New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-07

80, r, srs,e chs rsctcr The act of 1879 u OILY
ii5xaHr n both mlstaking tho true object ana siSo
mrns what = 81 s ~ . 49, arts fsssencal spora
lion u,au'd only 10 possible alta loss on we snscr
o're5 ,,n er either act In 10th acts meneuHs""'i
ts denied except to Treasury purchases. :, 80,
Tao Soor OF the Mint is shut TO the public by both
acts. - &; oo,s,rr IN.
ronctarv dl,ocaton although the act ~ 1873 he'ps
N sra we had not escaped the paper money plague
and our resumption Of the OF the two metals anu
err m. redemption of PAPER did not begin till the
u,oretsry di<locition was far advanced.
nv the act of 1878 the monetary dislocation coutl
"a neither caused nor cured. Its limited moneuln-
tion since 1875 has absorbed more silver than the
total amount demcnetized by GERMANY since 1sI3
n doe not countcract the monetary dsocauon The
monetary stock OF the four leading powers who ali IN
1875 hal neither much nor less than enough. is
now greater than then by the aid of The united
sta'es-taus committing the money famine theories
str il does not re'lrcss the monetary dislocaton.
The action OF the United States in 1884 changing
the ratio Irom Is TO u" had fOrcstaled the act Of
1s-3 To open minis for the coinage of silver
ct 10 10 of gold, while France coming silver AT
Is TO OF gold, to say, equivalent TO closing
our minis 10 the coinage OF silver at all Two ratios
together face TO face, Sir Isaac Newton
master of the mint, explained nearly two centuries
aco. In the money world from that year the United
States became gold monometallic power. and such
they have since remained. both when they did
intend to and when they did not. Albert Galatn was
perhaps, the only in the United states at that
time competent to give advice upon ratio or coinage
dilculty and CONGRESS- rejected his advice. But the
error Of United States the outcome OF ignorance
not. Ike Great Britains error. the outcome OF an
Illusion also: and 1884 the date. not at which
cis-Aantic characterization OF silver began pnt 'ne
date at which lis monctizatlon was nullfed by an
ilJufgea ratio. The arguments that any ming nc"s
Injurious 10 silver 10y the act of 1873 arc
arguments offered only by those who are not quIU
familiar with their subject. The acf of 8Io Is pubic
confess on by the closure of the French mint
10 the free coinage of silver act of 1873 not then
a necessity, become a necessity In that particular
and so was repealed, but merely enlarged ana
conf med 1t was enlarged by adding to discreuonal
Treasury purchases of silver for the nintage OF rac
tional coin compulsory Treasury purchases OF silver
for the mintage of non fractional coin IL was con
red on point of wi hhoding free coinage OF SILVER
our wboe monetary history. bearing always the
MARKS of ceod faith, Is not less instructive 1t may
be conf rsed in four chapters: 81
1 1892 TO 1894, when had plenty OF silver.
but managed bv act OF Congress Apr1l Z, l7o2 10
shunt all gold into European minis
@ 1894 to 1862, when we had plenty OF gold. but
MANAGED by another act Of Congress July 81. 1851
10 stunt all our silver into European minis.
3. Is62 to 1873, when. by three acts OF Congress
February % and July IL, 1862. and March D. 1863
erccpt the gold required for customs taxes we man
aged TO shunt both gold and silver abroad
A. 1873 to date, when. by act of Congress Fep-
ruafv os 1879 We have managed TO dam up the
major part of silver product against the possibility
OF expectation.
xrYrCT on COINAGE, OF LEGAI-rENDER FUNCTION.
