Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1890-04-21
BULLION AS A BASE.
Window Defends His Bullion
Certificate Scheme.
HIS LETTER TO A WESTERN CRITIC.

correspondent in answer to comments and
Inquiries about the present status of the sill
yer question The secretary, discussing the
pending measure before congress, and the
silver question generally, says: "The bill
recommended by the treasury was framed
mainly for two purposes, First, to meet the
demand for an increase of circulation, and
secondly to enhance the value of silver by
providing for it an additional and safe use as
money. If approved by congress it will, in
my Judgment, accomplish both of these OBJ
jects, and at the same time afford fair and
just basis for harmony of action on the sill
yer question
Some Things 1t VIII Accomplish.
"To the silver interest it offers every sub
stantial benefit that can be granted without
peril to our financial system, and far greater
advanta tes than can be found in free coin
age To those who demand more money
offers an annual increase of from $50, 00O,-
700 to $50, 900, 900. To those who insist upon
u sound currency, it gives the amplest guar
untees against degradation of the American
dollar. But to those who would innate the
currency by injecting into it large volu me
against depreciation, it offers no comfort
whatever.
Concessions tn the Silver Men.
ain reply to your friendly critici SINS let
me invite your attention to the extraordi-
nary concessions which are offered to the
silver sentiment of the country: First-It is
proposed to absorb all the silver produced
by the mines aul reduction works of
ha rau ynr
from the market nearly one-half of the entire
silver product of the world, and thus en-
HANGING the value of the whole.
But still They Ask for More.
"Second-Not content with this conces-
sion, which is surely without parallel as
to any other product, the senate committee
insists that the government shall be COM
PEELED to purchase 81 SOC, 900 worth of silver
in each month, making S54, 900, 600 a year.
which, with the amount needed for the arts
and for our trade with China, Will exceed
our own production by about $40 900, 900
per annum. How is this excess to be OBJ
tanned! Only by purchasing from abroad.
In he event OF an unfavorable balance of
trade when our gold will he most needed at
home We shall be compelled 10 export Sl0,-
600 900 of gold, which we will then sorely
need to pay for $40, 900 900 of silver which
we will not need at all. This compulsory
purchase of so great an amount will make
the treasury the largest operator in the
most gigantic corner ever organized.
Practically Free Coinage.
"Thrd-The bill reported by the house
committee provides that the notes issued for
silver bullion shall be redeemed in stand
ard silver dollars if demanded by the holder
This Will give to the owners of silver bull ion
the power TO convert every ounce produced
in this country into standard silver dollars
at their own will and pleasure Trus, there
is not the slightest danger that this power
will be exercised, because no sane man will
prefer to convert treasury notes, which the
government is hound to redeem in gold or
its equivalent, into standard silver dollars,
unless he may want II limited number of
them for some specific purpose.
The Secretary Wants to Know.
Under this bill the government will not
force silver dollars into circulation, but it
will permit any one to have coined as many
of them as he can pay for with treasury
notes. What more can the advocates OF
silver coinage demandi Surely nothing I'M
less they desire to compel the treasury to
force standard dollars into our circulation
for the sole purpose of depreciating and de-
grading it, Is it not enough that we take
nearly one-half of the worlds silver prod
uct and lock it up in order to increase the
value of the other half; that we join the sill
yer producers in the most gigantic corner
ever organized; and that We give to the
owners OF silver bullion the right and tbs
power TO convert every ounce of our prod
uct into standard silver dollars if they
choose TO do 500
Why a Privilege Is Asked For.
"For all OF these unparalleled concessions
| TO the silver interests, what is demanded in
| returnl Only the privilege of protecting
| the honor and credit of the nation by grant
Of power to redeem its notes either in gold
or in its equivalent of slver bullion. All OF
the bills on this subject contemplate policy
TO extend over an indefinite period, and
which will result in the issuA of very large
volume of treasury notes If they be made
redeemable in lawful money, they must be
paid in the best lawful money, if demanded,
In accordance with the high rule of honor
which this government has thus far main
tanned, and by which it has established a
credit the pride and boast of our people
Peril To Be Guarded Against.
off the balance OF trade shall turn against
u.s. or if distrust shall arise as to our ability
| a provision of law; or if for any other
| reason we shall be unable to redeem in gold
when demanded, the government will be
compelled to discriminate against silver
dollars, when gold will at oncs command a
premium and this nation will 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 have insisted so strenu
ously Oh the provision to redeem in gold oil
| its equivalent in silver bullion.
Two Ways to Do the Business.
~ know of but two ways by which the pro
posed issue of treasury notes can be an
chored to the recognized values of the com
merciai world One is the bullion redemp
| ton feature provided in the treasury bill
| and the other is authority to sell bonds II
| order to provide q reserve fund to meet the
constantly increasing volume of proposed
] treasury notes The latter l believe to b
both unnecessary and unjustifiable. Tn
| former believe to be entirely practical l,
and safe. Even with this safeguard against
destruction to the fair fabric of our ma
tional credit, the extraordinary concessions
above mentioned approach as near to this
dangerous edge of peril as prudence will
dare to tread. Rather than go one steI
further in that direction firmly believs
that it would be far better to have no leg
islation on the subject"
Decrease In the Number of Desertions
WASHINGTON Cry, April 21.-The re
ports received at the war department for
the nine months beginning with the isca
year July ], 1883, and ending March 81
1890, show that there have been $50 deser
tons from the regular army during tina
period For the corresponding months of til
previous year, there were 1888 assertions
a reduction this year of over III per cent
NATIONAL CAPITAL ITEMS.