New-York tribune., 1890-04-28
STILL DISAGREEING.

It will cause some surprise and disappont-
ment that the Silver BILL which was finally
agreed upon as a compromise by committees
representing the Republicans of the Senate and
of the House, no Representative and only a
single Senator out of five dissenting, has not
vet been accepted by the Senate caucus. If
there is to be receding from the compromise on
the part OF the Senate, it is at least possible
that the House may then recede on the other
side. and meanwhile the measures upon which
some Senators insist appear TO lean so far
toward intlaton and endangcring of the public
prosperity and credit, that the President might
not he able to approve them if adopted 1t has
now been shown clearly that the entire silver
product of the country can be utilized and by
a measure which yet commends itself as sale 10
the judgment of so conservative man as Sen
ator Sherman. If part OF the Senate insists
upon going further, may it not be thought less
anxious to utilize the silver product than TO
have currency which shall not be too safe.
An attempt to make the proposed bullion
notes redecmable in standard dollars, but not
redeemable in the precise value of silver bullion
for which they were issued would look very
much like desire to create notes which might
depreciate % per cent or more. Notes re-
deemable in bullion of a definite value could
not so depreciate. They would be safe for
holders in that respect. and safe for the coun-
trv. and would not rob the working people who
receive them in payment OF wages. Is there a
doubt, at this late day, whether the party OF
honest money will reconsider the arguments
which justified resumption, and will put ont
notes which are liable TO depreciate in the hands
of holders? 1t is not easy to believe that
either House will adopt or that the President
will approve bill involving such a result, even
as a mere possibility.
II NAV be honestly believed by some that
the value of notes could be sufficiently secured
bv making them legal tender. But the coun-
try has had many years OF most trying eX-
perience with paper circulation which did dc
pend upon its lcgal-tender quality and not upon
redeemabilitv for its valuc, and it surely
learned in that time of costly education that a
note could be pronounced by Government
n legal tender for a dollar, and yet have in the
markets a purchasing power OF less than 90
cents.
Reasonable men do not object TO see silver
raised in value as iar as vossibe, or utilized as
a basis of monetary circulation to the full eN-
tent of the American product But there are
those who 20 further, and strive TO compel the
country, without raising the value OF silver to
accept the standard silver dollars as the meas
ure of all values instead of gold. That would
drive the gold out of use and out of the c0un-
iry. contract the circulation enormously, and
infct upon industry incaculable injury. Ex-
actly there is the parting of the ways. The
Administration has proposed mode to use all
the silver produced and to raise its value, with
out driving gold out Of use or giving to labor a
dollar that may depreciate in its hands If
that proposal should be defeated, and by an ef-
fort to force sO-cent dollars upon the country
as the measure of all values instead Of gold, the
| Administration, at all events, would have no
occasion to fear an appeal TO the deliberate
Judgment of the people.