New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-23
SITTER COINAGE.

Congress has taken into early ana serious
consideration two of the most pressing ques-
tons of public policy. May we not hope that 1t
will also take measures to save the country
from the large loss and grave danger to wllich
it is exposed by the continued coinage Oh SILVER
in excess of public needs.
e There can be no doubt any longer that the
supnly of silver dollars already coined is
largely ia excess of the amount that can be
taken into circulation. Even in early times,
when gold coin scarcely circulated at all, and
when the paper substitutes were OF the worst
kind, the country never took into circulation
"a many silver dollars as it now has. With IN
admirable national currency. and provision fol
the free increase o.. bank notes and gold certif-
Gates in response to any demand, it cannot be
expected that the use of silver dollars will
greatly increase But the Treasury now has
on hand, and for a long time has held, an enor-
NOUS amount of quite useless silver dollars.
The strong pressure for currency during the
last half year would have brought more of
these into circulation if anything could, but the
stock of idle coin has increased, and certificates
have been used instead of coin. Now the sill
YER certificates can be kept out just as well
without as with silver reserve. Practically
these certificates are redeemed only 10y use in
stead of gold at the Custom Houses. The only
question, therefore, is whether the country can
use all the silver dollars that it has coined al
ready. and the facts show that it cannot.
Without any advantage whatever to our
selves, therefore, we are preventing rational
decision of the silver question by other conn
tries. While we continue to lock up $50, 000-
600 year of silver, they can afford to wait.
Whenever the United States ceases to coin sill
vcr. other countries will be forced to deal with
the surplusage of silver, and to bring that
metal into larger use or to bear the conse-
ouepces themselves. I.ihas been very generous
of this country to enable Great Britain to resist
for years a bi-mctaic settlement which It's
Indian commerce requires, but that sort OF gen
crosby does not pay in the end. If this country
really wants double standard established and
maintained there is but one way. The rcspon
sibility and burden of dealing with the SILVER
question must be thrown upon the nations of
Europc. which cannot avoid that burden as we
can.
Clearly, il is not wise to attempt any longer
10 bear the burden for the whole civilized
world. The a6lest and most Jealous advocates
OF silver coinage now see and declare that the
course of this country is an obstacle TO the sue
cess of b-metallism. When the Congress at
Paris was held they urged that no one nation
could afford to take the whole bufden upon it.
self by coming silver alone, and our own ex-
perience has abundantly demonstrated the fact.
Since nothing is to be gained by continuing the
operation, and the only result possible Is the
persistence of European nations in opposing
RECOMMENDATION of silver because the United
States stand between them and mischief,
should we not best serve the interests Of our
own country, and promote the reconciliation
of silver by civilized nations, not by continuing
the wasteful coinage of dollars for which there
is now no use but 10y suspendne silver coinage
until the stock on hand has been exhausted
Congress ought not to neglect the subject. II
can do real good by attending to the matter.
Neglect of it may result in very great harm.