Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1889-12-05

although there are now over seq, 0OO, 0OJ In
silver certificates outstanding, there never
has been time when there was not large
amount Of silver dollars in the treasury UNI
represented by certificates He opposes the
coinage of silver up to the limit OF 1900, 900
worth per month, rs the present coinage Of
e., 0OO, 900 worth has fully met the demand,
and more than done 10, but is robust in his
advocacy Of the use by this country Of both
gold and silver ~ circulating medium
Proposed solutions OF the Problem.
He gives in detail the solutions OF the ques-
ton which have from time TO time been pro-
posed, and sets them all aside as either i'm
practicable or OF no use. An international
agreement as 10 ratio he puts among the I'M
practicable plans. The present policy Of
coming g., 100000 worth per month, he says,
no one approves now. The increase OF the
coinage 70 the full amount Of $4,000. OOG
worth per month he believes full OF peril. "a
likely TO give us a silver standard entirely
and In this connection he quotes the law TO
show that the standard in this country Is
gold. The free coinage plan is objected to
ON pretty much the same grounds for he
says all the silver in the world would b.
invited 20 come TO our minis and be coined
at the rate OF 20 cents worth of silv r. 70 the
dollar The coinage OF a silver dollar con
tanning a dollars worth of bullion Is put in
the impracticable list, as the value Of silver
Is too uncertain, and the issue of certificates
to depositors OF bullion Is classed with free
coinage
The secretary's Measure.
Mr.. Window then goes ON TO give the plan
he proposes AS the way out of the difficulty u
follows: Issue treasury notes against de
posits of silver bullion at the market price
of silver when deposited, payable on demand
In such quantities of silver 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 at the option OF the holder
Repeal the compulsory feature of the present
coinage act"
Explanation of the Plan.
The report then proceeds; The proposition
Il briefly this: To open the minis OF the
United States to the free deposit of silver,
the market value OF the same mot to exceed
81 for il25 grains OF standard silver at the
time Of the deposit, to be paid in treasury
notes; said notes TO bo reieemable in the
quantity Of silver which could be purchased
by the number OF dollars expressed ON the
face of the notes at the time presented for
payment; or in gold, at the option OF the
government; and to lie receivable for Gus
toms, taxes, and all public dues and when
% received they may be Teissued; and such
notes, when held by any national banking
association, shall be counted as part OF its
lawful reserve
A Choke-On for "Combines.''
The secretary Of the treasury shall have
discretionary power 10 suspend, temporarily,
the receipt OF silver bullion for payment in
notes, when necessary TO protect the gov
eminent against combinations formed for
the purpose Of giving an arbitrary and ficti-
tious price TO silver II the price OF silver
should advance between the date of the issue
of a note aud its payment. tho holder Of the
note would receive less quantity of silver
than he deposited, but the exact quantity
which could he bought in the market with
the number of gold dollars called for by his
note, at the date Of payment II the price
should decline, he would receive more silver
than he deposited, but the quantity which
could be purchased with the number Of gold
dollar called for by his note at the time pre-
sented for payment
option to Redeem In Gold.
The advantages Of retaining the option to
redeem in gold are three-fold: First-It
would give additional credit to the notes.
Second-lt would prevent the withdrawal
and redeposit OF silver for speculative pur-
poses. Third-lt would afford a convenient
method OF making change when the weight
OF silver liars does not correspond with the
amount OF the notes So far as the issue OF
the notes Is concerned, the plan is very sim
pie. II a depositOr brings 100 ounces Of sill
yer 70 the mint, aud tho market prices OF
silver nj that date - determined by the
secretary of the treasury, Is - cents an
ounce. he would receive In payment treasury
notes calling for sy5
Ten Reason. for Adoption.
Among the obvious advantages Of the
measure proposed, the following may lie
briefly stated.
First-It would establish aud maintain
through the Operations OF trade u convenient
and economical use Of all the money metal IL
the country.
second-lt would give us PAPER currency
not subject 10 undue UT arbitrary imitation or
contraction, nor 10 nuosu.ting values, but
based, dollar for dollar, Oh bullion at It's mar.
ket price, and having behind II the pledge Of
the government 10 maintain lite value at par,
IL would be as good as good, and would remain
in circulation, as there could he no motive for
demanding redemption for the purposes VI
ordinary business transactions
Thirdly the utilization OF silver In this
way market would be provided for the sur
plus product. This would tend 10 the rapid
enhancement OF lite value, until a point he
reached where We can with safety open our
mlnts To the free coinage OF silver.
Fourth-The volume Of absolutely sound and
perfectly convenient currency thus introduced
into the channels of trade would also relieve
fold OF part OF the work which 1t would
otherwise he required to perform.
ftfth-It would meet the wsnts Of those who
desire larger volume Of circulation, by the
introduction off currency which, being at all
times the equivalent OF gold. would freely cir
culate with Il, and thus avoid the danger Of
contraction, which Turks In the policy Of In
creased or free coinage of silver, by reason Of
the boarding OF expectation Of gold.
sixtb-lt should not encounter the opposi-
OF those who deprecate imitation; for, though
the volume OF currency may be somewhat in
creased, the notes would be limited to the sur
plus product OF silver, and each dollar thus
issued would be absolutely sound, and would
represent an amount Of bullion worth dollar
In gold.
Seventh-It would be far more advantageous
to silver producers than increased coinage un-
der existing law, for In both cases bullion
would be paid for AT It's market value and un-
der the plan proposed a much larger amount
could be used with safety.
Elshth-Ihere would Ice no possibility OF loss
TO the holders OF these notes, because In addi-
ton TO their full face value In bullion they
would have behind them the pledged faith OF
the government 10 redeem them in gold, or its
equivalent In silver bullion
Ninth-Tbe adoption OF this policy. and the
repeal OF the compulsory coinage act would
quiet apprehension In regard TO the ovsrissu. of
standard silver dollars, and the present stock
could therefore be safely maintained at par
Tenth-This plan could be tried with per-
tect safety, and. IL il believed, with advantage
10 all our interests. should it prove a success
fui and satisfactory plan for utilizing silver as
money, other nations might find 1t to their In
terest to adopt II, without waiting for an in
ternational agreement, and should concerted
action be deemed desirable, IL could then be
more readily secured
BY this method il is believed that the way
would be paved for the opening of the mints
OF the world TO the free coinage of silver, and
the restoration Of the former equilibrium of
the money metals
The secretary concludes by replying 70
possible objections to the proposition out
lined above
Two forms with but single chair. tw o
mouths which seem Is one.