New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-05

ha circulated.
ard might require one or two hundred millions moro
10 do the same amount OF work now done by gold.
il is difficult 10 conceive OF method by which
moro swift and disastrous contraction of our cur
II is within The memory Of al that for several
wears prior to 1870 gold not In circulation as
money, but when resumption took place, the hidden
measures which had long been banshed from actual
use at flowed into the channels OF busn SIS anu
produced tho substantial and satisfactory con-
ditions of prosperity. The free coinage Of silver
dollars under existing circumstances, would TO TO
reverse the results achieved by resumption.
Fifth.-The coinage OF silver dollars containing .
This has been with many favorite solution Of the
problem under discussion. They say, We have no
objection to the coinage of silver If you will omS
silver 70 make It equal in value 10 gold dollar.
This proposition. while appsrenty hones" ]"
AS The nrlce OF silver varies almost daily, the
amount OF silver to be put into the silver dollar 70
Se,we.n ,hs dollar Of GOLD and the dollar Of silver
o Snm n %o Se 50 D rea be as uctasnS and
certain as it is The present snver aouar IS
inconvenientiy large ana wseht nom 4io 10 to
5ae grains which at the present Plce Q, snVor wouIu
he the equivalent of the god aonar' na, a. 10 IN
crease us bulk 50 per cent wouio MAKE u simply
Another objection is that The coinage Of hesver
dollar would De nc" 0''"0" " MY ''
national ratio. ,,...,.u - ..,, ala, Lo,-.x.n 1.
chat II would have decided tendency 10 prevent any
10 IN the value Of silver Sslzng n at IFS present low
pr,oe the law would In effect declare that II must
remain forever so far as It's uses for coinage are
siyth~Issue certificates to depositors of silver
bullion rate of dollar for 412 12 grains of
STANDARD silver.
This proposition Is a recognition OF the mex
psdtency Of coming silver dollars TO pile away IN
Treasury vaults while their paper representatives are
doing the work Of circulation To this extent IL is
an Improvement on the last four propositions, mas
much n would the useless expense OF coinage
and he more convenient for storage lt would also
he step in the wav OF an international agreement by
stnuuiDn further silver a ratio different from
that almost universal in European countries.
tbs grSpo'on amounts Se 70 nee s COM ~,
serious objections and dangers which have been urged
against that heroic remedy
MEASURE RECOMMENDED.
Issue Treasury notes against deposits Of silver
bullion at the market price OF silver wAen deposited,
payable demand in such quantities OF silver bullion
will equal in value. at the date Of presentation,
the number Of dollars expressed the face OF the
notes at the market price of silver, or in god, at the
option Of the Government or IN silver ,satare e
The Secretary desires TO call special attention TO-
this proposition believing that in The application Of
is principles VIII lie found the safest, suTest ana
most satisfactory solution OF the SILVER proDem as II
In explaining the proposed measure, al this time,
6m II desired A bU embracing the deal, believed
to be necessary TO its satisfactory operation will be
prepared and submitted for the consideration Oh Ooh
The proposition Is briefly this To open the minis
Of the ned srstes 10 the free deposit OF silver, uc
market value Of the same ot 10 exceed 81 for Az
be paid in Treasury notes said notes to be redeesple
M s d syeF Tcs ed 04 op the Of the
notes al the time Presented for payment or N g oh
for customs taxes and all public dues and when so
rccovod they may be relssued and such notes whssl
held by any misunderstanding association, shall lie
counted part OF its laWful reserve 49,
The Secretary of the Treasury should have DIS
cretionay power TO suspend. temporarily, the receipt
silver bullion for payment notes. Nlen DeCesetfy
10 protect the Government against comDlnalons foiiuod
Tor The purpose Of giving al arbitrary ana hcuuous
If the price of silver should advance between tho
date OF The iss c of a note and its payment the holder
than he deposited but the exact quantity wmch coua
collars called for by las note the date of payment
II the piice should decline rs woad rereNe mos
he purchased with the number Of gold dollars called
for by his note at the Tune presented ior paymsno T.,
Tie advantages OF retaining the option 10 redeem ID
Tirs~It would give additional credit to the notes
second--It would prevent the withdrawal and rede-
post OF silver for speculative purposes
sknc change when the weight of silver bars
oorTesi1ond With the amount Of the notes.
so far a. tbs issue OF the notes Is conc 3D. the
ounces OF SILVER 10 the mint, and the market price
of silver at that date determined by the secretary
IN psvmeSt treasury notes calling for sos.
Various methods OF redeeming the proposcd Do,es
have been considered, but the plan recommended
seems preferable. 49, ,u,
They might be redeemed wholly in silver bullion
of tie same weight that deposited tha IS 10 say,
~ an owner of silver had deposited hundred ounces,
he might receive back hundred ounces , 49,.
The objection 70 this plan OF redemption Is va,
a yyoud subject the notes 10 all the fluctuations which
might in the iIicc OF silver ana, from iack o.
steadincss and certainty OF value they might not
Another psn which has been suggested is to redeem
her In lawful money Of the United states dollar for
dollar hi, /, practically purchase Of the bullion
at rs market price. the Government becoming INC
owner Of II on the issue OF the notes inns mehcu
which commend H. Dut on tnc Nuolc
Il doss not logical or desirable tn6t the hOts
5 houd be redeemed in currency which is certainly
no better II as good. themselves. Moreover, II
docs not expcdlent TO pie up IN the Vaul,s OF
Sr6ic6 cannot be made available for the redemption
Of the very which are based upon IT, True me
Government might coin the bullion into standard sver
dollars and use the resulting coin for the redemption
q ito notes, which would be quite satisfactory when
Ire silver dollar becomes equal IN value to me goa
inst or desirable TO issue note on deposit OF 100
cent? worth Of silver ana r redeem IL WIN uo&r
ADVANTAGES OF THE PROPOSED MEASURE.
Among the obvious advantages Of the measure pro
posed the following may be briefly stated
Fiist-It would establish and maintain through tho
operations of trade convenient and economical Use
OI all the money metal In the country.
sa6jest % undue Or saJI(rary iniaton
Sa eased dollar nor for dollar oS bullion
It's market price, and having behind II the pledge Of
me Government 70 maintain us yane at par It would
there could he no motive for demanding redemption
for The purposes Of ordinary business transsctons
Thirdly thr uti zatOn Of silver Fl this way. a
market would be provided for the surplus product.
II is wound terd 70 the RAPID enhancement OF rs
value until a point be reached where we can with
saf ~ Open minis 10 the free coinage OF silver
Fouith-Tle volume Of absolutely sound and per
fecily convenient currency thus introduced into the
channels OF trade would also relieve gold OF part
OF the work which II would otherwise BE- required 10
perform. Both OF the last mentioned. II Is
confidently believed would Tend 10 reduce the diff
ieieneo n value between the two metals and 70 restore
the equilibrium so much desired. II would furnish
perfectly sound currency TO take the place OF retired
National bank notes ard thus prevent the contraction
feared from that source
ffth-!t would meet the wants Of those who de-
sire ldrfer volume OF circulation by the Introduction
Of currency which being al al times tine equivalent
Of goc would freely circulate with IT, and thus avoid
ths danger OF contraction. which Turks I'm the policy
~ increased or Ire, coinage of silver by reason Of
tho boarding or expectation OF gold
Sirti-It should not e0cOun e. the onrosition ~ !
those who deprecate imitation for though tho volume |
CO currency NAV he somewhat increased the notes |