New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-27
ACTION NEEDED.

Senator Allison was the author Of the Silver
bill, as it passed and finally became a law.
Though this bill differed in important respects
from the irrational measure that had been Of
fered by Mr. Bland, and had been passed by
the House, its passage was hailed by the advO-
Gates of silver coinage as a great triumph, and
Mr.. Allison undoubtedly represented with fdel-
ity the intelligent and rational men of "the
silver party" But Senator Allison, in an arti-
Gle in The North american RerieW, virtually
prOclaims the necessity of suspending silver
coinage. In the form of his statement there is a
condition, but it Is one which everybody knows
will not be met he says Unless other ma
" tons shall open their mnts to the coinage
" of silver on some common ratio, it is only a
"quCstion of time when our Government will,
for its own protection and the protection of
the people, suspend the coinage of silver"
Mr. Burchard, the Superintendent of the Mint,
another of the ablest and most influential adj
vOcates of silver coinage, has already gone
quite as far. In his last official report he says ::
9" 1t is n question for our serious and early
consideration whether it is not de-
srable to suspend the further coinage
" of silver until other nations authorize
its unlimited coinage. Other prominent men,
in Congress and elsewhere, have expressed the
same conviction, though they were formerly
among the most earnest advocates of the eX-
pertinent which has now been fully and faith
fully tried. A bill to that end has been agreed
upon by II committee in which former advo-
Gates of silver coinage constituted a majority.
But Senator Allison should fully realize that
failure to act upon the subject at this very
Z IL.
sees that the suspension of silver coinage may
soon become absolutely and instantly neces-
sary for the protection of Government and
people. But he apparently does not see that
it may become an instant and imperative ne
cessity before another session of Congress COM
mences. This is not intended as a prediction
of disaster. We earnestly bope-and find some
reason to believe-that the period of danger
may prove to be more distant But neither
Senator Allison nor any other member of Con-
gress has the right To expose the Government
and the people to risk of great disaster by
neglecting to make every reasonable effort to
avert it at this session, though in his opinion,
the risk may be comparatively small.
Over So, 100000 gold has gone to Europe
since February l. The bank reserves. last week
'pl 4, OOD,OOV lOhCl lutJ Ntlt dJ lHdl
date last year. are decreasing rapidly just
at the point where large accumuations
usually provide for the heavy drain which
comes when the crops begin to move. A
snowstorm in the Northwest has probably
done little harm, but it reminds lis what
might happen if a single week of de-
cidedly unfavorable weather should come be-
fore the harvest is over strike by many
thousand wOrkmen and miners has been or
dered for June l. The Treasury has for sew
eral months been taking in more silver dollars
and silver certificates than it could pay out,
and spending over $2,000,000 in gold besides
by the purchase of silver bullion, so that its
gold reserve has rapidly declined. Any serious
commercial or industrial disturbance, monetary
pressure or panic in the markets, might cause
payment of many millions of silver certificates
to the Treasury in 4. ace of gold, and de-
mand for the redemption of legal-tenders
amounting to many millions. Can the country
afford to bind itself, for six months to come, to
face all the possible consequences of continued
coinage OF silver and issue of certificates If
not, legislation mt this session is necessary.