New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-09-26
CONGRESSMAN WARNERS SILVER BILL
HOW TO SOLVE THE SILVER QUESTION WITHOUT
oXERTuROMING BIAlETALIIsM.

HOW TO SOLVE THE SILVER QUESTION WITHOUT
OVERLOOKING BIMETALLIsM.
Congressman A. J. Warner of Ohio, has
been in the city comforting with bankers and business
men In reference to silver in Congress. When
asked about his proposed bill, he said TO TRIBUNE
reporter:
Ihave prepared draft but have not wished to give
it to the public subject changes which
may result from criticisms passed it by prominent
fnancers Treasury officials and others. None of the
details my plan will be held to tenaciousy 1t is the
principle only that particular about. The question
taken up by the Congress. There Will be
strong pressure doubt stop absolutely the coinage
silver The Eastern press clearly enough indicates
this"
"win it DO stopPed3"
at do not believe it will be, without substituting
something its place. That issue involves the
whole question of bmetaism Stop the coinage and the
last link that holds silver to its place money metal
is gone. Bmetallists under stand this perfectly we'll
Nobody who does expect to get commission TO 30 to
Europe that stopping the coinage here will force
other countries to join us In n fixed international
ratio. All that is q 0elusiOn. In fighting
for the present coinage law, therefore, silver
men perfectly well that they fighting, tho bat
tie between bimetallism and gold mOnometasn. Stop
the coinage of 81 900 900 silver month here and il
yer bullion will Immediately fail. Anybody see
that The step viii be TO limit the legal tender Of
the present silver coins and make silver merely subsd
ary money. All silver metal then. except that now In
the form of coin, would be excluded from monetary use
Where under such a cond ton the money upply to
come FRONT With silver made into money, the gold
mines yield no than required for the arts and
dentistry exclude s YER EMU rely is absolutely
to cut OF all supply of metallic money. Our population
may double, it WILL III about thirty years, but still
having locked silver and used up gold for other pur
poses there Will be no more money for 12OOOOOOO than
at present for 90, 900, 900 of people.
"But that is all. If the metallic basis is narrowed
paper money must be narrowed correspondingy. What
O prospect for the next quarter of u cent
ury that would present, as compared with the
quarter Cali orna nd Austraa added S3,75OOOOOOO
OF gold and about half that amount OF silver TO me
worlds of the two metals. More than S3,OOOOUO
coo of this supply went lnto money what an era mat
quarter OF century Now reverse all that and FOR
the next quarter century give no money supply,
and what Can We expect II woaid simply be a luin
TO the dark ages THINK of aDandoEing silver entirely
and reducing the worlds stock OF money from gold and
gold alone, and changing the standard from BIZ
metallic TO single gold standard III the face OF over
whelning National. municipal. corporate and private
Wrong Ths com%tTS viii newer submit
to that, aud 10 not believe that Congress Will take
the fatal step that viii lead to sach q result
The practical question then is, is there basis
on which silver question be settled without over
is and TO rraen such settlement is the object of the
bill referred The ground principle of the bll is this
theates the deposit of silver bullion at It's market
value aetna ratio to gold at the tune OF deposit ln
the actual market or commercial ratio be-
tween the two metals. l said we have been trying 10
secure a concurrence of leading nations xed inter
national ratio Now there il always international
ratio between the metals, which IL nXed ny the
commerce OF the World H. then, we can tie silver TO
this RATIO IL will accomplish the same thing for us pre-
csely would be gained by an international concur
renee. That is just what Is proposed IN the
bill | have prepared. This can only ne done
by issuing certificates bullion. This ratio
OF silver to gold may determined for each calendar
mouth by Secretary OF the Treasury by taking the
of silver bullion IN the open market
in during the preceding month. Or tie price
or ratio be determined for each day Oy TAX
ing the selling price In tue open market IN New
York City preceding day. In this way, certn-
Gates always at the gold price OF silver
The certificates being issued be kept Mt the
same level By being made redeemable In lawful money
or at the option of the Government silver bullion al
its market price at the time OF redemption. Thus the
quantity OF lion multiplied by its price would deter
mpe the quantity of money certificates that would
grow out of the deposit OF the bull
ION But once issued their value would
not change any than COLO greenbacks change"
D." How about support OF tue buli' .
"Exreme gold and extreme silver men generally
oppose the bill but all who believe that growing
country like ours requires an adequate money supply
who believe that ls ought TO go mo use on
a common level. favor IL, and think may say that
almost without exception those WHO have given most
study money question accept this general plan
differences To details, aud for my part
am tenacious only OF the main principle, which 10 the
utilization OF silver money at It's ratio TO gold when
all world There can be no imitation
such and IL IL is not honest money then honest
money cannot be made