Evening star., 1896-06-26
Senator Morgan Of Alabama Writes
an Open Letter.
NO INTERNATIONAL AGREEMENT
He Gives His Reasons Why He
Thinks So.
FEELING IN THE SOUTH

ter.
Senator Morgan devotes the greater part
of his letter to answering Mr.. Whitney's
proposition that International agreement or
the money question could probably be Sc
cured in a short time The Senator ridi-
cules the idea that international agreement
is possibility. He speaks of IT as a lame
Device" and reviews the efforts of this
country and transatlantic countries to get
together on the matter. He doubts whether
Great Britain will ever yield to European
or American states q participation In her
financial policy.
Senator Morgan AYERS that no plan has
ever yet teen presented by which inter-
national agreement could be secured, and
calls upon Mr.. Whitney or anybody else
to present such a plan, one which the DEM
ocratic party cGn accept. Senator Morgan
then gives his reasons why international
agreement Is Impossible.
Why international Agreement fs In-
possible.
"As to the relative value Of gold and
silver bullion" he says, such agree
ment is impossible, because they are both
mere articles Of commerce, with no fixed
legal value, and must be subject every
where to the absolute control of the owner
as to price, just corn. cotton and wheat
are the subjects of unrestricted purchase
and sale.
ITO give a legal and fixed value to Amer
ican coins of gold and silver In the United
Kingdom, for instance, We must begin by
concluding treaty, and must then get
the legislative consent OF both govern
mentS Without such legislative consent,
in of its withdrawal after it has
been given, such treaty would only
amount to an engagement that would be
impossible of performance, but IL would
be none the less engagement binding
upon the honor of the country, the breach
of which can only result in reprisals or
war.
"A violated treaty has no other redress
than repriSal or war, If its obligations are
insisted upon by the party aggrieved.
LAS to any matter within the scope of
the treaty powers, the President, with the
concurrence of two-thrds OF the Senate
can make treaty, which is the supreme
law of the land, without the consent of
Congress.
IF tho subject Of the treaty so made is
not within the treaty powers thus confided
to the President and Senate, no other de-
partment of tDe government would be
bound by Its provisions
THE coinage of money and the regula-
ton of its value and of the value of for
eign coins is expressly given to Congress
by the Constitution. 1t is not given to
the President and the Senate, one Of
the treaty powers. Giving this power to
Congress, which cannot make treaties,
necessarily excludes 1t from the category
Of treaty powers. 1t is an organic power
stroy or modify.
The President and the Senate cannot be-
gin the making of an international agree
ment that they have no right to conclude
and make obligatory on the government.
If they cannot impose a duty upon the gov
ernment to fixing the atio between gold
and silver. they have no right to negotiate
upon the subject.
Thus il is obvious that there is no power
anywhere in our government that can pro-
pose an international agreement with Great
Britain on the subject of coming or making
money or regulating the value thereof, or
of foreign coins. AS an International agree
ment is what you propose, think you must
admit that such a thing is impossible, be-
cause neither the treaty-making power nor
Congress can make such an agreement, if
it were otherwise possible to settle its terms
What COngresx Can Do.
Congress can pass resolutions and bills
announcing our national policy on these
subjects. We have often done this, and We
can invite European powers to conform
their policy to ours, but such overtures
could not be made binding on any subse-
Quent Congress, even If they were accepted
and all such efforts would fail of success.
so that We are compelled to act inde-
pendently of all foreign nations on these
subjects, If we take any action. And this
is it should be, for the power to supply
money to the people is an inseparable part
of every national sovereignty. A govern
ment can neither be sovereign Eor independ-
ent that submits or subjects its financial
system to the control of any other power
whether it is done by treaty or by statute
law.
I'VE cannot safely or honorabIy give to
any European powers the right to fix our
coinage ratio at any sum, nor to compel
us to receive their coins as legal-tender
money, or IN payment for customs dues
If We could really fear dump Of silver
upon our markets. no better plan could be
devised by which this would occur
Aside, however, from all questions as to
our powers duties or public policy, and
aside from the insuperable difficulty of get
ting two or six national legislatures into
concurrent action to any definite line
of international policy. let us admit. for
the sake of the argument, that your pro-
posed international agreement is fully ex-
eCuteo, ana Is for the time entirely Salts
factory to all the powers concerned i'm IL
II, In case OF war or other great necessity
one or more of these nations should see
the remedy or redress of the others for such
dereliction would be war against the de-
linQuent power.
If that delinquent power should be Great
Britain, what would be the condition of the
other subordinate powers and where would
We again commence to re-establish the lost
ratio between silver and gold and the other
lost advantages secured to the subordinate
states by her agreement? Would all be
lost? put this question because you Will
feel called upon to say whether you are
willing to rest the SoundneSS and perms-
nency of our financial system upon the
pleasure or convenience or whim of British
policy, as 1t may be hereafter Influenced by
her aggressive movements in territorial and
commercial dominion"
How the South Feels.
Senator Morgan says that the south
would rather see the silver mines of the
country closed than to have their product
placed in the control of Great Britain. He
cites figures to show that America domin-
ates the silver production Of the world.
and says the United States and Mexico
alone could make the commercial value of
silver equal to Its coinage value by agree
ing to policy.
Senator Morgan says Of the profit now
made In Europe on silver: THE United
Kingdom and the European states now coin
our oO-cents-an-ounce silver bullion into
their money at about 81 % an ounce, on the
ratio of 1512 ounces of silver for one ounce
of gold, and make it a legal tender for $40
at a clear profit of 150 per cent on all thai
they permit to be coined for home use and
for their colonies. OF course they will, If
they can, hold to this advantage over the
| silver producing countries. and to do this
they will suspend the coinage of silver
whenever it approaches the commercial
value OF gold, as they have done in India
and at home. Those who use silver, in
those countries, in all of their necessary