The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1885-06-09
The Silver Coinage.

Gen. A. j. Warner of Ohio, who has been
one of the most fanatical of the advocates of
the Unlimited coinage OF the silver dollar,
begins to see that bis pet is doomed and con-
sequentiy is getting into compromising
state of mind. In connection with some
other friends of the standard dollar and af
ter consultation it is said with Mr.. Tilden,
though this may be doubted, be has prepared
scheme of compromise embodying the fol-
lowing points:
First-Issue certificates on the deposit of silver
bullion at its market price at the time of deposit
expressed in dollars which shall stand as the de-
clared value of the certificates while in the hands
of the public. The average value of silver for the
previous month might be taken as the market value
at the time of deposit.
Second-Such certificates 10 be made legal tender
for all purposes except in transactions between pri-
vate parties.
Thrd-They shall be redsemable in lawful money
at the option of the in silver bull
at its market price at the time of redemption.
When received into the treasury for dues to the gov
eminent or redeemed in lawful money they shall
be held and paid out again as other currency; but
when redeemed in silver bullion, to be cancelled
and destroyed.
Fourth-Ihe coinage of silver to be suspended
until required again to meet an actual demand for
silver dollars. On the coinage of any bullion the
certica representing the bullion shall be can
celled and destroyed.
Fifth Fractional silver, or at least the half dol
lar pieces, to be made full weight and full legal ten
der and the redemption of subsidiary silver to be
discontinued.
Sixth-Withdraw the one and two dollar legal ten
der notes without reducing the total volume of
greenbacks; also the five dollar bank note and issue
one. two and five dollar coin notes. based on the sill
yer dollars now coined, dollar for dollar.
Seventh-Redeem and recon the trade dollar into
standard dollars or fractional coin.
The plan covers SO much territory that
only long and diligent study can reveal all
its merits and defects. 1t would seem that
under the first paragraph the owners of sill
yer mines would have a "softer snap'' even
than the one they now enjoy. Apparently
the whole product of the silver mines of the
country, and indeed of the world, can be
poured into the United States treasury and
the government compelled to issue silver
certificates upon it. 1t Is not surprising,
therefore, to hear that Senator Jones of Ne
vada and Senator Hill of Colorado, both of
whom have large interests in silver mines,
are heartily in favor of it. 1t looks, too, as if
under this arrangement the country would
soon be flooded with bullion certificates,
which would force gold out of our currency
much more rapidly than the coinage of the
standard dollar at the present rate is doing.
1t looks, also,as if the United States treasury
would have to pay out more silver bullion to
redeem these certificates than they are
based upon, if The market price OF silver de-
clines between the time of the issue of any
certificate and the time of its redemption.
There will need to be good deal of revis-
ion and re-revsion of this scheme before II
will be safe to permit it to become law.