The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-04-21
SILVER LEGISLATION.
Window Explains the Present
Situation.
OBJECTIONS TO THE BILLS.


wAsHrssros CrrY. April sn-secretary
Window tonight permitted . reporter Of
the Associated Press 10 make . copy OF
extracts from letter addressed by him to
q Western correspondent IN answer 70
comment and inquiries upon the present
status of the silver question. The bill rec
commended by the treasury is framed
mainly for two purposes. First. to meet
the demand for increase Of circulation, and
second, to enhance the value Of silver by
providing for il an additional and safe use
rs money.
If approved by congress. il will. in my
Judgment, accomplish both these objects.
and at the same time afford fair and just
basis for harmonious action on the silver
question.
TO the silver interests il offers every
substantial benefit that can be granted
without peril to our finance system. and
far greater advantages than can be found
in free coinage.
To those who demand more money, il
offers an annual increase from fifty to sixty
millions. To those who insist upon sound
currency, 1t gives amplest guarantees
against degradation of the American dol
lar.
bat to those who would initiate cur.
rency by injecting into it large volume of
money without adequate safeguards
against depreciation il offers no comfort
whatever. And right here is found the
secret OF much of tue opposition to some of
its redemption features.
In reply to your friendly criticisms. let
me invite your attention 10 the extraordi-
nary concessions which are offered to the
silver sentiment OF the country. First, it
is proposed to absorb all silver produced
by mines and reduction works of the
United States. thereby Withdrawing from
the market nearly one-half Of the entire
silver product OF the world and thus greatly
enhancing the value of it.
"But, not content with this concession,
which is surely without parallel as to any
that the government be compelled to pur-
chase -, 500 900 worth of silver each month,
making $54. .0o0 600 year, which, with the
amounts needed for the arts and the trade
with China, will exceed our own produc-
ton by about $40 600 900 per annum.
How is this excess to be obtained?
Only by purchase from abroad. In the
event of an unfayorabie balance Of trade
when our gold would be most needed at
home, We are compelled to export sic ,00o,-
900 Of gold which we win then s0reiy need
to pay for SIC. 900 900 of silver which We do
not need at all. This compulsory pur-
chase 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 in standard
silver dollars II demanded by the holder.
This will give the owners OF silver bullion
power to convert every ounce produced in
this country into standard silver dollars at
their own will and pleasure.
True. there is not the slightest danger
that this power will be exercised, because
no sane man will prefer to con-
vert treasury notes, which the gov
ernment Is bound to redeem in
gold or its equivalent, into standard sill
yer dollars. unless he may want . limited
number of them for some specific purpose
Under this bill the government will not
force silver dollars into circulation, but
viii permit any one to corner rs many OF
them as he can pay for with treasury
notes.
"What more can advocates 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 depreciating and
degrading it. Is il not enough that
we take one-half the worlds silver product
and lock 1t up in order TO increase the
value of the other half; that we Join the
producers in the most gigantic corner ever
organized, and that We give to owners OF
silver bullien the right and power 70 con-
vert every ounce Of our production 70
standard silver dollars II they choosef
"For all of these unparalleled concessions
to the silver interests what Is IL We demand
in return? Only the privilege OF protect
ing the henor and credit of the nation by
a grant of the power TO redeem notes either
in gold or its equivalent OF silver bullion.
"All bills on this subject contemplate
policy to extend the indefinite period and
which will result in the issue OF Q very
large volume of treasury notes. II they be
made redeemable in lawful money they
must be paid in the best lawful money il
demanded. in accordance with the high
rule Of honor which this govern ment has
maintained and by which it has established
a credit which is the pride and boast OF our
people.
IF the balance of trade turn against us,
or II distrust arise as TO our ability 10 pay
in gold. as il surely will, under such pro-
vision of the law, or ii TOR any other reason
we be unable TO redeem in gold when de-
manded. the government will he compelled
to discriminate against silver dollars, when
gold will at once command q premium and
this nation will step down from the pres
ent proud position and take its place on
the financial basis of China, India and
South America
III is To save us from this danger that
have insisted SO strenuously for the pro-
vision 10 redeem in gold or its equivalent OF
silver bullion. know OF but two ways by
which the proposed issue of treasury notes
can be anchored so rs to recognize values
in the commercial world. One is by the
bullion redemption feature provided in the
treasury bill. and the other is authority TO
sell bonds in order TO provide . reserve
fund 10 meet the constantly increasing vol
ume Of proposed treasury notes The latter.
l believe, is both unnecessary and unjusti-
fable The former believe entirely prsc-
tscahle and safe.
Even with this safeguard against de-
struction of the fair fabric of our national
credit, the extraordinary concessions above
mentioned approach ss near 20 the danger
Gus edge OF perll as prudence dare tread.
Rather than go one step further in that
direction | firmly believe il would be far
better 10 have 40 legislation on the sub
jecs. I"
REDUCED RATES EAST