The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1885-06-16
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WooDsFIELD MONROE COUNTY OHIO TUESDAY, JUNE 49, 1885,

The Silver Question.
Congressman Warner Gives Details
OF the Plan.
Silver Certificates at Bullion
Prices.
WAsHrNeToN. June 5.-Congressmsn
Warner was seen here this evening and
told Of the report which had come to the
Herald He said:
81 cannot tell, of course, what some
body may have said; but at best any re
port on this subject must necessarily be
crude and inaccurate. 1t Is true," Mr.
Warner added, 'that methods OF dealing
with the silver question have been under
discussion by gentlemen interested -ina
this question; and so far as the views of
gentlemen who have heretofore taken an
active par. on this subject have been ex-
pressed,or as there has been opportunity
thus far to consult, think can say that
there is q substantial agreement on GER
tain Important points at ISSUE"
"Have you any objection 20 stating
what these points are ?"
81 see no objection to their being sta
ted, with the caution and understanding
that l am giving you only in my own
way, and undertaking to give only in
outline the views of such silver men as
have expressed their general assent to
the proposition"
The Proposition.
"What then. are the details which you
feel yourself at liberty to give ?"
"The proposition as 80 far discussed
ls to suspend the coinage Of silver dol
lars, and instead OF further coinage on
the present ratio to issue certificates on
silver bullion brought to standard fne-
ness, as now required for coinage at its
market value at the time of deposit.
Such certificates to be made receivable
for all dues TO or from the government
and between banks, but not legal ten-
der between individuals Tue certificates
to be expressed in dollars and to show
on their face that they are secured by q
deposit OF silver bullion. The certificates
to be exchangsble at the pleasure Of the
holder for lawful money, ani redeemable
at the option Of the government in silver
bullion at its market value at the time of
redemption These certificates would,
therefore, not only issue at the market
value OF silver bullion at the time Of the
issue, but would be maintained by the
government at that level. When receiv-
ed into the Treasury for dues to the gov.
eminent, or in exchange for lawful mon
ey, they are to be held and paid out as a
part OF the volume of currency. When
redeemed in silver bullion they are to be
cancelled and destroyed, the coinage OF
silver not to be resumed until such time
as there may be an actual demand from
the public for more silver dollars. When
such demand shall arise, then bullion
owned by the government, in the discre-
ton of the Secretary of the Treasury to
| be coined, and the certificates represent
ing the bullion would be cancelled and
destroyed. Second, withdraw one and
two dollar legal tender notes, without,
however, reducing the total volume OF
greenbacks, and five dollar bank notes,
without thereby reducing the total OF
bank notes, and substitute small notes
based ON the silver dollars already coin.
ed. These silver notes would be Of the
same order as the silver ceriificates-noi
a legal tender, but issued upon silver
coin, dollar for dollar. which is legal
tender. Third, recoin at least the halt
dollar piece and perhaps the twenty five
cent piece also, making them full weight
on the present ratio and full legal tender
aud stop the redemption Of all subsidiary
coins. The amount to be coined In this
form should perhaps be left discretionary
with the Secretary Of the Treasury and
be governed by the demand OF the pub.
ic for this class OF currency"
Mr.. Warner aided: II have,of course
not attempted here to GO into details
but have given you simply the points al
they have been discussed"
The Rumored Silver Bill.
SIT is not true, then, that bill hat
beer drawn on this subjectP"
mo; l arm sure that no bill has ye
been prepared. At any rate, ] have no
seen or heard of any. Before that II
done l think the matter should be fur
lther discussed on both sides and all it,
b. arings consider ed"
"What do you believe the effect o
such a measure as you indicate would
be- ?"
"Tte only object OF such a measure-
which should be the object Of all curren
lcy legislation-is to maintain the stabil
lity of money. The operation of meas
ure like this would be TO monetize silver
money without limit, but at its marke
value. We coin silver How 10 limited
quantities, under the act OF 1878, on ths
ratio OF sixteen to one, which, as is vel
known, differs from the market ratio. II
is not necessary to discuss the reason fol
this difference; the fact exists. Thit
proposition, as / have said. monetizes
silver metal, not at fixed ratio, which
we alone undertake to maintain, but al
the market ratio, which all the world
helps to maintain"
The Eject on the Market Value.
"What would be the effect on the sill.
yer market OF this proposition ?"
Undoubtedly il will sustain the price
of silver and tend to advance it, for the
simple reason that we add to the otbel
uses OF silver monetary use, but always
at the level Of prices for other uses Tha
is to say, to the demand for silver fol
' the arts. for the Indian mints, the Asiati,
!, trade, &c..we add monetary use ct home
To the extent that silver is monetzst
through silver certificates it is withdraw
from the market for other uses and th'
effect OF this is plain to see. The ISSUE
Of certificates in this way really stores
up so much silver and keeps it of the
general market. At the same time j
serves the purpose Of money"
"You consider this plan more practi
cable and better than the proposition tt
change the ratio by increasing the weigh
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