The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1890-04-23
WINDOW ON SILVER
Dangers Which Menace the FL
nanciai system itS3
OF the Government Through Legisla-
tion Proposed by Congress.

Demands OF the Silver Advocates II Fully
Granted Would Cause Disaster In the
Future.
WASHINGTON, April 2i--Secretary
Window has addressed letter to a
western correspondent in answer to
comments and inquiries about the pres
ent status OF the silver question. The
Secretary, discussing the pending meas
ares before Congress, and the silver
question generally, says:
The bill recommended by the Treas
ury Department was framed mainly for
two purposes. First, to meot the de-
mand for an increase OF circulation, and
second. to enhance the value Of silver
by providing for 1t an additional and
safe use as money. II approved by Con-
gress it will, in my judgment accom-
plish both OF these objects and at the
same time afford a fair and just basis
for harmony of action on the silver
question. To the silver interest 1t
offers every substantial benefit that can
be granted without peril to our finan-
cial system, and far greater advantages
than can be found in free coinage. To
those who demand more money 1t offers
an annual increase Of from $50, 900, 900 to
$50, 100000. To those who insist upon a
sound currency, it gives the amplest
guarantees against degradation Of the
American dollar. But to those who
would initiate the currency by injecting
into it a large volume of money without
adequate safeguards against deprecia-
ton, it offers no comfort whatever.
And right here Is found the secret Of
much Of the opposition to some OF its
redemption features.
I'm reply to your friendly criticisms,
lot me invite your attention to the ex-
traordinary concessions which are Of
fered to the silver sentiment Of the
country:
First, 1t is proposed to absorb all the
silver produced by the mines and reduc-
tion works OF the United States, there
by withdrawing from the market nearly
one-half OF the entire silver product Of
the world and thus greatly enhancing
the value Of the whole.
Second. Not content with this con-
cession, which is surely without a par
allel as TO any other product, the Senate
committee insists that the Government
shall be compelled to purchase 81, 800, 900
worth OF silver each month, making
S54, 100000 a year, which, with the
amount needed for the arts and for our
trade with China, will exceed our own
production by about ten millions per
annum. How is this excess TO be OBJ
tained? Only by purchase from abroad.
In the event OF an unfavorable balance
OF trade, when our gold will be most
needed at home, we shall be compelled
to export ten millions OF gold which we
will then sorely need, to pay for ten
millions Of silver which we will not
need at all. This compulsory purchase
OF so great an amount will make the
Treasury Department the largest opera.
tor in the most gigantic corner ever or.
ganized.
"Third, the bill reported by the House
committee provided that notes issued
for silver bullion shall be redeemed in
standard silver dollars, II demanded by
the holder. This will give tothe owners
Of silver bullion the power TO convert
every ounce produced in this country
into standard silver dollars at their own
pleasure. True, there Is not the slight
est danger that this power will be exer.
cised, because no sane man will prefer
TO convert treasury notes, which the
Government is bound TO redeem In gold
or Its equivalent, into standard silver
dollars, unless he may want limited
number Of them for some specific pur
pose. Under this bill the Government
will not force silver dollars into circu
lation, but 1t will permit any one to
have coined a. many Of them as he can
pay for with treasury notes. What more
can the advocates Of silver coinage de-
mandT' r.... ..t... .H
"For all these unparalleled conces
sions TO tho silver interests, what is de
manded In return? Only the privilege
OF protecting the honor and credit OF the
nation by = grant OF power to redeem Ia
notes in either gold or in It's equivalent
Of silver bullion. All Of the bills on thi,
subject contemplate a policy TO extend
over an indefinite period, and which will
result In the issue Of yerylarge volume
OF treasury notes. II they be made re
deemsble In lawful money they must bt
paid In the best lawful money, in nc
cordanoe with the high rule Of homo
which this Government has thus fai
maintained, and by which 1t has estab
lished . credit the pride and boast Of oul
people. II the balance Of trade shal
turn against us, or II distrust shall arist
AZ 10 our ability TO pay in gold, as It sure
ly will under such Q provision Of law
or II for any other reason we shall bt
unable TO redeem In gold when dc
ganded, the Government will be com
| pelled TO discriminate against silver dol
lars, when gold will at once command I
premium, and this nation will step dowl
from its present proud position, and TAX,
It's place on the financial basis OF China
India and South America. II is to saw,
Ips from this danger that / have insistet
50 strenuously for the provision TO re
deem in gold its equivalent Of silve