New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-23
PRICE THREE CENTS.
THE COINAGE OF SILVER.
OPINIONS FOR AND AGAINST MORE OF IT
AT PRESENT.
VIEWS EXPRESSED BY MANY PROMINENT
BANKERS AND FINANCIAL EXPERTS IN
THIS CITY AND IN BROOKLYN.

list Congress- will become operative. This pro-
vides that the Secretary Of the Treasury shall
each month coin 100000 ounces Of silver oul-
on purchased under the provisions Of this act INTO
standard silver dollars until the first day OF July.
1891 and after that time he shall coin OF the
silver bullion purchased under the provisions Of
this act as much as may be necessary TO provide
for the redemption OF the Treasury notes herein
provided for, and any gain Of seigniorage arising
from such coinage shall be accounted for and paid
into the Treasury
The bill directs the Secretary Of the Treasury
to purchase from time to time silver bullion TO the
aggregate amount Of 4.500,0 900 ounces or so much
as may be offered thereof in each month"; at the mar
ket price thereof. not exceeding 81 for 81 25-100
grains of pure silver. and TO issue In
payment for such purchases OF silver
bullion, Treasury notes In denominations not less
than 81 nor more than 81 ,0OO These Treasury
notes are redeemabe on demand in coin, but
no greater or less amount Of such notes shall
be outstanding at any time than the cost Of the
silver bullion and the standard silver dollars
coined therefrom then held in the Treasury pur-
chased by such notes. Upon demand Of the holder
of such notes the Secretary shall, under such
regulations as he may prescribe, redeem such
notes in gold or silver coin at his discretion, 10
being the established policy of the United States
to maintain the two metals on parity with each
other upon the present legal ratio, or such as
may be provided by law.
The question presented is, Shall the coin
age of silver dollars be continued or shall IL be
suspended, under the discretionary power lodged
with the Secretary OF the Treasury?
The opinions of New York financiers on tho
effect of coming silver under the law have been
invited, and the views of many are submitted
herewith. In gathering these opinions, the ex-
perience of reporters has been that notwithstand-
ing the Importance of the subject and the far
reaching effect of the pending action Of the Treas
ury Department upon the financial system OF Tine
country. a disposition Is manifest TO withhold an
expression of views. Many of the excuses ad-
vanced are based upon alleged ignorance Of the
simple provisions of the law set forth above
few whose Judgment would be regarded as
of superlative value, not only In this community
but In the country at large, shrink from discus
sion of the subject because of the proverbiai
dread of the business to see his name in
print in a way which would seem TO indicate that
he was posing as an oracle in the matter of grave
questions bearing upon the future. Numbers Of
bankers and other business men whose opinions
on passing events Of National Importance are oc-
casionally sought and cheerfully given are just
now out of the city in the enjoyment of their
summer holidays.
Jay Gould said
l think it would be very unfortunate 70 enlarge
The volume of silver money Just at this tiTe. We
have supeIabundance VI silver as We stand. and
think, il nothing more is done, that we car about
maintain the parity between silver and gold, snoud
the last straw that would break the camels back. OF
vCS % am very snsaHea as
VIC have get 70 take into account tile other great
financial nations of the world ana no one nation can
afford to bear the whole onus.
well-known president of Broadway bank
who has an aversion to seeing his name in print.
but whose Judgment is valued at the highest stand
ard. said
| have no hesitation in saying that this Govern
ment has no moral right, under all the circumstances,
TO Issue certificates for any more tan the commercial
Sa af S S nna to the ame dge these aotes
issued lt is like issuing legal tender notes upon
AGAINST them This IS south American financial
methods again to just that degree. Therefore, in
cally and commercially. IL must be perfectly ap-
parent that cannot 90 on and pay our foreign IN
only tlreeqnarters Of that value, without making
fictitious currency for the difference and 10 whatever
degree this is done just that degree it becomes
5aseiess currency. Now, in that view, think fair
question to ask IS whether little wrong is not essen
TALLY, unsound great wrong.
Edward King, president OF the Union Trust
Company, said:
am opposed to the coinage OF silver beyond what
the law provides for, and certainly 70 the free coinage
Of silver l believe that the proper solution OF all
this question is an International agreement for bl-
metaism and for this country TO- 90 any further than
into the hands OF silver monometalists and 70 that
Is bimetalism by International compact. Amy IN
creased coinage of silver l. an advance In the direction
OF silver nononetallism, which would be much more
serious than gold monometallism II We must choose
which metal Is to be the single standard undoubtedly
gold Is the one.
Henry Clews expressed his views as follows
The biz provides that the Government shall buy
q maximum OF 4.3O0.000 ounces OF silver per month.
cpheaa are issued IN reon it great deal simpler.
and in my Judgment better to hod the silver IN tho
il Is thus In Shape to command market valu, all
over tho world Why then, lnasmuch there is ell
coin is not needed BESIDES it in a more convenicnt
shape when In bulk for storing IN the Treasury; it =
moo compact. IL Is better, therefore. TO retain ID
| in that particular shape. 1t will be time enough
to put it into coin when the public want it IN that
saddle the Government with expense without any
| particular gain being accomplished.
| 4,5OO,OC0 month"; because the credit of the Coy:
| tho country are behind the Government which re-
sources makes this Government at the present time tho
| richest and most sovereign of any country
| i'm the world The increased money which get
ting BY this Issue of silver certificates Is based uoon
the worlds value Of the white metal: and IL goes into
resources which make the Government stand 50 high.
product Of the country less what goes into the arts
There is no surplus If there was free coinage 10
thing free coinage would do would be to bring tho
surplus OF silver from other parts Of the world TO this
country, which not desirable and that is Just whero
| the evils OF free coinage come In. We take care
OF silver bat We do not want to take Of
| the worlds supply OF that metal.
We must remember that silver IS one Of our
products, Just as coal and iron ore and wheat and
corn are products. We have got TO take care Of our
| products. be they what they NAV. They comprise
| the wealth Of the country. This law provides for
the production Of silver AZ the time regulates
that production, that 1t shall be carried beyond
a point which Ii shall be fairly profitable 10 Tho
producers dangerous to tie financial system OF ts
| Government.
Eenry w. Cannon, president OF the Cl.ase Ma
! tional Bank said:
| am OF the opinion that the coinage Of standard
silver dollars shonh the first day Of July as
provided under the act Of July IA. 1890 The purpose
| OF this act Ii seems TO me, plainly that the
amount Of Treasury notes outstanding under II should
always equal the OF the bullion purchased whether
the bullion In the shape Of bars Of dollars The
discretion given the Secretary of the Treasury under
the law 10 coin standard dollars after the first OF July
is IL Is stated, for the purpose OF the redemption OF
| Treasury notes provided for By the law We new
have millions Of standard silver dollars In the vaus
of tho Treasury which perform no function whatever
| anhI M rh