New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-12-07

SENATOR MORRILL, on SILVER COINAGE.
Senator Morrill's large experience and we'll
earned reputation in the treatment of financial
questions would in any case have secured attcn-
ton for his strong speech on the silver question.
But the speech was also remarkably timely.
The Chicago Tribune one of the most powerful
Republican journals of the West, has now de-
clared for a suspension of silver coinage The
Chicago Tribune and The Cincinnati CONNER
cidl Gazette worked together most efficiently to
prepare public opinion for the revival of silver
coinage, and the influence of these great jour
nails was for a time the chief obstacle to the
suspension now advocated by them both.
Judge Kelley whose opinion on the subject The
CHICAGO Tribune quotes, was convinced during
his absence in Europe that the continuance of
silver coinage by this country had become the
greatest obstacle to the progress of bimctallic
views in Europe. With him, Mr.. Burchard,
Director of the Mint, Mr.. Walker Mr.. Horton
and others who were among the foremost in adj
vocating coinage of silver years ago have now
earnestly urged suspension, on the ground that
it would strongly promote international agree
ment on the question. Not single one of the
really influential leaders in the movement for
reconciliation is now in favor of continuing
the purchase of $2,000,000 of silver bullion
each month for the purpose of manufacturing
more standard dollars, of which, as Mr.. Morrill,
says, the Treasury now holds three times as
many as the people have been induced to take
and use.
In connection with the declaration of THE
Chicago Tribune, therefore, Mr.. Morrll's able
speech will attract especial attention. He
argues that we have no possible need at pres
ent, for as many standard dollars as have al
ready been provided. This reasoning The Gin
cinnaf Commercial Gazette has also presented re-
pcatedly with great force. He urges that the
continued coinage of silver by this country
operates powerfully to shield Great Britain and
Germany from the natural effects of their mono
metallic policy, and so strengthens them in the
stubborn resistance thus far made by them to
every plan of international accord In this po-
sition Mr. Morrill, agrees with NJ. Cernuschi and
other leaders of bi-metallic thought abroad, and
with Messrs. Burchard, Horton and Walker of
this country. At length, therefore. there is en-
tire accord between the thoughtful and cOmpe-
tent men of both opinions, in respect to the
present duty of the United States. For reasons
in some measure unlike, the bi-metalist and the
m0no-metallist alike urge that this country
should no longer continue TO put into useless
standard dollars $4,000 900 each month of its
revenue. The bill offered by Mr.. Kelley in the
House, though coming from one who was form
erly leading advocate of the double standard,
does not differ in principle from the measure
which Mr.. Morrill, advocates in the Senate
Senator Morrill, does not propose to deprive
the outstanding silver certificates of any part of
their present usefulness. He would leave these
certificates to the operation of natural laws of
supply and demand. The suspension of silver
coinage would properly be supplemented by
discontinuance of the issue of certificates, leav-
ing those now outstanding to fill the place in
circulation which they now occupy. 1t is part
of the aim of the Senator, moreover, to bring
about .readjustment of coinage so. that the
metal shall correspond more nearly in intrinsic
value with the official stamp, and to promote an
increased use of silver coins by stopping the
issue of 81 and 81 United States notes. These