New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-28
MR.. ELKINS ON SILVER.
IN FAVOR OF A COMPROMISE on THE COIN
AGE QUESTION
THE Nrrn OF INCREASING THE VOLUME OF
CURRENCY-THE DEMAND FOR GoLD-1N
FAVOR DE A DOUBLE STANDARD.


Among practical business men as well as shrewd
politicians there are few who have paid more careful
attention t. the long discussion of silver coinage than
the Hon. ). l.. Eikins. His views on the subject OBJ
tain. also. especial value from the fact that he has
large financial interests in both the East and West.
and is therefore affected by both sides of the problem
In conversation with Tribune reporter the other day
he talked freely the subject expressing himself as
follows. Being asked whether lie thought the Silver
bill should pass the House it passed the Senate Mr.
Elkns said
Il am a friend Of silver. but think perhaps the
safest thing to do would he TO under the present
law IL stands and trust 10 what ii NAV WORK out
in the future. Or If necessary increase the mohth'
purchase combining it however tothe American product
In my judgment, within year or two. this would leau
to International action and favorable arrangement
with European nations about silver. The law as IL
stands is great gain. great step forward FOR the
silver men, II they will only be patient they Will get
all they want in time
"But do YOU believe in free coinace2'
"Consdering the serious opposition 70 free coinage
in certain quarters and the apprehension OF business
men in the East that il will produce financial tronbe
as also the attitude of the President and the eecie
tary Of the Treasury. think IL would be better W
bring about compromise. one that wOnid suouuc ,heSo
apprehensons and meet the views of the President at
the same time. This compromise is Important De-
cause the President and the Republican party In Con-
crcss should not differ on important a measure
serious difference would hurt both the party ana the
Administration. l know some suggest limiting the
coinage to the American product This would DC
acceptable to great but not to the silver men
because it would not help the situation much IN IN
reasing the money supply, the Government Is now
buying nearly all the silver the United states produces
The worlds production of silver is about $l2OoooOoo
per annum of this twenty millions are consumed Ill
The arts nearly fifty millions goes 10 lnda' 'huei
our purchase of S4,5O0.000 per month. the ,h4teu
states takes nearly the entire American product IL
is not the worlds annual product of silver that is
the disturbing clement ii IS the apprehension as nc
fore stated that under free coinage large part Oh
the worlds present stock of 33S 100000 Will come TO
us-although l do not believe under free coinage d
much will come as expected. Europe Will not SO
readily part with its silver"
Then. what amendment would YOU suggest ?" asked
the reporter,
Il think" replied Mr.. Elkins chat the bill might
be so amended as TO limit the coinage whenever
certain amount should be reached. or whenever III
the discretion Of the President he may deem best
10 suspend the further coinage. power should be gwen
him to do So 1t might be well to consider also
whether or not the bill could be so amended that lhc
coinage Of silver should be confined TO the annual
,roduct If North and south America. This would
lead ultimately adoption BY the countries OF Do'h
OF - uniform standard of money. when would Do
great step forward ard in the interest OF cNrhuHH
orr trade and commerce with Mexico and the south
Of being in line with the reciprocity policy OF the
Administrations which has attracted so much atien-
ton and which inst seems TO be 20 POPULAR
Europe could rot lonG resist following the uh''eu az
ton of this country. Mexico and south America Ill
respect to Silver"
What IS the reason" asked. OF the vigorous
agitation Of the silver question IN congress anu ''o
pressure for free coinage ?"
The present contest going on" said Mr.. Elkns' is
partly an effort to increase the supply OF money Is
generally believed the volume OF money Is not succh'
20 do the business OF the country. IL Is also WENT
Gus protest coming up from all parts OF the country
ON the part OF the debtor classes particularly the
farmers and business people generally, who nave
products to SELL against the certain danger OF con'hu
Ing the single gold standard believe there shouu
tc more money to transact the business OF '" 'o''
try France with one-hah our population, trahsac'ills
about one third of the business we do, mas Per CAPITA
more than twice much money. we 40 HUI "o"i
that France suffers in any direction from this large
ou2n,ty OF money syinGcncy in the money mf"el
and panics have been for long time almost uhkio"h
and OILY recently France loaned the Bank OF England
ro,c,. al a low rate Of interest Every fall there is
a great strlnGcncy in the money market III ths coui
try This occurs regularly, and it was intensified very
much during last fall 1t would seem there Is enough
money 10 do the business of the country Tor eishl
months In the year, but not enough for the ehtre year
:" Then you 60 not believe in gold s'ahdau
aNo do not because considering the demand lot
quantity or supply is relatively growing less IN te
world II will not do to make the measure OF values
danendeDt upon the supply of an article winch IS
daily growing more difficult to find and when Is Ill
nnIshinc in quantity II gold Is 10 be 'ho Only
measure of values, them as gold diminlsieS property
and values must decrease debts that have been con
+racted pavable in the future must be increased IL
tbcre we're only one half the quantity OF gold III inc
world that there H. then property would only be worth
onchaf its present value II gold couiu DC iau !"s'
AZ needed and all that is required for money ana 10
,set the demands of trade and commerce, then tcIe
vould be no danger in having gold as the soie c'0
of values But this is not the case Goa Is GROWING
corcer and harder TO find. one Of the troubles 10 he
annrehsnded from free coinage, as before sla'eu -
fiat the United states may be ooheed 10 'ahc i -
mart of the present stock Of the woriuS sANeT' ~
t,hc a considerable portion OF tms' Ill auul'lo " o"
prescnt volume of money, woulu CAUSE d" i'N"'.o
uhich would result in disaster. TINS Is ue suo"s'S'
lin, in senator Sherman's speech, and Tor tis reason
sucrest that the amendment should make Soihe i'''
m ,ve II 10 the discretion Of the President 10 Suspcu
coinage" , - ou from, t,o
unlimited coinage OF god . 3, H.. oot .
NO There could not be, for there IS TOO great
ae.ns for gold by the leading nations OF tine wor h
a 9 usc a. money and for its consumption III we
arts Too much Of ii cannot DC ii'' ., ro i. mo- fcar
%haicvcr THAT under it there can be an "na'ioh VI
prices. -, so, q, imitation from silver IS
not 50 great nor serious as t he cam can.
siauaton of gold the IDLE stanta S oH e,Pft
sy when gold is relatively diminishing III g'a ~ he
-, -I,ort the world As long values arc 70 Do
Measured by an article that is growing less proper 1S
,Us4 .hrlnk and grow less, ana debts increase anu
ma harder 10 paw The people OF the United states
have advanced TOO far in The science any e use ,ea
money and trade and commerce u aIio" tno go az
nrn;arci.I and busness interests OF the country 10
depend on the uncertainty Of whether god shs re oc
Io,,rH I'm suicent quantities to make enough money
10 srnnIy the wants Of the people one OF the many
iess taught by the was that the Government
hab mower to make legaltendcr money out OF paper,
and in such quantities 10 meet the ncccSsIeS anu
demands created by great and exhaustlng war our
inc winch and for many after, trade. commerce.
agriculture and manufacturing all fourished, ana eOm
and even silver, except as commodities were hot
seen nor used. The Nation can live, ana u ncces-