New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-06-09
THE TOTES ON SILVER.

In nassinc the House Silver BILL the Repub-
Icon marty has gone as far as it possibly can 60
with safety to satisfy the desire for larger
monetary circulation and for monetary use Oh
silver 1t has provided that all the silver pro-
duced in this country, whether from nliheS OF
from imported foreign ore, shall be taken Ior
monetary use except perhaps 5000, 900 ounces
about half the quantity required for use IN the
arts II has provided that whenever silver
shall reach par il shall be coined without limit,
and purchases of bullion shall then cease. 1t
has nrovided for n permanent addition OF SOL
600 600 yearly TO the currency, and that in
manor notes which are made legal-tendcr Tor
all purposes, while the amount OF bank ho'eS re-
tired during the last twelve months mas pee"
about 500. 600 900. and retirement at that rate
cannot continue much longer. lhcSe steps
would have gone beyond the limit OF safety
in the Judgment of THE TRIBUNE, but for one
proyision which makes new notes redcehaple
at the Measure of holders in bullion OF hXed
gold value. Expansion if the currency Is kept
as good as gold is neither venturesome nor as
honest. But great expansion. with FISK tha'
tho currency NAV thereby be separated IN value
from the money of the civilized world, would
be \ violation of Republican principles and
pledges.
Ont of 142 Republicans who voted on this
measure. only eight voted against II, ana OF
these one was not in favor OF free coinage, but
Thought the bill went too far in the direction OF
EXPANSION. Out of 112 Democratic votes only
one was for the bill. 1t is therefore entitled to
be regarded as essentially party measure
and as such goes to Republican Senate. he-
peatcdy it was boosted in the House that the
bill would be changed in the Senate by re-
lection of the one clause which makes ITS OK
pansion of currency safe. namely, the provision
for redemption in bullion. That remains To ne
seen. II the senate should dissent on this vial
point the House ought 10 stand last even
though any legislation on the subject Shou.u
be defeated. Moreover if the House Nhouiu
permit the passage Of measure enormous!
increasing the legal-tcnder note crculatloh'
without the redemption clause which renderS
that increase safe, the President would be
justified bv the people and by the deliberate
;udoment Of the civilized world in preventing
tho dancer bv his veto. Republican Senators
will probably realize this, and may ]udee IL
wise to stand rcsolutcly upon Republican prin-
c;nlcs and pledges. which bind the party 70
give TO the country n currency sunlcleh' IN
volume. hut always as good as gold, that the
money of the laborer shall always be as GOOD as
the money Of the bondholdcr
The free coinage men have had the fair
chance which they prOfcSscd 10 desire ne!
had an opportunity to get straight Vo'e III
tho Uouse uDon that issue. Only fourteen Re
nub,icans out of 141, reckoning Mr.. Feather
stone as an independent, or less than one IN
/ tbSfit
House bill. OF the Democrats, thirteen out OF
ia voted against free coinage, and 1t Is but
fair to state that many Of the 1ol who voted
| for that measure would not have zone so il
| their party had been responsible for legislation
I They were merely playing the demagogue ana
counting the votes of silver men, with no IN
! tention Of granting tnelr demands should
! Democrats ever have the power. Unlimited
coinage was beaten by twcnty-fonr majority
| in the House and it rests with the silver men
10 decide whether, by insisting upon extremes
they will defeat all legislation on the subject,
or will accept a bill which utilizcs all silver OF
American production without coinage.
The decision in the House will remind Re-
| publican Senators that, in the conference OF
committees from the two houses, the Repubh-
cans from the Senate with one exception agreed
to support the provision for redemption OF
notes in bullion. 1t was thereupon adopted in
the Hous, caucus and has now passed the
House Republican Senator's owe certain
fealty 70 their party associates in this matter.
Some of them do not think the redemption
feature of practical importance But Others do
and would never have aSsented to a great ex-
panson of legal-tendcr currency but for the
IL, tha n,,nld al
mand gold value in bullion. Good faith
toward political associates seems in this case
70 call for determined and unwaverng effort
10 carry through the Senate what has now be-
come distinctly party measure.