New-York tribune., 1891-02-21

taut that this TACT SnOulu De Tchi0hio0iN"' o'
il goes far to prove whether silver coinage Hseil
would have been wise or not.
Unlimited coinage was defended ey us mos'
able advocates in Congress on the ground that IL
would not in fact cause more silver to come 10
United States mints than the American mines
nroduced. But if it would not then it would
do no more to lift the price of silver bullion
than the act which has been in force. II thelr
reasoning was correct, silver bullion would nave
been worth about what it is now, 81 per ounce
under absolute and unlimited coinage In th;ts
case the American product would have brought
~ % per ounce on one side OF an imaginary
line while silver on the other side OF the same
ina einary line would have been worth ~ per
ounce. 1t is simply impossible, in that case that
no silver should have crossed the line from
Mexico or from Canada With difference OF
% cents for every ounce shipped from London
by way of Montreal or by way OF Mexico TO
the United States, the shipments must nave
been large. A quarter of that profit would nave
brought large quantities into this country.
But if more silver had come hither undef lree
coinage the result would have been a lower
price. 1t has not been possible to sustain the
price in the face of the small surplus avahapic'
about 100000 ounces. Certainly DuiiIoh
would have fallen indefinitely, if the available
surplus had been indefinitely greater. flee
coinage would therefore have brought more here'
and would have depressed the price OF silver
bullion lower than it has actually gone since the
ACT OF the last session was passed.
Another fact is to be remembered, that silver
notes would then have been depressed in ac-
cordance with the value of bullion. being
issued for silver, at the rate of ; 20 per ounce
this paper would have been worth less than 80
cents on the dollar in gold, if the gold In one
dollar would have bought an ounce of silver.
The premium on gold would inevitably have
approximated, to say the least, to the difference
between the value of silver bullion at par ana
the same bullion outside the United states.
Producers would then have been getting SO-cenc
dollars for their bullion, or not more III goId
value than they are now getting. In TACT, they
would probably have received somewhat less,
because tho markets would have discounted
nrobable fall to still lower level. The mar
kets would have taken into consideration the
opormous stock of silver in the Treasury, and
the possibility that it might become necessary
70 sell silver bullion in order to raise money.
The question is seriously considered by one
newspaper of Denver, whether the dangers OF
unlimited silver coinage should not be most
carefully weighed by all concerned The Re
publican policy has already brought into use
all American silver, and in fact some silver
from Mexican mincs also, and yet the decline
in price has been surprising. It is well to con-
slider whether, had u different measure beeh
preferred, the price of silver would not nave
bccn lower than it Is now whether the currency
Of the United states would not have been de-
based and deprecated, and whether the silver
producers themselves would not have received
less actual value for their bullion than they re-
ceiyed under the existing law.