Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-02-19
THURSDAY. FEBRUARY 10. 1891,
Is There Danger9

The courage of the silyerites In Congress-
based upon their confidence in the correct
ness of their teachings on the subject OF the
comparative advantages OF bimetallism
and recommendation, Is worthy of profound
admiration. They concede that the men
who appear before the House Coinage
Committee 10 oppose the bill providing Tor
the free coinage Of silver are what are
known rs a. experts" but they protest that
these experts are not thoroughly grounded
IN politico-economic science, and are no
more entitled to be recognized as authori-
~ ON the subject Of the foundation on
which the silver bill is based than If these
exoerts had never handled money either
for themselves or for the public.
ewho drives fat oxen should himself be fat"
IA IN the opinion OF the silverites, not
sound doctrine. The logic is at fault some
where.
However, the courage of the monometal-
Hats il not less worthy of admiration.
They are Just as confident Of the merits OF
their cause a. are the silverites, and offer
arguments which are forcible and plausi-
bic. They Offset the promises OF the free
coinage advocates by making threats
which, coming from the source they do'
are well calculated ito give pause" 10
thoughtful men who admire our present
currency system and fear to try expert
ments upon it.
We have printed what was said on
Monday before the House Coinage Com
mites by Mr.. WILLIAM l.. TRENHOLM, once
Comptroller of the Currency, but now
president of the American Security Com
pany of New York. We have an indistinct
recollection Of having ourselves had con-
troversy on the silver question with MI
TRENHOLM, when he resided in South Caro-
lima and had never held a public ONCE.
He must. we think. have found long ago
that some at least of the views he pre-
sented in that controversy were unsound.
Last Monday he told the House Coinage
Committee that the free coinage OF silver
would make this country the dumping
ground of all the silver in Europe If not in
the world. Perhaps he is as greatly mis-
taken now as he was twelve years ago,
though, as we have often confessed, we
too fear that the increased production OF
silver which would be caused by free COIN
age might make the total silver product
more than we in this country could man.
age and handle without falling to silver
basis or a silver standard of values. Mr..
TRExHoLM, like Mr.. ABRAM HEwrTT, holds
that If there were On over-coinage OF all
yer gold would be driven from circula-
ton. Nay, the latter holds, and no doubt
the former does too, that the present law
viii in the end drive out gold, establish a
silver basis, parslyze business, and bring
the Government dangerously near to bank
ruptcy.
We come now to the question, Is there
dangerl The consequences feared by such
men as Mr.. HEwIrT and Mr.. TRKxHoLMmay
not follow the passage of the bill to pro-
vide for the free coinage of silver. The
theories of these gentlemen are not abso-
lutely known to be true. But we are
taught that 1T is absolutely true that things
which are equal to the same things are equal
10 one another-that is to say, that mas
much hs silver dollars are equal to gold
dollars OF all the custom-houses and inter-
ual-reveaue offices they must be equal to
them anywhere else in this country. There
IL no man living who can tell how many
millions OF silver dollars can be kept at
par by the fat of the United States statute
which makes silver dollars as good as gold
in paying the four hundred millions of
dollars revenue which the Government
annually collects. and in collecting which
that Government takes q silver dollar as
the equal of gold dollar. So also there is
no man living who, under these circum-
stances, can tell us how many gold dollars
it would require to keep at par the silver
dollars which would be coined under the
free-coinage act. These are unsolyed pro-
blems. And whether there is or is not
danger depends upon whether the one
theory OF the other Is true-that is, II the
free-coinage bill becomes q law.
But the free-coinage bill is not going to
become law. We could see. or thought
We could, weeks ago that the Republicans
In Congress had doomed IL to defeat. The
proceedings Of the Republican caucus OF
Monday night point 10 the same fate as
likely TO befall that bill. The good work Of
se.tife'0ar currency system upon two legs
rather than upon one only is TO be left to
the next Democratic Congress.