New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-06
NOpE MONEY .


rrthor and practically unlimited cNp!nNi'"
Of tho circulatiou is now proposed. 1t seems
not enough that eighty seven mlllionS mas 'Io'
added to the actual circulation N''i''" ,,.
twelve months. The West ana '',." ,
more. and not a mere enlargement WI"
prove Inadequate, a. this iaSO cAl'N
their opinion is but an enlargement
limit Everybody who has silver p"I'o"
tain statesmen propose, should nave i'o"O
cot coin M paper dollars for 1t az the ie"S"'',
As the supply of silver III the Wo'iu' ""'O
holders are extremely willing to sell DIT w.
than the price which the lreasur! Moui" ,L
unon the bullion. is prlcticaiN uiil'"'''N'
- =, :; No, nro,osod to defend American pro-
drcors AGAINST any avalanche Oh lorciSn "
vor however vast the measure corteinp"'o'
voud indeed leave nothing 10 De ocs'Ie"
rcsnccts the quantity OF currency As io' Us
raIro or purchasing power that IS quite an
other matter.
Tho n,bIic men who urge this change do not
,nro,, to care whether the silver ana @p'r
dni,.rs cease to he equivalent in value to doI-
,ors in gold or not They often affirm II -
,,uo that they do not believe free coinage
,.ould cause any separation between gold ana
or their active supporters, and 10 interest Is
shown in any effort to demonstrate lo'S' """
tboro i constantly manifested, on the con-
trary. Il feeling that IL the SILVER anu l"fOi
dollars sbould cease to be worth more than
- cents in gold, nobody would be huf' except
the money LENDERS and monopollStS, VINO o"3hV
TO he hart anyhow.
The theory of these people Is that IN" ehor-
mously decreased demand Tor silver, all AT All
established price, namely, dollar III Soio lor
the ouanti1y of fine silver required III coming
a silver dollar. will prevent any decline III the
urice of bullion This might he true II Ii were
only certain that the paper dollar NouIo n''
depreciatc. But no one has been able To give
any valid reason for surprising that people WI"
continue 10 give as much wheat, corn COTTON
sucar or other products for paper dpllar on
tainahle in exchange for silver Wcrth 50 cents
in gold as they would give for the goa ool-
lar. They surely will not, II the prices ol 'heNe
product> in foreign markets do not rise CORE
rnpdircly II cotton i worth cents IN
silver at Liverpool people are not gong to pay
mora than 5 cents in paper redcemahle III
silver IN the United states unless they are rca-
sonably sure that they can gel the worth "f
gold dollars Tor their paper. IT Is not !ct
shown that tha worlds markets for all sorts
of products would be materially advanced. 50
that quantities now selling for : %, tho pres
ont price of an ounce of silver would sell TOR
-, % the price of an ounce Of silver If al par
in gold.
20 long a. these results are entirely uhc"T-
tain it must be pronounced in the highest de-
gree hazardous and unwiSe 10 invite all na'lohS
10 empty their supplies Of SILVER on TINS c"oh'
try taking in exchange gold or American ohli-
cations 10 pay gold. The effect Of SUCH par
cain could hardly fail ~ b. a rapid depletion
OF American supplies of gold, an increasing de-
mand for that metal in the settlements between
this and other countries. and in the payments
which corporation, and individuals will still Try
70 make in gold values. and then NpecGy
eStal li>hmcnt of premium on Goid core
s,ond,nc TO the difference in value between
silver and gold in foreign markets. The IN
slant such premium appear, the paper dollar
will no longer have the purchasing power oi
the cold dollar but only such purchasing power
aS the silver therein contained may have. -"
established price for silver bullion III such
uapcr dollars Will therefore no longer have any
potoncv whatever t. sustain the value 81 bull
ion. lie who cannot sec that these cons"-
ouencc> would be particularly disastrous -
farmers, to wagc-carnci~, and I" many Gthrr'
besides the lenders Of money, j. surely blinded
By mistaken theories.