The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-01

some OF tNt NNAduNlHNa NNA NAt sHaAaAHH
who lose no opportunity 10 thrust their
I financial views upon the country, are OBJ
I jecting TO an issue Of gold bonds 20 relieve
the legal tender notes. on the ground
I that the government would have TO pay
interest on the bonds, whereas the legal
/ tenders cost the government nothing. For
instance. one Of the senators. in a speech
on Tuesday. declared he would never vote
for the Presidents proposition 70 issue
500 ooo 90 Of 3 per cent. hfty-year gold
bonds, with which 70 retire government
notes. because the bonds would cost the
people Sl5O0O0o0 year in gold. and S75o,-
10000 IN gold during the nifty years they
would run.
This senator and those who think as he
does about this matter do not take into
account what the greenbacks have already
cost and what they are sun costing the
people TO keep them in circulation. The
President. in his message, pointed out that
from the resumption Of specie payments
in 1879 70 Jan. /. 1895. they have cost more
than 100000. This vast sum does not
include the interest on the SlOoo0ooo0 Of
per cent. bonds which have been issued
within the last few months to keep green
backs on parity with gold
But these amounts are as nothing COM
pared to the amount the greenbacks cost
the people prior to the resumption of specie
payments. There was a Ions period be-
tween the issue of the greenbacks and the
resumption of specie payments when the
value of the greenback dollar was far be
low that of a gold dollar. The interest on
government bonds was payable in coin,
and the coin had to be purchased with
greenbacks. At the same time the expen-
ditures Of the government in consequence
of the depreciation of the greenbacks was
enormously greater than they otherwise
would have been. In an article in the
New York Times It is estimated that the
greenbacks, the amount of which at no
time has reached 900, have cost the
people first and last, the enormous sum
of $500 10000. And yet there are men in
the Senate who have the gall to publicly
assert that the greenbacks have cost the
people nothing.
It is evident that any other country
would have been unable to carry such
burden as the greenbacks imposed upon
the people Of the United States. and this
country would not have been able TO do
so had not its resources been eNtraordi-
narily great.
In the face of the history Of the green
backs it is difficult to see how congress
men can insist, not only upon issuing more
greenbacks, but also upon making the
coinage Of silver free and unlimited. The
country has more fiat money than it can
comfortably carry now. The whole eX-
listing trouble is due to the fear that the
government cannot keep its paper and
silver money on parity with gold. Eu-
ropeans who hold our bonds and railroad
securities do not believe we can, and
hence they are. sending those securities
here to be sold, while there is a chance to
get gold for them.
What would be the result if we should
omen our minis to the free and unlimited
coinage of silver dollars that are worth,
intrinsically, only 81 cents each? 1t
doesn't take a wise man to answer that
question Gold would so to premium and
disappear. All of it that was not boarded
would leave the country. The expendi-
lures of the government would increase
enormously, because the prices of every
thing it has to buy would advance. Taxes
would have to be increased, in order to get
suhicient revenue to meet the increased
expenditures. But. disastrous as the
situation would be to the government II
would be still more disastrous to laboring
people and many kinds of business enter
prises.
1t would be a bad day for the country
if the financial theories of the silver men
and greenbackers should prevail.
A suegestion for the city Council.
Is the tug Theckla necessary for the
maintenance o. satisfactory quarantine
service? We submit this question to the
new council with the view of having 1t in
vestigated. We do not pretend to say
whether the tug is necessary or not, but
we think the council ought to ind out
whether it is or not.
The understanding is that this is re-
form council, and that it will endeavor to
reduce expenses wherever and whenever
/ a reduction Is possible DtAtib0O tAe ~1et44
Gil that has just gone out of Office regard
ed the tug as necessary. to the proper
maintenance of the quarntne service it
doesn't follow that this council should
! so regard it.
| When the tug was purchased the aues-
ton was raised whether the city could
not get along without it. without injury TO
the quarantine service in any respect, and
| it is not out of place to raise it again
| We understand that the tug costs the
city 1000 a year outside of the interest on
the money invested in her. This is very
large item in the cost of quarantine SER
vice. and especially so now that fees are
! abolished and the whole cost of maintain
/ ing quarantine falls upon the city. For
half of that sum probably service that
would answer in every particular might
be secured. Anyway, 1t would be in the
line of reform for an inquiry to be made