New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-09
THE SILVER QUESTION.
UNFOLDING SECRETARY WINDOWS PLAN.
THE DIRECTOR OF THE MINT APPROVES THE
MEASURE AND SAYS 1T SOLVES
THE PROBLEM.

THE PROBLEM
Washington. Dec. s-The Director of the Mint, Mr..
Leech in statement furnished for publication, says
that he believes Secretary WINDOWS proposed silver
not only the best plan for the present utulza
ton Of silver but that contains in itself the solu-
ton of the silver problem. Mr.. Leech says
1t VIII afford, believe ready msrses ior s zoe
Of which viii be gradually and permanently 10 en-
hance the value Of silver, until IL reaches pom. -
nearly cores ponding with its value In coinage mat
We can with safety do away with an temporstt!
measures and restore the law as II existed no uH,
foundation of the Government to 1873. nave not
single objection in newspaper comments WHICH
not fully considered by the secretary In the PEP
the papers representing the extreme gold senti
mcnt Of the East and the extreme SILVER ne1 i VI nc
West should both oppose the plan, ana loi dlsneut
cay different reasons; the former because ! pro
poses to utilize silver more fully as money, ana ,ho
1t is not true that the secrtary's plan IS similar
TO suggested by SenatOr sherman. or 80 Jar a.
| am aware by any one else. The plan in us
essential char actsrisucs IS entirely original Win sec
Viii regard TO the objection urged by some OF
the advanced silver men, that this measure To yum
10 see how IT is any more degrading 70 silver 10
receive It in unlimited quantities ana issue noes uP9r
egaltender dollars, the notes themselves Deihg iop az
practical purposes full egatendsr n sut Secord
because they interchangeable WIN iliI Esai
tender coin, than the present law 10 oy S Ss late.
csSc we coin r. into dollars and in the former we
issue notes upon It for which the holder can rGe e
dollars. The proposition 10 issue cerhcates on siiN
bullion Is not new but has been adVoea.ed ih 1 Nh
in various forms by The most alvansen .asel
proposed IN Congress 70 issue cetllL arc w III
bullion, and IN my Judgment ths prop3Son ON sD bsen
recommended by the present secretary Of the Iress
ury but for the fact that he did not wish 10 e0isRge
Gold bars iised extensively In the settlement
fr.,ru he at
1888, to Jay 1879 f me purpose 81 se on Igter
Of credif, over ssi,OOo,OOo were in gold
bsr ssoTns ming IN 'I s se F2S Of baances Of
trade Why Is - not Just As degrading 10 make pay,
IN gold bass Instead Of gold coin a. u Won.d
be to receive silver bars ard issue the representative
The plan proposed by the Secretary IS far NOR
Of the extreme limit OF the present law for the iea
under s operations more than ~ 100000
worth per month could be received. ANY Ic-
strictiOn acts a menace TO the price of silver
Increased coinage under the present law could not
continue Indefinitely. and it would be only a ques-
ton of time when 1t would have TO b. discontinued:
BY supplying unlimited market for the prOduc, OF
silver caves It open to all the natural Operations
Of this will be gradually and permanently
to realize larger price for their product Al lie
same time It Will materially enhance the intrinsic |
value OF the large stock of silver In circulation in th'
country, either coin or Is representative More.
over believe IL vii pave the way TO vat Il 'n S
metal, az fixed ratio. do not know OF any d. |
metaist Of national or International reputation VINO
ducer or of country for this Government alone to
open its minis the free coinage of full legal tender
nesriy 30 per cent les than lis value a, coin Cer
tanly. cernuschI; Horton Gibbs and me most pro /
battles Of 6imet ali.m in Europe 10 not adVoet e
IT, Ge t s9' tho SdS secetarv " would
in few years enhance the value Of silver that
international agreement. looking TO The openint
the Latin Union and the countries Of this continent 10
the free coinage of both metals at fixed rate would
not only be possible but desirable aud readily ac-
so far as concerns the criticism that the plan of the
Secretary would make largo addition to our panr
currency based on silver aud thereby imperil the
continuance OF the gold standard II must be evident
every one that the predominant sentiment OF Ire
country Is I'm favor Of the Of silver "a money aa
the only thing to be considered !, what !, t,e ,si
measure would be absolutely safe. having behind u
always dollars worth OF e rt a. Wen S TS bullion
in gold. with the privilege 70 me holder a. 10
deemed in silver dollars, the bullion represented by
them would become the property Of the HoVerne1o
the Government, take the place Of the stock Of
dollars used in their reemptSn TO MN WI be would
Lecome the property ~ the Government 10 De fOlheI
into such form Of silver money as the SECRETARY VI
There is certainly no danger inherent in ms plan
II better than the silver cerhcete DSieu I than
It's lnSuinE o,,id he the most elastic currency We
ha%o IN hat they would adapt themselves to the
,f
requirements Of business better than any lor,n ~
papcr money which We have al present IN" NgS-
tender notes are limited BIZ law 10 S346OOou 200 Inc
gold certificates can be issued only on god CON- the
Quantity Of which + supplied only By coinage 30
largely on the monthly quota OF coinage. LaaS S
Taflc1al bank notes which were always considered
the most flexible form Of paper money.
have ceased to be account OF the high price OF
tho bonds required 10 be deposited for their issue ami
on this account the banks fast retiring the' fOh
circulation. That in course Of time we would hlNS
arr volume Of currency based silver i undouhiedN
tIT,e hut II would always have full metallic value De-
hind It for its redemption ~ matter of tact' me
present rreenNscks. payable t. bcarrr GA mind ana
* believed that they would circulate the same a. our
present notes and would perform all the functions OF
"a safe aud elastic currency wlihour
any nf the objections 10 q cert 'hcAe naSed on
legal fender coin possessing less value IN
trin.icaly than that represented on the fare OF the
certiGcae There i the danger that the Government
CHI no loser in case Of a large deprecaton IN the
value of silver but "a It IS conHdeniy Ienevei thsi
the effect of this measure wOnd be- 10 increaS' the
e ~ LIVER the danger from depreciation i so remote
"a 10 be unworthy of serious consideration