New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-14

Mr.. SCOTS VIEWS ABOUT SILVER
A NUMBfR or BILLS EXPECTED 70 BE INTRODUCED


TODAY
WASHINGTON, Dec 13 Spcci1l.-Although
nearly 800 bills and resolutions have already been III
roduced in Senate, only of them concerns SILVER
legislation That one by Senator Mtcnc ana II pro-
vdes for the retirement of trade dollars by eNchahS1
for them standard silver dollars In the House MI
Weaver and others have already presented many pe'
lions for tic free coinage OF silver ana seVerh DIS WI"
b. INTRODUCED on the subject probably tomorrow the
first bill day. Judge Kelley. who investigated tn" SILVER
question IN Europe last summer has prepared measure
which providc, Tor "a small coinage OF silver dolihI'
"un the coinage OF both gold and silver as lu IesaI-
tenders shall established at common ratio by the
leading commercial nations OF Europe in concert wi'A
the United states"
According to present appearances the nearest ap-
proach to "a solution OF The silver problem thus Tar lhl-
Gated is embodied in the prop0 ition which originated
with Representative william l.. scott OF pennsylvania
His bIlI authorizes the secretary of the Treasury TO
create what shall be known the silver Reserve fuhd'
This Is to entirely of standard silver dollars Of
ll2l3 grains each. and to be maintained at II minimum
limit of S2OOOO.OOO. Whenever IN any one month the
fund shall show deficiency below that amount the
Secretary of the Treasury shall he required 10 CON-
during tho succeeding month. enough silver dollars TO
supply such deficiency. While this tuna remains intact
the coinage of silver will be unnecessary; but as
soon as The fund enroachod upon by tie demands OF
trade or otherwise government Will come forward
TO fill the gap Mr. Scott believes that il Will save an
immense now lost IN the shape OF interest on 'he
mass of silver stored in the Treasury This scheme Is
favored by "A large number OF prominent Democrats
representing both sides of the question. IL does not
absolutely discontinue the coinage of silver. but 1t VIII
conne the production within the business demands OF
the country II the people desire the silver dollar viii
be in the Treasury they apply for it AMI TINS
provides for maintaining fnnd OF suhceht OuR 10
serve as q guarantee against any scarcity. Ihns the
whole question is regulated to the people TO say exactly
what they do want.
Speaking on the general subject Of the finances Mr
scott sad to-day " would require the National banks
to retire every bill of denomination below SO, and
would also require the Unitod states Government to re
the every Treasury bill below the denomination OF 800,
and in this / would include gold ana silver certificates
IA well AS ordinary greeubacks This would enable the
National banks to increase their circulation Of blIs OF
The denomination of SO, so ana $50 each II womb
r,,,.,t % tho circul,tinn ,f - o and so bills and
would compensate Them for he surrender OF tnelr -
bills. At present We have III the treasury say HIo-
100000 OF bullion aud silver Wblcn the people refuse
require bills OF the denomination OF 81 - ana - each
These preferred to silver wouId have the oecre
81 - and - bills, to be based upon the SILVER III i'
Treasury only For instance suppose there are Tl1U
- eacn The result would be that tine ~, = aud -
bis would come INTO general circulation for the public
will require them in the transaction oI lher u'I'l
business.
tbs desirable that the duties upon imports should
be paid in gold instead OF silver, tina thr Govern
ment may lie able TO maintain it, gold STANDARD an
Treasury vaults would be rep.csoAtei Dy 81 = anu
bills. would have "a many p = ana - Ps i,,ued
as possible These would De held by the pubic Tor IL,
subsidiary transactions and would hId thir way M"
he custom houses Of The Iucd states only IA the Ply
ment OF duties To limited extent larter prrcen"-c
OF the duties therefore would be payable IN Sod CON ol
its equivalent than would ne inc cas-" sI'Icr u'''l
were in circulation ru ~ the hnis, uS the people
would be willing TO keep the II and - bills ana thn.
retain tnem III general Circulation me " o''Ihllen
would thus be simply NJ the exp n-e OF tn storage "I
tins silver aud would practically have me use "i u io
ordinary disbursements, thereby saving the interest on
"A vast sum Ui money