News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1885-06-18
The New Silver Proposition.

A proposition has been drawn up
by Mr.. Warner, Member of Congress
from Ohio, Senator Jones, OF NeVa-
da, and Maj. Weaver, of Iowa, as
the principal parties, which is intend
ed to form the basis of legislation on
the silver question in the next Con-
gress. 1t is of the nature OF a COM
promise between the extremists on
two sides of the financial triangle.
Mr.. Warner and Senator Jones being
silver men and Mr.. Weaver pro-
nounced greenbacker. 1t might have
| been expected, of course, that in try
ing to make these extremes meet,
some pretty serious gaps, as well as
some strong stretching would result.
The proposition is thus outlined:
First-Issue certificates on the deposit
of silver bullion at its market price at
the time of deposit, expressed in dollars,
which shall stand as the declared value
of the certificates while in the hands of
the public. The average value of silver
for the previous month might be taken
as the market value at the time OF de-
post.
Second-Such certificates to be made
legal tender for all purposes except In
transactions between private parties.
Third-They shall be redeemable in
lawful money, or at the option of the
government in silver bullion, at its mar
ket price at the time of redemption.
When received into the treasury for dues
to the government, or redeemed in law
full money, they shall be held and paid
out again as other currency; but when
redeemed as silver bullion, to be can
celled and destroyed.
Fourth-The coinage of silver to be
suspended until required again to meet
an actual demand for silver dollars. On
the coinage of any bullion the certificates
representing the bullion shall be cancell-
ed and destroyed.
Fifth-Fractional silver, or at least the
half dollar pieces, to be made full weight
and full legal tender, and the redemption
of subsidiary silver to be discontinued.
SiXth-Withdraw the one and two dol
lar legal tender notes without reducing
the total value of greenbacks; also the
five dollar bank note, and issue one, two
and five dollar coin notes, based on the
silver dollars now coined, dollar for dol
lar.
Standardization and recon the trade
dollar into standard dollars or fractional
coin.
1t will be plain from this statement,
if from nothing else, that the silver
men were in the majority. For in
stance, as to the issue Of certificates
is it to be compulsory or discre-
tionary with the Secretary of the
Treasury? Must the Secretary take
all the silver offered and give certifi-
Gates for it, or can he stop short of
this and issue certificates only to such
amount as he thinks best? The prob
able intention of the trainers is that
the issue of certificates is to be COM
pulsory. If it would give the silver
men, practically, the control of the
treasury. If they could be assured,
in this way, of an unlimited market
for their bullion, the United States
Treasury would soon be overwhelmed
with their deposits, not only of native
silver bullion, but perhaps of silver
coin from all over the world. What
would there be to hinder combination
If our silver kings, with the producers
and holders of silver in other coun
,rles, making ''corner" in the metal
which should raise its market price,
md then unloading on to Uncle Sam
The fact is, we have too much silver
n the treasury vaults already. What
s wanted is legislation, not to in
crease the supply, under whatever
1retence, but to diminish it. This
,he silver men, of course, will never
agree to in any compromise which
,an be made with them.
But it may be said that the silver
people certainly make concession,
in agreeing to the suspension of coin |
age, until there shall be a demand
for silver dollars. Perhaps so; but
the value of the concession can only
be gagged when we have ascertained
the capacity of the silver men, with
the added power given them under
the proposed arrangement to create a
delicious demand for the silver dollar,
whenever it becomes for their interest
20 have the coinage resumed. If,
however, they can deposit bullion at
my time, and get certificates on an
enhanced basis of declared value, it |
will suit them as well, and be as bad
or the country, as if the bullion were
,oined. 1t will make little difference
whether the silver glut be one of bull
ion in the treasury or silver dollars
n the treasury. What Mr.. Weaver
md the greenbackers would gain I'M
Ter the scheme, would be an enor-
nous initiation of the paper currency |
oy the issue of the silver certificates.
The leading New York bankers and
business men, it is said, do not ap-
prove the main features of this plan /;
and it is not likely to become embod-
ed in a statute without a thorough |
overhauling.