New-York tribune., 1890-05-26
CJTE rs HONEST MONEY.

The House has done one part Of its work so
thoroughly well that prudent advocates OF
monetary expansion are anxious to see that
body take up the silver question without de-
law In the Senate many speeches have been
made which contribute not much to public en-
lightenment. 1t is felt that there is danger OF
extreme and dangerous action in that body
because the policy upon which Republican com
mittees of the two houses agreed, and which
might therefore be fairly called the RepublI-
can policy. is opposed by few Republicans
who appear willing to unite with the Demo
Gratis in defeating a Republican Admnistra-
ton. In the House, the people are represented
rather than geographical spaces, and by rep
rcsentariycs freshly chosen, who may therefore
be expected to know and respect the actual
wishes of constituents. There is reason to be-
lieve that prompt action by the direct repre-
sentatives of the people may help to wise de-
ciSiOn.
The Republican party has achieved most
honorable reputation ly giving honest money
TO the people When Democrats were ready
to ride into power on any wave of popular pas
sion, utterly reckless of consequences 10 the
country. and favored all sorts of imitation and
repudiation, the Republican party under the
leadership of President Grant set itself against
every disregard of pledges, resisted ana de-
feated innaton and pledged to every work
ingman that his wages should be paid in dollars
as good as gold. That pledge was kept ana
for about twelve years labor has not been
plundered to the extent of single cent by
fiuctuation III the value of the money 1t earns
The time has come To defend the people once
d, ..cbo ,f lnfi
sharks. II is the business of "A Republican
House to see that the people have suihccncy
of currency, but 10 see also that the currency
shall all of it be as good a. gOld-that the
money of the labOrcr shall not be less valuable
bv the smallest fraction than the money III
which the bondholdcr has been honorably PAID.
The Republican bill which has been reported
in the House has this Characteristic feature.
Ii goes as far as anybody can possibly 60 III
creating "A new demand and permanent none
! tary use for silver Every ounce OF silver pro-
duccd in this country will be required by the
Treasury for monetary use under this meas
ure besides part Of the silver imported from
Mexico The latest report OF the Mint makes
the production of the mines last year 10000
Geo ounces, and the silver from imported ore
1000 600 ounces. while the Treasury pur-
chase, required by the House bin would amount
10 "a .O00 00G ounces. The 5000. 900 ounces
used in the arts must be supplied by foreign
mines Yet with this large addition 20 the
monetary supply. the bill provides safeguard
against depreciation of notes issued upon bull
ion. by the stipulation that on demand OF any
holder the Secretary may deliver the exact
value of the note in silver bullion At the mar
ket price Since no holder would take any
| thing less. when he could get the full face
| value Of the note in bullion, ii would be i'm
possible for the notes representing silver bull
| ion to part company from gold coin. The cur
| rency would then be what the Republican party
has thus far given to labor and has promised,
money ls good as gold.
All sorts Of excuses and pretcnccs are set up
for omitting this safeguard. But they all come
to this, that kind of money is wanted which
will not be of equal value with gold. Let the
difference once appear, though it is but frac-
tion of cent on the dollar, and the $500, O0O,-
600 of gold in the country would Immediately
cease to be available as currency. No such
terribly violent contraction has been proposed
by any party for many years, and IT IS not to
be expected that any measure involving the
least risk of it will be passed by Il Republican
Congress or approved by Republican PrcSi-
dent