Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-04-21
TEE NATIONAL CAPITAL.
Harrison Said to be Opposed to the San
Jose appropriation.
CLUNIE STRUGGLING MANFULLY.
Secretary Window Gives His Views
on Silver and Financial Mat
ters-Justice Field.
(spEcIAJ DIsPAT ATcHEs To THE PEcoPD-rTNroN I
TIE NATIONAL CAPITAL.
CLUNIE STRUGGLING MANFULLY.
SECRETARY WINDOW.
He Writes a Friend on What He Knows
About Silver.

he writes FRIEND on Nhat He Knows
About Silver.
WASHINGTON, April Goth. - Secretary
Window tonight permitted reporter of
| the Associated Press to make copy of the
| following, which is taken from letter ad-
| dressed by him to Western correspondent
| in answer to comment and inquiries upon
| the present status of the silver question:
The bill recommended by the Treasurer
| is framed mainly for two purposes:
First, to meet the demand for an in
crease in circulation, and, second, to en-
| hance the value of silver by providing for
| it an additional and safe use as money. If
approved by Congress it will, in my judg-
ment, accomplish both these objects, and
| at the same time afford a fair and Just
basis for harmony of action on the silver
question.
ITO the silver interest it offers every sub
stantial benefit that can be granted with
out peril to our financial system, and far
greater advantages than can be found in
free coinage. To those who demand more
money, it offers the annual increase from
fifty to sixty millions. To those who insist
upon sound currency, it gives the amplest
guarantee against degradation Of the
American dollar; but to those who would
initiate currency by injecting into it large
volume of money without adequate safe
guards against depreciation, it offers no
comfort whatever, and right here is found
the secret of much opposition to some of
its redemption features.
SIN reply to your friendly criticisms, let
me invite your attention to the extraordi-
nary concessions which are offered to the
silver sentiment of the country.
"First-This is proposed to absorb all the
silver produced by the mines and reduc-
ton works of 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 conces-
sion, which is surely without parallel as to
any other product, the Senate Committee
insists that the Government be compelled
to purchase 81 100000 worth of silver each
month, making S54 100000 per year, which,
with the amount needed for the arts and
trade with China, will exceed our own pro-
duction by about ten millions per annum.
How is this excess to be obtained Only
by the purchase from abroad.
"ln event of an untavorable balance of
trade, when our gold will be the most
needed at home we will be compelled to
export ten millions of gold, which we will
then surely need, to pay for ten millions of
silver, which we will not need at all. This
compulsory purchase of so great an amount
will make the Treasury the largest operator
in the most gigantic corner ever organized.
"Third-The bill reported by the House
committee provides that notes issued for
silver bullion will be redeemed in standard
silver dollars, if demanded by the holder
This will give the owners of the silver
bullion power to convert every ounce pro-
ouced 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 exceeded, because no
sane man will prefer to convert the Treas
ury notes, which the Government is bound
to redeem in gold or its equivalent into
standard silver dollars, unless he may want
an unlimited number of them for some
specific purpose.
Under this bill the Government will not
force silver dollars into circulation but will
permit any one 10 have coined as many of
them as he can pay for with treasury notes.
What more can the advocates of silver
coinage demand? Surely nothing, unless
they desire to compel the Treasury to force
standard dollars into our circulation for the
sole purpose of depreciating and degrading
it. Is it not enough that we take nearly
one-half of the worlds silver product and
lock it up in order to increase the value of
the other half; that we join the silver
ever organized, and that we give the own
ers of silver bullion the right and power to
convert every ounce of our production into
standard dollars if they choose?
For 'all these unparalleled concessions
to the silver interests, what is demanded is
only the privilege of protecting the honor
and credit of the nation by a grant of
power to redeem its notes in either gold or
its equivalent of silver bullion.
"All the bills on this subject contemplate
policy to extend over an indefinite period
and which will result in the issue of very
large volume of treasury notes. If they be
made redeemable in lawful money they
must be paid in the best lawful money if
demanded in accordance with the high
rule of honor which this Government has
thus far maintained, and by which it has
established a credit and which Is the pride
and boast of our own people.
IF the balance of trade should turn
against us, or if distrust arise as to our
ability to pay in gold, as it surely will
under such a provision of law, or if for
any other reason we are unable to redeem
in gold, when demanded, the Government
can be compelled to discriminate against
the silver dollars, when gold will at once
command a premium and the nation will
step down from the present proud position
and take its place on basis with China,
India and South America
1T is to save US from this danger that
have insisted so strenuously for the provi
sion to redeem in gold or its equivalent
silver bullion.
81 know of but two ways by which the
proposed issue of Treasury notes can be
anchored 10 the recognized values of the
commercial world One is the bullion re-
demption feature provided in the Treasury
bill, and the other is authority to sell bonds
in order to create reserve fund to meet
constantly the increasing volume of Treas
ury notes. The latter l believe to be both
unnecessary and unjustifable. The former
/ believe entirely practicable and safe.
Even with this safeguard against the
destruction to the fair fabric of our national
credit, the extraordinary concessions above
mentioned approach as near to the danger
Gus edge of peril as prudence will dare
tread. Rather than go one step further in
that direction, firmly believe it would be
far better.to have no legislation on the sub
jeet"