New-York tribune., 1891-02-19
which its importance demands from our Ma
| tional lawmakers.
SITTER PAPER, NOT SILTER

The chief argument OF the silver party Is thai
all were mistaken repeatedly on other occasions
in regard to silver coinage, and may be again
The Bland bill brought no disaster, they say,
nor the issue of small silver certificates, nor the
increased purchases and coinage of silver last
wear. As predictions then made proved entire
Is false. what certainty can there be that sim
liar predictions now are not mistaken?
Predictions in finance are usually foolish, II
mere predictions, based upon supposed author
ry or superior knowledge alone. Rcasonings
drawn from known and definitely stated tacts'
the nfercnccs from the facts being logical
stand on an entirely different basis. Such Iea-
sonings every man can weigh Tor himself. II
there is error about the facts he can detect 1t.
If the differences are erroneous. he can recog-
nze the point of weakness Past silver legS-
a,on has been met by some arbitrary and dog
matte predictions which have not been justified
by events 50 much may freely be granted. But
such legislation was also met by much solhd
reasoning. in which the dangerous tendency OF
increased coinage was shown, and the prop
ability that the first serious drain upon the re-
sources Of the country would expose 1t to great
disaster if the currency should be weakened
by wears of accumulation of silver IN the re-
serves and by use of silver paper. The aSscr-
tion that such reasoning has been found errone-
or< is entirely false
No such to1t of the strength Of our currency
system has oyer occurred, since the fruits OF
past silver legislation were realized, as to Ce-
vclop any weakness in this reasoning. But 1t
has repeatedly happened that danger OF large
outgo of gold seemed near, though successive
fayoring events in other countries and III tins
aycrtcd that danger. In every case il has been
found that there WAS profound Apprehension
among these upon whom the financial health
Of the country depends. In every case the
dancer and apprehension enormously increased
the evil influence OF existing conditions. More
over. the apprehension has been rapidly grow
ing. rs the basis OF currency has been slowly
undermined. until the latest and in many re-
>pccts the worst financial pressure for many
wears. a. least in its influence upon the CONNER
cial world and productive industries came upon
us last fall after the passage Of the act incrcas-
ing silver coinage Men may doubt whether
that depression was caused wholly or mainly
Nv the change in silver legislation and pros
pccts. But no sane man can contend that there
has not been enough OF serious embarrassment
10 Justify great Gistrllst of the silver coming
policy.
Wha- is now proposed is TO push that policy
stin further. to its utmos; logical limit If the
people wished to take and use the coined Sil-
yer. and the proposal were to coin only so much
Of II As they would Use and no more, that would
be a very different matter. There would in that
case be lo>s silver coined NJ the minis than there
is now. Just here is the snare OF the SILVER
men: they do not want more silver IN actual
Use. but only a paper rcdcomablc in silver in
stead OF go,d-that is. a paper which can de-
praciato - almost any extent, IN plac" ol
paper which cannot dopr"ciatc At all The men
who clamor ior thi' money bclay the whole
business in thcir Arguments. They want cheap
or money. t5at H. money not worth so much Il
paper rc@ccmlblc ia gold. Tho on" and only
reason they have faith in the Free Coinage biz
is that thcy know that PAPER which is redeem
abe in silver only will be put into circulation
in enormous amount, and they hope it will be