National Republican., 1886-12-07

List.
The report Of the Secretary of the Treas
ury opens with q full discussion OF the
silver question, and then continues as fol-
lows,
Careful perusal Of the instructive debates At
the last session OF Congress leads me 70 review |
the four policies which then received marked |
j. free coinage of silver.
T. Conferences,
Continued purchases Of silver.
4. Stopping purchases OF silver,
The free-silyer-eoinage prescription for the
monetary dislocation satisfies but one Of the |
the several Indispensable conditions which |
have set forth above in full detail. While II Is |
an indispensable condition OF permanent |
restoration that the free monetizalion OF silver |
thall be equally complete as of gold, yet were |
II now given to silver In this actual moment OF |
diSlOcation, the practical result would be TO |
withdraw the same from gold. That would be |
change without advantage in any respect, |
and In every respect with disadvantage, In |
silver basis This has been commended in |
some quarters. Thore is, however, no such pub |
opipIon on Seems no evepwSeI%ins g in favor % Of the
joint use of both metals. No party and no ad-
ministration could survive or would deserve to
survive tho deliberate or the unforseo and
unpreyehted change TO a silver basis. But the
proofs simple that the free coinage OF silver
now would at once entail a silver basis. Ot.
feted bye the open mint to both metals, free
coinage of silver for silver owners into legal
tender dollars would stop the use OF tho mint
ioG 6e nee coinage Ss o. g0a by gold ownsF
gold and silver dollars. The gold dollar
would be aL premium, and be exported
Throughout the United States II would mako
the use ofsilyer iu legal'tender payments ex'
would fret be used Il possible to empty the
treasury of gold, and then would cease to Sig
nifty by dollar" anything else than the debt
OF silver coin-nOt at all the monetary unit
once embodied In equivalent coins Of the two
Thus the free coinage OF silver now, or what
is the same thing. the Asiatio silver basis,
would but shit our lamcness to the other foot.
II would neither restore nor tend to restore the
worldwide use OF the two metals in a rated
equivalence, which is the cure for the none.
tary disocation, as their disjOined use has been
its cause. But the change to the other foot
would be disadvantageous, not q matter OF In.
S Sow s we maze since png nv Gncety Mse .,
Is with respect TO the less precious metal
which we manage by the legal.tender power
and Tie receipt ior taxes to hold In some gem
eral use along with the other. Then. however,
we could keep in use but one, not tho two-not
even by legal tender laws, or penal laws. Thus
the ftee silver coinage prescription aud the
silver basis prescription arc alike-amputation
Of uniniured leg TO contemporary lamenoss
Avoiding repetition Of what had the honor
to say last winter In reply to the inquiries OF
the House of Representatives., Will add but
one suggestion, which should be fatal to the
Tree silver coinage proposal. As our limited
silver coinage paralyZes, 80 our free silver coin.
age at this moment would destroy the power
OF the United States TO promote the restoration
OF silver to its old and equal place in the mon
Ctary order.
sHALL THE UNITED STATES PROPOSE MORE con-
FERENCES2
More conferences, further diplomatic cor
respondence are proposed. Iventure to think,
with ali due Difference to those who are re-.
sIonsible for a decision, that the time for
another conference has not arrived. and that
the moment for diplomats ic interference Is not
perfectly feloitous. Our information is recent
and authentic, and is contained Senate EX.
Doc; No. 29) in the letters OF our ministers ac-
credited to Great Britain, France, and Ger.
many, there published, and IN the corro'
sIondence and action of the English govern
ment which are summarized above.
