The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1890-07-11
TIE SILVER COMPROMISE,

Analysis OF the MIensurc-Its probubl,
Operation-MiEht HIVE Been Much Worse
Ne,p York Ereniny Posi-.
The report OF the Conference Com
mi.tee on,thc Silver Bill contains som,
features that were not embraced in eithel
the House of the Senate bill, and thu
tend to make it a better measure thar
either Of them. These may be enumer
ated as follows:
~ It is declared to DO the Establish,
ed policy Of the United States to main.
tain the two metals on a parity with
each other upon the present legal ratio
or such ratio as may be established by
law" This amounts to a direction &c
the Secretary Of the Treasury to keen
the two kinds Of dollars at bar with
each other; in other words, to maintain
the gold standard. Since the Resumn.
ton Act of 1875 requires the Secretary
to redeem United States notes in coin
continuously on and after January i,
1879, and gives him unlimited power to
sell bonds for that purpose, this add.
tional direction %sufilces to maintain the
gold standard Us long as the credit OF the
United States sutlices for the purpose,
Ii the silver men intended to force the
silver standard upon the country, their
purpose is foiled by this provision.
e. The Secretary is not absolutely
required to coin more than s. ,OCO, O0O
per month OF silver, md this REQUIRE.
ment is to cease on the LIST OF july. 1891.
Thereafter he will coin only so much No
may be needed to redeem silver Treas.
ury notes presented for the purpose
Another provision repeals the present
two millions per month law from the
date Of the passage OF this act, while
this act does not go into effect until the
expiration OF thirty days. Thus at
least one month Of the two millions law
is cut of, leaving eleven months OF alb.
solute coinage at that rate.
81 The bill does not require the pur.
chase Of ! 800 600 ounces Of silver abso.
lutely, being limited by the words, "or
so much thereof US may be offered in
each month at the market price thereof"
The determination Of the market pricei ia
necessarily left to the Secretary, and il
he exercises his discretion imnartially,
there should no no reason why silver
bullion should be offered to him rather
than to any other purchaser.
(4) The silver Treasury notes are a
new and distinct form Of currency,
differing from silver certificates in some
particulars. They are to be legal tender,
while silver certificates are not. The
national banksar not required to re-
ceive them on deposit, but If they do re-
ceiye them, they may count them US
part Of their lawful reserves. Looking
at all the features Of the bill, including
the n which directs the Secretary to
maintain the gold standard, there is no
reason perceived why the banks should
not receive the notes on deposit, like
any other current funds.
(5.) The Treasury will buy silver bull.
lion ut the market price and pay for the
same in Treasury notes, making tho
same profit that it now makes on silver
certificates. II the amount OF silver OF.
fered is no more than sufficient to meet
the requirements Of tho public for cir.
culation, there will be no draiu on tho
Treasury. II the offerings should ex.
coed the public demand for circulation,
the drain on the Treasury would be
measured by the excess, and tho Secre.
tary might be compelled to sell bonds to