New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-07
SECRETARY WINDOM IND SILVER

1.-The Chicago News" doubtless in deep sin
cerity and sorrow, deplores the warping infiu-
ence of party feeling which leads THE NEW
YORK TRIBUNE to commend Secretary Win
dom's plan The plan aforesaid as formulated
by the Secretary, has at no time been treated
as a finished and perfected thing in details, re-
curing no modification. But the Chicago
critic would probably have less to take back, or
10 he ashamed of in the future, if he would
strive to understand what it really is that the
Secretary proposes Mr.. Window does not
mean that foreign silver should come hther
or be received on deposit in any considerable
amount He argues very soundly, but not
very effectively, owing to popular inattention
and editorial preoccupation that silver could
NOT come hithcr because, in brief more is
actually needed for coinage and other uses
abroad than all the mines of the rest OF the
world produce Nobody has answered this
reasoning, or made the slightest effort to an
swer it, except by vaguely confounding in
mind the present stock of coins held by differ
ent countries with the possible deposits of
bullion.
In the present state of things the Bank of
France would lose over $50 200, 900 by melt
ing down the silver coin it holds, the coinage
being at the rate common TO all nations of the
Latin Union. Any other holder small or great,
must sustain proportionately as great loss on
any silver coin, because il now has in current
use substantially the value OF the gold with
which it circulates but if melted its value would
as bullion be worth about quarter less. Should
the United States lift the price Of silver bullion
by largo purchases, that would indeed lessen
the loss in melting down coin and dcpOSiting
the metal here but would also pari passu lessen
the anxiety of holders to get rid of rapidly APP
preciating silver. The danger from outside is
therefore rightly judged by Secretary Window
to turn upon possible performances Of spec
ulators only, and against manipulators of the
market, at home or abroad, he guards by pro-
posing discretionary power, first, to refuse de-
posts, and second, TO pay gold instead of
bullion for notes presented.
II is not 10 be taken for granted that Mr..
Windom', plan would suddenly lift silver bull
ION 20 the American coming rae, as " The Chi
cago News" assumes in asserting that the Sec
rctaryS plan "would make the Treasury master
of the silver industry, and he could raise or
lower prices AT his pleasure" Neither is it to
be taken for granted that Mr. WINDOWS plan
should have no effect, rs "Thc News"
assumes in pronouncng it impracticablc an
utter impoSSibility, ian attempt to rehahilitate
silver rs money after it has been discarded by
the entire Continent of Europe and the
ike.
The Secrctary's plan, if guarded by discre
tionary power Of suspension, would probably
raise silver bullion all over the world. and pos
sibiy even 10 the American coming rate be
cause that rate is per cent lower than the
European coinage rate 50 that II would still be
uuprof'atl" 20 molt down European coins foy
deposit mere Is bullion. A.din. the yearly sup
ply OF silver from all mines outside this coun-
try. If bullion should be- advanced in price
would probably he wanted i'm other countries
oven moro than II is now, and for many years
that outside demand has exceeded the outside
supply by AT least a third Of the American pro-
ducton To a leye-hcadcd person this would
seem to mean no probable emptying of foreign
silver here. but continuance and even some
increase of the foreign demand for American
silver