The continental powers await the action OF
Great Britain, whose reluctance defeated the
object OF both conferences called at the Instance
ofthc United States, and to whom again, al
most within twtlvemonth, she has turned 4
aeaf ear. If 1t suited the dignity of the United
States again to besiege the attention OF Euro
rean states, or again TO make advances where
they have been so lately repulsed, IL would not
suit Our interests so to do when 1t IS certain
that the inquiry upon which Great Britain has
suddenly entered ut the instance and insist
ance of her great dependency, India, aud OF
her own accord. Is entered upon with au eX-
Great Britain's interests the United States have
no cali TO become advisers or guardians. A
conference will be profitable not until after
any reluctant stale has placed herself IN sub
stantial accord with former conferees whose
concurrent purpose she has long knswn aud
tMlCp truStTuteu. III snOTI, IN uOW lOI bTthl
Britain to make propositions to other, powers
And, as not at the instance OF united powers,
so not at the instance of any one of them, VIII
she abandon her cherished isolation. 1t will
be abandoned, II ever, solely because IL is gem
orally perceived In Great Britain TO concern
the vital interests Of Great Britain so TO do.
Under no circumstances Will Great Britain
alone open her mint to the free coinage o
silver.
SHALL THE UNITED STATES BUY MORE THAN
S250t0O,OOO OF SILVER?
To go on MS we are is the least credltablo o.
all the courses open TO our choice.
The Treasury silver purchase is defended by
nobody, approved by nobody; even every vote
SE aS rse cSpSge Sa sSSf aS vSe m InSs s
tlon that II ought to cease,
1t has thrown away the opportunity to le
and stored, and It has discarded the power tC
reduce by as much the foreign stocks of gold
two arguments that would have had an intelli
It's a policy which, ifnow prolonged by ou
hopes may easily be 90 protracted thereaite
by astule dolays and dllatory proceedings an,
by the time taken for negotiations itself as 4
1t Is thus, at least the remission of all contro
OF the silver question TO adverse, II not Il
It depIives the United States OF perfec
equality Of position (non-coinage) in negotla
1t Is an expense and taxation demonstrated
by experience to be OF no avail for any usefu
tnd. Needless as tax, our silver purchase 1
threatens the currency without relieving th
taxpayer 1t is heaping up heavy load Q
SILVER coin needing TO be kept, but increasingl!
difficult TO keep in domestic commercial
equivalence with our monetary unit. or that
INIT the silver coins can never be trne EN-
means than those which preserve TO the golt
coin its functions ns such an embodiment, viz
open mints TO the silver OF the world aud u ful
legal.tender quality In the payment OF debt
impaired by law TO any possible output OF silvs
coin, thus ensurlng TO the unlimited metal al
equal value with the monetized coin. 1t is
therefore, Cutting our currency with deprecla
ted medal, while also impeding the only mean
ofIeversing that depreciation and restoring 1t
II has been as futile as costly. II neithe
gives nor has had a tendency to give an inter
national currency TO the silver of these $50,
100000 coins. II increases by one the numbe
of nations burdened with tho task OF holding
deprecated metal at It's old level In their bi
metallic monetary units. There Is a singl
began, the people of other nations had larg,
stocks OF silver coin subject 10 depression; W,
had none. We created one and are daily add
10 the the feebleness of self-deieat In tho exer
cife of our influence abroad, IT thus unites tn
injury OF a costly imitation ut home. IL is no
merely the abdication OF our actual power
hasten q solution of the inteInatlons
problem which yIll restore silver to It's torme
use and YEa1ef Il is the taxation Of an other
Sise oyeTtaxed people S2i, 100000 per annum /
delay and defeat that solution, besides being
use Of the proceeds of that taxation TO disorde
JSpboAh Sfup'tNy,
orr unit of value, and accumulate q surplu
4 which on the one hand presses the treasury I
ward q silver basis. and on the other ham
tcmpts Congress beyond frugal expense,
blocks every avenue, not only to monetar
but TO fiscal aud tax reform.
SHALL THE UNITED STATES PROMOTE CURE o
MONETARY DEDICATION?
To stop the purchase OF silver Is our onl
choice, our duly, and our interest,
II will stopa wasteful aud injurious expense
and the taxation which defrays II,
nDmmpnQn
klIm and tna mpthodg of federal taxation,