, 1890-04-24
COINAGE OF Sill YER.
Secretary Window Explains
His Bill.
THE REDEMPTION FEATURE.
He Clearly Demonstrates the Ne
cessity of the Bullion Clause
Great Concessions.

wAsHiNGtoy. April is.-rhe senate
republican silver committee held u
meeting this morning at which secrc
tary Window said that the reason tor
Ihis advocating the redemption In
kulliou of certificates issued ior the
y }kurchaso OF bullion was that IL would
: make the certificates moe valuable 10
require their redemption In silver
dollars would be- in his opinion, to die
credit them while to require their ro-
demptiOn In gold coin might seriously
emhaTruss tho government.
lie insisted that there were only TWO
ways In which tho credit of tho govern
nent could be protected In the issue of
tho large number Of treasury notes con.
templatcd. one was 10y bullion rcdemp.
tion, as proposed In his bill and the
other was by authorizing the sulc OF
bonds to provide q gold reserve where 1t
becomes necessary tn redeem them. The
latter policy hc believed to he wholly
unnecessary and uniustihahlc, and
hence favored no other gieans Of pro-
trction thaa the bullion redemption
proposition, lie said that he doomed
this feature absolutely essential in pro.
t,cting tho credit Of the country, and
would feel IL his duty to oppose amy
measure that gave the holder oi certih-
Gates an option on tho currency in which
II should be redeemed.
- After the SECRETARY had given his
- rws upon tho SILVER bill and his basis
VI them, n discussion took place upon
thc subject OF the sUili,iency OF tho cir
culntion. MIR, Window had stated to
the committee that the total circulation
"a Nl lgVa I'M a. III = Al
per capita on IA basis OF 5000 900 Of
population. Actually, however, the
sum WAS subject To- dimmution by the
amount tied up IN various ways, such as
reserves held for the redemption of
notes, etc, 50 that the pcrcapita amount
OF the circulation was considerably less.
The secretary agreed with the senators
ns lac had with thc representatives. that
all addition to,thc circulation was neces
sAry, but In tbt. conference to-day, no
definite sum was named.
WAsHiNGroN, April 20.-Secretary
Window Tonight permitted a reporter
OF the Associated Press to make copy
OF the following, which was taken from
u letter addressed by him to Western
correspondent IN answer 10 comment
and inquiries upon the present status ol
tho silver question; ''fhc bill recon-
mended by the treasury department was
framed mainly for two purposes; First,
Ia meet the demand for an increased cir
culatioi, and second, to enhance the
~aluo OF silver 10y providing ior 1t an ad-
aitional and safe use ~ money. Ii ap-
! x1epved by cougrrss Il will IN my judf
nt accomplish both of these objects
1hd at the same timc afford fair and
just basis inr harmony OF action ON the
silver question. To the silver interests
It offers every substantial benefit
that can bo granted with
out peril To our financial system
aud far greater advantages than can bo
found in free coinage. To those whJ
demand more money IL oilers an annual
increase Of from fifty TO sixty millions,
and TO those who insist upon sound
currency IL gives the afnplest qua rHntees
against the degradation of tho American
dollar; but, to those who would initiate
the currency by injecting into 1t a large
volume vi money without adequate safe.
guards against depreciation, 1t oilers no
comfort whatever and right here is
found the secret OF much of tho opposi-
tion to some of It's redemption features.
"ln reply tn your friendly criticisms,
let me invite your attention to tho OK
iruordinnry concessions which arc Of.
fcr.d ,o tho suycr sontimcnt of IN,
cn,ntry /, ,ho nrs, ,,locc IL "a pro
,,,scd 10 obsorh au ,be silver nrodno,d
l., ,ho n,inos a,J ,oJnc,lon WOKE ol
10 I-,i,eJ STAT. -,bo,ohv witbdr,vino
-, ,', .aot noarh, nnn'
Xr ~ III, -,
Wv 'tm '"'u -.
I" 'ho "u'"' u"" 'nu'
FrAt'y enhancing the Value oi w.
whole. Second, not content with this
concession, which Is surely without par
nIlcl in any nthor product tho senat.
,n,,r,i,,anin.is,, ,i,a, ,ho ,.n,,o,,,non,
,w", ''''' - ~ =, ,rn on.
pe V"'hpe'e" VI Purchaso "'"v'oVN
worth oil silver each month, making
sb4, 10000 ycnr, which with the
amounts needed for the arts and trade
with China will exrecd nur own pro.
I,'a,t,,,, -, $50 o,o onn .,.,'',.,,.,',
u"u'''" ny "uu''' FiV'"VV'VVv Po' ""i'u"'
HOW Is 'hls excess TO be ob'aihed
Only by purchases from ahrond. IN
the event OF an uniavoruble balance oI
trade whom our gold will bo uee,lod A,
i,.,,,, ,,, ,,,ilI - a,,,,.,',I,,l ,r a,,or,
.,n .u''ae, w. W W. "'' w ,v'"le,uu W oNpv,
sIuVVoou OF Goiu Whlou Wo WIZ
then sorely need 10 pay Tor the
$lO,OO0,0 900 OF silver which VIC
will not need at all. This
comnulsorv nurchase Of 40 great nm
an,o,,,, vii, p,nl,, ,ho trcasurv drnar,