The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-06-14
Views of Edward Atkinson.

Washington Special.
Mr. Edward Atkinson. of Boston, expresses
himself favorably on the Warmer silver propo.
sition, in an interview in the Boston Herald, az
follows:
Now, what are Mr.. Warmers propositionsl
'First-That the government shall receive
silver bullion on deposit and issue certificates
expressed in dollars, at the market value or
silver at the time of the deposit What is that
market value? Simply the price Of silver ex-
pressed in terms of gold. Such certificates would,
therefore, be currency on gold basis secured
by deposit of silver bullion. 1t would come
nearer to an ideal bullion currency than any
thing we have ever had in this country
''Second-It is not proposed to make these
certificates legal tender in private transactions
SO far good.
"Third-At the option of the government they
shall be redeemable either in lawful money or in
silver bullion at its market price at the time OF
redemption.
what is the lawful money!
First, gold coin; second, the existing stock Of
silver dollars; third, legal tender notes.
"What is the risk that the government would
take? Simply the risk of further depression OF
silver They are taking that risk in the worst
possible form under the present law by buying
more than onehalf of the entire product of silver
and coming it into lightweight dollars at the
risk of the people in their private transactions
There would be much less risk in receiving the
whole product of silver on deposit ut the risk of
occurred, but it must be remembered that silver
has been chiefly deprecated by the great and
paramount abundance of gold.
''Since the discovery of gold in California and
Australia the amount of gold money metal added
to the circulation of the world has been twice or
three times the amount of the silver money
metal added to the coinage of the world, and
this is what has enabled nations to substitute
gold for silver without creating any sign of a
scarcity of gold anywhere. 1t happens now,
however, that the excessive production of gold
has ceased, while the production of silver re-
mains substantially the same as it has been
Hence, should infer that in very few years
the price of silver will be very much more apt
to advance thar to decline. There will be more
demand for silver because of the very greatly de-
creased production Of gold for use as a money
metal whether it be legal tender or not
II have already treated the fourth PROPOSE
ton, to suspend the coinage of silver which
would be the main inducement for accepting
this proposition. 1t is TO be assumed that no
one would object to the fifth proposition, to
raise the weight of the half-dollar to the stand
ard of the silver dollar The sixth proposition
to issue small notes. secured dollar for dollar in
silver would also approach the measure of
bullion currency, and, in connection with the
suspension of further coinage of the silver dol
lar, would create for the present great
stock which is now substantially useless and
would relieve bankers in Europe of the fear of
being subjected to a sudden sale of this vast
mass of silver. The recoinage Of the trade dol
lar goes without saying
ION the whole, therefore, my first thought is
that the proposition of Mr. Warner leads directly
to the establishment of bullion currency Sc
cured by bullion in silver or in coin, measured
and established by law at the standard of gold
To this can take no exception. 1t establishes
the single standard, while creating a use for
both metals as money metals There may, of
course appear to be great objections second
thought But on the first aspect of this measure
it seems to me one that may well be accepted by
hos fI.os, nf
ent course. OF course | understand that these
certificates of the deposit of silver not to be
legal tender between private persons or between
banks and that they would not be lawful money
in any sense that would constitute them suit
able for bank resources. If they could be ten
dered in any manner outside of purely govern
ment transactions. the plea could not be consid-
cred for moment