New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-28
VP ELEJN.S on SILUER.

Mr. stephen + El!.nS has not advanced the
silver problem toward solution by his interview
elsewhere published. He believes in double
standard, bus presents cogent reasons why free
coinage of silver would be exceedingly dam
ccrouS. and thcrcmon Offers a solution which
he frankly admits would not be acceptable
to the silver men" Ihi, he says of the pro-
po>al to Limit the coinage 70 the American
product. and in his cwn Judgment at Wodld
not help the situation much in increasing the
monetary supply. because the Government IL
now buying nearly all the silver the United
states produces" Yet hc would have the bill
80 amended that the coinage of silver should
he confined 70 the annual product Of North and
South America" rs being " in line with Reel
plpcity." and then would give the President
Discretionary power TO suspend further coinage
whenever he may deem if best. Perhaps there
could he suggested no idea less likely to get
support among silver men.
Mr. Elkins rightly says that free coinage
might bring hthcr a large part Of the worlds
stock Of silver, taking gold ou' causing inill-
ton. and thus great disaster Eut he seems to
forget that danger when speaking Of opening
the coinage to all American silver. which would
inrllllc inc = UUV IIbNut'-l list N'ii ~
Mexico. and sums from other countries rs well
as the $G3, 100000 produced in this country
, He rocliouS the worlds production n one hum
drcd and twenty millions yearly whereas the
best authorities max" j. over one hundred and
fifty millions and if il be sail that India must
have a certain part. Whatever the price, IT Is
obvious that sales Of the enormous idle stock in
Europe could a well be made 10 India. leaving
the whole supply from this continent 10 90 10
the United state, Mint This country would
then have 10 pay n least $50 0G0. 600 gold to
other countries for silver. unless il could keep
prices low enough 10 ship more largely Of ether
products. but an addition oi >l00.o00.000
wear to the paper circulation would hardly
promise much protection against imitation of
prices.
The reasoning that more circulation is needed
because money is always tight in the fall, when
crops have 10 be moved. is not worthy Of Mr..
ElkinS'S ShrcWdncSS. He has seen often enough
how accommodating idle money at Ncw-lork
pourS oil ON the flames OF speculation slim
ulatcs the most cytlayagant projects, and COTS
all tho money ailoat cutangod in gigantic
operations in wheat cotton. pork coffee or real
estate. When that has occurred. the people
bought rs long lS they could borrow never want
10 let 90. The fall demand comes and always
finds them loaded 10 the very guards. and the
banks in n similar condition. and then there j,
drcadfully tight time until prices get down
again and some Of the spectators have been
forced into liquidation. That state OF things Is
even more likely 10 rccur, year after year, if
there is to be cmpte1 into the channels of
circulation one hundred millions more silver
paper yearly, whether business needs additional
currency or not
But Mr.. ElkinS makes far more serious
mistake when he says: "The President and
the Republican party in Congress should not
differ on 50 important 4 measure" aS if tho
little minority of Republicans who are voting
for unlimited coinage constituted the Ropub-
icln party. Does not Mr.. ElIiins know that
the great majority Of Republican members in
both houses OF Congress entirely agree with
the President in opposing free coinage? The
possible opposition comes only from those ST.
yer Senators who have acted rs assistant Dem
ocrats already on tho Election bill and the
closure and have several times defeated the
Republican party. Their behavior certainly
does not render a compromise more probable.