New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-21
THE SILVER QUESTION.
VIEWS OF SECRETARY WINDOW.
WHAT THE TREASURY BILL AIMS TO Ac-
OBSERVATION-DISCLOSURES TO THE SILVER IN


TEREsTs-TnE REDEMPTION OF NOTES.
Washington. April oo-sccrctary Window tonight
permitted reporter Of the Associated Press to make
a COPY Of the following which is taken from letter
addressed by him TO Western correspondent in answer
to the silver question
@The hin recommended By the Treasury framed
mainly for two purposes First 10 meet the demand for
An increase OF circulation: and. second. to enhance
the value OF silver by providing for it an additional
and safe use money. II approved by congress
IL WILL in my judgment, accomplish both OF these
objects and at the time afford fair and Just
basis for harmony Of action the silver question.
tn tho silver interests il offers every substantial benc
at that can be granted without peril to financial
system and far greater advantages than can be found
in free coinage To those VINO demand more money!
it offers an annual increase OF from hfty 10 Sixty
millions Of dollars. To those VINO INSIST upon souho
currency il gives the ampcst guarantees against
decr,datIon Of the American dollar. But to those
who would initiate the currency by injecting into
II a large volume OF money without adequate safe
guards against depreciation 1t offers no comfort what
ever And right here is found the secret Of much Of
the opposition to some OF It's redemption features.
"In reply to your friendly criticisms. let m: invite
vour attention TO the extraordinary concessions which
are offered TO the silver sentiment OF the country
First-It is proposed to absorb all the silver pro
dnccd bv the mines and reduction works OF the United
States thereby Withdrawing from the market nearly
Of the entire silver product OF the world and
thus greatly enhancing the value Of the whole.
"second-Not content with this concession. which
is surely without parallel as to any other product.
the senate Committee insists that the Government
shall he compelled to purchase $4,000 900 worth Of
silver In each month. making S5i,OOO.0Oo year
which, with the amount needed for the arts ana Tor
our trade with China will exceed our production
by about $4,000 600 Per annum. How Is this excess
IN he obtained only by purchase from abroad. In
L. III. 1t ada han
orr gold will he most needed at home. we shall be
corncucd 70 export millions Of gold, which we
will then sorcy need to pay for ten millions of silver
which we will not need at all. This compulsory pur
chase II 30 great an amount will make the Treasury
the largest operator in the most gigantic corner
ever organized
Tee provldcs that the notes issued for silver balloon
shall lie redeemed in standard oliver dollars II de
monded bv the holder. Ills Will give 70 the owners
Of silver bullion the power to convert every ounce
nrodnccd In ihi, country into standard silver dollars
at their own will and pleasure. True. there j. mon
thc slightest da ger that this power will be cNeri'od
because no sane man VIII prefer 20 convert Treasury
notes. which the Government is bound 10 redeem IT.
cold or ifs equivalent ino standard silver dollars
,nlcss he NAV want q limited number Of them Tor
some spcc.Rc purpose Under this bill the Govern
ment viii not force silver dollars INTO cHciia'on
but Il Will permit any one to have coined a. many
81 them H. can pay for with treasury h''''' WHAT
more can the advocates Of silver coinage demand
Surely nothing Ln.csS they desire 10 compel I'M
Treasury 10 force standard dollars into circula
tion for the sole purpose Of dcprccatng ana degrading
H. i il not enough that take nearly one l"i "i
the worlds silver product onnd lock II up III oiuer
t. increase value If the other hHi. mat W .vi
ever Organized and that We give To the Owner, 81
silver lu,lion The right and the power :" convert cEc'
ounce Of or product INTO standard s'Fci uo'i"'' "
For all i,e,c unparalleled concessions To ne
sil,.er Interest,". what T. demanded IN return pnf
the privilege Of protecting the honor ana '.'" :" O
Nation ty q grant of power 10 l'N,'" 40 In,
either pold or IN it, equivalent - silver i.ll4'i.
All Of the lll on th, subject contemplate, r9i,h l
extend over an Indefinite prIiNu' az" "tu.' -
in the Issue 81 a large volume OF treasury i,"''.
ihey De made redocmablc ~ lawful money ,l,Y mn
lr. uad in the best nTfll money. y o"in'i".o' j." ."
cordance with high rule OF honor "hicN ui4s ""F
eminent has thus far maintained ana 10y VIM" 81 81"
csfalls he'd credit the pride and boast ~ our pr'p'
II The balance Of trade shall turn against ~. or
lsfru.t shall arise 70 our ability IA pay lh svo,
rs IL surely Will. under such provision 81 '", a..
in cold when demanded. tho Government VIII if
compelled - discriminate against silver dollars, "ieh
Will step down nom u, pi"',n, i'"l.. P,,,, I'd,
take is place the financial ha.l, ~ emma llul.
and south America II j. 70 save rs ron. t", n-,I,
tn redeem I'm gold or It's equivalent II silver balloon
g. lnow of but two ways bv winch tic pr ,l','''
iesur 81 Treasury notes be anchored I" me re',-
nlz~d values II the commercial world one j. t'
billion redemption feature provided IN the Treasury
hi and the other Is authority - sell bonds ln ofdc
~ proyde "A reserve f.nd - meet The ccr.tlnty IN
crca.ing volume II proposed Treasury note ne
latter believe to hc both unhe.' AIRY ann 'y',,,
Liable Tie former ! believe 10 be entirely p'"
t,r,ile and s,fr Eren with this safeguard against
destruction tho fair fabric OF our National cr'di
nrnach A. noar 10 the dangerous edge ~ pcill a
prudence Will dare to tread Ia'her tntn 90 on.
would be far better 70 have no legislation on the sub
ieCt.7