The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-10

a hiding place. Men talk about r1ors
money. Here was the people OF a 49,
government in extreme distress when -
Golfers OF the banks all round then, ~.
fun Of money. II was not money the, -
quired, II was credit. Confidence had -.
destroyed in the ability OF this countr7- -
maintain the parity OF its money. ana M.
want Of confidence struck home in eve.
community. Men ceased to trust each otb.
er, and credit, the instrumentalitv ~,
which commerce transacts ninetv-ay,
per cent. OF its business. was gone.
How long will IL take our free silva,
friends 10 understand that he who uyo,,IS
inject per cent. Of cheap money fn+, -
circulation of the country and at the So.
time strike down 30 per cent Of credir ba.
tween man and man is a very madnnsn
posing under the guise of a statesmen
What inconceivable folly IL was for co1.
gress to hold the country up and jnAtos
II with Iree silver speeches. procrastina-
tion' doubt. and uncertainty at a time az
such distress. Manufactures closed. rvvC
millions Of laboring men eating at soun
houses, trade suspended, farm product
declining in price. and everywhere in a
country blessed with bOuntiful crops. vyers
the people dazed by panic which swepr
over the country like a simeon. EVERY
where bank stocks and the stocks of an
incorporated companies fell in the marker
and all kinds OF securities COLLAPSED in
value. and yet grave statesmen at Wash
ington discussed the free coinage of silver
at the ratio Of Is to I, and told the people
all the trouble was brought about by con-
spiracy on the part of portion of their
fellow citizens, whose fortunes We're he
ing wrecked by the disaster. In the mean
time the gold reserve was drawn our AZ
the treasury, and the danger of a precini-
tation to a silver basis was impending.
The Secretary of the Treasury advertised
and sold S50,0OO,000 of bonds. The holders
of the greenbacks drew the gold from the
treasury to purchase them, and no relief
followed. Another sale of S5O.OOO.OOO was
made, with a like result. There was vet
no dawn to the night through which the
country was passing.
Then it was that the greatest bankers
of the world were called into consultation.
and the proposition was made to sell them
bonds on such conditions as would not only
bring gold to the treasury, but keen n
there. Such was the want of confidence
in the credit of this great government that
those bankers made difference in the bids
on sixty-two million of thirty-year three
per cent. bonds, payable in gold, and sixtv-
two million of thirty-year, four per cent.
bonds payable in coin of sSl6,500OOO. The
secretary had no authority under the law
to sell three per cent. or a gold bond
The facts were laid before congress, and
our free silver friends voted the SIG. 100000
into the gutter and then abused the Presi-
made profit on the purchase of the four
per cent. coin bonds growing out of renew
ed confidence which the transactions gave
the world in the public credit These
bankers were required to enter into an OBJ
legation in writing to keep the exchanges
down for period of six months below the
point at which gold could be shipped.
Every subscriber to the bonds was required
to sign similar contract.
What this undertaking to protect the re-
serve cost is not known, but we do know
that 1t has been protected, and, to-day, it
is intact. We do know that the panic was
arrested, and confidence was restored We
do know that prices, as a result. have
gone up. We do know that we have with
US, to-day, all the evidences of returning
prosperity. The organs and Sibleys never
tire of abusing the president and secretary
for this transaction, which came upon the
country TO bless it and and to prosper it
under circumstances of the EXTREMIST
financial distress.
All, my fellow citizens, Bryan and sibley
and Stewart are in an ugly dilemma. They
have been brought by the President face
to face with prosperous times. They are
running a losing race with prosperity.
They represent a cause which will give
way before the benign influences of hope
and confidence and prosperity, like fog be-
fore the rising sun. These statesmen
planned their crusade for free silver, and
against the commercial prosperity Of the
country, little too early. They seem to
have drawn their inspiration from Coxey's
army, and Coxey's army is only reminis-
cence now All the manufactures are
opening up. Prices of farm products are
better, trade is fiourishing and men have
gone to work. They cannot make WELL
fed men believe they are starving, and
they cannot make well-clad men believe
they are naked. They have now nobody
to appeal to except the man without vo-
cation, and who has nothing to do but
to envy his prosperous neighbors, and to
devise some scheme of finance under which
he will get something for nothing.
1t is amusing to see the Nebraska states
man peregrinating over the south, trying
to pursuade the southern people they are
poor and debt-ridden, when the populist
states of Kansas and Nebraska owe more
in the way of mortgages on real estate
by S39,OOO,OO than the eleven states which
composed the southern confederacy And
these people, well fed, well clad, and well
shod good naturedly pay an admission fee
in order to hear the Nebraskan abuse
Cleveland, traduce Carlisle, and tell how
poor, oppressed and miserable they are.
How the average citizen could hear Bryan
speak, and afterward wear two suspenderS
1 am unable to see. 1t seems to me that II
he needed this evangelist from Nebraska
he would turn populist, wear one suspend
let the grass grow for the balance of his
natural life.
My countrymen, we of the south are
Americans. Descended from a soldier OF the
South Carolina line who fought at the
seige of Savannah, / am looking into the
faces of an audience, four-ffths of whom
sprang from revolutionary sires. Stand
ing here on this historic spot recalling their
love of liberty, self reliance and superb
individuality, and looking forward to the
high destiny which they shaped for us,
l protest against that sentiment which
has grown up in some of our southern COM
munities known as ''populism." 1t doubt
less had its origin in the prostitution OF
the government by the Republican party
for the preferment of favored and protect
ed classes, but whatever may have been its
origin it is kin to that socialistc and
communistic spirit elsewhere found in the
republic which threatens the safety of our
free institutions
1t is born of envy and jealousy of those
who prosper in life. It's devotees, with
out self-reliance, or the putting forth OF
individual effort, turn to the government,
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