The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-04
ON THE CURRENCY.
REPUBLICANS MUST LEGISLATE ON
THE MONEY QUESTION.

Is strong IN the SOuth-HOW the
south Is Interested in Currency
reform.
washington, Dec. Sat the extra ses-
sion of congress- the republican party put
the tariff bill ahead and gave the more
important question of currency reform the
second place. Now that they have passed
their tariff bill, it is only proper that the
currency question should be given the pre-
cedence over the other matters of legisla-
ton that will come before us"
Seated to-day in the drawing room of his
comfortable home in the West end, SEN
ator Caffery of Louisiana thus briefly out
lined the attitude that, in his opinion, the
sound money men in congress should as
sumo with reference to currency and bank
ing reform
Mr.. Caffery is gold democrat. He be-
longs to the little coterie in the Senate
who believe that the most important bust
ness before congress this winter is to re-
tire the demand obligations of the govern
ment and establish a banking system
based on assets that will give a greater
extension to credit and a more adequate
medium of exchange in the south and west.
In the course of a conversation with your
correspondent. Senator Caffery asserted
that the republican party would be false
10 it's pledges to the business interest of
the country if it failed to meet this issue.
Upon this subject Senator Caffery spoke
with strong emphasis, and with that free
dom of expression that a private CONVEX
sation permits, for it was not understood
that his remarks should be made public.
When they were written out. however, and
submitted to him for revision, Senator CAT
fiery made no objection to their publica-
ton beyond remarking that he did not like
newspaper nOtorieCy, but that the inter-
view properly reflected his views and that
your correspondent might use them as he
desired.
IF some effort" said Senator Caffery,
lis not made TO change our currency laws,
the republican party must shoulder the
responsibility and so down to defeat in
the congressional elections of next year,
and quite likely lose the presidency in
1900 The situation to-day is fully as
grave as it was last year when Mr.. Nc
Kinley was elected and it must be met as
that situation was met with equal cour-
age y and resolution. 1.-The republican
party" Senator Caffery continued, lis
pledged to the maintenance of the gold
standard. How can that standard be main
tanned so long as we have $500,000,0O0 of
greenbacks and treasury notes resting
upon slender basis of $1OO0O0,0O0 in gold
which the very possibility of war would
reduce to the vanishing point within twen-
ty-four hours? No intelligent business
man would take such risk, yet here is
the government of the United States, the
most resOurceful and richest nation on
earth, continually threatened with insol-
Vency because of its failure to do what it
ought TO have done many years ago"
why do you rest the responsibility for
the present state of affairs on the re-
publican party?" Senator Caffery was
asked.
The republican party is committed to a
reform of the currency by its party plat
form of last year. That platform" said
Senator Caffery, reading from a campaign
text book, in express terms declared that
all our silver and paper currency must
be maintained at parity with gold and
We favor all measures designed to main
tain inyiolable the obligations of the Unit
ed States and ali our money, whether coin
or paper, at the present standard, the
standard of the most enlightened nations
of the earth
This involves in my mind and undoubt-
edly did in the minds of such gold demo-
Gratis as made McKinley's election posi-
BILE, something more than the continuance
of the present patchwork system, which
constantly menaces the maintenance of
the gold standard 1t was because of this
declaration that Mr.. Mckinley received the
support, directly and indirectly, of
the sound money democrats support
that enabled him to defeat Mr.. Bryan
You don't suppose for one instant, do you
that any democrat would have supported
Mckinley or turned his back upon his
party, had he not felt that the posi-
ton taken by Mr. Bryan called for the OPP
position of every man, whether he We're a
republican or a democrat who desired to
maintain the gold standard and honest
ly discharge the obligations of the gov
eminent? The sound money democrats
did this, Notwithstanding they knew that
high tariff bill, which was little less re-
pugnant to them than free silver, would
be damned down their threats if the re-
publican party came into power. But
they put patriotism above every other con-
sideration and their support resulted in a
triumph of the sound money cause and
the election of q republican President
Now we sound money democrats, who con-
uibuted to this end, demand that the
publican party shall not turn its back up
on us, but shall retain the position which
brought us to their support, namely, the
maintenance of the gold standard. 1t is
unnecessary to say that this standard can
not be maintained in the present state of
affairs 1t can only be maintained by
making a thorough change in our curren-
Cy laws and removing our monetary sys-
TEN from the peril that now confronts it,"
congress, is was suggested to Senator
Caffery, while believing that something
ought TO be done, fear to take the initia-
tive this winter, lest it result in their de-
feat in the congressional elections next
YEAR. Others, again, think it useless to
begin the contest owing to the opposition
of the silver men in the Senate. 1 take
il you do not favor this policy?"
II do not" was Senator Caffery's en-
phatic reply. Whoever heard of any
party going into fight with declaration
on its lips that it could not win? That
isn't the way political or military battles
are won. The silver men were known TO
possess great strength In the last presi-
dental campaign, and they were not over
ly modest in asserting that they would
sweep the country but that didn't scare
the sound money men a bit. They pulled
themselves together, effected a strong or
ganization, and by using all the agencies
at their command, overthrow Mr.. Bryan
and his sver-populist forces and pre-
served the credit of the country. The out
FlrI-