The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-09-12
Discouraging Currency reform.

There are evidences of returning pros
perity and the government Is not having
any trouble to maintain its gold reserve.
This condition of affairs leads certain
newspapers in different parts of the coun-
try to say that there is no need for cur
rency reform. They say that the people
are satisfied with the currency system
we have, that it answers fully all our
needs, and that only bankers are demand
ing currency reform.
1t is a fact that we are not experience
ing any trouble at present ON account of
our currency system, and It is a fact
that there appears to be an abundance of
money for all purposes. But who can say
that this happy condition of affairs will
continue for any considerable length Of
time? AS a matter Of fact, financial trou-
BILE may come within a year, and 1t may
be delayed for three or four years. The
financial panic of 1898 came rather sud
denly, and it was attributed to our cur
rency system. in time of peace prepare
for war" is a good old adage, and it is
as applicable to financial, as to other,
matters. If our gold reserve should be-
gin to run down there would at once be
uneasiness in the money market and If
the reserve should drop to 100000 or
even to 10000 600 there would. in all prob
ability, be a money panic
And is there not a probability of our
gold reserve falling in the near future TO
a point that would cause a money panic?
Simply because we are having fairly good
times now it doesn't follow that we shall
continue to have them. TheAgitation of
the silver question has not yet died out,
and no one can foretell with any degree
of certainty what proportions 1t will as
sumo in the next national contest. If
there should be remarkably low prices
for farm products next year and the year
after the silver agitation might become
so great as to destroy confidence in the
ability Of the government to maintain
the currency on gold basis. In that
event we should have a money panic, and
those who are discouraging currency re
form would be loudest in condemning con-
gress for failing to provide satisfactory
currency system, when such a system
could be provided without disturbing bust
ness and financial interests.
Now is the time to reform the currency.
The republican party made a mistake in
wasting so much time on the tariff and
in taking no step toward currency reform
during the extra session of congress.
Whatever prosperity the country is now
having does not come from the new tariff
law, and it is impossible to make thinking
people believe ii does. Nor can the tariff
do for the permanent prosperity of the
country what currency reform would DO.
Even those who discourage currency re-
form at this time admit that such a re-
form is necessary and must be made
some time.
The sooner there is a reform of the cur
rency the better 1t will be for the whole
country. Delays are dangerous. If we
want to escape frequent money panics we
must reform our monetary system as soon
as 1t is possible to do so. 1t would be a
stupendous mistake to put off reforming
our currency and invite financial panic
simply to have few months relief from
agitation of our financial system.