Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-12-17
WEDNESDAY DECEMBER II. 1890.
No Halfway Measures.

Capital ~ tlmid. as everybody kho"S'
and has boon said q thousand times;
and there is nothing so timid "a million
of dollars except two millions OF dollars"
The conference Of Mr.: WINDOW with the
Republican congressman on Monday
evening was not productive OF much good.
He and they gave evidence that they felt
as II they we're handling bomb that
might explode in their hands.
HORACE GREELEY was wise man. and yet
be was warm advocate Of what is called
the "inter-convertible scheme" That
il, slaw providing that United States bonds
might at any time be returned to the
United States Treasury and greenbacks be
issued in lieu Of them and to the same
amount. He claimed that this would be
sort of automatic financial scheme; that
the bonds would remain outside OF the
Treasury and bear interest when there was
an abundance Of currency in the country.
but would be returned to the Treasury
and substituted by greenbacks whenever
more money was needed 10 move the
crops or for any other purpose than was at
the time in circulation or available. MIR.
GEYxIrY made pet OF this scheme and
advocated 1t earnestly and ably. And yet
IL seems TO us as plain as day that the
scheme could not possibly have been
made to operate as he expected 1T
would. WHY should any man return
q million of dollars of bonds to the Trea-
sury and take greenbacks in their place,
when the very fact of the convertibility OF
the bonds into greenbscks would make
the bonds themselves pass as currency as
freely as the greenbacks? The owner
would keep his bonds. draw interest on
them from UNCLE SAM, and yet use them as
currency and draw interest on them from
the borrower.
The proposition to issue 2per cent bonds
Deems TO have met with little favor at the
conference TO which we have alluded.
We see no objection to the proposition
TO allow the national banks TO issue circu-
lating notes TO an amount equal to the full
value Of the bonds held by them for the
protection of the note-holders.
But no halfway measures will do. The
free coinage of silver is the only promising
remedy for scarcity of currency; or
rather it is the best scheme now before the
country. We are not sure that 1t will re-
move all our financial troubles; but we
are sure that none of the other schemes
will accomplish that object. Statesmen
stand upon the brink of financial success,
and, fearing to launch away. SILVER in the
wind as if BoREAs had turned all his blasts
towards and upon them. ORGsUs hugs
similar decisions to his bosom.
The purchase OF limited amount
of silver every month Will never
effect the results which the silver
men desire to follow. The adoption of
that scheme by Congress is better than
nothing. 1t relieved the country greatly
in 1878 and has done good service ever
since. But it is open to the objection that
II is halfway measure. 1t discredits it
SELF. II assumes that there is virtue or
wisdom in buying and coming every month
few millions of silver. and no wisdom in
buying or coming good many millions.
No scheme can succeed which thus pro-
claims to all the world That silver is not
entitled to be placed upon footing with
gold. We repeat, therefore, that no half
way measure will succeed. 1t is i'm
possible for it TO succeed. II is handi-
capped by it's own restrictions. 1t stabs
silver to the heart whilst protesting to be
Its best friend.
Secretary WINDOW is liberal enough to be
In favor of buying monthly the surplus
Of silver" in order to enhance the price OF
that metal and relieve the stringency Of
the money market. But he would restrict
the amount 10 be purchased in any one
month. This restriction shows that this
scheme, too, is a halfway one, and would
tend to discredit the very metal it was in
tended to enhance In value. Confidence in
the parity Of silver and gold can never be
begotten by a measure which thus says in
DO many words that too much gold cannot
be minted, but too much silver may be I;
that the boy must learn TO swim, but must
not 60 near the water.
Are we sure that the free coinage OF sill
yer will cure our financial ills? We have
said again and again in this article and
heretofore that we are not. But we are
sure that now Is the time to put that
scheme to the test. No halfway measures
will suit either farmers or bankers.