New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-25
THE NEJC STLTER BILL.

Tho Republican Senators and representa-
tives are substantially agreed upon a Silver
bill. Committees of both houses framed a
comuromlse. Senator Teller alone dissenting,
and the caucus of Republican Representatives
afterward agreed to it almost unanimously,
only half a dozen members dissenting because
the proposed bullion notes were not given the
full legal tender quality. Probably the bill
will pass without change, and go to the Prcsi-
dent for consideration.
This measure is entirely free from the dan
gerous feature of the Senate and other Silver
Coinage bills and in that respect is to be high
" commended No more silver is to be stamped
with valuation essentially differing from that
of the worlds market. and thrust into circula-
ton at that fictitious value Consequently, tho
danger of substituting a silver standard OF
value for that of the commercial world is al
most completely removed. For the proposed
bullion notes will represent a definite value III
gold rcdcemablc at the demand of the holder
i'm silver bullion of that market value at the
time of REDEMPTION and coinage of silver under
existing law is to cease with the issue of GER
tifcatcs against further supply Of coins worth
- cents or moro as bullion. The Secretary is
be requisite to provide for redemption of notes,
but it is not likely that more than the three
hundred and sixty-two millions Of such coins
already provided will ever be needed Prac-
ticay coinage will cease, and with it the
danger of a silver basis
Next comes the question whether the bill is
calculated dangerously to initiate the currency.
1t directs the Secretary to purchase 100000
ounces fine silver per month at the market
price. not exceeding 81 for 81 IA grams
that is par in gold, and to issue bullion notes
for such purchases representing the bullion
value of the silver The mines of this country
did not produce in 1883 more than A., 600
ounces, according to Mint Reports. but in 1889
the Wells Fargo estimate, partly in bullion
and partly in coinage value. would imply
production of fifty-three to ffy-SN million
ounces. In addition, part of the silver from
Mexican mines comes into this country. and
under this bill would find a natural market
here. 50 that the supply of silver in this market
if Mr.. Valentines estimate of increased pro-
duction in 1889 is correct, would already eA-
coed the "a, 600, 900 ounces yearly which the
Treasury would have to purchase perhaps by
as much as the 5000, 900 ounces used in man
ufacture. The production would also increase
without doubt if the price advances. Should
this increase raise the yearly product beyond
the 1000. 600 ounces 10 which Treasury
purchases are limited, and the quantity needed
in the arts, the excess would have TO find
market abroad, as about $50, 100000 worth
does now.
The bill is designed to strengthen the mar
het price of silver by taking for American
monetary use substantially the entire product
Of the mines Of this country. If the price
should rise. "a 900. 600 ounces. now repre-
senting less than Sji 900. 600 in bullion notes.
would represent more than that sum- ms
addition 10 the circulation would compensate
for the surrender of bank notes, $50. OOO. 900
within the last twelve months, and would in
crease the aggregate currency by about TWEEN
tv-thrcc or twenty four millions at the present
value Of silver bullion, and by a larger sum
a. bullion advances. Should silver 90 10
par the $4,000. 600 ounces would represent
about seventy millions in bullion notes or
forty millions more than the present loss i'll
bank notes. But population Is increasing at
least 3 pei cent yearly. The circulation out
side the Treasury is over one thousand 1Our
hundred millions, on which an Increase Oh )
per cent would be more than fOry-two mill
ions yearly. II is stated that senator sherman
considers tho bill free from danger as respects
imitation of currency. and if expansion OF prices
here should at any time begin TO drive gold out
of the country. the loss Of that metal would
have a tendency to check the advance III prices.
One great merit the measure has; 1t puts an
end to coinage which involves danger OF
silver basis. and provides "A currency OF definite
value in the accepted money OF the commercial
world. Al the same time it would help power
fully to restore the value Of the silver pro-
duccd by the mines Of this country.