New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-20
ham and Morrisania. 70 grant this permit Will
be 60 establish 4 dangerous precedent.
POSSIBLE FRUITS.

POSSIBLE FHCIiN.
\ few mor>eS of information from Europe
kindlo curiosity in regard to the probable effect
Of the silver bill if passed. Some persons who
own or have control Of large amounts OF silver
abroad are already making preparations to be
among The first to take advantage OF the bill. II
il should become a law. For they arc strongly
persuaded tia. this country will not continue
for many days 70 deliver S1.292 30 for LOCO
ounces of silver in any lcga-tondcr paper eX-
changcab!c Tor gold. That opportunity. they
further reason may never come at all if the
bill passes. But if they can have the silver on
hand here and sell i. to wiId-cycd silver fanatics
lust before or Just after the hill passes at about
par in gold and gr foreign exchange for their
money. they will get the cream of that pan
Of milk
4 trar Of IT. 600 900 ounces, let it be sup
posed gets started in time to arrive before the
hill goes into effect. Spectators buy some de-
hvorablc in future. Others buy quantities and
get warehouse certificates. and others still hold
the bullion in the certainty that the Treasury
must in a day or two pay : 20 II for every
ounce Of it, Then the foreign bankers turn
their cash into gold. demand it from The Treas
my or the banks and calmly wait The draw
ng Of gold cXcitcS alarm and people begin 10
tall, about premium on gold. even before the
Free Coinage Act goes into effect. Spectators
who want - make Il good thing contract to pay
a premium on gold after few days, and others
who must have lie gold bid a larger premium
and 50 il rise, swiftly. Speculation in stocks
and products being pasied, since nobody can
know what the legal tender may he worth from
day TO day. a new gold-rOom absoIbS all in
tcrc>t.
II is easy to conceive that the premium on
gold may rise to - per ccntin few days alter
the Free Coinage Ac; has passed and perhaps
before il goes into effect. for some days Must
unayoidably elap>c between a final vote in be
House and the signing or actual enforcement
of the law. The 1000 ounces Of silver which
will now sell for ~ $50 in gold would then
sell n par in paper. that is, for Hl.292 30 IN
So-cent dollars worth in the market Sl,o3l
in cold. Is that time nobody would wait the
papcr or the silver, and both would 20 down
ike lead Nobody will then care what the
pric, Of silver bullion is: everybody VIII hang
over the tape which viii tell tho price IN
the cold-room because that Will determine what
silver bullion and everything else Is worth.
Should this state % things come Ncw-Iork
banker, would suddenly meet and Solcmnly re-
,nyc that they are obliged to treat their prcyl-
ON, contract, with various customers a gold
contracts. and to keep the means for meeting
Them. while, if anybody wants to deposit silver
paper he must expect ony silver or silver paper
in PAYMENT In about 4 day Boston, Phlla-
dolphia and Chicago would do the same, and
hen the banks and the commercial community
vonn, have for their use. gold. gold certificates,
crecnback, redccmahlc i'm gold. and bank notes
rodccmabla in gIccH0ack>, while the rest OF the
people would De at liberty to keep all the silver
and silver notes they wish. Ohly if anybody
wants gold for silver notes. he Will pay a
premium.
II i, not likely thai many people would make
haste 10 turn in their silver bullion under such
circumstances and get for il coin or paper worth
only so cents on the dollar, or Sl,03i Tor every
/. 900 ounces Of silver. now worth Is bullion
$1,000 Hence the danger of rulnouS imitation
Of the currency might be found chimerical, and
free coinage would be rather chimcrical also.
A> for prices. if man wants bag OF Hour.
Isl -. my dear SIR gu if You have gold 81
some people are Old cnoiSh to remember how
that sounds