Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1890-04-21
WINDOWS Foley


Secretary windan tonight per-
mitted a reporter Of the Associated
Press to make a copy of the follow
ing, which is taken from n letter
addressed 10y him to a Western cor
respondent in answer TO comments
and inquiries upon the present
status of the silver question.
1.-The bill recommended 10y the
Treasury was formed mainly for two
purposes. First TO meet the demand
for an increased circulation; and
second, to enhance the value Of
silver by providing for il an adj
ditional and safe use for money. II
approved 10y Congress, it will in my
Judgment, accomplish both these
objects and, at the same time, aiiOrd
a fair and just basis for harmony Of
action ON the silver question. To
the silver interests il affords every
substantial benefit that can be grant
ed without peril TO our financial
system, and far greater advan-
tages than can be found in
free tonnage. To those who de-
mand more money it offers an an
nual increase Of from fifty to sixty
millions. To those who insist upon
sound currency it gives the amplest
guarantee against the degradation OF
the American dollar. But 10 those
who would initiate the currency by
injecting into it a large volume Of
money without adequate safeguards
agaiIet depreciation, it offers no COM
fort whatever, and right here is
found the secret of much of the sp-
position [ some Of its redemption
features.
ain. reply to your friendly criti-
cisms, let me invite your attention TO
the extraordinary concessions which
are offered to the silver sentiment Of
the country.
.sFirst-It is proposed to absorb all
the silver produced by the mines and
reduced 81 the works of the United
States, thereby Withdrawing from
the market nearly One-haf OF the
entire silver product Of the world,
and thus greatly enhancing the value
Of the whole.
sSecond-NOt content with the
concession, which is surely without
parallel as TO any other product, the
Senate committee insists that the
Government be compelled TO pur-
chase SI,5OO, 900 worth ofsilver each
month, making S53,0OO,O00 n year,
which, with the amount needed for
the nrts aud trade with China, will
exceed our own production by about
SlO,00n,0 900 per anDum. how Is
this excess To be obtained? Only by
purchase from abroad. In the event
Of an unfavorable balance Of trade,
when our gold will be most needed
at home, we viii be compelled to ex-
port $4,000, 900 of gold, which We
will then sorely need to pay for the
$40. 900, 900 in silver. which we will
not need at all. This compulsory
purchase Of so great an amount will
make the Treasury the largest opera
tor in the most gigantic "corner'
ever organized.
aThiFd-The bill reported by the
House committee provides that the
notes issued for silver bullion he
redeemed in standard silver dollars,
if demanded by the holder. This
will give the owners of silver bull
lion power 70 convert every ounce
produced in this country into stand
ard silver dollars ut their will and
pleasure. IL is true that there is
not the slightest danger that this
power will be exercised, because no
sane man will prefer TO convert
Treasury notes, which the govern
ment is bound to redeem in gold or
its equivalent, into standard silver
dollars unless he may want a limited
number of them for some specific
purpose. Under this hill the govern
ment will not force silver dollars
into circulation, aud will permit any
one 10 have coined as many OF them
as he can pay for with treasury
notes. What more can the advO-
Gates of silver coinage demand?
Surely nothing, unless they desire
to compel the treasury TO forcestand-
ari dollars into our cirulation for the
sole purpose Of depreciating and de-
grading them.
Ii is not enough that we take
nearly One-half Of the worlds silver
product and lock it up in order 10
increase the value of the other half;
that we join the silver producers in
the most gigantic ''cOrner" ever
organized, and that we give TO the
owners Of silver bullion the right
and power to convert every ounce Of
our production into standard silver
dollars If they choose. For all Of
these unparalleled concessions to the
silver Interests, what is demanded in
return? Only the privilege Of pro-
teciing the honor and credit Of the
Nation by a grant Of power TO re-
deem its notes either in gold or its
Of silver bullion.
'sAll bills on this subject contem-
plate n policy to extend over an in
definite period, and which will re-
suit in the issue OF 4 very large vol
unle Of Treasury notes. IL they
lie 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 maintained and by
which il has established its credit
the pride and boast Of our people.
If the balance Of trade turns against
us, or IL distrust arises rs 10 our
ability to pay in gold, as il surely
will under such n law, or If for any
other reason we be unable TO redeem
in gold when demanded, the gov
eminent will be compelled to dis
criminate against silver doliars,
when gold will at once command