St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-02
AS PROPOSED BY WARNER
The Chicago Commercial Club En-
1ightened on Silver.
Secretary Manning and the Re-
ports--Mr. Coon's Letter.
MIR. warner Discusses Eais BiII.

ports--Mr. Coon's Letter.
Mr.. Warner Discusses His Bill.
CHICAGO, Nov. 1.-After the regular
m Onthly banquet of the Chicago CONNER
cal club last night the Warner bill was
discussed. Congressman A. j. Warner Of
Ohio, who had been invited to be present,
was absent, but he sent full statement or
explanation of his views, which were read
to the gathering by Mr. Mccarthy of Chi
cago. Mr.. Warner held that the silver issue at
this time presents two distinct phases. First,
the movement to practically demonetize
silver by excluding the product OF silver
mines from the money supply in the future,
and reducing existing coins to the condl-
ton of subsidiary money; and second, the
fact being recognized that there has been
disturbance in the relative value of gold
and silver, so that neither the European
coin ratio of 1515, nor our own ratio of 16
to 1, any longer represents the commercial
ratio between them, the question arises, is
it desirable to attempt to readjust the
monetary use of these two metals to their
commercial ratio, and if so, how
can this best be done? This, he
said, was the phase of the question,
which bi-metalists especially are called upon
adjustment, the writer says, that he sub
mitted plan some time ago to make the
use of silver as money conform, through
paper representation, to the actual CONNER
cal ratio between the two metals through
out the world; and he announced at the
ontset that the main object of his present
paper was to reply to criticisms on the pro-
posed bill, and to explain more fully some
of its provisions. He said that much of the
OPPOSITION To THE BLAND ACT,
as shown by recent discussions throughout
by the press, manifestly arose from the con-
tinuance of silver as money under any con-
ditions, and he asserted that the absolute re-
peal of the Bland act would be the last of
silver. No one needed to be told that if
the mint demand for $500, 900 worth of
silver per month is shut Off that silver would
fail. How far it would fail no one could
tell. To repeal the Bland act and put
the United States on the side of gold
standard countries and England to protect
the rupee from the fall that must otherwise
ensue, following the example of the Latin
union after silver was demonitized i'll Ger
many. would close the mints of Calcutta
and Bombay. What then would be the
bullion value of the silver dollar as meas
ured with gold no one could say. At any
rate the end would be such separating Of
the two metals that they could never
hope to be again united as equal
money metals. Could anybody sup
pose for moment, he asked,
that the mass of metallic money could be
reduced from the two metals to one from
| 81, 800, 900, 600 of the two or thereabouts to
81, 900, 900, 900 of the one without Destroy
ing all equitable relations between man and
man, labor and capital, property and debts
1t was hard to believe that Christian men
could deliberately plot schemes of Specula-
ton as vast and wicked as were involved in
this movement. Three ways for the change
to be made are advocated by Mr.. Warner.
Opening the mints to unlimited coinage on
the present ratio, changing the coinage rates
to conform more nearly to the present
commercial ratio, and coin silver as freely
gold; and the suspension of coinage on the
present ratio and the issuing of certificates
OF stamped bullion at the market price or
the actual ratio to gold at the time of de-
posit. Regarding
THE MOST POPULAR OBJECTIONS
to the certificate plan, he denied in the first
place that the certificate plan would be un-
constitutional because the power OF
congress to make treasury GER
tifcates and payable by the govern
ment has always been admitted.
AS to the objection that the certificates
would tiuctuate in value the writer said
that the price of silver bullion might vary,
but once issued there could be no variation
between the certificates and other money.
including gold. When issued every dollars
worth of certificates would be based on
gold dollars worth of silver. A close ex-
animation of the writer's bill would show
that this objection had been provided
against The New York Tribune
and other journals had vehemently
denounced the measure as an imitation
scheme. A sufficient answer ought to be
that initiating the metallic money on ratio
common to all the world is as impossible as
initiation by gold alone. If silver is rated
no higher here than in other parts of the
world it will no more accumulate here than
will gold or than do waters of the ocean.
If the New York Herald's interviews with
bankers throughout the country are cor
rectly reported to them, the writer
said in conclusion, the country ought
to be convinced that because one
was banker it no more followed
that he understood the science of money
than one who operated telegraph instru-
ment understood the dynamos of electricity,
or that one who bought and sold wheat
thereby came to understand the chemistry
of agriculture. AS long as the issue was
'Tepeal without compromise" the result OF
congress- action on the bill would not be
doubtful, but whenever the country was
ready for such readjustment of the matter
as would help them ''from parting COM
pany,' the writer believed that bimetaliSts
generally would cooperate to secure that
end