Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-09-09

4 -
fshed speaking gave him a rising vote of
thanks and three rousing cheers. The con-
gress also unanimously elected him an hon
orary member. and appointed q committee
Of three to draft resolutions thanking Presi-
dent Roosevelt fof ffs recognltion of the
congress In sending Secretary Shaw to rep
resent him befores4t an engrossed copy to
be sent to the President
Otner addresses were by Edward F.
S san OF Denver On .lncorrectness of Gov
barton. washington ID. c., on Work of
the Geological Surrey IL" the Black Hills"
Letter FROM Senator Morgan.
A letter from seaat@ John T. Morgan of
Alabama was read was in part as fol-
lows:
mo nation has speedy attempted to de-
stroy the precious=queaity of either gold or
silver. and none will ever do SO effectually.
They will outlive all opposition and defy
destruction. while they will scorn the neg
lect of nations It seems to be a heresy
against the order of nature to attempt to
deprive either gold or silver of its precious
quality as money metal.
1T Is equally disparaging to the law or
equal personal rights and privileges accord
ed to all men-the hight to exist, and the
right to the pursuit of happiness-that we
| should so legislate and so discriminate as
to make silver the cheaper money of labor,
and gold the money of those who live on the
labor OF others. instead of living by the la
Dor of their own hands.
This is done when the coinage laws and
the legal tender laws discriminate against
silver as a money metal or as a legal ten
der for debts.
Our laws make these Determinations by
refusing equal privileges to silver in the
coinage Of money, and by limiting the legal
tender power of silver coins.
Whatever privileges of coinage are given
to one metal should be given to the other;
and the rule should be the same and not
different as to the legal tender power of
gold and silver coins.
Regulation Of Values.
'It is the constitutional right of Congress
| to provide for the coinage of money and to
regulate its value as between these metals;
but it is not within the constitutional au-
thority to destroy the value of either by
legislation.
Congress can fix the relative value of the
coins of either metal according to weight
and fineness but when the coins are struck
Congress cannot change the value of a gold
dollar or a silver dollar by discriminating
between them as to their purchasing power,
or debt-paying power. or by legal tender
laws that lessen either coin below the value
stamped on it's face.
I'VE make these Determinations against
silver both in our coinage regulations and
in our legal tender laws. and we thereby
discriminate against silver and destroy Its
precious quality as a money metal.
I'VE do by indirectton what no nation
dares to do by open and repressive legis-
lation at the peril of the safety of its
government.
1.-THE laws should be changed and the
peace and friendship between gold and sill
yer should be restored to the condition that
existed during the first half century of our
national life.
1.-The losses and disadvantages that are
imposed upon the poorer classes by our laws
that discriminate against silver as to COIN
age and as a legal tender power appear in
almost every transaction in which they en-
gage.
Cannot Change Systems.
I'VE cannot change by our laws the
money systems of foreign countries, and
while we could do much in that direction to
give strength to silver. the American metal,
we have no higher duties than to take care
Of our people in their home work by secur-
ing to them all the benefits Of the silver
and gold that are so richly stored in our
mines. -
ITO do this we must change the basis Of
our present system of finance and national
banking SO that our capital shall consist
Of gold and silver, actually accumulated,
instead of resting 1t solely upon our ma
tional credit based on the power of taxa
ton with pledges of national faith to pro-
vide the gold, or the gold and silver, to re-
deem our obligations on demand or when
they shall fall due.
I'VE must change our currency system
from credit basis to specie basis of ma
tional banking II we would make it just
to all classes and Independent of the power
of monopolistc combines. 80
"Our system If banking is constitutional
and 1t is convenient and secure, In that 1t
provides for a reliable currency but its
Fntpp dot Go hull hut
credit, wherein 1t is greatly defective. This
credit depends upon our power to redeem
our promises in coin, to be hereafter bor-
rowed collected under laws Of taxation
This system Is false and unjust to the liv-
ing, and is still more unjust to our poster
ity.
as the basis of all banking, by prohibiting
issues of paper money by private and state
banks and by refusing charters to national
banks on any basis except that of national
bonds.
"This is a revolution and new departure
in finance that no other nation has ven-
tured upon. No other great nations have
seemed willing to inflict almost universal
bankruptcy on their people, If the exigen-
cies to which they are exposed should cause
their credit to sink below par.
Abuse Of Confidence.
This tempting fallacy Of banking on the
basis of credit, instead of gold and silver
in the bank vaults. drives others Of the
monopolistic class into asset banking
which opens the door to the widest projects
that have ever found practical and disas-
trous illustration in the frauds. bankrupt
cies and ruin inflicted upon the people by
the Hcentious abuse of their confidence,
and the grind of their necessities, in the Is
sue of the wildcat and pigeon-roost cur
rency to circulate as money.
"Our system of national banking based
exclusively on the national credit being
unsound, dangerous and oppressive to tax
payers, the simple and effective remedy is
found in the payment of the national debt
and the substitution of gold and silver in
place of that debt as the basis of national
banking.
1.-THE true wealth of our country, as it is
of all countries, depends upon the thrift
and the prosperity of our Industries. ac-
companied with the permanent stores of
the precious metals, sufficient to prevent in
furious depressions in trade through our
lack of a full supply of money for proper
purposes
mo country can suffer, or be disturbed
in its industries by panics, that maintains a
safe reserve of precious metals for the use
of It's people as money.
Such a policy Is not boarding of idle
wealth, but the accumulation of financial
power, that gives prestige to a nation and
sacuritv RI ttS peODlo