New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-02
cyyrrP ~ THE SENATE.

rho Ronublicaus of the House and thirty
.o,.on ont of forty-seven Republican Senators
a,rood unon q Silver bill, which will utilize
with safety substantially all the silver pro-
Irood in This country. But ten Republican
Senators refuse TO accept the measure
framed bv the Joint committee OF the TWO
houses. Thereby they take the responsibility
# defeating all legislation on the SUBJECT LOT
This wear. and of subjecting the party to any
lose which the defeat of such legislation Dy
tbor action. against the general Will OF the
party, may possibly involve u,..
These Senators object TO the provision tna'
unon the demand of the holder OF any OF u4c
Treasury notes herein provided for, the oecre-
.orv Of the Treasury may, in his discretion ana
,,nior such regulations as he may prescribe
exchange for such notes an aiho'iu@oi Sii'oi
bullion which shall be equal in value AZ the
market price thereof on the day OF eAchanSe
~ the amount of such notes" This IS the one
,,rovision which makes the bill entirely sale
For this renders it certain that the proposed
no.os can at no time be worth anything less
than fixed value in the money OF the Worlu
commerce. The quantity OF bullion Which can
with this provision be obtained for them al
any time will be that quantity which mas al
the market price the precise value expressed
in tbe notes. There has been some foolish
dor;sion of this feature of the BILL and it has
beon said that holders would never want re-
demption of notes in bullion, except when the
Secretary would not grant 1t. But the one
danger against which il is necessary TO guard
i that Government may become unable to re-
doou its notes excepting in deprecated silver
ooi,s If heavy exports of gold should at any
,;uo emf down the gold reserve, alarm capital
and lead TO rapid Withdrawal OF gold 1or
boarding. n depreciation OF silver dollars WouIu
almost inevitably result. With these COINS
worth cent or even a fraction OF cent beloW
cold in the market. nobody would want them
Everybody would prefer a quantity OF silver
bullion worth in the market exactly the face
If the note. With the provision for bullion
rodempton the notes could never be worth less
than their face in gold Without that pro-
vision. they might suddenly come to be worth
ONLY the bullion value OF silver com, perhaps
20 cents on the dollar.
The Mint report just published shows that
about 1000. 600 ounces OF fine SILVER were
produced last year, 50,0O0,OOO from the mines
and 1000, 600 from smelling of imported ores
The quantity of silver bullion imported
S5.453.534, is substantially the quantity used
in the arts. Thus there is supply already
Of about -. 100000 ounces for monetary Use
in this country. or 3 200, 900 ounces more than
the bill requires the Treasury to purchase ana
the rapidly rising production Will probably
make the margin for export somewhat larger
This removes one objection 20 the measure
that it requires purchase OF more silver than
WAS officially known 10 be available IN TINS
country But At the same time 1t greatly IN
crca>cs the need Of guarding against sudden
dcprcciation Of silver if the purchases should
for q time fail 10 sustain tho price, gold beng
meanwhile drawn out by exports or otherwise.
In the light of this report the House IS clearly
justified in passing the bill exactly as 1t was
agreed upon in conference, refusing 70 assent
10 anv modification which would render the
measure less safe. and casting tho response
bility for the failure OF legislation upon the
senators who disagree with the large majority
Of their party.