The enhancement in value of both metals. enc
10 their general employment as legal tender
oorev is great though immeasurable That
ta,inn Which consists In the disjoining the
metals one or the other Of them being mere mer
nation group OF nations possessing suelent stock Oh
both metals coons the two moneys into one money
by the free coinage Of both metals at fixed ratio Into
purchasing power and prioe inca n az
into full egaltender money in India Central ana south
America gold still has free coinage into f iegaiendep
metal sometimes decred by those who overlook ther
oicia warnings the results of attempt art-
hfally to enhance ,he goa Pfce % se innossibitV
attempted as putting up permanently the goa price
Of wheat o. some other ase od se 1881
that il has the policy OF this country TO enanci-
pate ana To mpe no restrictions
upon the Interchange OF commodities To NIX the rea-
tive value OF gold silver by law would be to enter
upon course directly variance with this principle and
wosd lie regarded an arbitrary Interference Win
Too much be rendered TO the principle hut
here is not fairly IN Question Prior 70 fs aod r nn
silver and in 1916 entered upon coarse III which
subverson of their ancient fixed and pre-. aen relative
value which must he at least objectionable as
nance the of of the metals in relation to all
commodities which must be az $ as one s
other The natural law should ne aned r ne 1
reference when England made of gold elone legal
tender metal IN 1s6 ana OF silver aon nd ne
arbitrary interference" il now rs before 1916 BON
value bs laws Britain comforting in accord WITH
other nations upon both metals When coined Inc quiS
Il
THK SILVER TROUBLE UNIvERsAL-REMEDY INFER
NATIONAL.
That constitutions grow and not made" has no
better illustration in the history OF our civilization than
this unconscious growth and unconiiytd accordance Z"
human soc.tes imperfect yet efecua in the founding
and keeping fairly stable general leSatender money
II was not born OF philanthropy nor Graded IN e"tls
II is the growth of centuries ont of that increasing con-
merce between all the of mankind which Is slowly
hut surely more than ali ioltlcaI coItr' eeS, Vst@
fishing tieir union enlilGg thelf lIcedOh ana iOp,
ing their peace To tins character OF us ll- anu go"
Iectii because il may Justify the opinion which elct-
TAIN that joint agreement ir open hinis wou -, soo
yiudicate su icncy and prove 10 he the interest
of every concuing power as 70 abolish nlcr ms heau
natural ami niorced constitution OF the worlds monetary
system which the unwsc .aMs OF lew stlGIdc Nations
have .niirrd 10 dislocac and disorder and Which wiser
law Inv acco,lant nations may now restore. Once
restored conditions OF subsequent dlsl"caon even
If attempted weapon OF deliberate war agains, one
nemher OF the gronp will he found upon reflection almost
inconceiVable aud in any event suicidal . 81, -.
Compliance WIN lhe n"l! inl"seu u! i.~ LII "a ~
head OF this Department would nave beerIeleeuNe, II
will I've had ever regarded the SUBJECT mus r
discussed Of sectional OF national lhhs Oh such az
usually occupy the time and tax the energies hlt devoted
choosing nor by anybodys choosing, II is international
question. Nor safely shut rom 'he RANGE our
OF foreign States the semi-ciilzed and DOs numerous
races of men, whose continuous absorption OF Tor
gold tof which Sl25OOoooo been resolved and re
tined India alone during seven recen, years. are ia
this monetary disocation Of the world Ia which our own
silver question Is includcd as an separbe though frac
tonal part and III which even our surplus problem Is
deeply cnmcshed.
Most waichful care and prudence alone safeguard
the iuiete SITS of our beloved tind and people.
Careful ersa of the instructive debates at inc la>t
of Congress leads 10 review the Tour policies
which then received marked attention.
/. Free coinage of silver.
2 Conferences.
g. Continued purchases Of silver.
L. stopping purchases OF silver
SHALL THE UNITED STATES GIVE FREE COINAGE
TO SILVER NOW
L The free silver coinage prescription for the monetary
asocation satisfies but Of the several Indispensable
conditions which set forth above in full detail While
IL is an Indispensable condition OF permanent restoration
that the Donetzaton OF silver shall be equally COM
peie gold, yet il not given 70 silver III TINS
actual OF dslOcation. The practical result would
be 20 Withdraw the same from goId. 1bat would DE
change adv antage IN respect ana Ia ever