New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-25
A POSITION TO BE HELD.

The Silver bill having been promptly report
ed by the Coinage Committee, the Republcah
leaders of the House are now Responsible 1or
the legislation which may result. ms reSpon-
sibility is more serious than some are acci's-
toned 10 consider it. Members have been
forced to hear much of immediate political con-
sequences in certain States of a failure to meet
the wishes of silver extremists. But after try
ing compromise, even to the verge of danger,
they have been shown that nothing less than
unlimited coinage and unlimited peril Will
satisfy these extremists. Now it is time to
consider what will satisfy far larger body OF
substantial citizens, who have made niue
camor because they have trusted in the good
sense and fidelity of a Republican President
and Congress.
The Republican leaders ought first and
chiefly to consider what will make the currency
safe 1t would he folly OF the worst kind, after
all this struggle, TO assent to any measure
which will not lie safe, in the empty hope OF
placating those who contend for the silver
standard and nothing less. Let it be remem-
bered that elections this fall will come too
soon to be materially influenced by actual re-
suits of a beneficial character, whatever acts
may be passed. But the elections two years
hence will be greatly controlled by the INDUS
trial and commercial consequences OF such
action as Congress may take, and then there
will be elected, not only Congress, but
President. If unwise action shall cause alarm
and financial disturbance, the effects of that
disturbance will be hard for the party in power
to overcome two years hence. Far-Sichtcd
political wisdom therefore requires exactly
what a purely patriotic regard for the welfare
of the country requires, namely, action that
shall be safe, or else no action at all. For
with the laws as they stand the country has
been and is in high degree prosperous.
The Republican party cannot afIo;d 10 throw
away its character for financial safety and IN
tegrity. 1t has made the currency as good as
gold and pledged the people to keep it so, and
has for that one reason the support OF thou
sands who would nccnly resent any departure
from that pledge. Its Representatives have
formally proposed and adopted a measure
which would take for monetary use all the
silver produced by American mines, and yet
would make every dollar of the additional
currency issued worth exactly the sum in gold
which the notes promise. The bullion re-
dcmption feature which the Senate has failed
to sustain is precisely the one that made the
House bill wise and safe, and the House and
the President can well stand upon it without
yielding. They can appeal to the sllver-pro-
ducing States, because they have proposed to
create market for all the silver this country
produces. They Can appeal to the commercial
and industrial States, because they have in
sisted that the currency shall be kept as good
as gold for the wagc-earncr as well as for
the bOndhOlder.
To compromise away position so strong
would be, in the judgment of The TRIBUNE, a
great mistake. Other enactmentS may be de-
vised which might possibly work without harm.
But this would be plainly and certainly safe.
| If purchase of 1000, 900 worth of bullion
should be required, and notes should be issued
| against it redeemabe in /" con,' it might be in
| the power of the Treasury to keep up the re-
| dempton of such notes in gold, but circum-
| stances easily conceivable might render that
impossible within the next two years. The
| financial world quick to apprehend danger OF
change, would not fail to act upon the pos
| sibity that gold reserves might be exhausted.
The situation from the very outset would be
one of uncertainty, and that does not promise
prosperity, nor stimulate industries, nor invite
capital into new enterprises
The House has done its part to insure most
prosperous future by passing wise Tariff bill.
If it will with equal wisdom insist upon cur
rency expansion which shall have in it no Gle
ment of peril, the House will chain to the Re
publican party the confidence and support OF
the great industrial States.