New-York tribune., 1891-08-28

sendea IN oul notes of the United states We M ex
under 5S a. act ts n s wear
S rH5 a3onn U Of treasury notes which are now III o
cuaDn We thus provided an ncreas If Business aud
UlraTi l@ia3Ion az the United states Under IL We IN
Chase silver bullion at It's mseS M sna Pred redempton @ Of the
TrssnyS notes on demand and thus MAINTAIN rs MS Il
notes at the parity Of i IStss anp states Under
now + VIZ VIZ Will have constantly increasns volume s,m UI t
ency ICY safe End amy amy gSnss g5Gdt eft'ye f w i SS to
s benet of the people OF the United states and
tendency q this policy II i ss yae Of I Silver bullion
W VII s eG essI ratio with gold and when ths s., Is ISt r ON
Sos GOLD and silver would be coined at the Hin' WI
equal e GnS dspctVe ad ng feature Of this Law Is
that the United states viii not RnS lSE %sy SsS sSou Sa
% Nor " ~ thers about silver bullion that @
e from any other product OF n"s needs food
end eothiDg for the Army and Navy It pays Usr
The mafket price to the farmer ami compared
qth the value Of any Of the articles produced M M thc
farmer the miner and mannactG,r . Nearly ca yc a cor
porsons in few states ana It's proneuopp cop of
market price far %ore broHsSe HsSSnd dnSf of tSe ss producer
os silver bullion that the United states should P Pss
him a5 per cent than =, market ysIe '. t6e Re-
al the foundation OF the dlIefehoe oeV"een '"N
publican and Democratic parties
THE DEMOCRATIC PLATFoRM.
What ,s the Democratic poslt,oni ! will read IL
,rac,eev as stated In their ohio platform
ave depouncc the demonetization of silver IN @ io.'
hv the party then IN power as an iniquitous A'e
ton OF the money standard In favor OF creoi" 80
against debtors taxpayers and producers anu 49, "
nv shuttiue of one of the eources OF supply oi P
rnhnev operates continually 10 increase the vaiue VI
a,d donress pr,ces. hamper industry and disparage
erternr,ss and we demand the relrstatemen' W u'o
constitutional standard of both gold and suVer' VIZ
the canal right of each TO free and unlimi'eu VoN"s
LET me first correct some statements III ui' p" o.
graph The Act of 1873 was not the ao. - "
party then In power, but 1t was the act Oh "u M,
II was voted for by Republicans and Deino0,"'S I's
after full consideration for three years III % cha
=. ,os voted for nv every Representative from the
silver states II substituted the trade oo f thirty
old silver dollar which had not been coneu th % Iers
istnre Of California and on motion Of It's Sena,DI1 1
The Silver dollar was then worth more thn 'ny rter
aonar dor sT of silver The silver dollar had
been efectualy demonetzed by the act %i
ior fbe Silver dollar the fractional silver c3ms r %Ie N
Witch o we are familiar Neither gold nor silver UG tvoc ws
in circulation IN 197s but se Ony RygpSSbcan party by
party vote provided for the reSupu%on % u foT the fac
inents first by substituting SILVER con- Nv The redcmp
ton OF een6acks in gold and silver when d issed
in 1878 the old SILVER dollar w Was 1sSs 1nbc or pr
and made a legal tender for all deotS' PuO"0 VI f
vate. -, oocrrrod in the markets of
,ba To~ld in the relative value of silver ana g0iuo
sixteen ounces of silver were no longer esdI m
to ounce Of gold Ga TG gre;sy s market value The
Question then came before Congress whether & CHs UnGe
States then as now in favor SI tS uST r conare at s
market vaue and cover the apparent prom pro- !Uo % Io
treasury for the common benefit OF the peop% % Silver IL f
one ounce OF gold the ratio adopted y hity yearo r
thus giving ggae to the b %a The QUESTION & en
as il the question now Congress hen deSdeC eSe vsae sha
Dot a more Than - worth Of silver month and
not less than 100000. and to coin II ntO lesal,
tender silver dollars That act ad as Dsfa sfae y bSs eS
pended 1905 291 In the purchase OF silver buhon.
