New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-02-20
MR.. SCOTT ON SILVER.
THE ADMINISTRATIONS POLICY UPHELD
AN ARGUMENT IN FAVOR OF suSPENDINd oiN' ~"
COINAGE-.GOLD GREATER KEF"i'0H'i
OF LABOR THAN SILVER.

49,, M, ~, m nat me xpecteily in the House TO-
day greatly TO the disgust Of members VINO ueSIe W S
rid OF some of the private bills which encumoer INC ~
rdar one day IN the week is set apart ror the conSu
rotion Of private measures, arrangement when P"'
i,o action upop only small percentage OF the great
,,,rdo of claims with which Congress alone mas INC
mower TO deal. AS rs the hrst III was 'aNo" P "
dav Mr. Scott of Pennsylvania, offered an amehuhe"o
rovtdng for the payment in standard SILVER uOhar' Vi
h ouount 20 be appropriated. aud then he delivered
orofulIv urepared speech on silver coinage chairman
C,dos NJ tbe Committee War Claims, was loauco
b speecb OH the same subject and could not resist
b tompaton to deliver it. Mr. Scott In the course Vi
his remarks, Sala'
Iwil preface what to say the subject under
confederation by expressing my regret that gentlemen
representing my political faith have seen proper "
anticipate our party opponents IN their crlcls VI Wv
first Democratic President and Secretary OF tue io'
ury who have occupied those positions III 'Ho P'
TWENTY-FIVE years And desire further to say III JUSTICE
70 large majority Of the gentlemen who diner WIN mo
r,l,tic,Ily and who represent their party ID ootu
branches of Congress- that do not believe lhoy "ou
30 far ignore facts TO Intimate that inc
of wealth have succeeded IN alarming the frssluen' "
Secretary OF the Treasury, as they have oohe III e
previous administrations 80,
The charge has been made that the secretary VI Wv
TREASURY inmicai to sve ana that be Should use %
,,.t.l m m, refinement of Government DohSt' 10y 70
zee lar lhis theory ac,ordH win le Srdss Of
demptioD. The Government pfOFluts hhl'
Inrr nh o, equal ynlue uudrf the law ard ono no"
h,mo' '.,chanp.nbIe for the other TO MAINTAIN thIs
eaunty IL ono OF the duurs Of ne Ntcle.aS " Va.
Treasury. let us suppose have SloVOO VI yYI -
ment bonds am required, when tuey are 'a.ieS 20
nr..spt tLrn, for redemption ut the Treasury OF the
Cui. ed states at Washington AIN not p"u LOT ~
money, but receive check. say upon Ehe Suo , e
ury IN New-York upon SOM other Unlteo STAIRS We
por,tory where the money OF the GovrlLmenn 10 MI
1hi- cheek does not descre the klh9 OF mo1S i with
receive; II simply calls Tor $4,000 II In optional WIN
to demand either toia, silver or PaIeI, NV M,
the secretary OF the ltedbi9' .no
disbur,ing officers commanded upon the Iaes :" 10
check to pay me III silver. would not have He ht w
infer that the Government was % reurresut
uuon NE u which ntrnsichllJ- ia not Ieploooit
SiU.ODO IN true money By arbitrarily eonpe,nns 1
=, ae silver when under existing laws gold, silver ana
Uuited States understood ana hecI"Teu 20
Itt.asur, womb not such action the part OF the
Secretary OF the Treasury tend To dI-creIt s'eI Su
would be he dercct IL hlS duty, when tequir, u
To do all that In his power to 90 to MAINTAIN the
three kinds OF money on party Inc lty ,r
wouId have done had ,non ocy Se,n p e, u Dpod
!, he retu.,uE to arbitrarily compel those who DO not
want II to take 1t, ana for which there Is no law"
GaOD DOLLARS FOR POOR MEN.
The ou,stlon Is 40 closely allied to that principle OF
rood government involves our national honor that
tts should only be conducted Win fairness
but with the most liberal Difference the opinions Of
others 1t must presumed that all are equally sincere
IN their desire to reach satisfactory solution oI our
troubles, aud certainly II Is the hohrt opuon y, ,y
dollar We are drifting INTO tn evils Inevitably resulting
S, saiyr .,Ippy OF an inferior quat of money
Crrr hams theory that poor money VIII run Ont gooH
Inuey can hnriiy bc dispucd this experience
nn. INV demonstrated Us truth.
