the government, inspire
confidence among the holders of its obli-
cations, and preserve the stability and
value Of the various kinds of currency in
the hands of the people; but the present
and future are far more important than
the past. and my time can be more prof
itably employed on this occasion in dis
cussing the questions now pending than
in reviewing transactions already closed.
Whether we shall continue to preserve
our existing monetary system, under
which all the dollars in use, whether they
be gold, silver or paper, possess equal
purchasing power in the markets, or pro-
vide by law for the free and unlimited
coinage of silver dollars containing APE
grains Of standard silver. and make them
the units and measures of value in the ex-
change of commodities and in the pay
ment of debts, is by far the most
important question that has been present.
ed for the consideration of the American
people during this generation; and that
question now confronts us. The free coin
age of silver and the substitution of a
new unit and measure of value for the ex-
listing one in the business transactions of
the country is not an ordinary experiment
which can be safely tried to-day and aban-
doned tomorrow IL found injurious, be-
cause the immediate consequences of such
a step would be so far-reaching and SO
enduring that they would continue to be
felt for years after the policy had been
reversed. 1t Is incumbent, therefore upon
those who insist upon the adoption of this
revolutionary policy to show plainly and
conclusively in advance not only that it
would result in no injury, but that II would
be positively beneficial, for if not positive
ly beneficial the change would at least
be wholly useless. This cannot be done
by appeals to the excited passions and
prejudiees of the people, by attempts
to array one class of our citizens or one
section of our country against another
or by the loose, and eXtravagant state
ments unsupported by facts and reasons
The questions involved are too serious the
interests to be affected are too large, and
the common sense of the people is too
strong to Justify or even excuse this course
of treatment. The allegation, even If it
were true, that a great crime was surrep-
titiouslS committed in 1873 or at any other
prove, that the free coinage of silver at
the ratio of 16 to l. would be beneficial to
the country under the conditions now ex-
listing. But, gentlemen, it is not true that
the act of Feb y, 1878, which made the
gold dollar the unit of value and dropped
the standard silver dollar from the coin
| age, was passed by stealth, or that its pur-
/ pose or effect was to deprive the people
of the use of any coin then in use or
then in existence in this country. That
bill was pending in congress for nearly
three years, and was under consideration
during five sessions of that body; it was
distinctly recommended in two reports of
! the Secretary of the Treasury, and the
director of the mint, and II was Officially
printed and laid on the desks of members
of the House and of the Senate thirteen
different times before the final vote was
taken on it. 1t was read at length in the
open Senate several times, and in
/ the House at least once, as shown
/ by the record. il was reported
/ from committees seven times, and the dis
cussion upon it in the House fills sixty-six
columns of the Congressional Globe. and
/ in the Senate seventy-eight columns As
/ first reported to the Senate and passed by
/ that body in January, 1871, the bill did not
provide for the coinage of any silver dol
/ lar whatever. but expressly limited the
/ coinage of that metal to subsidiary pieces
half dollars, quarters, and dimes. In