Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-03-07
THE WINDOW SILVER BILL
Why Representative Walker Favors 4,
In Preference to the Senate Bill.

Representative Walker Of Massachusetts,, a
member Of the majority Of the coinage, weights
and measures committee Of the House. has
come out strongly in favor of the Window
silver bill and has prepared an interesting COM
parison between it and the bill prepared by the
Senate finance committee.
~ am satisfied" he said to q STAR re-
porter, shat it is the desire OF a large
majority Of the people Of the United
States that Q further effort be made to bring
the price Of silver and gold together at the
ratio of 1879 While personally am mono
metalist, am willing to try further e1Deri-
ment by passing the treasury bill in obedience
TO the popular demand at the minimum risk to
our monetary system. but the Senate bill de-
parts so widely from all experience that under
no circumstances could vote for II. i have
compared TIE two bills. The Secretarys bill
proposes to receive so much OF the silver
product of the United States, that Is. the
product Of our own mines and Of ores reduced
In this country, as may be offered at its market
value and issue notes against ii.
THE SILVER PRODUCT OF THE UNITED STATES,
including the SILVER obtained from Mexican
ores reduced in this country, aggregates about
81, 600, 900 fine ounces annually. Deduc ting the
amount used annually in the arts, say 6, 000, 900
ounces, the amount offered would probably ag-
gregate $1,000, 900 ounces. At the price of II
per fine ounce the quantity received and on
which notes would be issued would amount to
1000. all the product of American mines
and smelters. The government is simply the
passive agent for the receipt of such American
silver as Is offered and is not compelled to go
abroad and join with foreign spectators in
creating fictitious price for silver.
THE SENATE BILL
directs the purchase of a. 500, 900 worth Of sill
Yer in each month, regardless of where it was
produced The product Of the mines of this
country alone being say 46 000, 900 ounces, de-
duct 6, 000, 900 ounces, the amount used In arts
leaves about 40 600 900 ounces to buy S54 0OO 900
worth annually, at the price of 81 per ounce,
would require the purchase annually of about
IA, 0O0, 900 ounces of foreign silver, or over
l,OOO,OOO ounces in each month. The require
ment to purchase S4,5O00O0 worth in each
month would make the government the larg-
est operator in creating a fictitious value for
silver. and would place the department wholly
at the mercy of the spectators, even with a
moderate capital, who could compel the gov
eminent to pay any price they chose not to ex-
coed the limit fixed in the bill
THE sEcRErARY's BILL
authorizes the issue of q currency upon q gold
basis and provides a method by which i. will
always be kept at par with gold by adopting
daily, both in the issue and redemption of notes.
the ratio Of value between the two metals es-
tabllshed by the commercial world This in
sures an absolutely sound currency at all times.
The Senate bill provides for the issue of
Treasury notes upon gold basis. but makes
no provision whatever for maintaining or re-
deeming them at their gold value. but on the
other hand provides for their redemption in
lawful money. which permits of their redemp-
non In a coin the nominal value of which is
largely IN excess OF its bullion value.
by the Secretary's bill the silver received is
all pledged for the redemption Of the notes and
must be kept for that purpose, and therefore
the quantity accumulated can create no ap-
Prehension.
Under the Senate bill the vast accumulation
OF bullion, with no provision tor its use, will
act as a constant menace to the price of silver
and TO any international agreement looking to
the restoration of silver coinage
The Seeretarys bill leaves gold as it is un-
der existing law, free coinage to all depositors
and the issue Of gold certificates expressly re-
deemable in gold coin.
The Senate bill provides for the purchase
OF gold and the issue of the same note in paw
ment as Is issued in payment of silver pur-
chases. This provision is either futile or
vicious. As the bill provides for the issue of
these notes upon the purchase of both gold and
silver bullion the holder might reasonably de-
mand payment in gold. should this become
incCnyenient and gold payment be refused the
credit Of the government would be seriously
impaired
"The Treasury bill requires no appropria-
ton. The Senate bill would require an appro-
priaion of $4,000. 900 year from the public
treasury to purchase silver"