Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-01-14
TUESDAY. JANUARY II. 1890.
Free Coinage of SILVER.

Free Coinage of Silver.
Mr.. WINDOWS scheme TO issue treasury
notes against deposits Of silver bullion is
no inconsistent with the utterances and
the general record Of the Republican
party a. a party that we hardly know how
20 account for the fact that that scheme
has commended itself TO the favor of the
present Republican Administration. The
Republicans, as arule. voted in 1878 against
the BLAND bill, not beng willing to coin
even twenty-four TO forty-eight millions
of silver dollars annually. And Mr..
HAYES vetoed that bill. And now
the same Republican party advocates
scheme which seems to us TO be more OBJ
5ectionable than would be a much worse
measure than the BLAND bill We suppose
the change Of attitude towards silver must
be attributed TO the desire of Mr.. HARRISON
ms western man TO 90 as far as he can to-
wards complying with the wishes OF the
silver men in the Northwest without yield
ing to the demand for the continued coin
age of silver dollars. Mr.. HARRISON thus
gets rid also Of the question of the free
coinage of silver unless indeed the Demo-
Gratis and the silver men combine and com
pei him either TO sign or 20 veto bill
opening the minis to the coinage of silver
upon the same terms upon which gold IS
coined.
OF course, Mr.. WINDOWS scheme contem-
plates the repeal of the BLAND law. and the
cessation of the coinage of silver, even 10
the extent Of two millions of dollars per
month. But it may be confidently pre-
dcted that the bimetallists in Congress
will never allow this compromise, if CON-
promise it can be called, to become the
law of the land. They have stood for the
right for the last twelve years. They have
seen all the predictions Of the monometal-
lists of 1878 falsifed. Their course to-
wards the white metal has been fully vindi-
Gated by tho history OF the workings Of the
law which Mr.. HAYES tried in vain to kills
and ii is not at all probable that they will
now haul down they colors and march into
the camp Of Their enem es as prisoners
They will rather unite with the silver men
from the far Northwest and far West and
restore "the dollar of the daddies" to the
place it occupied in our financial or none
tary or coinage system from the foundation
Of the Government TO the year 1873.
1t is instructive to compare the New York
T,ibtnpe's present position relative to silver
with its position twelve years ago. 1t is
not only an advocate of the WINDOW bill,
but il goes so far in its advocacy of that
measure. though it says the billmay be i'm
proved. that its arguments might be
quoted by the bimetallists as tending to
show that the minis ought to be opened
70 the free coinage Of silver; for the strong
est reason that can be adduced against
this latter measure, if not the only reason
worthy of consideration, is that to omen
our minis TO the free coinage Of silver
would be to cause the silver from all other
countries to flow INTO the United States.
See how the Tribune speaks Of that reason.
We quote:
"Mr. Window does not mean that for
eign silver should come hither or be re-
ceived on deposit in any considerable
amount. He argues very soundly, but not
very effectively, owing TO popular lnatten-
ton and editorial preoccupation, that Sill
yer could not come hither because, III
brief, more is actually needed for coinage
and other uses abroad than all the mines
the rest of the world produce"
What more could Mr.. BLAND say? Silver
could not come to this country because more
Is needed for coinage and other uses abroad
than all the mines Of he rest Of he cord pro-
d,sce! In the name of reason, then, why
not open our mints and make silver jump
up to the par of gold? We quote the 7fi-
tgRe again:
"In the present state of things the Bank
Of France would lose over $4,000 OOO 10y
melting down the silver coin 1t holds, the
coinage being at the rate common TO ali
nations of the Latin Union. Any other
holder, small or great, must sustain pro-
portionately AS great loss on any silver
coin. because il now has in current use sub
stantially the value of thegold with which 1t
circulates, hut il melted Its value Won d as
bullion be worth about quarter less.
Should the United States hit the price OF
silver bullion by large purchases that
would indeed lessen the loss III melting
down coin and depositing the metal here.
but would also pdri pdsss lessen the anxiety
of holders 10 get rid of rapidly approaching
silver. The danger from outside is there
fore rightly judged by Secretary WINDOW
60 turn upon possible performances OF
epeculators only"
The very arguments which were used
twelve years ago by the silver men now
come to US in the New York Tribune.
We must confess, however, that we arc
not yet satisfied on this last point. We
fear there is danger that this country
would become the dumping-ground OF the
silver Of the whole world.