The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-06-18
ALLISON ON SILVER.

The argument on the silver question has
never been 50 conclusively put as it was by
Senator Allison OF Iowa in his speech on
Monday. Allison is Western man and not
imbued with the preconceived notions of
the Eastern banking interest, but he is not
a silver miner, nor does he seek to tax the
country at large in order to confer upon
miners an artificial benefit. He is equa ally
opposed to the ostracism of silver for the
advantage of creditors, and to interferences
in the silver market for the benefit of the
owners of silver mines. Withal he is hon.
est and intrepid. What he said on Monday
the majority Of the Senate will not be likely
u gainsay.
The practical point in the controversy is
the necessity to substitute something for the
national bank notes which are rapidly pass
ing out Of existence. 1t is clear that bust
ness transactions are hampered when there
is steady reduction in the tokens which
serve as representatives of money; thus.
whenever one class Of tokens goes out of
existence it is best to replace it with another
class which can serve the same purpose.
The bill now before Congress proposes to
replace the national bank notes with silver
bought at the gold price of silver on the day
Of the purchase, the notes to be redeemabe
either In gold coin or legal tenders. In
order to carry out the provisions of the bill
the Treasury Department is to buy $780,
coo of silver per month, rather more than
all the silver mines produce.
II was the purpose of the trainers of the
bill to satisfy both parties TO the silver
controversy. Eastern men, apprehensive
of an issue Of currency which might depre-
ciate and lead to premium on gold, are re-
assured by the provision which makes the
new notes redeemable in gold or legal ten
-ders; while Western men, concerned for
the profits of the silver industry, take COM
fort by noting that new market for their
product is opened, which is bou nd to con-
sumo more than they can produce.
Mr. Allison confesses that he is not alto
gether satisfied with the bill. No one is :;
extreme men on each side Of the contro-
Yersy find fault with it because it does not
go far enough to suit their respective theo-
ries. No bill to regulate the uses of silver
as money can be satisfactory so long as the
nations with which our foreign trade is
conducted refuse to place silver on the
same plane as gold as money metal. But,
looking at the situation as it stands, it
would perhaps be difficult to frame bill
which was open to so few objections and
went so far to please everybody as the
measure now before the Senate. II is, as
most measures of craftsmanship are, a
compromise of irreconcilable interests.
Perhaps, when it has been in force a few
years, circumstances may have changed so
that the interests may not be irreconcilable
as they now are.
Senator Allison accompanies his indOrse-
ment Of the bill with the expression of a
hope that the Government will inaugurate
campaign Of education among the nations
of Europe, to bring them to ripper knowl-
edge of the real Office of silver in the COM
merce of the world. That will be WELL
And in the meantime 1t must not be for
gotten that the simplest solution Of pend
ing problems will be an increase Of the
yield OF existing gold fields and a discovery
OF new ones. The depreciation called
of silver has grown out Of the reduced yield
of gold, and the practical eclipse of Califor
MIA and Australia as gold producers. 1t is
within the bounds of possibility that by the
end of the century the place which was
theirs. twenty-five years ago. may be taken
by new placers or mines in Central Africa
Should that be the case, the silver question
would settle itself, and the wits of egis-
1ators would not be strained to keep the
market value Of gold up to the old standard
of l to 16,