New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-19

TIE NEU NILJ IN bILi"
| II may Le questioned whether panic leSls'a-
tion has ever been wise leglSlatlon W "e"
recovering from financial disturbance co'h-
,,v is ant TO he peculiarly unable to make the
| host use of new monetary conditions. Al 'hiS
,;mo after an increase of 90.00O,OO0 IN the
circulation during the last year and with a
| material curtaimcnt in the volume OF lcS'"-
mate business likely to follow partlal 1aiI"re
of crons. further compulsory expansion OF cur
| rencv is liable even more than az oiu"''
times to do harm rather than good. Never
| thelcss sound views are not IN harmony WIN
| tho nrcvailing temper OF the hour. ne N'N'
| and south feel curtlilmcnt OF credits refuse
70 believe that il is mainly caused ny lear oil
= silver basis. and clamOr for more money
| Eastern business men. 10 whom temporary re-
lavation of loan markets may make all the
difference cannot calmly put aside plans when,
however dangerous in the end, offer hopes OF
| or,,,,or, relaxation. Wall Street camorS
for more money. because that would mean
more spcculafion In such circumstances the
earnest efforts of Republican senators 10 SIT
| isfv popular demands without going beyond
the point Of safety should be regarded WIN
| much patient charity of judgment.
TIE TRIBUNE believes that existing sum
| concv is largely due 10 fear of the silver OASIS
and consequent withdrawal of gold from crcu-
| lation and OF funds from loan markets. II
60 tboro i some doubt whether greatly In
creased purchases of silver will not increase
thc withdrawal of funds and the Shrinka4' %
credits. On the other hand, if the proposed
measure can be passed with such pledges oil
| individual senators rs 20 make II certain Nld'
if will be accepted a. final compromise ana
! ,ba. unlimited coinage will no, be po>'lhl" JOY
| voors 70 come. the effect may he materially Ia
| restore confidence and lessen the curtallm"n'
Of credits. Much depends. then. on the manner
Of s,,pport given 10 the measure ~ lhdlNin"1
| Senators but il must meanwhile he judged III
! tho hone that if il passes all Republican Son
a,ors will agree that legislation in the diIec-
zion of silver coinage shall 60 no further.
There is doubt whether this measure Will
c,o,r away the accumulation Of silver bullion
bocausc purchases are not confined 10 silver "I
American production. \ natural advance ]"
the price of bulliou may not lmprohahlY h'in-
! to the country 3 900. 600 ounces III any month
| 81 that after the Treasury has houPht INC
10 600 600 ounces for which IN" hTN' N'''l"l
Of the iii provides, the accumulation hah4h'
ovor tho market may be n great ~ II va
Loforo # importations could be shut ou'. th'
addition Of S13 600. 600 or ~ i.0oo.oo" more
silver notes would probably involve 10 NcH''
increase of danger. nor would IN expansion 4"
*. 600 600 per month in the circulation l'
four months instead Of S5.o0o.ooo involve
material change. \ rise of loss than on" pc
cen, in current prices Of commodities "oW'
leave the effective power o. inc GIc"a'l"i
with reference 70 the quantity oi bushes
transacted lust where il is now.
The provisions regarding banks iaGl'a''
surrender Of circulation by many which hav
only = small amount outstanding, and find ~
circulation profitable, but would also rcndo
profitable an increase of 10 per cent IN M
c,rcula,ion Of banks which find circulation
nrofi,9blc now II surrender should cNccc
increase Of circulation more silver no'"S N"u
be issued against more bullion purchased Il
the extent OF the difference between the IAN
note circulation and $50. 600, 600. BAT II
not improbable that the bank circulation ma
cypand thus l5i7- 6nting this additional pul
chase Nor docs the rcconaCc OF idle irac
- tional silver into standard dollars ncccS>anl
increase tho amount Of notes outstanding l'
K there are now in the Treasury about S3'oo"
!. 900 Of such coins not represented by ccr'Il
j. Gates or notes in use.
e. The main question about this measure
e whether it will increase or diminish the appr'
r honSion Of a fall Of the currency to SiIV'
& basis. II would be most gratifying 70 Jet
that the measure wOnld remove all DANCE
r But the business world considers the oXpanNlo
y of silver Paper sufficiently rapid already
Justify sora apprehension. and secs that ELAINE
for free coSlage will continue unless clcarr
: away Of the surplus bullion permanently a
e vances the price. In the absence Of provision
it 10 prevent importation. and rs yet in the al
Is scncc Of assurances that the proposed mcaSu
e will be reSolucy sustained rs a fnaliy by a
d Republican Senators the plan adopted is NJ
is as certain as could be wished to secure sat-
ID factory results But il has the approval
$ men of great experience and unqucS'ioncd iido
ity to sound principles, and may perhaps
80 modified in committee as 70 have mo
Sc decidedly rcasSuring influence.