New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-15
LIE SILVER DINGER.

Secretary Manning, WHO uolhs III i"""o
some respects, seems to be doing very well Ill
regard to the silver question. The d'hcuit,eS
with which he has to contend are great, but nc
doos not underrate them. 1t appears to be MS
noIicv IN deprive the silver dollars and the
silver certificates as far as possible of power 10
harm the country. leaving to Congress RESPONSE
bilitv for continuance of a coinage which, IL hot
nositively harmful must be an absolute waste
IF nublic money. In discussing his course
some journals insist that the condition OF inc
Treasury must necessarily go on deterloratng
mill the Silver act can be suspended or re-
nooIad But this is not quite the fact. lie
TR,ruNE has already pointed out the means by
,,b;cb that act can be completely deprived Oh
,o,,or IN harm the country, and that not for
few months. but for an indefinite PERIOD pro-
yided only that tho revenue commune
sufficiently large. If Mr.. Manning mas cno
coinage and the good sense to pursue tha'
course without variation or yielding anu 10
sustained therein by the President, the only
mint of danger il that the revenue may posi-
INV fall off much more than there is at present
any reason to expect.
If the Secretary does not try to force sliver
dollars into circulation, it is quite certain that
there will be very littlo demand for them. All
that may be coined will lie in the Treasury
harmless if also useless. Though this store
NAV swell indefinitely that can do no harm,
nrovided the gold reserve is so strengthened
and maintained as by itself to protect the public
credit.
The silver certificates were forced into circu-
lation by jealous efforts Of the Treasury Depart
3 anil W
efforts were discontinued. IL has been ponted
out that the Treasury has m authority to issue
n single one of them, excepting upon an actual
deposit of standard dollars at tho point oil
issue. A constructive deposit, OF cheeks
drafts. or Clearing House funds, upon which
the depositor can if he pleases ask for silver
dollars. il not the sort of deposit contemplated
nv the law authorizing these certificates. IL
would be n palpabe evasion and abuse oil the
law if a dep,sitOr should call for silver dollars
on such a deposit of drafts. and. without even
receiving or removing them, should then ask for
certificates in place of dollars. The law con-
Templates the issue of certificates only where
the depositor brings into the Treasury the
actual coins, and upon DEPOSIT of them asks
certificate for their repay ,hent. II the Secretary
simply insists upon the Law, no more AMI no
less. the silver certificates will not be issued IN
future; legl-tendeIs and gold certificates VIII
take their place in the circulation; and the
Treasury receipts will become 100 per cent
gold or its equivalent, instead of 30 per cent.
Steady adherence for a few months to this
policy will practically eliminate the silver
certificate and the silver dollar as elements OF
danger to the public faith or to business pros
pcrity. As matters stand the revenue exceeds
the expenses and interest on the public debt
about Sj0.0O0.O0 Reckoning and retiring
silver certfc ties il paying part OF the public
debt. as we'll as the retirement OF legal-tcndors.
But il the revenue does not suffice Ia make the
entire payment required by the Sinking Fun !
act, and to purchase and sink $2O,OOO,OOO IN
silver asn. the Secretary can in candid ami
manly way state that the continued coinage
absorbs the money which might otherwise be
applied TO reduction of the pu1llc debt Any
| thing like evasion or trickery, any such false
pretences n some of the Democratic papers
have recently employed, will do him more harrl
| than good.