New-York tribune., 1886-01-08
SENATOR pPHERSON on SILVER.


Senator Mcpherson made an excellent speech
on the silver question in the Senate on Wednes-
day, which prompts regret for his sake that he
has not political associations which give him
countenance and support on this subject No
clearer statement of the requirements of public
faith, as respects payment in silver, has ever
bren made. The Senator did not meet the
charge that silver has been surrepttiousy
demonetized as well as Mr.. Knox, formerly the
Controller of the Currency, has done in letter
published by The London Economist December
26. But IN this country that charge ought to
need no further refutatiOn. The Senator was
also very impressive in his reference to the
condition of affairs in Europe, and the virtual
collapse of the Latin Union. Information
given in a recent debate in the French Cham-
bers would have strengthened his argument
The new agreement of the Latin Union, to
which Belgium was admitted BY the vote OF the
French Chambers Late last year. was practically
0 settlement of the terms of liquidation. with
the utmost care method was prescribed in
which each nation of The Union may ultimately
get rid Of silver coined by other nations, but
after the operation begins it will require five
years to complete the retirement and redemp-
tion. The recognition of the need OF such
stipulation is warning 10 this country that the
Latin Union finds silver coinage under the
existing circumstances a source of infinite
trouble, and that the Union cannot DO relied
upon TO aid hereafter in furnishing larger
market for silver.
The Senator'S speech was weak in one point:
il left the impression that he desires basis
exclusively of gold. He proposed no practical
,-,.I 90, ,f lao rrosnnt diflicuifv and treated
the question as if il were enough to stop coin
ing silver He does not seem to recognize that
II is desirable To secure for the credit money
which the civilized world in modern times uses
80 largely, any broader basis than coinage OF
gold exclusively. But that is not the opinion
of the people of this country The strongest
reason for suspcnding silver coinage is that 1t
will tend to bring about international agree
ment. rs n continuance of coinage by the
United States tends to prevent such agreement.
The ablest men Of all countries urge suspen-
sion of coinage by the United States, as Mr..
Mcpherson suggests, but not because 1t is no
longer safe for us; the reason is that the coin
age by this country indefinitely postpOncs n
settlement which is necessary TO the prosperity
of all civilized nations.
Ii Is the custom in England, and to some
extcn: in this country, to assume that there Is
no real public demand for II change of policy
in tho British Empire. But this is
mistake. If the United States consents
to take great part of the worlds
surplus silver, and to lock it up at its own
cost Great Britain will wait, and Will use to
the utmost the advantage which such mis-
taken course gives her. Bat demands are
canning from many directions for change of
the British policy The Singapore Free Press of
November 21 urges thut II has become the duty
of the British Government to give the Stats
Settlements n British silver dollar; that they
are now dependent upon Mexican coins, and
that Mexican dollars have become so scarce
that they command high premium. The
British Empire. if the United States should
stop n useless coinage, would soon be compelled
to assent to international arrangements for the
protection of its own trade with the East