The Savannah morning news., 1903-09-12
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AMERICAN MINING CONGRESS.
Interesting Letter From Senator
Morgan Was Read at Session.

Lead, S. D., Sept. 1.-THE adoption
of a constitution and bylaws, adop-
ton of a resolution asking the United
states Congress to pass law for the
establishment of a department of
mines and mining with representa-
tive in the Presidents cabinet and the
reading of letter from Senator Nor
gan of Alabama, in response to an in
yitation from Secretary Mahon to at
tend and address the Congress, were
the principal features of to-days pro-
ceedings of the American Mining Con-
gress.
Among other things Senator Morgan
wrote:
The losses and disadvantages that
imposed upon the poorer classes by our
laws that discriminate against silver
as to coinage and as legal tender
power, appear in almost every trans
action in which they engage.
Our system of national banking
BASED exclusively on the national credit,
being unsound, dangerous and oppres-
sive to taxpayers, the simple and eff
tective remedy is found in the payment
OF the national debt and the substi-
tuition of gold and silver, in place of
that debt as the basis of national bank
ing.
THE true wealth of our country. as
it is of all countries, depends upon the
thrift and the prosperity of our indus
tries, accompanied with the permanent
stores of the precious metals, sufficient
to prevent injurious depressions in
trade through our lack of a full sup
ply OF money for proper purposes.
NO country can suffer, or be dis
turbed in its industries by panics, that
maintains a safe reserve of precious
metals for the use of its people, as
money.
Such a policy is not a boarding of
idle wealth, but the accumulation of
financial power, that gives prestige to
nation and security to it's people. If
we place gold and silver, as the foun-
datlon of our currency, in national
banks, controlled by our government,
and pledge the faith of the govern
ment to the redemption of the issues
of the banks in gold and silver coins,
at the option of the holder, these de-
positories, instead of being raided and
depleted by spectators in coin and
closed by panics created for the pur-
pose, will increase with the growth of
our country and will put capital at
work for the benefit of the people.
+Such a system, with balances of for
eign trade in our favor, will cause a
steady and unreasonable increase in
wealth in which every citizen will have
the full share that is due to honest in
dustry.
THE battles of the standards will
cease, and the ratio between the metals,
according to weight, will cease to trou-
Bile and the purchasing power and the
debt-paying power of the metals will
all be adjusted by the value of the
currency they represent and support,
and, in all these functions, they will
work together for the good of the coun-
try.
THE paper currency issued upon a
Joint specie basis of gold and silver,
will always represent the highest rela-
tive value that any country can at
tribute to gold or to silver, and such
paper issues guaranteed by the govern
ment, as to redemption in gold or sill
Yer at the option of the holder, will be
as good as the best money that any
country can supply, and it will be cur
rent, without discount. in all the COM
mercial countries.
If we change our system of banking
from a credit basis to a cash basis.
dation. and the credit of the govern
ment to insure its integrity, we will
forever close the door upon the bicker-
ings that cause distrust, antagonism and
panics in our. financial affairs.
1.-The payment of the national debt
will clear the way for the adoption of
a system of finance that will compose
all our difficulties and give confidence
to all who toll. and will secure the
permanent welfare of the country.