Los Angeles daily herald., 1889-12-20

Secretary WindeM,s SILVER Policy.
The Secretary proposes that the Gov
ernment shall buy at current market
rates all silver bullion offered to it, pay
ing for it in treasury notes. which are to
be substantially an unrestricted legal
tender, being expressly made such for
all Government dues, and also converti-
bic into legal tender silver dollars.
There can be no question that this part
Of the policy is an advance step in favor
of silver. But the advantages claimed
for it by the Treasury Department, aside
from its general good effect, are all with
out merit except two: One, that the
treasury notes would be an increase Of
the volume of the currency, and the
other, that II would be beneficial to silver
producers in that silver would thus be
given home market, instead of being
obliged to 60 to London for a market
This claim is true to this extent, it would
be . convenience to the silver miners
and probably q little saving of
expense. Bankers and brokers in all
our large cities. however, now
buy silver at the London quotations, less
q small commission, and make an Amer.
ican market for the entire product Of
American mines. But they buy to ship
to market in London. By the Secretary,s e
plan the Government is to open an Amer.
lean market, buying silver to be kept
here. This is the great advantage of the
plan, and the only substantial gain to
silver that would accrue; but, strangely,
il is not among the advantages of the
measure mentioned by the Secretary or
by the Director OF the Mint. As soon as
the English silver market should be re-
lieved by the operation of the Secretary's
plan, from the immense supply OF Amer
ican silver, there is every reason in the
situation thus created to believe that the
price Of silver in London, consequent on
this largely diminished supply, would at
once advance.
The demand in the English market for
silver for India and elsewhere would con-
tinue then the same as now. Heretofore
this demand has baen met In an over.
supplied market, the over-supply being
largely from America; and, as q neces-
sary consequence, the price of silver has
been kept there, in the market that has
fixed the price Of silver the world over,
constantly under this depressing in
Auence. Relieved of this, it could hardly
fail that the price Of silver in London
would steadily advance as long as the
American supply should be kept at home.
But the Secretary proposes as part of
his plan to repeal the Bland law, which
requires the purchase by the Govern
ment Of silver at current rates and it's
coinage into legal tender dollars to the
extent of not less than two nor more
than four millions a month. Thereby
50 much Of the silver of the world is
restored to its old-time parity with gold,
and the United States to that extent
gives evidence that it believes in that
parity uD to the point Of acting on its
belief. Why then repeal the law? The
Secretary gives no reason for it, nor does
the other feature of his plan mentioned
above afford any reason for it's repeal, or
even suggest or imply one. There is no
connection between his two propositions
which makes one the complement of the
other, go that the two together constitute
plan or policy. They are two uncon.
nected expedients. one good, the other
bad. But even the good is only make
shift The true policy is free and un-
limited coinage of silver.