New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-15
OH TEP ONCE MORE.

r. ia Main that the Silver Act now IN 1orce
- .orm;rate agitation Another earnest
effort for unlimited coinage is to be maze 'h's
,,inter and members of Congress VIII need
to he prepared to decide for or against T,
ononnc of the question. They Will DC toid
that the people of Western States desire 1nis
measure. that it is a cardinal point IN the creeo
of the Farmers Alliance, that many voters
,,ara dsnosed to vote against the kepubiican
n,rtv this wear because it had not placed silver
and GOLD ON the same footing, and that he
nrh,;c,p onposition to the measure will involve
defeat hereafter. -,
These are not considerations OF the highest
value. though they have weight with many
A more effective argument is that Tree coinage
will doubtless be voted by the House next
winter. when the Democratic majority arrives
and that it will then be difficult to prevent
its passage in the Senate, as that body voted
for it last summer AZ 10 20. The change
in the compostion of the Senate next winter
will probably increase the majority to two
thirds. so that if the President should think 1t
his duty to veto the measure, 1t might yet De
enacted within little more than year. IL Will
be represented as exceedingly unwise pohcy
TO wait for free coinage to come in that way ll
spite of the opposition of a Republican Presi-
dent and most of the Republican members In
both houses, especially as there seems no pos
s;bility of preventing the ultimate success OF
the measure.
Sincere and upright statesmen will first con-
slider whether free coinage OF silver can now
be undertaken with safety to the country. Oh-
doubtedly the experience of the last Two moil'hs
has modified the opinions OF many IL mas
been seen that, contrary to expectations gen.
orally entertained. the London market for Sill
ver has become almost entirely dependent upon
the NewYork quotations If legislation here
sbould suffice to raise silver bullion to par in
cold in the New-York market, and maintain
if there for a single week, many reason that
prices abroad would be forced to follow, ana
then, they hastily infer. the vexed silver queS-
ton would be forever settled.
The weak point in all this reasoning is that
the effects of the increased purchases by the
Treasury have not been tried long enough.
1t is not yet clear whether these purchases Will
long control foreign prices OF silver. 1t is not
vet clear whether the possible increase OF pro-
duction is not already felt in depression III
silver bullion, which may extend until the
situation becomes as bad as it ever was. Fail
ure of foreign markets to accord with Amerl-
can regarding silver bullion would not neces-
sarily involve harm at present. because pur-
chases are limited an' silver notes and coins
have only representative character. But
separation between silver and gold as TO pur-
chasing power might come quickly here il sill
yer coinage were unlimited. 1t might even be
deliberately caused by the operations OF lew
foreign traders or manufacturers, with ends OF
their own to serve.
1t is not for the Republican party TO tale
upon itself the responsibility OF an act danger
Gus or hurtful to the country, because many
wish it. or because it may come in spite Of the
party. or because defeat is threatened in case
of refusal. If men are clear, in the light OF
later experience, that this country can contro
the markets of the whole world for silver, with
out riskng its own prosperity, the other argu
ments are in place. Otherwise they clearly
| are not.