New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-02
THE SILVER BILLS.

Conference OF RerubllcanS IN the TWO houses
last week renders it probable that an effort VIII
he made early this week to secure action in the
Uopse ON the Silver bill agreed upon by the
Joint committee ana afterwasd by the Rcpub-
lican caucus of the House. 1t is well to under
stand that the differences OF opinion between
the Republicans Of the two houses are not Such
as most people suppose. minority OF Kepub-
leans has indeed talked of passing the Free
Coinage act with the solid support of the Demo
crafts in the Senate but official utterances OF
tbe President make il hard to believe that such
measure. especially if passed in such way,
would escape his veto. As legislation would
thus be arrested in a manner peculiarly calcu-
lated TO strengthen the President, the minority
would then have to report TO constituents that
they had personally prevented great increase
in the monetary use of silver; by demanding
FOO mucb. they had succeeded in getting moth
ING. II NAV be doubted whether they wish to
separate from their party associates and to act
with the Democrats under such circumstances.
The bill adopted by the Republican con-
ference. and afterward by the House caucus,
closely resembles in most respects the bill re-
norted bv the Senate Finance Committee. Both
nrovide for limitation of purchases of silver
bullion. the House bill to 800 100 ounces, and
the Senate bill TO S4.5OO.000 worth in a
month : so the House bill would permit the
larger issue of notes if the price of silver
sbonld rise. Both provide for notes based upon
the market value of silver bullion. rcdcemable
in any lawful money, receivable for Govern
ment dues. and acceptable in bank reserves
Both stop the coinage of silver dollars, except
so far as redemption of notes in such dollars
may be asked But the House bill makes the
notes redeemable in silver bullion OF the mar
ket value expressed, while the bill OF the sen
ate Finance Committee docs not.
The view of most Republicans OF the senate
appears to be that an issue OF S3i 600, 600 ana
no more each year in silver notes would be SAFE
because. first. the return of bank notes would
make room for $780, 900. 900 yearly for some
wears TO cor1c. and second the remaining in
crease is not greater than the increase in popr-
la,ion would warrant They therefore hope
that the proposed notes would be maintained
AT par in gold. and would involve no danger or
dishonOr. They DO not seem 10 question that
the option of redemption in silver bullion OF
fixed gold value would render the notes safer
in public appreciation, but doubt whether IN
practical working the paper currency might not
in some way drop at once to the silver basis II
it should ever become necessary To redeem III
bullion. This idea seems 10 rest upon forget
fulncSS of the fact that such redemption could
occur when asked by the holder, for the pllr-
pose of getting exact gold value for his notes
and being granted by Government could not
render the notes equivalent Ia standard silver
dollars in value but to that quantity of silver
bullion which could be sold in the market for
the precise sum in gold specified in the note.
The Republicans % the House appear 10 re-
gard the redemption in bullion AT Ms exact gold
value As most important safeguard of the
proposed notes. il is reasoned that, II the
notes would be safe with the provisions of the
Senate BILL an added mode of redemption
would never be asked and could do no harm,
but that the certainty that such an additional
mode of redemption existed wonld be OF the
greatest possible value il preventing apprc-
hension if ever gold reserves should be de-
peted With certainty that the exact sum IN
gold named on the note could be obtained any
day, by selling it 70 "A bullion broker or banker
who could draw the equivalent III silver no
holder would fear that the Government might
be forced to pay him in coined dollars OF con
sidcrablv less market value. On the other hand
the House bill does not appear safe aS the one
rcported in the Senate in respect 10 amount Of
notes to be issued. which might rise 10 nearly
$50. OOO, 900 yearly if silver should advance 10
par But in that event the Senate bill would
not provide for Il purchase Of quite 42,0OO,OOO
ounces. the mines and rcfncricS now producing
81 900. 900 ounces, and 50 would not as
strongly maintain the value Of silver.
The House bin was matured in conference
with care. and it would take substantially the
whole silver production Of the country for
monetary use. Yet the notes issued under it
could never have any other than definite
value in gold, and the bill therefore complies
with the solemn pledge given to labor and en-
terpriSe by the Republican party fifteen years
ago. that the money Of labor and trade should
be made as good as the money OF the bond
holder After caucus has considered a meas
ure of such importance, long deliberations
about it in Republican House should hardly
he needed