And sir maxi bold To ,tate another theory that II
there be in circulation good dollar ana poor uVuar
the rich VIII always get he good dollar anu we
poor man tie poor dollar. pubic policy REQUIRES mat
all collars should he poor IN order to roo tnt creditor
Of people IL f"NOr u TIC ue'1o' aPu'"l ". %
House to H. way protect tne IN - who earns III,
bread and Imports his family ~ MS ua'ly laooi' e
when lao ask, bread not to give blin stone no"
th- can be- IN auy better way Than Dy Ey'nE Tue
iroi IN G,d's name the poor man. The rich man can
take care himself lie needs no sympA'hy H"r Is Ne
entitled TO any
GOLD REPRESENTS LABOR.
Trpe money TINT will stand, a. 1t been said, the
ordeal Of ire that money VII cn Is haSed upon ana
wncL derives It. value from nAed standard supported
by the natural law OF suppy and demand thAt money
which susceptible to fluctuations Ia Valno' not
only n tbs century. Tor ali time " come. nHst be
H. world money Oi the future.
Iu nv iudAmcut the metal which conforms TO THIS
stndard be other thSn gold p,oiueeh b mAhuAl
l,Inr Ihrr, fore I'm my opinion. The worlds money
uust represent within lt-,t an eIelheh, VI man
i",'m'u ~ I sranisrds In the niurs OF Peru uf
Me Iicu OBJ ~ people ia the Eulches OF
ma FnrtLcfmorc cam OF but br tn pressed with tue
idra though Il may he al illusion. that hIed amount
OF mauunl labor which Is engaged III producing
a metal to he used as money, ana "l.,n uau
kud frquir, 20 lessen their labor and to meet the gen
cia necessities OF fe, Is IA" only true represrnt"uve
OF ,Ichangeahlr values lie more uhch 'hgtao'e atu
manual labor Of character described. whei her II be
q" tor Sc&ADses Of otaer labor ana other values
/ u.iuuguou the world.
%
believe. always vii represent a Hrraior ana more IN
! onaneeAblc amount OF manual labor performed tAan
orLc n.ot.l hat can used a. money: II is better
,u,d under tie OPERATION OF u"t"rni laws LOT inc
aud pOs>rssI tDo.r characteristics. both u"turs hnd
ec"n"nC "etr m . g .T Of our
commercial and financial life than silver can ever
SUBSIDIARY MONEY.
! But Mr.. Chairman, It's wrIlknOvn fact that all
naions have maintained at least two classes grades
of metallic money for their larger transactions
and recognized IN foreign exchanges the money OF
the world aud another for their subsidiary or smaller
exchanges Of value IN dealings among themselves.
Appeals 10 be IN accordance with the principles
OF .conomie law that metal to meet the rrqhrements
adnpte. Tor the other. that confusion aud instability
Ia eouInerrl TRANSACTIONS must follow among ANY poo
! pic who adopt such met als - double standard
IN my Judgment the violation OF this law ny European
cnu,ep of Tho difficulties under which they are now
lpboring and 10 ke OriEin tnnk we can trace the
dilhrue- under winch We IN this country are likewise
LnbOrng to-day. hut IA there not Law Whch mas gov
erod the OF metallic money for hmited Transactions
A. well a. tho Of different metal for tho larger
| commercial aud foreign rKchang"Hf 1890
There appears to be an economic law which adjusts
thr subsidiary coinage Of nations ana the amount mat
can be 40 ue aud AIN led this conclusion by al in
| vrstigauOn into the subsidiary coinage OF bhgIahd
France, Germany and the United states IL we atlempt
used Tor the smaller Great Britain France
Germany and tho United saIeS from the worlds money
We can not but be impressed by the hgures ahG the
results aa shown BY statistos The subsidiary coinage
OF England consists entirely Of silver theI having no
hank nots under nomination OF a5. and the high
est euominAton of silver IL practically hafcrowp,
equivalent to about 80 cents In our money.
We find by Il report Of Mr. FreemAntle, superinendent
OF tue English nj that this subsidiary coinage In 1883
nIununted TO SOC 73l 42O II divided pro rata among
the estimated population OF Great Britain tgiyos per
| caIita circulation Of - GO.
We have the fact that our present stand,
ard dollar Ia IN its effect subsidiary coln and used
in the smaller exchanges OF our internal affairs We are
also conn rsd to treat and dollar bills as
nned in similar capacity. We dnd by the report OF the
Director Of ths Mint that
rho total coinage OF silver dollars July 1882 ,o 90,
Nhr ILL.,. - 939. 800
NJ, . s21 ., S24. 2Ol
From this W q should deduct silver
ccrtincateA, for which the Uni cd
states held equivalent amO mt
OF silver, ui tho denomination OF
which not used strictly