New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-10
TIE CHAMBER or COMMERCE. ON SILVER.

The New-Yorl< Chamber Of Commerce has not
promoted an intelligent solution of the silver
problem. 1t has hastily passed, without report
| of a commi tee and without delbera,ion reso-
luton that the Act of 1890 ought to be repealed
This act was in the nature OF compromise.
Il provided for increased purchases OF silver
bullion, for issues OF new Treasury notes re-
deemable in gold or silver coin, but with express
requirement that the Treasury should keep them
at DIR in gold, and for the cessation of silver
coinage. Like other compromises, this act was
not entirely satisfactory to anybody, and when
the Chamber of Commerce was minded to aSsall
| il only one member voted against the Tesolu-
ton. But this assault upon the compromise
| act Of 1890 by body claiming to represent
the commercial interests of New-York will
powerfully assist the agitators who are demand
| ing free silver coinage. 1t was piece of rare
unwisdom, with House strongly for free coin
age to denOunce the only adjustment which has
vet been able to stand against free coinage in
| the Senate.
| Probably such considerations as these intiu-
enced the committee appointed by the Cham
Der. which had refrained from offering any
recommendation on the subject. Had the MEM
bers been as level-headed as the committee
was. or had they been sensible enough to take
a few hours for deliberatiOn, the action of the
Chamber would not have been cOnspicuously
helpful to the silver extremists whom it desired
| to resist. But men who are in hurry to act
without thinking often harm the very cause
they mean to help.
The Act of 1890 has been in force more than
year, and in nearly fifteen months since its
adoption has added S5S,373, 555 to the paper
circulation outside the Treasury. Meanwhile
there has been large decrease in the volume
of bank circulation, for which it was the in
tention of the act to compensate, and also an
increase in the population, for which the act
was intended to supply corresponding increase
of the circulating medium. The net result has
been an increase of about S30,000,000 in the
currency during the last year, which is but .
per cent and scarcely more than the increase
in population. As yet it cannot be said that
the act has produced any dangerous imitation.
The new silver Treasury notes are not silver
notes, as the Chamber of Commerce seems to
imagine, but are in fact redeemable on demand
in gold con as any member can ascertain who
chooses to offer them for redemption. Because
the Treasury is expressly required by the act
to maintain the parity of gold and silver crcua-
ton, and its refusal to pay gold if desired would
instantly establish an official discrimination
against silver, the Government has no real option
at any time when such discrimination is pres
ent. This solution may not be the best conceiv-
able 1t was the best that could be carried last
year. and the Chamber OF Commerce has not
the grace to propose better.
The repeal of this act would sweep away the
clause repeating the Silver Act previously in
force under which minimum of $4,000, 900
worth of silver per month was coined, and
silver certificates, redeemable only in silver,
were issued. If the Chamber of Commerce
really thinks this a better state of things than
the one created by the new law it does not
represent the business men of Newly Ork in that
opinion But it probably did not think that or
anything else in particular, excepting that it
wanted solemnly to resolve something. BY in
consderate action it has only helped, to the
extent of its ability, the dangerous extremists
It desired to oppose.