The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-06-22
BELMONT ON OUR GOLD BASIS.
THE ST. LOUIS PLANK NOT WHOLLY
SATISFACTION TO HIM.

He Points out That II Does Not Pro-
hibit the Purchase and Coinage Of
silver by the TreaSury-The Evils
OF the sherman law Reviewed,
Mr.. Belmont Confident, However,
That Every Obligation Of the Ma
lion VIII he Paid With Gold.
Paris, June 2l-In the course OF an
interview to-day with a representative OF
the United Press. the Hon. Perry Belmont
made the following remarks regarding the
gold plank adopted by tho st. Louis re-
publican convention: If the republican
platform adopted at St. Louis shall be
interpreted by Mr.. Mckinley and the re-
publican party as a mandate to obey the
coinage law OF 1873 and com no more sill
yer dollars until international free BIZ
metallic coinage on fixed ratio may
have come, and II II is intended TO reso-
utely enforce the mandate by diplomacy
and legislation and accomplish interna-
tional blmetallism. the work done az ST.
Louis will be beneficial but the contrary
will happen II the platform shall be in-
terpreted as permitting or encouraging
the renewal of treasury silver purchasing
and the coinage on government account
ory of the repudiated Sherman law Of
1890"
1t is true" Mr.. Belmont said, that
congress. led by Senator Sherman, did in
1875, make as the platform declares, a law
providing for tho resumption of specie
payment and since then every dollar has
been as good as gold; but II is also true
that the underlying theory Of that law
was payment in gold dollars and the ex-
tinction IN 1879 of all the greenback debt.
Mr.. Sherman, who was then secretary of
the treasury, promoted the enactment Of
a greenback issue law, which not only
stopped the determination Of greenbacks
at $3l6,000.O00 the present quantity OUT
standing, but compelled their perpetual
reissue. IL is their redemption, therefore,
that Is a potent cause of our present mon
etary disorders. Worse, even, than the
greenback REISSUE law of 1878 was the
Sherman law of 1890. which was repealed
ten years after, and which not only coli
lected in the treasury useless mass Of
silver bullion, but emitted $3.50, 100000 IN
treasury notes, also perpetually redeem
able in gold
Recently, owing to the disastrous cur
rency panic caused by that Sherman law,
the income of the government has been
much less than It's expenditures and com,
paratively little of that insufficient in
come has been received I'm gold. Goa.
sequenty gold for redemption purposes
mas been purchased with new bonds, ana
the gold paid from the treasury in re-
deeming greenbacks has speedily gone
to Europe. From 1879, when specie re-
sumption began, only as i remember fg-
ures, some $39,00O0O0 in greenbacks In
eleven and a half years had been pre-
sented to the treasury for redemption
in gold, and since the Sherman law was
enacted over $3.50, 100000 In greenbacks and
SIG, 000,O 600 in Sherman treasury notes have
been presented and redeemed In gold.
over 1896 10000 of our gold has been ex-
ported to Europe. Even a country so
rich in natural resources as ours, so re-
moved from European war disturbances,
50 powerful in industry, and the vigor
Of its 100000 people cannot safely
endure such continual drain,
but the republican convention adjourned
without even suggesting an adequate rem
edy. To proclaim the maintenance of a
gold standard, to demand a Mckinley tar
If is no remedy, especially when no meth
DDS are specified whereby the needed gold
can be secured in some other way than
by renewed bond selling. The plea for the
Sherman law of 1890 was also the main
tenance Of the gold standard. Neverthe-
less, and despite republican evasion, you
may depend upon II that cost what IL may,
the people of our country will insist that
all antecedent Indebtedness, national,
state and municipal, shall be paid, II de-
manded, in the gold dollars specified or
implied in the contracts. No railway or
other corporation WILL by any law, be
released from such obligation"