New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-09
UNLIMITED SILVER COINAGE
REPLY TO SENATOR STEWART-SlLNER COIN
AGE A FATAL BLUNDER FOR
SILVER PRODUCERS.

SIl.N TX lfVpDlt IitS.
eULLloS NOTES THE TRUE REMEDY-AN INTER
NATIONAL CURRENCY BASED on BOTH
THE PRECIOUS METALS.
The ARGUMENT Of Senator Stewart was pre-
snmably designed to favor unlimited silver coih
age II presents many reasons why SILVER sno"l"
be in some way moro largely employed as o'Sis
of the worlds currency, but not single one IN
favor OF unlimited coinage. or even OF any
coinage. Of silver 1t is, therefore, q al"cuis
argument TO answer, without departing from tilc
subject proposed for discussion Many OIL HIS
statements and reasons NAV be unreserVedN 40
cepted, but have no bearing upon the ques'io"
whether silver should be coined. The worlds
need of silver or of acceptable representatives. vi
silver. as part of its monetary supply need not
bc discussed because universally acceptable repre-
sentatives OF silver can be found. established ana
maintained in use by all nations, without any
coinage whatever 1t is but evasion OF the
uuestion proposcd however unconscious on the
mart of tie Senator to dwell upon the actlai
or supposed need for more money OF some KING
since arguments Of that nature 10 more tenn |"
nrOvc the necessity of coinage IMAM 10 Pio'S
that the moon is made of green cheese IL s-of'
600 900 Of silver certificates now Ill crcuia''oh
had been issued against like value OF sii'ei
br,,;on deuosited without coinage in Treasury
vaults, there is no reason TO suppose 'ha' '"eS
would not have circulated as freely as tHcy no"
circulate. and served exactly the purpose theS
now
COIN REDEMPTION OBSOLETE
rcdcmption of a paper currency has hecn found
necessary to insure its soundness bnt reuenP-
Tim in coin is a relic of barbarism. The lh'er
national settlements now made mainly ID puii-
ion. when made in coin at ALL involve the melt
ire OF il at unnecessary cost. The storage
nockinc transporting counting and guarding
of Great quantities of coin involve entrcly "as'c'
ryrense rs well as the coinage itself. bars OIL
bullion could he stored more compactN, woui"
require 10 bags or boxes. could De haholeu mo'e
chcapy counted more quickly, ana wouiu "e
less exposed TO theft than their equivalent III
value of coin, and would be as readily accepted
nv bankers or others having large sums in paper
10 present for redemption. The paper repre-
sentative of any fixed value in deposited bullion
could with as perfect proprety he made a legal
tender for all purposes as the coin produced from
that bullion The only real question IS whether
The redemption of such paper Should DC III ouliion
Of a certain value expressed in terms oil GOA OF
in terms of silver, and on that point Senator
Stewart casts no light.
rvO STANDARDS IMPOSSIBLE
When commerce between nations and even ne
tween cities was slow the coincident use oil TWO
ftandalds of value was possible, but even tEeh
involved much in convenience and loss Now 'h'
electric wires connect oil countries and ciil's. te
difference in value between silver and goa IS
constantly observed and everywhere known 20 'e
Huctuating. and the inconvenience OF empioHlh@
two standards varying with reference 10 each
other has become an intolerabie apsurdl'y. lie
civilized world now measures values IN terms OF
rod Where silver coin not purely SUBSIDIARY
ar representative is used it is in fact rated and
passed al a relation TO gold which may vary from
day 10 day, but is everywhere and always the
Determining measure of its purchasing power
Ine stnndard dollar here passes as the eTulVaeAt
O. dollar in gold because in practice 1t can be
anywhere exchanged for that coin, 80 that IFS
only function in reality is that Of subsidiary or
preventative coin. But where silver coin is the
Iaoncy of prcdominating in India, its rating
or value in gold determines from time to time
,hc amount of it which men will pay for any
purchasabe thing. Accordingly, tie poor, the
wage learners. and other persons with fixed sal
cries are there at the mercy Of the money hand
ling classes and it is toward a similar condition
Of semi bal barsm that persistence III the attempt
80 make silver the predominant currency IN use
would drive this country.
HOW TWO METALS CAX BE USED
The world Of commerce measures in one money
metal but uses both II value in terms Of gold
lie paid in either metal. ii is enough. What The
world Of commerce does this great c,mme rcial
Nation would naturally DO. since il requires in
oil uses tie hest money the world has 70 oher.
ell.
ducers to make their metal more valuable. and
but for their melancholy blnrder in snpposinS
flat its value can be somehow altered by coin
;ocit Having coined over $500 100000 without
1;f,jn, the value Of liver in tie least degree.
hcca;lse purchase and storage Of The sane quan-
,i,v Of bullion would have produced al least as
much effect they now proprc unlimited co maze
still with the absurd notion that metal used III
that form rather than as bullion has some magic
notcncy Ii NAV be doubted whether senator
St.Sayt agrees with then because he oilers not
= word Of argument in favor OF coinage. DOUBT
less he is able TO see that the market relation OF
silver 20 gold will be affected by the quantity OF
silver taken from the market fox monetary use
but rot By the subsequent process OF COOLING al
a useless expense.
COINAGE DrPREcIATEs SILVER
But the blunder Of those who would coin the
silyer operates TO defeat their own desire what
they wish is to strengthen the market rcauoh
Of that metal 10 gold, and that can he accom-
plished with certainty if sufficient quantity oil
the metal can be withdrawn from The marke, Tor
monetary l(,e as bullion. But the instant thls
same metal has stamped upon II valuation as
coin which is not the valuation OF the markets. 10
becomes a source OF peril TO the commercial and
industrial world, and consequently cause OF de-
preston in the market price OF silver. For by
that act the threat is offered values shall he
reckoned, sooner or later, in this metal and not
In gold Knowing the prcdicament Of India and
China knowing what strides toward barbariSm
this change would involve. the commercial world
breads the white metal and boards gold 30 the
ic ,rcativ uiplinishcd OutSdc the