New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-26
Mr. ScOIpS PLAN rs 10 SILTER

r..
CONGRESSMAN Scott courtcously explains ms
prnpnsi.ion IA to silver, and thinks that II could
not have bcco mistakenly considered measure
of imitation il it bad been pat before the public
in il, best form. But II is necessary 10 ada that
his latest explanations do not change the
auparrnt character IF ;hr measure. The truth
seems f. be- that Mr.. Scott either does not
realize that unlimited issues of small notes are
po,siblc under lis scheme. or that such issues
would be imitation of the most dangerous sort.
Standing by tiff, the proposition to coin
more silver only when the amount rcmllnlng
in the Trclsuly-uot covered by outstanding
certificates. we suppose shall fall below
$40. GOO. 600 is not objectionable II that were
all of the plan. it would virtually provide. ~ he
saws, that the people should have a. much more
silver rs they could use, bat that the coinage in
excess Of TIVE actual requirement of the people
should not Doe continued. To this proposition,
without ;hc additional features. 10 one ought to
object II j. simply the application of common
SENSE to the monetary problem; when there is
no use or demand for more silver let the
coinage be stopped
The substitution Of one kind Of notes for
another, IN 80 far as it is a mere substitution
without increase Of amount. needs criticism
only with respect to its possible effect upon the
banking system. The banks would find less
profit in circulation. Mr. Scott will admit, ii
denied the privilege of putting out the small
notes which a;c easily kept outstanding, than If
required 10 limit their issues to the larger
notes. Mr. Scott is well aware that the bank
ing system is at u critical point even now that
many banks find circulation scarcely profitable.
II il a question which needs serious consider
alton whether such "A change a MIR. scott pro-
noses wonld not turn the scale, and end IN
abulishiug notc-i,sHing banks.
FINALLY comes the proposition that the Gov
eminent shall issue small notes payable in silver
only. and without limit as To amount, If MIR.
scott has not effectively stated hi, plan in his
Latest cxulanation. II does not appear that any
restraint rs to the amount of silver that may be
nut into the Treasury in exchange for small
notes is contemplated by him. But if Mr. Scott
intends any. ne may be sure that Mr. Warner and
his friends in the House will not permit any
lill to mass containing such a RESTRICTION. If the
proposal is To be- considered a. practical one IN
onyscnsc. IL asst be considered as proposition
10 issue small notes against all the SILVER that
! may be deposited in the Treasury. 1t MIR. Scott
! does not realize that the most dangerous to'm
of paper imitation is that which puts into circu-
! lation an excessive supply OF small notes, he
has overlooked vital feature of his plan.
Whether hc intends it or not, such scheme, in
fine only form in which It would be adopted by
fine silver men in the present Congress, would
| hc couivalcnt to an offer to issue small Legal
tender notes against all the foreign silver that
may be brought into this county and deposited
with the Treasury. 1t seems difficult to con-
cclvc OF plan which would deserve the name
! of imitation if that does not.