The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-01-17
HILL FOR FREE COINAGE.
He Wants an International Agreement
if Possible.

eSl EoA-h IN a Letter early Two
Years AEo-He UrEed the Pre- sidentt to
Call an Early Extra Session in 1898.
Re Favored the Unconditional Repeal
ofthe sherman Law-Hs Also Advo-
Gates Repeal Of the 10 Per Cent. Tax
on State Banks.
New York. Jan. 16.-The New York Re
cOrder and other papers viii publish to-
morrow a letter from Senator David B.
Hill of New York. written nealy two
years ago TO MI Clarke Howell Of the
Atlanta Constitution. to whom Senator
H1l authorized publication some time ago.
The letter was written just prior to the
assembling of the extra session CT the
present congress in the summer Of 1898 and
bearing directly upon the next national
campaign and the developments Of the
past two years. becomes a document of
national interest. It is as follows:
Albany, y. Y. June So 1893 (PersonaI)-
Ny Dear Howell: Absence from home
and professional engagements have pre-
vented an earlier reply 10 your recent
letter. asking conhdentiaiiy my views on
certain questions.
First, as to the approaching session OF
congress, / was one CT those who believed
that the extra session of congress should
have been called i'm April last. and / so ad-
vised the President i'm the first and only
interview 1 have had with him. lie
seemed bent on having one in September.
which ] thought was "A mistake ! he
HeVed then that whatever policy in regard
to the currency and tariff that was de-
sired to he adopted could better be done
in the spring before the patronage had
he q &c cd 4
ences should augment The President
thought differently. but has finally yielded
TO outside pressure and has called the
session for August. l fear that IT is
mistake. I fear that we shall be in ses-
sion until December. / do not ike the
prospect OF having a democratic congress
in session during the fall elections. ] an
ticipate that many differences and much
bitterness will be developed. all Of which
viii tend to distract the party and give
us a setback in the fall l hope am mis-
taken i'm all this. but l fear ] may not he
SO long as congress must meet. ! hope
il will only be in session thirty days ard
adjourn. This would be my programme
if it could be carried out. The extreme
silver men can prevent it; the repupN-
cans can prevent il, and general cussei-
ness can prevent it. All the chances are
that We shall be i'm session until Becem-
Der. l would not take mp any other leg
isation than financial, if 1 could have my
way.
Second. as to the repeal of the Sherman
law. | favor the unconditional repeal Of
that law. / have always been opposed To
it. Tho true friends of silver make mis-
take in attempting to defend it, II
should be abandoned by general consent
My views were partially expressed i'm
my recent Tammauy letter, which You
have undoubtedly seen. Personally l
should prefer not TO repeal the law until
an acceptable substitute was provided in
order to render more probable the adop-
ton of such a substitute, and not be
/ cause l approve at all OF the sherman
/ silver law But from a party point Of
view, the wisest course is unconditional
/ repeal. The country expects it, and the
/ party will be found fairly well united
/ in favor of it. Therefore it is unwise
/ while agreeing upon the general propo-
/ sition to waste our time in agreeing upon
4 a substitute pending the repeal. Let the
/ repeal be made at once. and let us differ
/ as TO other financial matters afterwards
| ] am in favor of bmctallism as the issue
| of the future We should seek to keep
that issue to the front; we should not
strive for temporary success or compro-
mise measures. We should be for free
coinage under an international agree
ment, if it is possible to procure one
and for which every eXertion should be
made-and if not possible, then for indie
D
goal for which we should strive. 1t can
not be done a once. Our friends must
not be impatient. The people must be
educated. The unexpected action of In
dia, and the general sentiment Of the
moneyed classes conspire against us at
this time. l do not believe in the Bland
bill. or any other measure which guar
1 antees anything less than unrestricted
coinage for gold and silver alike, as
pledged in the democratic national plat
form. Let US prepare not for present
victory, but for victory upon that issue
in 1896. The repeal Of the Sherman law
viii not give the relief which is antici-
pated. 1t will aid business temporarily,
but in 2 year times will be hard, and the
demand for permanent financial relief
will be irresistible. We should continue
to hold out free coinage as the goal which
the country must ultimately reach. The
triumph of the nonometallists VIII be
but temporary.
Third. as to the repeal of the 10 per
cent. tax on state banks. That tax cannot
well be defended. 1t is an undemocratic
tax. Ostensibly it is imposed for revenue,
but it does not in fact bring IN any reve-
nue., and was never intended for that pur-
pose. From a democratic standpoint, its
imposition is an abuse Of the taxing power.
] should not like TO 90 upon record in
favor of such tax. nor do / desire to re-
fuse repeal of IL. ] regard that tax ques-
ton as an independent one, which has
little hearing upon the main great ques-
ton Of the free coinage Of silver. and they
should be kept apart as much as possible
While that tax cannot be approved from
democratic standpoint, / fear the conse-
quences Of a repeal. AS / understand it,
it has been held that congress has not
the power directly to prohibit state banks
from issuing their notes, which circulate
as money, although they cannot be made
legal tender and are not money in fact
I do not like such wildcat currency and
never did. l do not think we ought to be-
come the champions Of it. While. perhaps
we should take the ground that the states
should be at liberty to issue such notes if
they desired to do so. yet such issue
should not be encouraged. We should not
be switched off from the gold and silver
issue upon any such side track. / fear the
experiment Of a wildcat state bank cur
rency will rot be a success. 1t may be a
temporary relief, but in the end will be
disastrous. The bank notes Of so many
states will be so worthless that while in
New York or Georgia they might he per
fectly good always, yet in so many other