New-York tribune., 1885-08-11
SILVER RESTORATION.

Mr.. d. r. James, member of Congress from
New-York district, has communicated TO the
public some opinions on silver coinage wh'cn
deserve attention, as they are held by 2ood
many business men who have practical knowl-
edge of the evils of debased currency, but no
adeouate comprehension of the ideas which
move a large body of people both In America
and in Europe to favor silver coinage. he
thinks that unless the law can be repealed at an
early day overwhelming oy financial disaster Will
come. and gold will be at q premium. de
doubts if a bill to repeal the law can pass, but
hopes for some conditional suspension. de Is
in favor of stopping the coinage until the
price of silver shall settle to its proper place."
Now the price of silver has no proper place
It is as sensible to talk of the proper place OF
the price of wheat or oil. The "proper place
changes every hour. 1t will change every hour
In all eternity, unless silver can in some way be
effectively remonetized that is, transferred
from it's present condition merchandise so as
TO become a recognized and necessary pait OF
the .noney in use throughout the civilized
world. Those who advocate silver coinage
with the greatest sincerity and earnestness do
80 because they believe that financial disasters
all over the world are iucre ased, IL not pro-
duced, by the deficiency of a metallic basis COM
posed exclusively of gold. They hold that In
some way the monetary supply must be rein
forced by the restoration of silver to active use
before financial and industrial health can re-
turn. The wisest of them believe 1t important
to stop silver coinage at present, because that
will helm toward some agreement of nations by
which silver may be restored to more general
use as money.
A bill to stop the coinage at some future time
would be absurd. The right way is to stop, and
then to negotiate. If foreign nations are
brought face to face with the imperative neces-
sity which will follow withdrawal OF the
United States from the business OF silver
coinage, they are far more likely to do some
thing than if only menaced again with threats.
But it is not true that financial disaster must
result unless the coinage can be stopped. 1t Is
entirely in the power of the Treasury to con-
tinue coming at the present rate, but never to
pay out silver dollars or silver certificates unless
| to those who prefer silver to gold, and then
only when they strictly comply with the law.
| If the Treasury never pays ont silver otherwise
the coins and the certificates will remain in the
| Treasury. The sole question, then, is whether
| the Government can continue TO waste
| $24.OOO.OOO yearly. OF course it can. More
taxes can be imposed, if necessary. In the
absence of more taxes, Government can borrow
gold with bonds, to any amount desired. Its
power is indisputable, absolute and complete.
| The only question is whether the Democratic
Administration has the pluck and the honesty
| to use the powers it possesses If it has, the
only question is whether the people want to
waste $24,OOO,OOO yearly in a mistaken and
fruitess attempt to restore silver to use, which
| only tends to hinder its restoration.