New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-04
THE TRIO METHODS As TO SILVER

The fear of silver coinage is no longer the
cro,t factor in the markets Doubtless the
.;Ivor Senators themselves are aware by this
limo that they can get nothing done ut this
,ossiop. The Democrats have used them, and
coinod substantial advantages by their aid, but
b,vo civcn them in return nothing. II is even
nossibIe that their offensive alliance may de-
nrjve these Senators OF practical advantages at
the next session also. when they VIII no longer
no abIc 10 control Democratic votes by fear,
while tboir influence with Republicans Will be
of the faintcst.
cocrrta1y Window died giving wise counsel
TO his countIymen. If all of them would only
consider that counsel as ii merits, neither kc-
,o,bIicans nor Democrats nor silver Senators
world vote again for the reckless nsk OF I'M
limited coinage Democrats would see that
tbcy could not afford TO destroy puhhc conn.,
dence in their party by an act which might
oosilv nlunce the country into great disaster.
pomuhIicans would take up the suggestions OF
Mr. Window wear ago, and realize how much
eafcr and wiser they were than the abortiyc
comnromises with which so much time has since
been wasted Even tho Senators ana repre-
Sentatives from silver-producing states II they
should now approach the subject Without any
Of the preiudgment and excited feeling whlch
have prevailed, might see that coinage thNat-
ems TO dcprcciatc the lega-tender dollar ins'ead
of raising the value OF silver, while Mr.. WIN
don,'s methods would have made permanent
monetary use for all the silver, and 50 insured
an advance in price, with no risk OF depred-
ating tho currency.
When a thousand ounces Of silver bullion
can lie exchanged at will for Sl,2"2 90 IN Il
lcgal-tendcr paper or in silver CONS Inc dol-
lars of coin or paper must cease ~ clrcuIile
rs they have done As equivalents OF goa DOL
lars because freely cXchangcnbo Tor theh'
The reason is obvious; the paper comes 10 De
worth lust what tho silver may happen to be
worth and no more, but the anxiety OF the
pcople to get and keep gold Will give 1t new
and increased value with reference to other
crrrorcv and silver also. and Will nuke Il I'M
nossiblc 10 exchange other currency for gold
an coual terms. That process would with al
most absolute certainty produce dcprccIploh OF
tho dollar. And as the silver j. lifted IN price
10 some extent even now by the recent IN
creased use. cutting the bond between other
currency and gold would lct silver down Also
The opposite process is to stop the coinage
which involves risk, and issue certificates
against a definite value in silver bullion. Inc
value OF the certificates cannot change from
hour 10 hour. or from month to month. though
the quantity of silver they may command mght
change Hence the steady and sure value oil
these certificates would give them unqucNnoncd
and unrcstrainod circulation while the demand
and Use for silver bullion thus enormously IN
creased would surely lift its price. i was Mr.
| WINDOWS belief that this process would speed
| ily raise silver bullion 10 par in gold. bu'
whether il accomplished 80 much or not. II
would in any case involve no risk Of depIecl-
atng the currency. and no resulting risk OF a
| now and more severe decline IN silver.
The mode which the Republican Secretary
Of the Treasury sucg stcd was adopted in It's
essentials in the House, but in tho Senate was
thrust aside by the intolcIant demands OF wat
small minority which has since played the
catspaw for the Democrats This was grave
mistake. Tho chance of helping the silver
, producers Of this country has been dmnSEcI
by every step the minority has taken since ME-
WINDOWS plan was put aside. The ac' OF last
session. accepted by most Of the Republican
Senators in good faith as q compiom'S". has not
been IN good faith upheld by the so-cacd Sill
yer men. and hence has dpIo loss good than j.
might have accomplished. strong feeling has
bo,n excited. which will make it far more dill
cult in future tn effect any movement toward
silver conage, unless il he rs dl"'incuycly
Democratic and partisan measure. Even now
men Cf the silver States are earnestly appealing
TO President Harrison - name some repro
sentative Of their interest ~ Secretary Of the
Treasury bur 10 they suppose that he can take
ANYBODY whose recent alliance with Democrats
has defeated the Republican policy? On the
other hand. the solution which Republican
Administration suggested and publican
House adopted remains the safest, and for ST.
yer producers by far the most promising that
has yet been devised.
LlfGCn II