New-York tribune., 1885-02-19
can know.

NIX DORSUEIMEN uELEINO NM. DLd-'D'
The prospect of the success of any measure
to suspend silver coinage is not Increased, but
greatly diminished by the Offering OF the new
measure which Mr.. Dorshemer introduced on
Tuesday. 1t Is in substance the plan suggested
some time ago by Mr.. PierrepOnt. Free coin
age of silver, as of gold, is proposed. but the
proposed silver dollar is 10 contain $50 grains.
That is to say at the present market vaiue OF
silver bullion, the proposed silver dollar shall
be neatly equal in value to the gold dollar. 1t
is neither an advantage nor an essential part OF
the bill that an unlimited issue of notes is to
be permitted, based upon deposits OF bullion or
coin at the rate of 4SO grains of silver to the
dollar in gold.
The radical defect of this measure is that 1t
puts valuation upon silver as money. which
exists nowhere else in the world. France main
tains large silver circulation, and at different
ratio of coinage from that of the United States,
but maintains it with difficulty, and at a virtual
loss of over $2OO,OOO,OOO which it holds in
useless silver. Were any considerable part of
that enormous and useless reserve to be thrown
upon the French market, or thrust into French
circulation, n premium on gold would quickly
appear. But the present ratio in France is not
lish for this country, nor is that of Germany or
the Latin Union. In fact, should this bill pass,
the United States would suddenly take the
position of placing much lower valuation upon
silver used as money than any other nation In
the world. The consequence would be that
other nations would be compelled to stop The
coinage of silver at or to restrict it so far
as to prevent the emptying of American silver
upon their mints. The inevitable result
would be another depreciation in silver as COM
| pared with gold, another important fall in the
price of silver bullion, and the necessity of con
| triving a new bill, to be offered by Mr.. Dors-
| heimer or somebody else, changing the coinage
| of the United States to correspond with the new
market ratio between silver and gold. With
much respect for Mr.. Dorsheimer and Mr.
| Pierrepont, it must be said thatthis is childs
| play.
The introduction of this new scheme could
| not have been more untimely if it were ex-
pressly intended to defeat the effort TO suspend
the silver coinage. Those who have become
convinced that the continued coinage of the
present standard dollars is wasteful and fatal
are pretty sure to be divided In opinion by the
! introduction of the new measure. But those
who want the currency deprecated and the
public credit wrecked or who care for no con-
sequences so long as the Government can
| be compelled to buy up half the product of the
silver mines every year, will act in solid body
| to resist either the Dorshcimer bill or any other
which promises to change the situation With
out a chance of doing any good, the new bill is
pretty certain to do some harm. 1t Is offered
moreover, at the very end of n session, when
even its author must be aware that it has no
chance of success, and can be effective, if mt all,
only in preventing action on some other
measure.