New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-11
4 FISK TO BE AVOIDED.

The House Committee on banking anu Cur-
rency has decided to report and recommend
bill for the suspension of silver coinage and
the withdrawal of silver certificates. This Is a
step in the right direction, but may possibly
come too late. Suspension OF silver coinage
and abolition of the certificates ought to have
been reported in one bill early Ill the session.
But the measure ought now to be considered as
urgent for public and partisan reasons, as any
other to which it has been decided to give pre-
cedence If members Of Congress could realize
how important action on this matter may be,
they would take care to reach it speedily and at
any sacrifice.
Earnest expostulation in regard to the neglect
of the few measures upon which may dcpend
the general prosperity during the latter part OF
this year is surely justified by desire for the
public welfare and for the safety OF the Repub-
lican party. The Republican members ought
to know that they cannot afford to go INTO the
Congressional elections of next tall with IN
dustry Frustrated and business in disorder.
Easy optimism will not save them from defeat
if commercial disaster comes. No man can
fureSce the future. No man can say tina the
failure of this or that measure will certainly
cause or its failure avert, a financial disturb
ance But it is plain that a failure to deal
with certain business matters, and particularly
with the silver question, will involve serious
and unnecessary risk OF disaster The majority
in Congress has no right to take any unneces
sary risk.
Yesterday 50. 100000 in gold went to
Europe On Tuesday 100000 went, and on
Saturday $1,000, 900. Within four business
DAYS, "a sum has gone which, poured into the
tl..t.
ayertcd terrible disaster Gone, this reserve is
no longer at the command of the Treasury or
the business world 1t can be called back, If
need arises, only after two weeks delay. In
one day, lack of needed resources may break
any bank, and render widespread disaster in
eyitable. How much more will go? No one
can tell. The one thing certain Is that there Is
a leak with small chance of stopping 1t for the
next three months, until new crops come Tor
ward. How has ii come to pass That can be
answered it is because, instead OF sending
unused silver abroad, getting 500, OOO,OOO Ill
gold for it, and putting the gold into use, we
have bought up the silver, stored 1t III the
Treasury and put into use paper promises 10
nav silver with such conditions that the
Treasury can be forced to redeem them III
cold. This sort OF thing has been going on for
wears, and as long as we had large crops 80
that gold came to us, the evil consequences
were not much felt. twas a waste OF resources
TO pile up SO much idle silver in Treasury
vaults. but that seemed to be The worst. Now
one year OF short crops takes gold away, ana
there is trembling. If we had TlO0,OOO,OOO
more Of gold, instead of the idle silver nobody
would care whether some OF it went abroad or
not.
Silver and silver certificates, not being pre-
ferred 10y the people for use, 90 into the Treas
ury in place of gold. Thus much less gold
goes in, and yet, without destroying its credit
and bringing instant panic the Treasury cannot
refuse to pay out gold if demanded. From
January to May /, the silver in the Treasury
increased $16,j1s,Glj, while the gold i'll the
Treasury decreased $l7, l31 800. If Congress
refuses to change the laws, thus virtually de-
creeing that this change shall go on, 10y the first
of October-just when the money market is apt
TO be most sensitive and straincd-the Treasury
will hold less gold than silver. But the silver
and the certificates may go in a great deal
faster, and undoubtedly will whenever Con-
gress gives the alarm by adOurning without
action on this matter About sos, 100000 OF
certificates are outstanding. which IN u very