New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-20
THE SILVER COINAGE.

Affair JnIv | under the terms OF the Silver
-. ,ossod at the last session, the coinage OF
silror dollars is to be stopped except that it is
d;scrationary with the Secretary OF the treas
,,-y IN coin as many more of such dollars as ne
NAV think needful to provide for the reoemp-
.ion Of certificates or notes. IL was the pam
intent of the act to stop coming the SILVER pur-
chased as far as the Secretary should think IL
safa In his address to the Ohio Convention
the Secretary referred to this provision OF the
law observing that it would be discretionary
with him whether to increase the number OF
coined dollars. Dispatches now state uav
Urgent appeals are made to him not to suspend
the coinage. and he is considering the matter
II is not necessary TO say that the minting OF
bullion into coin results in a nominal profit 10
the Treasury. If the bullion costs 81 per
ounce but is coined into dollars at the rate OF
about 81 20 per ounce, the Treasury can then
ronort on hand S12,9OO,OO0 silver after pur-
chasing only S1OOO0,000 silver bullion. AS
the Treasury is obliged to purchase 4'oOV,ooV
ounces per month, which may cost ABOUT
"a zoo 600 in notes but can be coined lnO
obout $500. 600 standard silver dollars the
real question is whether the Treasury shall by
this process add 81 300, 600 per month to ITS
nominal revenue. and like sum month ny
month to its cash on hand There Is noV
fnaucier of consequence ana charactcl VIM
would not answer without hesltauon' II tlliS
were all, that the nominal gam III reporteu III
come and cash would not compensate 1of inc
nossible loss of credit through such an opera
t;on Bnt this is not the whole case, un1ortu-
natelv. There are silver iunaticS in the land
They imagine that in some mysterious way
which tbev cannot understand nor can anybody
else the continued minting of silver bullion into
standard dollars benefits the country, helps inc
naople and strengthens the cause OF silver. "A
most intense and unreasonable feeling on this
snbicct has been carefully fostered and the
Secretary is obliged to take it into consideration
in deciding what is best. To the silver maniacS
any SUSPENSION Of the coinage, no matter Tor
what reason. no matter how useless or foolish
any further coinage of silver may be- wouiu
seem an act of hostility to their pet theories
The business world has been made aware
that the present Administration intends TO
maintain gold redemption for all its outstanding
notes. Whether it may hold more silver dol
l.rs mr. fewer makes no difference. The credlt
of the Government now rests upon public con-
fdence that the Treasury can and Will redeem
anv Of IFS notes in gold on demand. While that
confidence exists no addition to the vast pile OF
useless silver dollars in the Treasury can 90
anv harm. nor is it clear that any addition TO
that nile would tend to break the existing con-
! Gdence But if it should be impaired by a
change of Administration or from any other
cause. tho presence of a few millions more OF
the standard silver dollars would not be in the
slightest degree help or real detriment. The
question for Secretary Foster may therefore
seem to him a political rather than finanaal
one. If he knows that he can maintain pubic
confidence in the ability and determination OF
the Treasury to pay gold for its notes on de-
mand. and that this public confidence will not
be impaired or lessened by continuance OF the
useless and foolish coinage which silver fanat-
les desire his only difficulty will be in deciding
that further coinage is needful to provide 1ol
the redemption of notes outstanding. great
body of voters of both parties most fooliShly
think that it is. But the question is after all
one for the Secretary himself to decide, and II
may fairly be doubted whether any real harm
will be done by decision to suppress the coin
age altogether or by decision to continue il
| e. n time