Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1885-06-18
Diamond Cut Diamond"

son of silver has been shorn and crippled
by the Delilah of Wall street. Mr.. A. ]
Warner now proposes to suspend the
coinage of silver dollars. But, though
he is careful to explain through Wash>
ington dispatches that he has never con-
ferred with Mr.. Manning on the subject,
he is also careful not to deny that he has
conferred with Mr.. Tilden. Mr. War
ners scheme is put forward as the care
fully matured device OF Democratic
leaders to escape, on the one hand, the
fatal consequences of silver coinage, and
on the other hand, a fatal disagreement
within the party. In compromise,
somebody is usually cheated. But the
assumption that Mr.. Warner has been
overrreached in this business does not
seem to have much foundation.
Limited coinage is to be abandoned,
but instead we are offered unlimited in
fiation. The soft-money Democrats may
well look with favor on a scheme under
which there would be absolutely no limit
to the silver notes that might be issued
1t is not proposed to issue on deposits of
American bullion only; all the silver in
Europe could be brought to the Treasury
alse. 1t would be merely question of
price. And 1t would need no more
money than Mr.. Tilden himself can COM
mand, so to manipulate the silver mark
ct in London as to force the United
States to pay an artificial price, IN cer+
tificates issued, for all silver deposited.
But if no silver should come here from
abroad. the supply from mines of this
country would add $4O,OOO,OOO yearly,
more or less, to the volume of paper cir
culation. Mr.. Manning's effort to pro-
tect the Treasury against excessive issue
and use of silver certificates has been
commendable. But the bullion certif-
Gates would be in like manner receivable
for taxes. 1t is not difficult to see that
the Treasury would soon cease to re-
ceive gold enough to pay interest on its
bonds.
To gentlemen of Mr.. Warmers views,
this would be glorious triumph. They
have persistently contended that the
Government was not bonnd to pay any
other than silver dollars" and that the
robbery of the people" is the greater
and the more inexcusable If gold is paid
when silver is very much cheaper. Be 1t
noticed that there is no provision for
selling or recoining 9O0,OO0,OOO silver
dollars already coined. These would re-
main legal tender, and mostly in the
Treasury. If compelled to pay silver at
all, the Treasury would be compelled to
pay out these dollars" no matter what
their market value might then be. For
there is no authority to issue bullion
certificates except upon deposits of bul>
lion payments by the Treasury, it would
have to make in the sort of money on
hand. Thus it does not appear that the
so-called compromise among Democratic
politicians would save the country from
any calamity. Probably it would not
even defer the calamity which threatens.
When the Government cannot collect
anything but silver, or silver certificates,
it will soon have to pay silver. The
issue of bullion certificates against all
silver that might be deposited would
bring that time very near. The silver
men who favor Mr.. Warmers plan are
considerably more shrewd than some of
the Wall Street men who approve it.
The provision for recoinage of half
dollars is mere twaddle. Subsidiary
coins, within the limits of their use as
such, pass current without any regard
to their intrinsic value. But it is one
of the most significant features of the
scheme that it would give the Secretary
of the Treasury power to redeem bullion
certificates in silver bullion or In gold,
at his option. There would be fiHe op-
portunity to operate proitsbly in Lon
don, for any one who could get Mr..
Manning to redeem sin lawful money"
the bullion certificates presented. But
this is only an incident; the opportunity
to plunder the Government runs through
the whole scheme. The provision that
certificates shall be issued for bullion at
its market price at the time of issue, and
that they shall be redeemed in bullion
at its market price at the time of re
demption, requires the Government to
pay the difference whenever bullion
falls. With S1OO,OoOOOO of certificates
out, any combination which could de-
press the price of bullion 10 per cent
could require the Government to pay
back to the holders the same bullion
they had deposited, and S10,00O,00O more
in bullion or in gold. Naturally, the
next step would be to "bulr' silver for
month. to restore the old price, to de-
posit the bullion again, and to get cer-
tificates for it at the old rate. The same
pleasing operation could then be repeat
ed. The men who move up or down at
pleasure the market for stocks amount
ing to 1,6OO.OOO,OOO, If this measure
should be enacted, would find an easier
and safer occupation. If the United
States Treasury ought to be turned into
a nilch-cow for the benefit Of good
Democratic spectators, this seems to be
well-conceived measure-from the
"Greystone" point of view. And if it is
we'll to force payment of interest on
bonds in standard silver dollars, the
measure is not bad one-from the War
ner point of view.-iN. Y. Tribune
An Important Discovery.
The most important discovery 10 that