New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-07-06
TILE SORE spot.

No doubt the majority III Congress WOuld DC
very glad to hear no more OF the silver ques-
ton The Whg party had the same feeling
for some years in regard to the question OF
slavery. But where there is something wrong,
events are continually reminding us OF 1t; the
body does not ache or smart where It Is whole
and healthy but where the intrusion OF for
eign substance causes fostering and soreness,
the pain is constantly calling attention to the
fact SO it is in politics. and finance. Slavery
was fostering foreign substance in free
Republic, and we had to pull it out before the
pain would stop. Silver coinage Is fostering
foreign Substance IL commercial and financial
system based upon public faith, and it insists
upon reminding the country every week and
every month that it is there and doing mischief,
and ought to be pulled out without delay, lest
il cause greater mischief hereafter.
A monthly return from the mint shows that
in Jane 2,3O1, 100 silver dollars were coined.
The whole of these and $2lG,673 more have
been added during the month to the stock lying
Idle in the Treasury. In addition, the amc unit
of silver certificates outstanding has decreased
81. 100. go; that is, silver certificates to that
amount have been redeemed in gold, 50 that the
Treasury owns and holds unused a corresponding
amount more Of silver Having bought
%5.2GS. TAB of silver dollars and silver certiii-
Gates during the month, the Treasury owns
that much more silver, and the Official report
shows that it owns T5,479, 30 less gold than
if did June l. Members OF Congress, perhaps
NAV suppose that the operations for the past
month are exceptional, but the official reports
correct that impression. During the past fiscal
wear there have been coined $27772,C75 in
standard silver dollars. which have been
added to the utterly useless store that Is ac-
cumuating in the Treasury. During part
of the year there was some increase IN the
amount of silver certificates III use, but since
January | the silver dollars owned by the
Treasury-not covered by certificates outstand-
ing-have increased from ST27l,G17 to
S32. GI7,726 or about 11,500,000 more than
the amount coined in the six months.
Can the country afford to disregard these
changes? The gold in the Treasury net COW
cred by certificates and therefore available for
the payment Of demand aebts is now only
$143,47737O, or about 1871 per cent OF those
debts. having been reduced about $2G,0O0.0O0
within the past four months. At that rate,
the cold reserve would be nearly reduced in
SIX months more 10 the nllhtlnlln ItCoEhlIcu III
recent action by the Senate. But there is no
reason To assume that the surrender OF silver
certificates will continue gradual or slow, when
any anxiety as 10 the financial future arises.
If Congress can absolutely guarantee the conn
try against the occurrence OF any such period
of anxiety. in consequence of a failure Of the
com crop, or war in Europe, or any other
disturbing event, it may Gc eXcusable IN defer
ring action on the silver question. But it is
not safe ever to forget that our whole indus
trial. financial and commercial system has come
10 depend in an unusual degree upon the
public credit Our banks, savings banks, trust
and insurance companies and largest capitalists
hoM United States bonds so largely that any
serious anxiety as to the ability Oi the Govern
ment to meet its obligations III gold would
quickly cause trouble. Congress cannot make
sure that the crops shall be large, OF the exports
of grain or cotton. But it can easily stop the
payment of Sj,OO0,OO0 gold every month for
$1,000, 600 of utterly useless silver.