The Birmingham age-herald., 1914-10-05

Governor Johnston was sanguine in the belief that the overwhelming vote in each branch of the legislature that sustained his measures. the repeal of the enabling act. was the voice of the electorate. For S5 years he had been an active leader in the high councils and in the daring undertakings of his party. He had grown in public fla vor as he advanced in public service.
 He heard the phenomenal call on him to stand for a third term in the state executive office. but he gave no encouragement
 It was at this late day that one of the heroes of 1874 stood accused of raising an issue on the detested ques- tior of white supremacy.
 Amidst the splendid population or the black belt MT. Johnston had lived and labored in the front ranks for many years. All the gentlemen Of that region favored a constitutional con vention as the safest mode for relie1 from the intolerable incubus of negro suffrage Governor Johnston desired 'o be a senator in Congress.
 Senator Morgan had defeated cover nor Houston for United States sen ator in 1876, had been regularly chosen by the legislature every SIX yea. thereafter and was an avoweu canui- date before the legislature to be eject ed in 1900 to succeed himself In a ii1', term. It was this opposition that 1os- ernor Johnston confronted.
 Ii was now midsummer of lSss. say 12 months prior to the state election by which the legislature must be iiiieu. If was meet that the senator 10 pc chosen by that legislature should now declare himself.
 They check the habit of electing Nor gan. Houston, Watts. LangdNn had op- posed him at one time or another, III the last quarter of a century. but the op- position even of these great men had been able only to give emphasis to his claims upon the honor.
 The governor must state his case. There was one specification against the return of the senator. which could not be de- nied and which impressed the public mind profoundly. He left Alabama in February, 1877. in possession Of sooo home in Selma, which he owned. He sold it, bought a residence in Washing ton, removed his family thither and was rarely seen in Alabama except on the recurrence of the sixth year from ms election, and then only for brief time. Moreover. when MT. Cleveland came into the presidency, in 1885. thus breaking the long continued hold of the repuoican party upon the honors and emmoluments of government patronage, word came through the Washington correspondence Of the Alabama newspapers that Senator Morgan was reluctant to assist Ala bamians, frankly declaring that he was mot an officer broker.
 ~.~~~-~-~-~-~~~-~-~~~>~-~-~ statement that the country owes every thing "to the genius and skill, as well
 raafi hf0Qd patriotism of it's bankers in all sections, but because the address will tend to in- fuse increased confidence into the busi- ness world of the United States.
 For instance, it is spoken of here as an excellent service performed by MT. VIII Hams that he should have called the attention of his hearers and through them of the country to the fact that the sudden emergency and the deadlocking of international finance as well as the sudden closing of markets of interna- tional trade made the United States. for the immediate time, a debtor people. MT. Williams meant not so much the debt which is represented by American securi- ties now owned in Europe as immediate obligations or those which will become due in the course of a few weeks. The debt of New York city. which the city banks have now financed, well Illustrates MT. W1illamS n1ednlnS. l Hdt utpt was for $S2, 900, GOO, due or speedily to become due. These immediate debts must be and will be liquidated, even if it is necessary to send gold abroad or to Ottawa for that purpose. Should those in other lands who hold American securities for investment try to force them upon the market there will be demoralization not only here. but across the sea. Liquidation would probably require, if cash payments tlxi aafi lon, mot every dollar of currency now in circuia- tion in the United States as well as prac- tically all of the gold in the treasury. and still there would be insufficient money to meet the demand Therefore MT. Williams points out that 1t is imprac- ticable for Great Britain or the conti- ] nent of Europe to market at once all. or even large part. of the American securities now held abroad.
 We can, however through internation- al trade, furnish means by which ir good time American securities which are sold by European investors can be paid | for. MT. Williams thinks this is the .prop. CT way and points to the fact, whict none but the bankers have understood that practically all of the American se curities now held in Europe were paid | for in merchandise.
 This, the comptroller of the currency 1 tCio tuc fAuciiCdH pSoPi-s IS tiic Oiil l way in which safety and with sound economy we can absorb such part of th' American securities held on the conti nent of Europe and in Great Britain as the owners are forced or tempted to sell l At the time of the civil war when de. spair was prevalent David A. Wells pub i lished a pamphlet in which he set fortf | the resources of the north the abun l dance of them and the ability of these resources to meet whatever the yearly i expenses of the war might be, no mat | ter how long carried on. That little pamphlet was the first clear exposition 1 to the people of what our resources then were-and what could be done with them. l Comptroller Williams. while not giving | statistical details does speak of the abundance of our resources of all kinds and the certainty that these may be relied upon for the liquidation of all oi ] our foreign obligations.