Los Angeles herald., 1890-04-24
THURSDAY, APRIL "a, 1890.
THE LATEST AS TO SILvER-POSSIBLE
DANGERS.

DANGEhS.
The friends of silver have achieved at
least partial victory. 1t will be seen
by our dispatches elsewhere, that the
Committees of the House and Senate
have come to an agreement, and accord
ing to its terms bill will be reported
and probably passed embracing the fol-
lowing features:
The Secretary of the Treasury shall
purchase four million five hundred
thousand ounces of silver per month, at
rate not exceeding 81 for 371.25 grains,
and issue treasury notes in payment
thereof in denominations ranging from
one to one thousand dollars. These
notes are to be redeemable on demand
in lawful money, and when SO redeemed
they may be reissued; but no greater or
less amount shall be outstanding at any
time than the cost of the bullion then
held in the treasury, purchased by such
notes.
On the demand of any holder of such
notes the Secretary may exchange for
them bullion equal to their value at the
then market price of silver.
The Secretary shall coin such portion
of the bullion as may be necessary to pro-
vide for the redemption of the treasury
notes.
So much of the act of February 2Sth,
1878, as requires the monthly purchase
and coinage of $4,000, 900 to 81, ,0O0, 900 in
silver is repealed.
The act is to take effect thirty days
after its passage.
Senator Teller, OF Colorado, far
sighted silver man, dissented from the
compromise. He desired the free coin
age of silver, but failing in that he
wants the next best thing, and will
legal tender.
Nothing short of this should be ac-
cepted by the friends of silver. Fortu7
nately that metal has in the Senate of
the United States vigilant, energetic and
sagacious friends, who will see that the
people of the United States are treated
to no Trojan horse chicane. The pres
ence of John P. Jones, Stewart, of Ne
vada, Teller, of Colorado, and others, is
a guarantee that whatever legislation
shall be consummated will be honest.
The features of the bill requiring
most scrutiny are those which provide
for the purchase of silver at a rate not
exceeding 81 for 371.25 grains, and the
repeal of the Bland bill. Silver has just
as good right to advance to a premium
as gold, and the inhibition of the pur-
chase of silver bullion above that figure,
in the absence of free coinage,
might result in not increasing
the volume OF currency to
the amount desired. In other
words, the moment silver should touch
$1.O1 per 371.25 grains the issue of silver
certificates would cease. If it should
do so in the third month of the enact
ment of the bill, and should remain at
that figure for the remaining nine
months, with the Bland bill repealed,
there would have been added to the cur
rency $13,500, 900 against the $24, 900, 900
which would have been added to the
circulating medium by the Bland bill,
and the $4S, 900, 900 that might have been
added by that bill if we had really had
genuine American administration of our
fiscal affairs-an administration not
dictated by Wall street in New York and
'Change, in London.
Some day it will be matter of genuine
wonder on the part OF the historian that
the people of the United States should
have permitted themselves to be the
victims of the peculiar hocus-pocus in
favor with un-American Secretaries OF
the Treasury. This country needs
nothing SO much as genuine
Western man as Secretary OF the
Treasury. The HERALD believes
that man like Bland, of Missouri,
could be elected President of the United
States on the financial issue. We would
rather take our chances with Presi
dental candidate from the South who
was devoted to the double standard than
with representative OF the gold bugs of
Wall street, hailing from what State he
might