Los Angeles daily herald., 1889-12-05
GENERAL TOPICS.
Secretary Windom's Silver
Policy.
A TOO SPECULATIVE sCHoOLMARM
Collision ON the Pennsylvania Road.
Losses by the Lynn
Fire.
IAssociated Press Dispatches to the HERALD.

Associated Press Dispatches to the HERALD.
WASHINGTON, December A In his
annual report Secretary of the Treasury
Window discusses the silver question at
great length and makes the following
Recommendation in place Of the vari-
GUS proposed plans as TO the increased
on free coinage of silver dollars: "The
issue OF treasury notes against deposits Of
silver bullion at the market price Of sill
YER when deposited, payable on
demand in such quantities of sill
YER bullion as will equal in value at
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 Government, or
in silver dollars and the repeal of the
compulsory feature of the present coin.
age act"
He continues his proposition briefly
thus: "To open the mints OF the United
States to the tree deposit Of silver at the
market value of the same, not to exceed
81 for 4l2.5 grains of standard
silver at the time of the deposit, to
be paid in treasury notes; said notes
to be redeemable in the quantity of silver
which could be purchased by the num-
Der of dollars expressed on the face of the
notes at the time presented for payment,
or in gold at the option of the Govern
ment, and to be receivable for customs,
taxes and all public dues, and when 80
received they may be re-issued, and
such notes when held by any
national banking association shall
be counted as part of les lawful reserve.
"The Secretary of the Treasury shall
have discretionary power to suspend tenn
porarily the receipts of silver bullion for
payment in notes when necessary to pro-
tect the Government against combina-
tions formed for the purpose Of giving an
arbitrary and fictitious price to silver.
If the price of silver should advance
between the date of the issue of the note
aud its payment, the holder of the note
would receive lees quantity of silver
than he deposited, but the exact guam
tity which could be bought in the mar
ket with the number of gold dollars
called for by his note at the date of pay
ment. If the price should decline he
would receive more silver than he de-
posted, but the quantity which could be
purchased with the number of gold dollars
called for by his note at the time pre-
sented for payment.
1.-The advantage of retaining the option
to redeem the gold is three-fold. First,
it would give additional credit to the
notes. Second, it would prevent the
withdrawal and re-deposit of silver for
speculative purposes. Third, it would
offer a convenient method of making
change where the weight of silver bars
does not correspond with the amount Of
the notes."
Among the advantages which the Sec
retary claims for the measure are that
it would bring into use all the money
metal Of the country. 1t would give a
paper currency not subject to undue or
arbitrary initiation or contraction. 1t
would enhance the value of silver and
open the way to its free coin
age. Gold would be relieved
of part of the work required
of it. 1t would meet the wants
of those desiring large volume of circu-
lation, and it would be advantageous to
silver producers.
The Secretary gives many facts and
figures tending to support the position
taken by him.