New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-23
LILLE SLLrEL HILLLON NH

The criticisms Of Secretary Window Bullion
bill do not 20 to the root Of the matter. and
scarcely deserve serious notice. There i no
argument in the assertion that the bill will
surely be defeated. no sincerity IN the assertion
that the Secretary doc, not desire its passage.
and if there were no better objection 10 rho
bill than that II intrus'~ 10 the secretary and
the President jointly q dangerous power, IL
should be- passed AZ once because mcomparably
less dangerous than existing laws. To say
that the measure empower, the Secretary to
pay what he peascs for silver 20 buy or not
10 buy at pleasure, Is 10 hc'1y utter ignorance
Of the bill. He can stop deposit, only when
combination makes the price fictitious he can
pay only the price fixed by the markets OF
The world
The bill narrowS the issue 70 this: Is it
initiation? il would add each year to the cur
Icucy; would it add too much The notes
would be sound, and of fixed gold yalHc. The
only question is whether there would be too
many Of them. Any fear that TWO hundred
and cighty-two millions of certificates and
sixty millions Of silver coins now in circulation
would be rendered too valuable Is simply
foolish. If the Nation can make it, silver cur
Icncy as good as gold and add third to the
value Of product of its mines why not? But
would the measure render the currency cX-
coSSiyc in volume?
The men who think they know exactly how
much money the country can proGably use ~
"A rule are those who know least about it. EX
pan>iOn from eight hundred millions in 1878
to one thousand four hundred millions in 1890
has not resulted in the disasters which many
dreaded. Further expansion at the rate at
which population increases, about , per cent
yearly would no, add to the supply per in
habtant. Yet that would be forty-two mill
ions yearly, and the gold value Of all silver
now Produced in this country, less the small
quantity used in arts, is not aS much. Further
surrender of bank circulation must be expect
ed last year il was more than thirty-Scvcn
millions. An addition which promises TO cX-
coed the amount Of retirement by less than
three millions yearly is not, on the face Of
things dangerous imitation.
/" But it is to be indefinitely continued" so
is the growth of the country all hope If
population does not cease to grow, if business
and industry and wealth do not cease to in
crease even more rapidly than population. the
country will need more circulating money of
some kind. II is not "A narrow pcnt-up little
island, with nearly stationary population.
-Four new States, which were but a wilderness
yesterday, want and use millions Of currency
to-day. Unless there is danger that the ex
panSiOn of circulating medium will outrun the
increase of population, of business, and of need
for money, where is the peril?
Imitation once brought disaster, because it
added notes which soon lost value, being re-
dccmabIc in nothing. But silver is one of tho
money metals of the world. Notes redeem
able in silver bullion at its market value would
have substantially the same value all over the
world, and could not dcpreciatc unless gold
should deprcciatc. The true point of appre-
hcnsion is that, by excess of volume notes
would drive gold out of the country but could