New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-06
LILO S[LEER EILLS.

Before Senators or Representatives act on
either of the measures proposed attention should
he fixed upon the essential differences between
the senate plan and that of Secretary W lndom.
Minor differences may Doe di>regaldcd. II may
be recognized that in some respects the meas
nrcs are alike. Both propose larger cur
rcncy. in view of probable retirement OF bank
notes. and larger currency Of paper because
the people prefer paper to coin, and currency
nominally based ON the market value Of silver
bullion at the time of purchase or deposit ana
not upon lis coinage value.
The Window plan would take all the silver
produced in this country not used IN the arts.
The senate bill would purchase moro than the
silver now produced in this country and not
used in the arts The highest estimate yet
made of production last year the greatest ON
record. is 5i.750.O0o ounces: dcductng
$500. 600 ounces for n~c in arts. there would
remain 1920. o0o ounces. But at present
prices Sl5OO.0oO per month would buy
57.4i6.soo ounces in 4 year.
The Window plan would pay tho market
value in the markets of the world. and take
only the bullion offered at that value. The
senate bill would pay any price necessary IN
order to expcnd c1.50O.o0o per month. Us
first natural effect would be corner. Gov
eminent might be compelled 10 pay nearly par
for silver getting not more than. say f2opo'-
0OO ounces But at that rate there would bee
surplus of American production. especially II
the output should hc increased by the advance
in price. Then the corner could not hc main
tanned and the price must drop, and thus
nuctuating or gamblers market would result.
Under the Window plan the steady absorption
Of all the silver not elsewhere required a. cur
rent prices would tend to cause 4 steady and
sure advance.
The senate hill would result IN smaller pnt-
chascs Of silver in ounce, q, the price u,o,. and
hence the production presumably increases. ~
about 30 cent, ON Che dollar the present pro
duotion at the largest estimate exclusive oi
Use in arts. would absorb Treasury purchase.
bat natural increase Of output would calls"
She price to drop much lower. The Window
bill. on the other hand. taking al silver mot
elsewhere wanted whatever tine price or guam
'ity. would operate ~ strongly 70 rails" fhr
price if IL were close go par IL If u vci" l'".
20 an advance gained would ho held. and with
each advance currency based ON bullion would
have >uicr yaluo in the world markets
The senate TIL would make note, rtdeom-
able in any lawful money. oven ia sfand2ld
dollars which might hc worth. ia Il ilncua'inS
market such "a, this bill tend, 20 cause, go cent,
one dag ard 80 cent, the next. II n""d not
ho said that such redemption would NOT ie
asked. and if forced upon holders would break
the public credit. The Window bill, on the
contrary would make note, at ail times l"-
dccmahic in exactly 100 cent, worth of silver
bullion on the dollar at the market price OF
that day. ~ redemption could bee asked or
expected which would hurt the public credit
or tend 10 shake the value Of other currency.
Tho difference between the safest possible
notes and notes which would Joe OF doubtful
value from the start. and in any emergency
might expose the Nation 10 bankruptcy, would
seem 10 bc a serious one.
The Window hill would tend 70 make AL
silver taken permanently more valuable. with
ont possibility Of IccOil, SO thai part could Doe
used a. an asset of Government. The senate
hill would involve paving for silver at an anti
fetal or coincrcd price ono month. and serious
fall the next with los, in the value Of silver
held. Thus the Window bill would seem t.
be good for silver miners, and the Senate bill
for silver spectators.