The morning call., 1890-04-21
THE SILVER BILLS.
Secretary Window Expresses
Ills Opinions.
Nature Of the Concessions Made to the
Silver Men.
The Treasury Notes, he Claims, Should Be
Redeemable In Either Gold or lis
Equivalent Of Silver Bullion.
Special by the California Associated Press.

WASHINGTON, April 2o.-Secretary Window,
In answer to the correspondent of a Western
newspaper, writes the following on the status OF
the silver question:
"The bill recommended by the Treasury was
framed mainly for two purposes-frst, TO meet
the demand for an increase of cIreulation and
second, TO enhance the value OF silver by provId-
ing for 1t an additional and safe use as money
If approved by Congress 1t WILL in my judgment,
accomplish both of these objects, and at the
same time afford fair and just basis for har-
mony Of action Cd the silver question.
FEATURES OF THE TREASURY BILL.
ITO the silver interests it offers ev cry substan-
tiai benefit that can be granted without peril TO
our financial system and far greater advantage
than can be found In free coinage. To those
who demand more money 1t offers an annual in
crease OF from $500 OO, 900 to S6o,00o,000. To
th ose who Insist upon sound currency, II gives
Tie amilest guarantees against The degradation
ol the American dollar. But to those who would
Initiate the currency by injecting into 1t large
volume oi money without adequate safeguards
against depreciation, IL offers no comfort what
ever. Aud tight here is found the secret OF much
OF tile opposition TO some OF its redemption feat.
ures.
CONCESSIONS TO THE SILVER INTERESTS.
"ln leply 10 your friendly criticisms let me In
yiie Your attention 10 the extraordinary conces-
Sions Which are offered TO The silver sentiment of
the county:
"First-It is proposed 10 absorb all the silver
produced by the mines of the United States,
thereby Withdrawing from tile market nearly
hall of the entire silver product of the world. ana
and thus greatly enhancing The value of Tue
whole.
''second-Not content with this concession,
which surely is without parallel as TO any other
product, the Senate Committee Insists that the
Government shall be compelled 10 purchase
ing S54,OO0,OOO worth each year, which,
with The amount needed In the arts
anu anu lor our TRADE win emma, VIII exceed
our own production by about SIo,oOO.o0o per
aunun. How Is ihlS excess 10 be obtained?
Only 6y purchase from abroad. In The event of
au unfayOTaDle balance OF trade, when our gold
VIII he most needed al home, we shall be COM
PEELED TO export SlO,OoO0OO of gold which we
VIII then soreiy need TO pay for S1O,ooO,o0o OF
silver which We VIII not Iced al all. THIS CON-
puIsoIy putchase Ot SO great an amount VIII
make the treasury the largest operator in the
most gigantic " corner" ever organized.
TIE HOUSE COMMITTEES BILL.
"The third bill reported by the House Com
mttee provides that notes issued for silver bull
ion shall be redeemed by the holder. This Will
give the owners N silver bullion The po yer to
convert every ounce produced In this country
Into standard silver dollars their own W Ill aud
pleasure. True, there IS not the slightest danger
that this power VIII be exercised, because no
sane man Will prefer TO convert Treasury notes,
which the Government is bound 10 redeem III
gold o. lis equivalent, In silver dollars unless he
may want limited number of them for some
Specific purpose.
COINAGE PERMITTED.
"Under this bill The Government viii not force
silver dollars into circulation, but VIII permit
anyone 10 have coined many of them as lie
can pay tor with Treasury notes. What more
can the advocates OF silver coinage demand {?
Surely nothing, unless they desire 10 compel the
Treasury TO force standard dollars Int our circu.
laiion for the sole purpose OF depreciaiing aud
dpq.ltinu n1r W.. l.
nearly one-half OF the worlds silver product aud
lock II up in order TO increase the value OF the
other half; that we join the silver producers in
Tue most gigantic corner" ever organized, and
that We give To the owners of silver bullion the
right ana power TO convert every ounce OF our
producer into standard silver dollars il they
choose TO do
THE GOVERNMENTS HONOR AND CREDIT.
"For all theselunparaleed concessions TO the
silver Interests, what Is demanded 10 return?
Only The privilege OF protecting The honor and
credit Of lhe nation by grant OF power 10 re-
deem its notes in either gold or in Its equivalent
oil silver bullion. All bills ON this subject con
template policy TO extend over an Indefinite
period and which Will result In The issue OF a very
large volume of Treasury notes. If they be held
In the best lawful money II demanded, III accord
auce with the high rule of honor which this
Government has thus far maintained and by
which IL has established credit which is the
pride and boast Of cur people.
DANGERS THREATENED.
"If the balance of trade shall turn against u.s. or
IL q NlStiuSt sHdu dS 10 our aOuuy 10 pay
In gold. as IL surely will under such pro-
vision of law, or II for any other reason we snail
be unable 10 redeem in gold. when demanded.
the Government Will be compelled to discriml-
nate against silver dollars, when gold will l
once command premium, and this nation VIII
step down from its present proud position and
take Its place on the financial basis of China
India and South America. 1t is to save US from
this danger that 1 have Insisted SO strenuously
for the provision 10 redeem the notes In gold or
It's equivalent OF silver bullion.
COMMERCIAL VALUES.
Il know OF but two ways by which the proposed
issue OF the Treasury noes can be anchored 10
The recognized values of the commercial world
one Is Tie bullion redemption feature provided
III the Treasury bill and the other is the author
lty 10 sell bonds Ill order to provide a reserve
tund lo meet The constantly Increasing volume OF
the proposed Treasury nOIes. The latter l be-
neve TO be bOth unnecessary and unustfable.
1he former believe To be entirely practicable
ana sale. Even with this safeguard against de-
sIuctlOn to the fair fabric of our national credit,
tue extraordinary concessions above mentioned
approach as near 10 the dangerous edge OF peril
as prudence will dare 10 tread. Rather than 20
one step further In that direction, | firmly be-
leye that 1t would be far better to have no legis-
Subipct -