The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1890-04-21
ABOUT THEWHITE METAL
The Silver Question Discussed at Length
BY Secretary Window.
His Reasons for Thinking the Bill
Recommended by the Treasury
Will Completely Solve
the Problem.

dom to night permittedA . reporter of the |
Associated Press to make q copy of the |
following, which was taken from n letter |
addressed by him TO a western correspond |
ent I'm answer TO q comment and inquiries |
upon the present status OF the silver ques- |
ton: The bill recommended by the
treasury was framed mainly for two pur-
poses; frst, to meet the demand for in
creased circ ulation; and second. to en-
hance the value of silver by providing tor
II an additional and safe use as money. IL
approved by congress II will, in my judR-
ment, accomplish both objects, and Mt the
same time afford fair and just basis for
harmony OF action In the silver question.
To silver interests II offers every substan-
tial benefit that can be granted without
peril to our financial system and far
greater advantage than can be found in
free coinage. To those who demand
more money il offers an unusual increase
Of from fifty to sixty millions. To
'hose who insist upon sound
against degradation Of the American dol
lar. But to those who would initiate cur
rency by injecting into II a large volume
of money without adequate safeguards
against depreciation IL offers no comfort
whatever, and right here is found the Sc
cret Of much Of the opposition to some of
its redemption features. "In reply to your
friendly criticisms let me invite your at
tention to the extraordinary CONCESSIONS
which is offered to the silver sentiment OF
the country. First, i is proposed to abb
sorb all the silver produced by the mines
and reduction works of the United States
thereby withdrawing from the market
nearly one-half of the entire silver pro-
duct of the world and thus greatly en-
hancing the value Of the whole. Second,
surely without parallel as to any other
product, the senate committee insists
that the government be compelled to pur-
chase A.5OO,OOO worth of silver
each month making S4,0O0,oD
year, which, with the amount needed for
arts and trade with China, will exceed our
own production by about ten millions per
annum. How is this excess to be OBJ
tanned? Only by purchase from abroad.
In the event of an unfayorable balance
of trade, when our gold will he most
needed at home, we will be compelled TO
then surely 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 the largest
operator in the most gigantic corner
ever organized. Third, the bill reported
by the house committee provides that
notes issued for silver bullion be
redeemed i'm standard silver dollars,
il demanded by the holder. This will
give owners of silver bullion the power
country into standard silver dollars at
their own will and pleasure. True, there
is not the slightest danger this power will
be exercised, because no sane man Will
prefer to convert treasury notes, which
the government is bound to redeem i'm
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 circula-
ton, but will permit any one TO have
coined as many of them as he can pay for
with treasury notes. What more can adj
vocates of silver coinage demand? Surely
nothing, unless they desire to compel the
treasury TO force standard dollars into
our circulation for the sole purpose of de-
preciating and degrading it. Is IL not
enough that IL we take half the worlds
silver product and lock il up in order to
increase the value of the other half; that
we join the silver producers in the most
| gigantic 'corner" ever organized
and that we give to owners
| of silver bullion the right and power to
convert every ounce of our production
| into standard silver dollars il they choose.
For all these unparalleled concessions to
| silver interests what is demanded in re-
turn? Only the privilege of protecting
the honor and credit of the nation by the
grant OF power to redeem its notes either
| In gold or its equivalent of silver bullion.
| All bills on this subject contemplate the
/ policy to extend over an indefinite period
and which will result I'm the issue of a
| very large volume a treasury notes. IL
they be made redeeInable in lawful
%@eey Sssa lawful sssy monsy %s, ds%andaa a,a the he
accordance with the high rule OF honor
| which this government has thus far
maintained and by which il has estab-
lished the credit. pride and boast of our
| people. If the balance of trade turn
/ ,St htstr nS In
ability to pay in gold, as il surely will
| under such provision of the law, or IL for
| any other reason we be unable to redeem
| in gold when demanded, the government
| will be compelled 10 discriminate against
the silver dollar when gold will at once
command premium and this
nation will step down from its present
| proud position and take its place
on the financial basis with China. India
j and South America. II is TO save us from
this danger that have insisted so siren.
| uously for the provision To redeem in gold
or as equivalent In silver bullion.
know of but two ways OF which the pro-
posed issue OF treasury notes can be
anchored To the recognized values OF the
commercial. One is the bullion redemp-
ton feature, provided in the treasury bill,
and the other is the authority to sell
bonds in order to provide a reserve fund,
To meet the constantly increasing volume
of proposed treasury notes. The
latter / believe both unnecessary
and unjustiflable. The former.
believe entirely practicable and safe.
Even with this safeguard against destruc.
ton TO the fair fabric Of our national
credit, the extraordinary concessions
above mentioned approaches as near to
the dangerous edge of peril as prudence
will dare to tread. Rather than go ono
step further i'm that direction, firmly be
lieve that il will be far better to have nc
legislation on the subject.