Smyrna times., 1889-12-11
Windom's Silver Plan.

The feature of Secretary WINDOWS
report which deserves and will attract
most attention is his discussion of the
silver problem and the measure which
he proposes for its solution. When the
present silver coinage act was before
the Senate in 1873 Mr.. Window. then a
senator, confidently predicted that the
bill II passed would not have the effect
/ Its friends expected nor do the harm
winch Its opponents so earnestly pre-
dicted. The issue has justified the
/ GOODNESS of the Minnesota Senator in
/ that heated controversy. The stand
! ard dollar coinage act has not proved
/ detrimental to the business of the
country IN the eleven years since its
/ passage, while 1t has confessedlv dis
appointed those who conceive that il
Will profit them or their particular
section to greatly increase. initiate and
cheaper the currency of the country.
The Secretrry does not believe that
our present silver coinage policy is a
safe one. The retirement of the ma
/ Conal bank circulation and the policy
of the national bank circulation and
the policy of the Government in not
/ forcibly paying out silver have with
| other favOring circumstances, in the
language of the Secretary, "co-operat-
ed to postpone the evil effects which
are sure to follow the excessive issue
/ of an OVervalued coin" But that
there is danger at some point in the
continued issue of such currency the
universal experience of mankind at
tests, and Secretary Window has given
his best thought to devising a remedy
/ which he proposes to Congress for
adoption. As formulated, his plan is
this:
Issue Treasury notes against de-
| posits of silver bullion at the market
price of silver when deposited. pava-
ole on demand in such quantities of
silver bullion IS will equal in value at
1 the date of presentation the number
OF dollars expressed on the face of the
notes at the market price of silver. or
in gold, at the option of the Govern
ment, or in silver dollars at the option
OF the holder. Repeal the compulsory
feature of the present coinage act"
Though there have been other
4 schemes for bullion certificates nut
/ forward bearing a superficial resem-
! blance to this, it is in its entirety a
new proposition. 1t differs from the
/ plan ascrlb9d to Secretary Window by
certain Washington correspondents a
fortnight ago chiefly in being more
radical It does not limit the bullion
to be used as basis for certificates
to that produced by American mines
nor does it limit the volume of cur
rency to be issued monthly. 1t is vir-
/ tually proposition for the utilization
/ OF all the silver presented at the mints
/ OF the United States as currency at its
/ gold value. Its effect would be the
same as free silver coinage of full
weight dollars; that is, of silver dol
lars which are worth in gold as bullion
what they purpOrt to be worth as cur
rency. The great difference is that
under the Window plan the expense
/ of coinage would be avoided and the
currency more easily adjusted to meet
and correct the variations in the rela
tive value of gold and silver. The
scheme IS far-reaching one. 1t
means bimetaiism without a double
standard. 1t aims at utilizing our
stock of gold and silver as currency
without limit, at the same time elimi-
mating that long standing and seem
iEgly insuperabe rock of partition, a
fixed ratio between two independent
and unstable values.
A scheme Of this magnitude is not to
be judged off-hand. 1t really propose,
an experiment without precedent O.
parallel in monetary legislation. 1t i
not on that account to be condemned
for the situation is without preceden
and no ordinary remedy offers an,
hope of permanent Improvement
Philadelphia Press.