New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-01-20
TIE RELlION RILI.

|
submitted to Congress in definite form. lie has
prepared a bill, which is printed this morning
| and can be examined by all who wish to see
what his plan actually is. Al first glance IT
will be seen that many of the criticisms which
| have been frequently heard refer to some mag
mary plan, and not to this bill at all 1t will be
Judged by competent persons, also. that the
Secretary has taken especial care to meet, by
the provisions of his bill, the objections made
to his plan by those who appreciate its merits.
The bill is carefully drawn to guard against
the danger that this country might be delugcd
with foreign silver. While the Secretary gave
in his report strong reasons for believing that
silver from other countries would not come
hthcr. but silver from this country would still
go abroad to meet foreign demands, he doubt
less perceived that these reasons did not re
move from all minds the fear above mentioned.
He wisely confines the right of deposit there
fore. to the "owner OF silver bullion, the
product of mines of the United States. or OF
ores smcltcd or refined in the United States"
and expressly provides that "no deposit con
SiSting in whole or in part of silver bullion or
foreign silver coins imported into this country.
or bars resulting from melted or refined foreign
silver COINS shall be received under the pro-
visions of this act" II has been the fashion TO
say that such provision would be empty and
! useless because foreign silver could not be
traced or distinguished. But silver is of 50
small value in proportion To It's bulk that I'M
portationS of sufficient magnitude to make them
profitable could be readily detected. and under
regulations which the Secretary is authorized
10 make could Ice so far excluded from deposits
that few would risk the expense Of the attempt
If the United States is to be flooded with sill
yer then. until its currency becomes dchauchcd.
il must be with silver of domestic production.
Another point is guarded in the provision
that the Secretary. with the approval of the
President, may temporarily suspend receipts
Of bullion "when he j, satisfied that. through
combinations or speculative manipulatonS of
the market. the price of silver Is arbitrary.
nominal or fictitious" This has been described
as "a large and dangerous power. But it is far
less important or liable 10 abuse than other
powers which successive Secretaries Of different
parties have for many years been exercising.
without whisper Of scandal or n thought OF
distru>t and these powers have hccn uprghtly
exercised by the Secretary alone while the
power - suspend receipts of bullion is conferred
only in case the President approves. There
can he no question as to the Sufiiccncy of this
power TO prevent or crush any combination
against the Treasury. The knowledge that the
Secretary could ruin any such combination, by
mere suspension Of receipts, would chcctually
prevent practical mon from attempting one.
Unless it be imagined that both Secretary of
the Treasury and President Of the United
states can be bought outright TO bctray public
trust, the fear Of combinations against the
Treasury may be put aside. Obviously enough.
any scheme to dcpreSs the price and then draw
out bullion is in like manner prevented ~ the
povso that the Treasury may at lis option de
liver only gold coin for the value of notes pre-
scntcd
1t is also provided in the bin that the Price
by which the Treasury shall be governed in
receipts and payments shall be, not the price
at any one market only, but "tho price current
in the leading silver markets Of the world" -
be determined by the Secretary according 10
regulations prescribed by him. This alone
would make we'll nigh impossible the success,
of any attempt to put up or put down the price
arificay. II is further added that If the
price should Use beyond zone dollar for 80 -
grains Of pure silver" the Secretary shall refuse
! TO receive deposits. Beyond restoring silver to
par. AT the United States rate. the bin could not
possibly 90. The provisions for redemption Of
the bullion notes. at the demand OF holder.
are simple and well calculated to carry out th-
main idea of the mcasurc-that the notes issued
against the gold value Of any silver bullion
deposited shall at all times represent in liver
bullion that same gold value, and 10 Other.
a. g..t
the Secretary. the bill may now be fairly con
Sdcrcd presenting single issue Can the
country safely take into circulation notes rep
roScnting the gold value Of all the silver il pro
duceS or may produce. less the quantity used
in aIts or that may be exported? The fear
mat with rising price of silver, the production
may indefinitely increase, is met by the obvious
answer that with indefinite increase of produc-
ton the prize cannot rise. Nor would the pro-
posed note circulation be by anybody thought
pcrilOuS if it were certain TO Icnrscnt silver
bullion at par with gold. The object Of the
Secretary is to attain that same security, BY
making the notes Tca cSont fixed gold value.
whether silver docs or does not advance. Those
who are most competent to Judge Of such -
measure will probably not bc the first - assert
with poSitiycneNS exactly how il will work.
The possibility of an excessive CURRENCY even
though il be of unquc,tioncd soundncsS, is not
TO be wholly ignored. But the measure Ger
tainly deserves the most careful attention. not
merely as mode of escaping from existing
dangers. but as a brave and prHiScwOIthy en-
dcayor to solve the silver problem ON the basis
of justice for all.
Z u