New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-17
THE .SILTER BILL.

Eypcrioncc Of Just year ago proves that
MASSAGE Of a Free Coinage bill by the senate
does no. necessarily mean it, passage by the
House. The very bill which the senate passed
by f. minority on Tuesday night was the one
defeated in the House la>i year. after it had
come from the senate with enthusiastic pre-
dic,jon> Of il, success. The circumstances now
arc somewhat different it is true. But II may
well be doubted whether any considerable NUM-
her of Republican Representatives, alter H-
fu,ing free coinage last year Is dangerous 20
nullic credit and National prosperity ana de-
libcra,ely adopting another measure ~ wiser
and safer Will vote this year that they were
in error
Neither is IL clear that the measure, if it
should be passed by the House, would become
\ law th, year There remains the possibility
If = Presidential veto. and there l. no visible
reason 10 suppose that The bill would have the
rcouirod tNO-thrds majority. even IN the sen
ate. Five more Senators than supported the
bill Tuesday night would be necessary, and 1t
i, doubtful whether any could be induced to
take the grave responsibility Of deba'ing the
currency. For il is clear enough that the
strong arguments against the pending meas
IRE bv senator sherman on Tuesday were
only open to criticism as too moderate ana
mild in statement. The measure would not
only tend to push gold out Of monetary Use
in this country after time, but In all human
probability would do 50 very quickly, through
the operation Of laws well known IN all tho
markets, and practically universal in their in
huencc.
When holder Of silver bullion can get for
every ounce of it : % in lcgal-tcndcr paper
that will make the paper worth no more than
silver NAV chance 10 bc, but will not in any
way tend 70 fix the value Of paper with refer
cncc 10 the money Of other commercial nations
People who have the money OF other CONNER
cial nations will dislike to put it out, except
at such premium Is they may consider al
traciVc There are thousands OF merchants
who have TO pay in year about seven hundred
millions in gold or its equivalent TO foreigners.
Other thousands have debts abroad or at home
Oh which payment Of principal and interest in
cold is either expressly stipulated or necessary
10 their solvency. Corporations by the thou
sand have debts thus payable by express con
tract. and also states, counties, cities and towns.
All these must have gold and fear state Of
things in which it cannot be obtained in cX-
| CndnGC lOf currently j MY VIII dNh dIAlbiNiA
whether the Government is able or sufficiently
reSolutc 10 continue paying gold for notes.
Quickly they will see that the notes are of
| different kinds. The new Treasury note, and
The old silver certificates cannot now be pre-
sented in expectation that gold will he paid
for them Bank notes are redecmlble in legal
tenders. and the legal tenders are technically
| rcdcemable in coin o; the United states and
while Government may earnestly desire and
strongly endeavor TO pay gold in order 10 save
It's credit, no means exist OF compelling it to
do so If exhaustion Of is reserve is near. The
banks also. which have the foreign exchange,
10 make and the commercial and corporate and
municipal payments for customers, hold one
hundred millions Of legal tenders, and would
be ~orcly pressed by their customers TO make
their reserves safe beyond question. Every
merchant or corporation having foreign debts
10 uay would ask that his deposit should be
made payable in gold by express contract, and
could draw the legal tenders and get the gold
for them at the Treasury If the banks refuse.
I'm the process of protecting themselves against
possible danger, those who have gold TO pay
and the banks through which payments have