New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-06
PRAISE FOR MR.. WINDOM.
THE SECRETARY'S REPORT COMMENDED.

COMMENTS on TREASURY QUESTIONS AND
ESPECIALLY on SILVER CoISAGE-THE
NOTES TO BE ISSUED.
The report OF the Secretary Of the Treasury excited
lively discussion Of the silver question In Wall street
yesterday. The recommendations which were made
in It were accepted with favor, and tie only doubt
about tho wisdom OF thom simply concerned details
of execution. 1t admitted that the report wonlh
help rather than hurt the accomplishment of an inter-
national silver coinage The popular praise OF the
Secretarys suggestions voiced by Brayton Ivcs,
formerly president Of tho Stock Exchange.
The report of the Secretary, rather the recon-
mendations ABOUT silver impresses me favorably. !
have not had time today to study the report but from
my examination OF 1t l am sure that the plan ought
TO be Afforded fair trial. Al any rate, the present
financial arrangement is all wrong. The buying Of
bonds does not reduce the surplus: that is It does
not prevent the accumulation of the surplus. Dih-
culees increase with every purchase of bonds
think that the Secretarys plan has been carefully
sidercd and Is prudent and wisen
Harris c. Fahnestock, vice president of ths FIRST
National Bank said.
lhe r'sort OF tho Sedetary OF the Treasury is n
exceptionally able presentation OF the National financial
situation, ana SECRETARY Window deserves especial credit
TOT inc fearless manner In which discusses
problem in all it, bearings ard exposes the faIlaces 0,
the present coinage law and the perls and ultimate
disaster attaching to It's Continuance
Inc maj recommendation OF the Secretary upon this
subject is good chiefly because It includes the dIscon
uhudhce OIL the compulsory silver purchases OF 900 900
per month.
ms weak spots in the scheme proposed that the
notes eucu are not to be legaltender because legal
tender issues cannot be considered and not possessing
This qusy, they will be wanted by either the banks
or the eommcsca community and consequently the
measure OF possible success viii b olrcumscribed
that IL VIII not suit the silver producers who alone are
to be benefited By IT,
to that Interest be successful only
that the Government win part with us gold to be re-
placed by slven the Government must finally own all
the silver Just a. II purchased under the present system
and likewise the process must inevitably terminate
the Government shall have gold to exchange
for silver Being available for duties and other payments
to the Government and not legatender between ind.
yiduss and corporations, all such issues grayitae
into tho Treasury at last.
II proper and expedent for the Government by this
or any Ike process to protect the measure OF
ability, the silver product country for the ex.
elusive benefit OF the producers there the logical
reason why 10 precisely the end the Government
shall take Gaze OF the copper and nickel products which
could be stamped and should receive treasury to
unlimited amount entirely independent OF their COM
mercal worth
without this Government Intervention. the silver like
the other metals. will find level enter our
exports, regulated by supply and demand, and such
extent will shipments OF gold.
II IA not possible to any why banks should
want these proposed certificates for their They
bear interest embrace profit and cannot
be used pay the banks debts, which is the only
pose OF their
Thus being unavailable for bank reserve for indi
vidua debt payments, there would be possible for
the certificates money except for payments OF duties
and the Government for which purposes they
would be sod discount by money brokers' that they
60 into the Treasury and in there appears
for the Government TO pay them out though
they carry the privilege OF reissue.
other point / think might
.snted more forJbly io the aggregate profit
segniorage realized by the Government Of the silver
coinage TO date about hfty-seven millions. It Is
we'll 70 opposite this the shrnkage of 20 per
ratet In the report which upon the outstanding
dollar certificates would aggregate sufficient amount
entirely to extnguish this apparent profit.
II the measure should be modified In detail be
operative would have the disadvantage OF removing the
present lin tlon o two million month and making the
DO sbie simply unlimited
Sooner or aer the silver question must be taken up by
tho leading commercial Nations Of Europe. But OF
Treasury remains willing, by eXpedent another to
protect the worlds production at our expense.
II Likely that Congress would give to any Secre
tary OF the Treasury such discretionary power as Mr.
wiom thinks might be necessary to be used in the even,
Of combinations control the price Of silver bullion The
possibilities Of such combinations and Of the misuse OF
such discretion too apparent to need discussion