New-York tribune., 1886-01-20
WHAT THE SILVER MEN THINK.

Friends of oliver complain that they art not
fairly treated by most of the journals OF the
East 1t is a fact that they are not. Th' tault
i partly that of their violent champions, who
darken counsel with many words and much
abuse but fail to state with entire clearness
what they want and why they want IT, iet IL
il true they are too often treated as q parcei oi
brainless and cOnscienceess people, VINO nhus'
have no motive or a knavish one. III seems
natural for certain political Pharisees 10
assume that a great majority OF the people In
both narties west Of the Alleghanies and south
of the Potomac lack sense and honesty. But
that is not the way to promote better IDEAS
The TRIBUNE believes that it is great error
TO urge continued coinage of silver at this time,
but the majority rules in this country, and lt Is
folly to suppose that most OF the people outside
If New England, New York, New-Jersey ana
Pennsylvania are entirely unfit for their large
share in the Government.
These people believe, first, that it IS essential
to the welfare of all nations that silver should
be restored to rs full q share in the monetary
service of the world as possible. There The
TRIBUNE bel ieves they are right 1t Is mis-
take to attribute all ,he decline in prices during
But it cannot be reasonably denied that the
widespread and increasing depression OF indus
tries since Germany began to throw silver out
of use goes far to prove that disaster has peen
caused by that step. When 1t Is seen, DAY
after day, that cheaper silver prompts shlp-
ments of wheat from India, for example, at
lower prices, and thus depresses prices In
Dakota and California, and that in like manner
other products of silver-using countries are
affected, while shipments OF products OF
Western manufactures to such countries are
correspondingly retarded, it cannot be doubted
that the partial disuse OF silver has had a
powerful disturbing influence.
Silver men believe that silver would have
been restored TO its place in this country but
for the Vaccinations of a fow. There they are
wrong The United States is not able to hx
the market value of silver, any more than OF
wheat or cotton, for the whole world The
attempt has been made, with only too much
effort. by the Treasury to get silver into general
circulation, and it has failed merely because
the people of this country, when they receive
auy kind of money, prefer a kind that is as
good as any other country has. Forcing them
to take silver when they did not want 1t would
have broken the credit of the Government, and
involved great industrial disaster. This silver
men do not bclieve. They are mistaken, but
it is dne to them to say that they are honest In
their belief If gold goes out OF circulation,
they reason, prices must fall that is, the pur-
chasing power of silver must rise until 1t equals
that of gold. But gold has gone out OF circula-
ton aim ,st wholly. That is a fact visible To
the naked eve, and yet the purchasing power of
silver is still completely controlled by bullion
speculation in London.
The silver men who SEQ this say The sus-
pension of coinage would produce greater
decline in prices and greater disaster. 1t
would be an irrevocabe surrender OF our
position az a bimetallic nation. We are will
ing TO ioin in any safe or honest adjustment,
but above all, we pray, do mot make things
worse by abandoning tho coinage" THE
TRIBUNE believes, on the other hand that fear
of an event always depresses a speculative
market more than the event itself. Fear Of sus-
pension of coinage by the United states has
been discounted twice over by the speculative
hammering of prices in London. when the
event comes, an upward reaction will be
natural. So long as there is chance that
the United States may come TO use silver
alone, England and Germany will persist in
trying to force upon this country an inferior
kind of money, of which they can control the
value. But when the United States refuses,
those nations will be compelled to join with us
in measures for the better use of silver. This
is the opinion of the wisest and most earnest
friends of silver on both sides of the ocean, and
it is matter Of regret that the people OF the
West aud South do not make the same opinion
known TO their representatives.
UHY LAWS AXE NULLIFIED
DR.. Crosby has recently shown how the ex-