The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-05
UNs0UND LEADER ON UNSOUND
MONEY.

A western Estimate of Congressman
Crisp's Effort.
From the Chicago Times-derald Qnd.).
In opening the currency debate with
Secretary Hoke Smith at Augusta, Ca,
ex-Speaker and now Congressman Crisp
said: '"The reasons why they say a silver
dollar is only worth 80 cents is on account
of this very characterization OF silver and
the silver dollar will be worth 100 cents
when the demonstration is wiped out"
The speech which Mr.. Crisp made in the
House recently was supposed to enhbody
the utmost of his knowledge on the cur
highest degree, his admitted forensic
skill The speech was listened to with
complacency by those who already held
the opinions 1t expressed; with surprise
by new men in the House, who expected to
learn something from the man who had
held so high place in that chamber, and
with kindly disappointment by antago-
nists DESTROYS of epeountering some fresh
argument in so well worn a field. Read
after Mr.. Crisp prepared 1t for the Con-
gressional Record, the speech failed TO
dlsclose anything whatever that had not
been frequently propounded in the House
and as often refuted.
The extract. quoted is characteristic
assumption of free silver advocates, and
is, on It's facen preposterous. The history
OF the decentralization of silver shows that
Il mas proceeded without reaction among
world, not because of the slightest desire
10 lnJure the money character of the metal
put IN response to the inexorable demand
or trade. Legislation has been only the
handmaid of commerce.
When France forbade the payment of
ueDts with gold or silver and enforced the
prohibition with all the resources of the
government, the value of the two metals
absolute and relative, was not depressed
IA the slightest degree, while that of the
paper money, which the government I'm
dertook to substitute for both, declined
raster than ever. Repeated DEGREES were
repeated failures. In the course of fif-
was changed thirty-five times and that of
sold twenty times, and neither metal, as
money, showed the slightest effect attri-
putable to the legislation.
on the other hand when the early gold
CONS OF California were not legal tender
tney were of equal value with government
CONS OF ike weight and fineness.
When England demonetized silver the
reason was stated in the act of parliament
by which the finances of the country were
great INCONVENIENCE had arisen from
both the precious metals being concur
rehtly the standard measure of value, and
mat gold should be the sole standard Of
Value ana legal tender for payment, with
out any Limitation of amount and that
ss.llEser com should be legal tender to lin
tied amount only for the facility of ex-
change and commerce" Parliament was
not moved to this step by any prejudice
purpose of facilitating commerce and in
Vlgoratlng and extending trade.
Germany. which from 1857 to 1871 had
tne single silver standard, was compelled
Tor a corresponding reason-the conven-
lehce or commerce-to rise to the gold
/ standard Tlfe silver in circulation was
round bulky" and inconvenient." France
was compelled to go reluctantly to the
gold standard on account of the incon-
venience of an unlimited quantity of sill
ver The history of the metals repeats
itse4f without variation. The tendency
OF progress, is everywhere toward the
gold standard, not because of any preiu-
dice TO silver, but because the verdict of
nations, after trying two measures of val
ue, is that the experiment is impracti-
cable and the principle absurd
quenee of characterization, but demoneti-
zation became obligatory in every cour>-
try seeking to establish itself on a Arm
basis both as to its domestic industries
world H2 W
If Mr.. Crisp could have his way and
secure the passage tomorrow of a bill
Tor the unlimited free coinage of silver
IN the United States, he would discover
10 his conviction, that no law can make
a silver dollar worth 100 cents to any
practical purpose. After such legislation
silver would be worth just as much as
commerce determined IL to be without
the slightest regard to a nominal value
placed on its coins Independently of a
ratio to gold
Mr.. Crisp is an unsound leader of the
cause OF unsound money.
Counsel for the Defendant Csarcastic-
ANY, on re nice fellow aren't you?
Witness Tor the Plaintiff (ccrdially)-f