The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-06-26
VIZ. cinr,s Adhrrs..

Mr. Gays Address
The notable feature OF the address which
Mr. Clay. the chairman OF the state demo-
cratic executive committee. delivered
when - called the convention at Macon
to order. was his statement Of his posi-
ton on the money question. He said: FOR
myself have never seen the time that
did not favor sound money. ] am In
favor Of sound money now. 1 expect 10
continue 10 favor sound money. 1 believe
thai every dollar in goid. silver and paper
should have equal debt-paying and pur-
chasing power. The gold dollar and the
silver dollar should always go into the
markets and buy the same amount Of the
necessaries Of life. We do not want
deprecated currency. The party should
never cease to be the champion Of sound
money and stable currency. but. in my
judgment. when this great government of
ours. the most enlightened nation in the
world, with 100000 Of people and her
billions of wealth. shall declare in favor
Of the coinage of both gold and silver.
without any discrimination against eth
err. and make both full legal tender in the
payment of debts. both public and private.
we shall have the soundest money in the
world"
In the foregoing paragraph there is no
mention of a ratio, but the paragraph
which precedes it in Mr.. Clay's address
mentions the ratio of Is to in such a
way as 10 leave no doubt that he favors
that ratio, and that he holds that if we
should have unlimited and independent
silver coinage at that ratio our money
would be sound-that IS, silver dollar
would have the same purchasing power
as a gold dollar. and would circulate on
a parity with gold dollar.
1t is regretahle that Mr.. Clay presented
no reasons for the belief which he enter
tains. He simply said that he believes
that such would be the case. If he could
convince those who are against free sill
yer coinage that his views are correct
all opposition to the opening of our minis
to unlimited silver coinage at the ratio
Of l6 to / would at once cease. AS a mat
ter of fact. however. Mr.. Clay cannot pre-
sent any satisfactory arguments that his
views in respect to silver are correct, and
that is the reason probably that he did
not attempt to do so. While we do not
question his sincerity in entertaining the
belief he does. we cannot help wondering
how he can entertain that belief in the
face Of so many facts which show that he
has reached a wrong conclusion.
1t is notorious that many of those who
are conspicuous in the silver movement
have no such belief as that held by Mr..
Clay. They do not think that silver
dollar would continue to circulate on a
parity with gold dollar if our minis
should be opened to unlimited silver coin
age at the ratio Of 16 to l. Their argu-
ments in behalf of silver are based upon
the belief that the free coinage of that
metal would give US silver recommendation.
From silver monometallism-a deprecia-
ted currency-they expect the higher prices
which. they say, would prevail The very
fact that they claim that free silver coin
age would give US an advantage with coun-
tries having the silver standard is proof
positive that they expect that we should
have the same sort of currency those coun-
tries have. IT seems to us that Mr.. Clay
hopes rather than believes that if the free
silver coinage movement should prevail
we would have sound money.