New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-02
CONGRESSMAN WARNER ON SILVER.
DEFENDING THE POINTS OF HIS BILL.
PAPER READ BEFORE THE CHICAGO CONNER
CIuR-INFI ALTON.

A PAPER READ BEFORE THE CHICAGO CONNER
CIAL CLUB-INFLATIoN.
CHICAGO, Nov. LATTER the regular month
ly banquet Of the Chicago Commercial Club last night
the Warner bill discussed. Congressman A. j. war
ner of Ohio who had been invited to be present. was
absent but he sent full statement Of his views which
was read the gathering by Mr. Mccarthy OF fChcago
Among things Mr. Warner said. we note:
"The silver issue at this time presents two distinct
phases rst the movement to practically demonetize
silver by excluding the product OF silver mines from the
money supply in the future and reducing existing COINS
the condition Of subsidiary money and, second the
fact being recognized that there has been a
disturbance in the relative value of gold and sill
yer, SO that neither the European coinage ratio
5a ratio of 16 to longer represents tho
commercial ratio between them. The question arises.
Is desirable to attempt to adjust the monetary use OF
these two metals TO their commercial ratiOi and II so
how can this best be done This is the phase of the
question which bi-metasts especially are called upon
to consider It with view to such an adjustment
that submitted plan some time ago TO mako the use
OF silver as money conform through paper representa-
vcs, the actual commercial ratio between the TWO
metals throughout the world.
Much of the opposition to the Bland act, shown
by recent discussions In the press, maniiesty
arises from tho continuance Of silver
as money under any conditions. The
absolute repeal OF Bland act would be tho last OF
silver No needs TO be told that II the mint demand
900 in silver per month is shut off, that silver
would fall. How far 1t would fall no one can tell. To
repeal the Bland act would put the United States on the
side Of gold countries and England to protect
the rupee from the fall that must otherwise ensue, fo-
lowing the example OF the Latin Union after silver was
domonetized in Germany would close the mnts of Cal
cuta and Bombay What would then be the bullion value
the silver dollar measured with gold no one could
say any rate, the end would be such separation OF
the two metals they could never hope TO see them
again united equal money metals Can anybody
suppose for moment that the mass OF metallic money
could be reduced from the two metals
to one-fIom S7.5O0.OOo,ooO of the two or
thereabouts, to $4O00,000,00O OF the one. without
destroying all equitable relations between man and man,
labor aud capital property and debtsi It was hard to
believe that Christian men could deliberately plot
schemes OF speculation rs vast and WICKED as were IN
vowed in this movement.
Three ways for the change to bi-metallsm may be
adopted: Opening the mints to unlimited coinage on
the present rato changing the coinage ratio
to couform more reariy to the present CON-
merclal ratio aud cOinng SILVER as freely
A. gold with the suspension OF coinage on the
present ratio and the Issuing Of certificates stamped
bullion at market price actual ratio to gold at the
time OF deposit. Regarding the most popular obiec-
tions to the certificate plan, l deny In tho
first place that the certificate plan would
lie unconstitutional because tho power OF Congress
IN mako Treasury receivable and payable by
objection that tho certificates would vary 10 vhuo, IL
may be said that the price OF silver bullion might vary
INIT oncc issued there could he no variation between
the certificates and other money including gold WBen
issued every dollar in certificates would be based on
gold dollars worth OF silver. A close examination or
the writers bill would that this objection had been
provided against
THE NEW YORK TRTBINE and other Journals have ve'
hementy denounced the measure as an iutatl0n scheme
sufficient answer OIght to be that imitation by metal
lie money ratio common 10 all the world IA ms lD-
possible initiation by gold alone. II silver Is rated no
higher here than in other parts of the world It VIII no
more accumulate here than will gold, or than do the
waters of the ocean.
II The Ne,c. York HeIaifs interviews with bankers
throughon the country correctly reported them, the
country ought TO be convinced that because Que Is
banker II 30 moro follows that he understands the
science money than that one who operates telegraph
instrument understands the dyn1mcs OF electricity, or
that one who and sells wheat thereby comes To
undersa the chemistry OF agriculture. AS long as
tie issue Is repeal without compromise the result OF
when the country IS ready for such reaustment OF
believe that b-mctsllsts generally will operate to
secure that end"