The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-04-21
Secretary WINDOWS Scheme.

reporter of the associated press to make
copy of the following, which is taken from
a letter addressed by him to a western CORES
pondent in answer to comment and inquiries
upon the present status of the silver ques-
tion: 1.-THE bill recommended by the treas
ury wtss framed mainly for two purposes;
first, to meet a demand for increased circu-
lation, and second, to enhance the value of
silver bp providing for it an additional and
safe use as money. Happroved by congress
it will, in my Judgment, accomplish
both these objects and at the same
harmony in action on the silver question. To
the silver interest it offers every substantial
benefit that can be granted without peril to
our financial system and far greater ad-
vantages than can be found in free coinage.
To those who demand more money it offers
an annual increase of from fifty to sixty
millions. To those who insist upon sound
currency, it gives the amplest guarantees
against degradation of the American dollar.
But to those who would initiate currency by
injecting into it a large volume of money
without adequate safeguards against de-
whatever, and right here is found
the secret of much of the opposition to
some of its redemption features.
"In reply to your friendly criticisms, let
me invite your attention to extraordinary
concessions which are offered to the silver
sentiment of the country. First, it is pro-
posed to absorb all silver produced by mines
and reduction works in the United States,
thereby withdrawing from the market nearly
one-half of the entire silver product of the
world, and thus greatly enhancing the value
of the whole. Second: Not content
with this. this concession, ssion which vi surely
other product, the senate committee insists
that the government shall be compelled to
purchase 81, 800, 600 worth of silver each
month, making 1854 100000 year, which,
with the amount needed for arts and trade
with China, will exceed our own production
by about ten millions per annum. How is
the excess to be obtained3 Only by pur-
chase from abroad in the event Of an un-
favorable balance of trade. When our gold
will be most needed at home we will be
compelled to export ten million gold, which
we will then surely need to pay for the mil
all. This compulsory purchase of
thu treasury tit largest operator in the aMt most
gigantic ''corner" ever organized. The
| third bill reported by the house committee
provides that notes shall be issued for silver
bullion to be redeemed in standard silver
dollars if demanded by holders. This will
give owners of silver bullion power to con-
vert every ounce produced in this country
into standard silver dollars at their own
| will and pleasure. True there is not the
slightest danger that this power will be ex-
ercised, because no sane man will prefer to
convert treasury notes which the
government is bound to redeem
in gold or its equivalent in standard silver
dollars unless he may want limited
number of them for specific purpose.
Under this bill the government will not
force silver dollars into circulation, but
will permit any one to have coined as
many of them as he can pay for
with treasury notes. What m ore
can advocates of silver coin age
demand? Surely nothing, unless they desire
| to compel the treasury to force standard
dollars into our circulation for the sole
purpose of demonetizing it.
''For all these unparalleled concessions to
silver interests what is demanded in re-
turn? Only the privilege of protecting the
honor and credit of the nation by the grant
of power to redeem its notes either in gold
or its equivalent of silver bullion. All bills
on this subject contemplate the policy to
extend over an indefinite period, and which
1 will result in the issue of very large vol
ume of treasury notes if they be made re-
deemable in lawful money. They must be
| paid in the best lawful money, if demand
| ed in accordance with the high rule OF
honor which this government has thus far
maintained and by which it has established
credit and pride. If the balance of trade
turn against us. or if distrust arise as to our
ability to pay in gold, as 1T surely will un-
der such provision of the law. or
| if for any other reason we be
unable to redeem in gold when demanded,
the government will be compelled to dis
criminate against silver dollars, when gold
will at once demand premium and thus
the nation will step down from its present
proud position and take n place on
the financial basis of China, India
and South America. II is to save
us from this danger that / have in
sisted SO strongly for the provision to re-
deem IN gold or it's equiv
aIeut, in silver bullion. know
Of but two ways by winch this proposed