New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-25

| of silver. appealed 10 the preJudlces OF silver
producing States, and at the same time to that
large body of people who want cheaper money
and worse money because they imagine honesty
is bad policy. The gambling element enlisted
! some members of Congress by methods which a
| COMMITTEES is trying to discover. The dema-
gogues had their eyes fixed on sundry oinces'
which they hoped to get by being more extreme
and violent than anybody else. The fanatics
spurned all advice, as usual, and considered Mr..
| Window a %goldbug.
These were the people who substituted in the
Senate free coinage for the bill passed by the
| House. having first organized the silver spec
| ulation and boom which have since cost bust
ness interests so heavily. From % ID in April
they lifted silver to 81 05, and then insisted
upon changes in conference which competent
men assured them would promote speculation
but would not help the price of silver. The
bill as passed lifted the price to 81 81 In Au-
gust, when it went into effect. But silver came
in from abroad, low-grade mines added to the
production, and the boom was so self-defeatlns
that in October the price had dropped to 81 w
again, and the demagogues, the spectators ana
the fanatics were once more appealing to pop
ular prejudices against the compromise act, and
for free coinage. The elections gave them great
hope. and the Senate passed their bill, but never
since the election have they been able to get
the price above 40 1-2 pence in London, and
now it is Town again to IA 5-S pence, and bull
ion certificates here have sold at SO l-2 cents,
n little lower than the price before the boom
began. In doing all this the demagogues, spec
nlators and fanatics have outraged the feelings
r. M, 81 rn,I o;t;.on- h. coalip fifth
and defeating a measure for honest elections.
They have put themselves where they can claim
no consideration from anybody except Demo
Gratis who have used them and will cast them
aside whenever they can get a vote by so doing.
The cause Of silver they have not helped in the
least, but have intellectually damaged. The
utter failure of the measure upon which they
insisted was plainly predicted by competent
business men, and they were told that, as the
! continued coinage which they forced upon Con
gress would only impede the effect of increased
purchases of silver, so unlimited coinage would
nut silver lower than it had ever gone.
IF silver producers would take warning from
events they surely might begin to perceive the
truth. Silver when coined cahnOt circulate be-
vond about sixty millions, long ago used, and
cannot be used in any way for redemption OF
notes. Perpetual fear that the notes may sink
in value always affects the markets so long as
such notes are made redeemable in silver coin.
Yet the same notes made r~edeemable in silver
bullion. worth in the market the face value OF
the notes, would circulate anywhere, command
absolute confidence, and afford a real use for
many millions of silver. Put into the form OF
coins the silver cannot he - used, is a constant
menace. and tends constantly to increase the
disposition to get and keep gold and to get nd
Of silver. and thus widens the breach between
tbe two metals. When silver producers com
prchend this simple fact they will east the dema-
porues. the spectators and the fanatics into
outer darkness, and join with competent bust
ness men to settle the question on business
prinCiples.