New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-06

MR. TINDOWS CRITICS.

Comments and criticisms on Secretary VIM
dom's plan are as diverse as possible, ana IN
many cases betIay the prejudices rather thah
the judgments of The critics. Representative
Bland thinks the plan designed to stop COIN
age, and is opposed to it, But other equally
jealous advocates of silver coinage, who repre-
sent silver producing States, as Mr. BLAND does
not, warmly approve the plan as more hkei!
to enhance the value of silver than any com
age, limited or unlimited. 1.-The New ork
Sum, imagines that the plan would cause " an
addition to our National paper currency limited
only by the surplus production Of the silver
mines of the world" but 1.-The Newly DIRK
Tines "believes Mr.. Window is justified in
saving that as currency the notes would be
safe" though the power to refuse deposits at
discretion is one that ought not to be intrusted
to any man. THE Newly ork llerald' pro-
nounces Mr. WINDOWS Z" the safest and best
plan that has ever seen daylight" But it Is
rather common criticism that the plan will
prove a failure because not acceptable to the
advocates of silver coinage.
1t is absurd to expect the financial measure
offered by Republican Secretary of the Treas
ury to meet the views Of those who like cur
rency in proportion to its badness There are
men whose financial endeavors have one main
spring-a desire to make money so cheap and
bad that debtors shall be easily rid of all OBJ
legations, and creditors effectually feeced of
all they have loaned, The one shining merit
of unlimited silver coinage for such men is that
it would probably make the dollar worth only
~ cents at an early date, and in the end might
make it worth nothing, for after bankruptcy
comes reputation. But genuine and honest
advocates of silver coinage desire no such re-
suit. They believe that free coinage would
speedily restore silver to par in geld, and thus
make the currency based on silver absolutely
safe and honest.
70 these men Mr.. WINDOWS plan offers as
large demand for all silver produced in this
country as free coinage could possibly give, with
the added advantage that there could no longer
be doubt about the value of the paper received
in exchange for it, 1t is probably safe to say
that the proposed bullion notes would supplant
the silver certificates in use fast as the latter
could be got out of the way by the ordinary
processes. If the purchase by Government Of
all silver produced in this country would re-
store its price, as the honest silver men believe,
Mr. WINDOWS plan would put silver at par in
gold, and end all danger of depreciation of coin
dollars or paper based on them. But if, as
seems more probable, free coinage would only
drive gold out of use, and leave silver dollars
to be worth only their bullion value, it is at
least certain that Mr.. WINDOWS plan would
avert that disaster, and would add something
at all events to the value of silver bullion.
The apprehension about intruStng discretion
airy power to the Secretary is based entirely
upon the idea that a combination of speculatOrS,
having first deposited silver bullion worth
| 81 ,000,0 600 or more, and taken bullion notes
for that amount, could then force down the
price in all the markets so as to draw out in
silver more than they had put in. This could
be done only by selling at less than its previous
price more silver than anybody would buy, an
operation involving a certain loss, with the
, probability that the Government might choose
to deliver on certificates when presented gold
instead of silver bullion, and meanwhile any
other combination could take all the silver
offered with a certainty that Government would
give the market price for it, The advantage
on the side of the buyers would be enormous.
1t would be so likely to deter any sane spec
ulators from attempting the operation that the
discretionary power Of the Secretary, if con-
ferred, would probably never be required