The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-05-27
The RutIer nona Bill.


It looks as If the Senate would adopt the
Bill OF Senator Butler OF North Carolina 10
prohibit the issue OF bonds without the
consent OF congress II given chance TO do
So The vote last Friday Of % TO q to
take up the bill at once for consideration
indicated pretty clearly the feeling IN re-
spect 10 bond issues which dominates the
silverites and populists Of the Senate.
II the Senate should pass the bill Il
would be defeated in all probability in the
House. At least all the indications are
that it would. If, however. it should pass
both the Senate and the House it would
be vetoed The President. in view Of all
the efforts he has made to keep the money
Of the country sound, would not permit il
TO become law il he could prevent IL.
The law which Senator Buffers bill pro-
poses to repeal was enacted in January.
1915. It authorized the Secretary Of the
Treasury to sell bonds to any amount for
gold TO be used in bringing about a re-
sumption Of specie payment. The country
had become tired Of a deprecated curren-
cy and wanted thoroughly sound money.
In 1879 the resumption OF specie payment
was accomplished enough gold having
been obtained to satisfy all the doubling
ones that the government was fully able
to keep its paper money on a parity with
gold.
The law authorizing the Secretary Of the
Treasury to sell bonds is stin in force. It
Is the law which enables the government
to keep its silver money on a parity with
gold money. 1t is the law which Senator
Butler, and apparently a majority of the
Senate, want to repeal Notwithstanding
congress said, in the act Of 1890, that '1t
is the established policy of the United
States to maintain the two metals gold
and silver on parity with each other
upon the present legal ratio"
Senator Butler and the populists and sill
verltes of the Senate know that it
would be impossible to carry out
the declared policy Of the United
States Of maintaining the parity
of gold and silver at the present ratio
of Is TO l without gold reserve sufficient
to inspire confidence in their ability to do
so. 1t may be that no more bond sales to
get gold for the gold reserve will be neces-
sary, but should more gold be necessary
TO preserve the governments credit until
congress provides a financial system that
would relieve the treasury of its troubles
the government ought to have authority to
procure it.
The purpose of Senator Buffers bill re-
pealing the bond act is to force the gov
eminent to a silver basis. II is a deliber-
ate attempt to do what the silverites have
reason to think the majority Of the people
don't want done 1t is an effort of a mi
nority to override the will of the majority.
In view Of the fact, however that 1t is
the purpose of the silverites to keep up the
silver agitation to the great injury Of bus
mess and the Industries both of the great
political parties should adopt strong
sound money platforms. The silverites
would likely bolt from each Of the old par
ties in that event and set up a party of
their own on a platform calling for indie
pendent and unlimited silver coinage at
the ratio of 16 to 1. We should then have
a square issue and the silverites would
have a chance to find out just how great
their strength is. They would be so badly
beaten that free silver coinage would dis
appear as political issue and we should
have peace and prosperity.