i has coined M from this bullion u nS nS% sSte ana @ so
called profit of 900 067 532. In spite Of this enormous
absorption OF silver bullion by the United states II mas
The peope eS0 Of fSe United states did not and will not
readily circulate the silver dollars. They are TOO
sGg Sc EseT S.e of he FRsay c7 could o
kept in circulation only to the extent OF S5OOOOVVO
IS Of piy last By the last report the enormous amount
of 347 076227 silver dollars The silver IN these dGl
as much as the bullion from which they were made,
nor as much AS they cost the Government 1t Bnt we
precisely as we maintain copper and nickel coins
at par though intrinslcally worth less.
THE SUSPENSION OF COINAGE.
The result of this experiment OF twelve years and
the vast accumulation Of silver dollars in the Treasury
compelled Congress to modify the law Of 1873 BY
the act Of 1890 to which have referred Congress sos-
pended the coinage Of silver dollars unless needed for
circulation To provide a market for our silver and
for an Of currency 1t directed the purchase OF
4500 900 ounces Of fine silver each month, making
81 100000 ounces year. at It's market value, and
upon the security Of this to issue legatender Treasury
notes for the fun amount OF the OF the silver thus
giving stable market for all and moro than the silver
produced In the United States and at the same time
furnishing to the people an increase of circulating
money greater than the increase Of population.
This increased purchase Of silver felt by conserva
tive men to have gone TO the extreme exont in favor
Of the producer Of silver yielded with reluctance TO
the amount provided for but 1t seemed to be the most
expedlent to stop coinage already in excess
OF popular demand and TO furnish good paper cur
rency more favored by the people. now believe the
measure will work out the most beneficial results. IT
II has already advanced the vane Of Our vast store OF
silver In the Treasury 1t has given great activity TO
tic production Of silver. II has furnished an increase
OF circulation. 1t has malnthlncc the gold standard
while utilizing and bene1tlng silver TO the utmost ex
tent short OF deinonetzng gold. II IS the key % our
exalted, almost preeminent. standing In commercial
credit and National honor among the nations OF the
commodities or podIctIns as subject to the universal
rlle Of being worth What they will bring in the mar
now proclaimed in our Ohio platform
Our Democratic friends differ from us in this par.
tcuar They are In favor Of allowing any holder OF
silver bullion foreign or domestic, any Old silveTarg
or melted teapot, any part Of the vast accumulated
hoard Of silver In India. China, Souh America and
other countries Of the world estimated by statistcans
be 34G, 70 present it 10 the Treasury OF
| tne lIlteu STATES ana demand one d0llar OF our
money, or our promises to pay money for 81 grains
Of silver. or any multiple OF that sum- though this
amount of silver Is now worth only II and has
for period of years been low 20 cents. If with
| free silver we receive only the quantity OF silver we
are required 10 purchase by existing law. the United
States would pay over S130O0,OO0 year mO~e than
If purchased at the market value, and this vast sum
would be paid annually as bounty 10 the producers
\ OF silver bullion.
| WHAT FREE COINAGE MEANS.
But this is not the worst of IT. FREQ coinage means
| that We shall purchase not merely four and bali
million ounces month, but all the silver that Is
offered. come from where it may If presented IN quan
titles of 100 ounces at time. We are 10 give 10 the
holder either coin or treasury notes. at his option
at the rate Of 81 for every for every 371 grains
worth In the market II cents. Who can estimate
the untold boards OF silver that will come into Tho
| treasury If this policy Is adopted All Of this
Will be represented by our treasury nOtesan increase
OF the National debt. II is public bid of 30 cents an
ounce more than the market price for all the silver
alOat and all that can be hereafter produced, made
time when silver is declining in value, and wher
| many of the commercial nations are seeking 10 con
| ,erf oliver into gold lot matt In