The critic. (Washington, D.C.) 1890-1891, 1891-02-16
TIE EXTRA SILVER PURCHASE.
IL May Bo the salvation OF tho Repub.
licnn Party.

IL May Bo the salvation of tho Ropub-
lican Party.
Editor Critic, Free coinage Is now ma
tional issue and II Il remains unsettled Il
,,.;,i ,o pro.';Io,,,;oI ,ssuo T., ,r,,io,, o,so
- ~ 'i' - "-o.
the G' y. H. may encounter ueieat NJ
the hands not only OF the south but also
OF the West. To-day the soundest policy
forthe Democrats TO pursue IS mastery
inactivity"-the tide Is rising to carry
them into power. To-day the soundest
policy of the Republicans to pursue Is inn
mediate and moderate legislation in order
TO clear the financial atmosphere aud
show ua all just where we are. Theories,
speculative, opinions and Impractical
ideas, together with the base logic of poll
tics, have clouded the situation, and the
great question, instead OF being simplifed,
has been made more complex and docep-
tive.
Like other pondorous bodies, Congress
Is always too Slow 1t locks the stable
door after the horse Is stolen. III the act
OF July II, 49, had been passed on Feb
ruary ", 1S-ln other words, IL between
February 2S, 'IS and August l3, 40, we
had purchased \ ,5OO,OoO ounces instead of
100000, q difference OF 2,0OO,0oV ounces
per month, our circulation would have
been 3lO,VOO0OQ ounces more than It is
to-day. This is signilicant, because 3l0,-
OOO,000 ounces ~ the world 8 entire silver
product OF two and one-halt years. and
when we consider that during the same
period the world consumed IN the arts
ana industries about lOO,VV,WO ounces,
we hayea total OF 0o9,00o,oOo ounces,
showing that supply ana demand are dc,
Gliding factors. and free coinage would
have been settled question oil the past.
IL law IS passed now to purchase an.
nually, commencing after the lst day OF
Jnly III each year, extra silver bullion AZ
the market price not TO exceed 2oOOO,OJ0
ounces, It's beneficial erect Will be seen
when congress reassemDles IN December.
This is OF great advantage both financially
ana politically. IL IS believed, however,
that not more than S25,OOO,OOO Will be
necessary, because that seems TO be the
approximate amount Tor the following
| important reasons: " ?Zo,UO0,VoO VIII aD.
sorb the floating bullion in the United
states ana Mexico; " S2oOoO,0O0 VIII be
required TO move our immense crops.re-
| member the millions swallowed up last
autumn; (3) S2o,OOo,ooo was about the
amount OF certificates issued by the Clear
ing House Associations in New York, Bos-
ton, etc.. (4l S20,OOO,0JJls IS the yearly con-
traction IN national bank notes; (o) So
OO0,0c0 Will furnish sufficient elasticity,
the lack OF which, according TO the late
Secretary, is the greatest defect in our
present financial system"
Ihere is not n single valid Objection 70
the, proposed law. IL begins at the right
end and not at the wrong end OF leglsla-
tion. Free coinage Is result, not q
commencement, otherwise we would
nave the cart Deforc the morse, ana
finance standing on its head. we must
make such a law as Will increase the gold
value OF silver, and this can be done, in
addition to international action, only by
purchasing extra bullion; 4,jO0,O)O
ounces per month for nine months meets
our financial requirements, but the. three
autumn months demand not only the
regular I,5oO,OOO ounces, but also so o,UOO,0J0
worth i'll addition, as hereinbeforc con-
cluslvely demonstrated.
Like the Grcenbacker, the free-ooinage
man imagines that his panacea Is the best.
WIN blind infatuauon ne VIII listen TO
no argument or reason. He cannot con-
ceive, neither docs he realize that hn
dumps tons upon tons OF foreign bullion
ON q resisting market; that The sudden
avalanche Of silver cannot be forced into
legitimate circulation during nine months
in the year; that 1t is certain To- disturb
crcdit and upset credit; that his hate, FOR
gold ffightens ii from the channels. of
commerce to Ind shelter IN the banks,
and that the Hood Of dishonest and false
money Will breed wildcat speculation
like those which followed the distribution
OF Sc, ,OC0,CO0 among the several States.
The ftee'eoinage man Is SO intent in
trying to reach impoSsibilihes that he can
not see the things right before him, he
looks beyond, in the din distance, fool
ishiy hoping aud expecting. that frea
coinage means more money in MS own
| pocket, whereas the real effect Will be that