The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-22
LET US WORK TOGETHER.
NO North or sOuth-One Country, One
FIag-NatiOnnI Honor and National
Credit First.

Credit First.
Savannah, oct. 1S.-Edtor of the Morn
ing News: have read with interest your
article in this mornings paper, on Sec
rotary Morton. 1 will not champion Mr..
Morton; but your comments are sugges-
tive and I beg the privilege of adding
word in the discussion. I am a citizen of
New York; I am citizen Of the United
States. In this larger relations am a fell
low citizen of yourself and the men of
Georgia and of all the states. I have an
interest in your state. for this reason. as
well as because represent very consider
able investment in your state by capt.
talists in New York.
For some time l have found it difficult
to understand the action in the Senate of
some senators from the south. 1t is hard
for me TO conceive how any American
citizen of Intelligence can deliberately and
conscientiously seek and promote national
shame or desire it. Hence, l will not say
that any senator has done so. A man
may err very much, and be, in fact, the
loyal friend of his country in his intent.
cannot endorse on any grounds the con-
duct of certain senator's who have re-
peatediy by their acts shown such appar-
ent fractional spirit or to impeach their
judgment at least. The treasury of the
national government was in such condition
in January, 1895, as to excite very grave
fears among us in New FORK of default in
its payments and such default would
shake credit through the whole country,
and add to the business stress that then
prevailed. The only relief which was
available in reason was borrowing-Treas-
ury notes could be issued at low rates of
interest payable on demand. Southern
senators looked with disfavor on that
remedy and 1t could not be employed.
Bonds could be sold at par or more at
per cent. interest, provided they were
in distinct terms payable in gold. The
lender made the offer that was favorable;
why not accept it? No, said certain south
ern senators, Wen have none of it. A
democratic administration could not do
this without q new law; ii could not be
passed. To maintain the public credit
and to save the government from dishon-
oring default, bonds were issued in Feb
ruary, 1895. That issue will cost the
people of the United States over $16,000OOO
In interest paid on these bonds, more
| than IL need TO have cost, had either of
the other plans been adopted by new nee
! essary law. Had southern democratic
senators favored either plan 1t could have
| been passed.
The revenues of the government are no.
| torously less than its income from taxes
! The government must do one OF these
/
| l. 1t must reduce expenditures to its in,
come, or, 2, it must increase its income by
| new taxes; or, g. IL must borrow money, to
| meets its obligations.
/ Now, in this situation, did any southern
senator, or any body OF them, say Eek
| penses must be cut down till the revenue
Will meet the treasury needs?" II they
did so. / have not learned the fact. A
revenue bill, or bills, passed the House al
| the last session. The Senate defeated
| them, and made no attempt to amend them
| or to frame a substitute for them South.
ern senators were in the adverse majority
| and contributed to their defeat. That
made more borrowing a necessity again.
or default and dishonor In the commercial
! sense. So bonds were sold again
| Later, at the last session Of congress, ar
act was proposed in the Senate to forbic
the issue of federal bonds. II proposed
to take from the executive the power tC
borrow IN the future, except when author.
lied by the specific act OF congress. II
looked like an act to promote national In.
solYency, II some emergency should arise
Yet southern senators gave their support
10 this bin and made its passage In tht
Senate possible, and a fact
j cannot explain these acts. They dc
not seem TO me TO show good sense. and
the discretion which ought 10 control q
representative man. II they have the sup
port Of any senator or OF any man, from
any state, the fact is the same. / think