New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-09
NAL value and monetary use: IT leads precisely
- lao n

from SCI to 1873 should Ike carefully s'nde
Prices in paper went up even more than the
premium on gold during the war. and rcma ned
above that premium during long AID weary year,
Of subsequent disaster. Men received h@h
wages. two for one. bnt paid ll@h prices LOT
everything purchased. two and one-halt lot one.
Debts were paid almost as easily as IN Tie ancient
Jewish year Of jubilee but when people went 10
get credit for new undertakings they grasped the
other end Of the poker. N0u'v-chuer' t'oneH
handlers and spectators had advantages III thas
period OF National dis lster when tleN never han
before or since and used item ~ the utmost ~
can hardly re thet Senator Stewart
or any other representative Of
legitimate producing Industry, desires 20 sec
another pcriod like that which followed the
crazy initiation of prices in s64. Nor could the
country now endure. without great war 20 oc-
cupy its labor and create abnormal demand ioI
products, such wild "alpursn ie'ei OF monetary
insanity.
DANGERS OF THE SENATE BILL.
The bill reported by the Senate Finance Com
mit,ee is as truly an embodiment Of this danger
ous blunder as if it proposed Unlimited coinage
For at the rate $i.5Oo,Oo0 per month or
e54 600 900 in Il wear silver from American and
Mexican mines and from European stores would re
rushed into the mints. stamped int coins pro-
cass;nr Ia he worth 1000 600, more
or less ard represented IN use by
S72.OOO.oOO of silver certiicates. such an ad.
ems. fatal disaster. Tie lii ntle OF Elijah VII
not be claimed by any man o; sense IN d!scussiiis
monetary problems. bnt the Sims most cafeiuN
watched BY students of monetary questions are
ali at fault if tie present volume of paper. sup
ported by tue cold reserve alone: Is rot about
as large as can be safely carried For SIX months
10 come exports will be relatively small ana I'M
norts arge ami instead Of $40 .0o0. 600 gold sent
abroad last wear in those months. the amount
might without rev disturbing cause. he cons d
erably g,ca'er. rarlc n any Lurope III maihe,'
Ito, .N-pp on
a financial collapse in Brazil. reaction III the
wild speculation which has prevailed in England.
particularly in induTa s,"cks mldhf !ro an fhis
country But without any foreign change. TIE
snperabGndarce and chcapness OF money her'
and the fear OF snKinS 10 SILVER values
\ sin2lc failure re acv.ces q,
single Spectator. might. without any warn
Ing start a premium on g9ld ana men, p'ssinN
in a very few DAYS. II would he realized that The
suuply # coll had failed. and thct oil papcr
redcemable in the pieces OF stamped silver called
dollars was in fact worth only sevcnty-ivc cents
The danger Of this catastrophe is brought
nearer nv that feature OF the Senate bill which
requires purchases of silver. exceeding the amount
now produced by the mines in this country. less
the amount used in the arts. by an amount
voriousv estimated at e. 0OO. o0o to $50. 100000
The purchase Of silver bullion from abroad wonld
take away from the country, LET us say 81 1000
GOO in gold. in products which would buy
gold and at the same time II would crehF u
temporary demand abroad which the mines OF NJ!
The world would hasten 10 supply. That on'So 81
gold and public apprehension OF the silver haslS
would presently put gold at premium seems
about as certain as any future event can be.
