New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-06-28
THE SILVER DANGER.

The Republicans of Congress did several
things well at the last session. But they tailed
to do one of the things that ought to have Deen
done. Their failure to suspend silver coin
age was a disregard of current financial events,
rejection of earnest advice by all the dlstin-
guished and capable b-metallsts in this and
other countries, and q discourteous treatment
of the official recommendation made by the
President the Secretary of the Treasury, add
the Director of the Mint. Without such con-
sideration as the Importance of the subject de-
manded-lndeed, substantially without any
consideration at all-Congress refused to take
up the matter.
When Congress adjourned, the Treasury
held $131 .742,S 34 of silver, and 1t now holds
81 As, 7S5, 938 of that metal. In less than four
months it has added over '$12,OOO,OOo tn Its
store of an absolutely useless metal, nor GA 1t
be said that the added store is in some sense
ausedn by being represented by outstanding
certificates. The amount of silver not repre-
sented by certificates outstanding, and there
fore in every sense useless to the Treasury,
was less than $60,000,00O February /, and
S63. 7f5,414 March 1, and is now about
S72. 900 900. The small amount Of additional
certificates that now happen to be outstanding
NAV come in for redemption at any time, but
never fol redemption in silver--they will go in
through the Custom House aud thus be re-
deemed in gold In order to add S12,OoO,OOO
to the stock of useless metal, the Treasury has
really bought the whole OF 1t with like
amount of gold. In consequence, although a
large amount of gold has been Withdrawn from
the hanks and from circulation, the Treasury
~ a.. ...r. in nt rtI
Gates outstanding, only $134,94O,367 in gold,
and held 1886. 107, 061 March 1.
At last the Treasury holds more silver thar
it has Of gold that belongs to it. Putting aside
the gold that is held in special trust for the re-
demption of gold certificates, the Treasury has
less than $135. 100000, against nearly
S144, OOo, 900 of silver, not dollar OF which is
likely ever to be used for the redemption of
any obligations of the Government. nobody
will ever come to the Treasury to cart away
2, 900 tons of silver, or part OF it, as long as
the $40. OOO, 900 of certificates can be used in
stead. These notes, therefore, circulate merely
because of faith in the Government and their
receivablity for customs, aud not Mt all be-
cause there arc'for their redemption deposits OF
silver which no one wants. In efect, these
certificates have proved, as many fea-ed they
would when their issue commenced, mere in
flat;on of the paper currency. But considering
these notes In this, the only true light, we
have in the Treasury S144,000,000 OF silver
that will redeem nothing, aud only 1885, OOO,-
600 az gold with which to redeem everything.
Experience has proved that it is impossible
to form any idea how fast this change in the
Treasury may 20 on. At times il has been very
damQudA
money out Of the Treasury; only the gold then
goes, and the balances are kept up, il at all,
only by increase of silver. At other times both
gold and silver increase for time, or it comes
to pass that the amount of paper notes in circu-
lation is greater than business needs, and the
silver certificates and egal-tenders gravitate to
the Treasury. This fall, when the crops begin
to move, there may be more urgent demand
for gold than has been seen at any time since
the day of resumption. Before Congress can
act on the subject, it is possible that the
gold reserve may be so far depleted that
prompt and speedy action will have lecome
absolutely necessary to prevent dsaster. Dur
ing the summer members of Congress of both
parties ought therefore to inform themselves
both as to the present need OF more silver 9oin-
age and as to the real feeling OF The people
about it. We believe there is no such desire to
have that coinage continued rs there was
to have it begun. Because the peop:S ex-
pectod an instant advent of the millennium
with the big white dollars" Il zoos not follow
that they now want to pay two millions
month to manufacture more Of them. Still less
does it follow that they want to bring Disaster
upon all their industry and trade.
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