New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-09
THE LATEST SILTER BILL.

Senator Sherman and Representatives Conger
and Walker have doubtless done in Conference
Committee the best that they judged to be pos
sbe. They made an earnest and persistent
effort for the bullion redemption clause and
fox limitation of silver purchases to S4,5O0,OOO
worth instead of 4, 500, 900 ounces. But their
final assent to the bill upon which all the Re-
publican members of the Conference COMMITTEES
have agreed must be taken as assurance that
they consider the measure safe, and The best
obtainable at this session
This bill requires the purchase of 100000
ounces of silver :" or so much thereof as may
be offered, in each month, at the market price
thereof" If there is an attempt to force up
the price of silver none may be offered, and III
that case none will be purchased for the month.
When there is expectation that the price will
advance offerings may naturally fall below the
limit, and consequently purchases may be cur
tailed.
Coinage at the rate of g., GOO, 600 monthly
is continued until July 1, 1891, but stopped
after that date except i'll such amounts as
may be necessary to provide for the redomp-
ton of the Treasury notes" Continued coin
age for another year is foolish, hut not lmpor-
tant. The provision for free coinage when
silver shall have reached par is stricken out,
and that is a definite and important gain.
The Treasury notes 10 be issued for silver
bullion will represent its market and not its
coinage value. The provision for their safety
is this:
Upon demand of the holder of any of the Treasury
notes herein provided for the Secretary OF the Treasury
shall under such regulations lie prescribe, Ne
deem such notes In gold or silver con at his discretion,
II being the established policy Of the United states 10
maintain the two metals parity with each other
upon the present legal ratio such ratio as may be
provided by law.
The latter clause will at first glance seem
empty and foolish to many. But the Secretary
has no power under this provision to redeem
in silver coin while that coin is not, in market
value of bullion contained, "on parity with
gold, because such redemption would defeat the
purpose declared. ii silver should reach par
he could redeem in silver coin Otherwise he
must redeem "under such regulations aS he
nav prescribe" in gold coin, and he has ample
power under provisions Of the redemption Act
to sell bonds for gold in order 10 redeem Treas
ury notes True, the new notes proposed are
not precisely those which the Treasury was au-
thorized to redeem in 1879, but they are OF
precisely the same legal character and the
redcmption of the old legal-tender notes from
the bullion fund would at any time give the
Secretary authority to purchase more gold Tor
the replenishment of that fund.
The new notes provided are to be legal
tender in payment of all debts public and prl-
vate, Except where otherwise stipulated III
the contract" This latter clause avoids the
obvious Improperly of invaidatinG or alter
ing private contracts which have been or may
be made on a gold basis. Its result vii! be a
material increase in the number of contracts
so made. With that provision the grant OF
legal-tcnder quality 10 the notes proposed Is
of no practical importance il will not make tho
notes worth the thouSandth part Of a cent moro
! if redemption in gold should at any time fali.
| But a Nation which has paid a thousand mill
| ions of debt within ten years cannot s'Iiier
redemption to fail without crime.
This compromise has been accepted by all
| the Republican members of the conference,
Messrs. Sherman, Jones COngcr and Walker.
| When it has passed both houses there will be
time to discuss certain of its practical results.
| The silver Senators who have cOntcnded for
free coinage have this definite reason for ac-
cepting the conference measure without de-
lay probably none more nearly approaching
their views could by any possibility receive the
Presidents approval, and with no action at
this session their position would not be en-
| yiahle