BULLION REDEMPTION SAFE
The coinage of the silver is the fatal hlunder
Not coined it has value. like other things,
measured in the worlds accustomed terms. AMI
therefore value which can he lifted 10y inctcasr
in the demand or decrease IN the supply. As
bullion. tie silver can be represented III nsc ~
paper notes. which the people VIII receive III"
carry as they viii not the coin. / nc "hlN pro-"
on, which remaiDs l. to fix the terms OIL fcHcmP
tiou for tie notes. and secretary iunoh bliI
To provide notes redecnabic III SILVER pulIioh ol "c
same market Vallc as the bullion deposIf' VHciS
practical method. by this pan sups''ht ,s
ali the expense Of coinage and counting. pas
boxes and Guarding. would lie saved. anu idi
more important difference. all possibility oi a
violent and destructive changc IN tiie ihess1'. ~
value the money OF account. ana the RELATION
between American legal tender and the money oil
the commercial word, would he AVOIDED. roi
the notes issued could never inc-n awning NOR
or less than "A certain value in the world 5 Dccus
toned measure, though rcdeemabie IN QUANTITIES oi
silver which might change FROM day /" day. ih,r
would be put into circulation no coined uotiaie.
differing III market value from the dollar oi Lie
commercial world, and liable TO become inc
measure of value in payments or purchases. mus
a change TO the silver basis OF VALUATIONS wouIu
he impossible and for that very reason more
silver could and would he employed in monetary
use than can by any other mode be 50 cinpioNru'
SECRETARY WINDOWS pLAS.
This plan would take and apply 10 monetary
use all the American silver that the rest Of The
world does not require and pa. FOX III gold II
avoids the fatal error Of the Senate bill. which
would compel the Treasury to pay tor more silver
than American mines produce. whether the "CrIu
has it, 10 spare or not, and 50 would Involve q
drain Of gold from this country 10 pay for silver
bullion imported. Ii avoids tie boarding of gold
which is caused by the fear of silver basis. III
enables people 10 reckon upon the future Is
safely as they can with only ore precious metal
as the rarasurc Of value, and Yet WIN All tie
cOnliacucr that can be given b. a certainty that
tie entire s.pply Of both metals VIII be inrN
used and added 10 tie effective circulation.
All the world. outsiic tie United states. re-
ouir.s and takes ifo use more silver tAon IL pro
duces The proof is that ior re"rN init'y 5c-is
there has not p's-ei snAf year without nc.
eNuOrts Of silver fr IN this cpEDirN and Tie hci
exports for ei4ht wears past have been SHs.2OnfJl
in commercial Or bullion value. l2.-'1.VOl year
w. or more than an eighth II tie entire product
II the world Mess conditions OF pr0duc'l0n
and demand throughout tie world should suddenly
and radically change. without cause or reas'h
as yet discOyeIabe. th.s demand WCil1 '"h'Iu'
50 flat in order 70 get needed supplies from 'hl'
country. fo'eicn markets wonld H. forced 10 pay
q shade more than the pricc paid bN the ifrSurN.
In the event OF any ARTIFICIAL or hc''lo"S pii't
here Of course tie fJ-fl-H demand i'T silver
and tire New-York market "or'd rule above the
rest Of the world lu' trcn the treasury price
being an avereee OF III markets, must he below
that Of New York and So must tend 10 restore
the normal condition. wan pIIces "iSW'''ic
ordinarily higher than here. AID constant a.
mand for silver abroad in excess nf i"irliN piv.
Gucion. there cond be no movement OF bNlHon
10 this country. bui ,he eNJr' OF foreigners 10 GET
from the Cnteh States an eighth Of ne w"rhl =
Production. while the Treasury IS bidding Tor all
the silver produced here. could not fail 10 raise
tie price STEADILY II the silver producers wai'
a SIRE quick and constant demand for al ,hrlr
product this is of all others the plan calculated
10 create and maintain il.
not MEANS OF SPOIL >TIoN.
But il any Of them want. not permanent
help for legitimate industry. bat debasemen'
of the monetary standard, whether for personal
gain or In spirit OF virdictivcneSs toward thos
who have luarcd trusted or acquired ri@h's
on u gold basis. this plan ofTcrs them nothing
For purposes Of spOation unlimited coinage Is
the surcsi tool, though the Senate Coinage M
might reach the same result. Noics Tcuccihaple
"a uncDilcl sill clc,.NS "A definite Nalllr