New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-12
MR.. HEWITT ON SILVER.
HIS REASONS FOR OPPOSING FREE COINAGE
A STRONG LETTER SHOWING THE EVIL EffEOlo
WHICH WOULD FOLLOW THE PASSAGE
on r.trE prNUI NC Pill.


OF THE PENDING ELL.
Washington, Feb. 1.-THE argument OF en-
Mayor Abram Hewitt against the Frec-Coinagc
bill which he prepared for submission 20 the Coh-
m!ttee on Coinage, Weights and Measures. OF the
House OF Representatives, al hearing OF Il dci"-
cation from the Ncw-lork Chamber OF Commerce
in Washington. before that committee tonight q
here printed liz full. II reads as follows:
Charles 5 Smith. esq. President.
sir regret that the state OF Any health does not permit
me to JON The committee appointed by the Chamber oil Com
mcrce STRAIT against the passage OF inc OH Pio'u
ing for the free coinage silver But in accordance Win
your request beg b. submit statement Al iesaTu "
this IMPORTANT measure which you at liberty 10 make
such usc as the conn ittec may approve.
BY law the standard OF the United States is
DOLLAR containing .js grains " god, . line AL oAe ofs
OF money including efsl-tencer notes NAio'i JAIN No'
silver dollars and certificates, are maintained aI pa
with the gold dollar only In form or other they
are redeemed By United States GoEeihntnt III Bo'1
dollars OF u. above standard
When pure silver worth ~ per ounce the gold doAf
will purchase $50 grains pure silver. The quantity Of
nre silver I'm thu present standard dollar Is 57l grains
equal TO 4l2L grains BY opening the HAIs TO Ae
Tree coinage OF silver T. proposed u make Sh1 grams VI
pure silver much The gold dollar, WHICH, d. NV
present market tate Will purchase $50 grains Of pure
silver. words, b. set Of Congress, 21l grams o
silver arr to be practically into $50 grams OF
silver The achcml-t undertook more oihcu' VI
profitable operation, II success we're ios'ibie'
II claimed by the advocate q free coinage Of SILVER
that the mere passage o. the law opening M m'' VIZ
r the value q silver in the market, u the world from
81 Dor ounce T. II - pr The price OF ' INV
TN rrice % every other commodity is governed by u
and supply II the demand created by opening lhe nm
could abso9b -" silver that would Dc OAeleu ~ -
would undoubtedly rise t. 81 20 per oQnci' Hl' ''
slrdlty Of this idea is apparent when II J. e'hS'-'
the world is supposed contain ovcr siA thousand "
% flvrt ounces, now -. Ing 40 i pr ounce 10 u IN'
bv the proposed legislation - ltr cent III '''''' -
r,nts Of the United states could receive ana Gum "
sum- Tor a time at least the Na.lc N"u'D D'-'' 10y -
vance but tn food u silver seeking mafhft 81 - -
cent more than 10, present value would ue 40 -I'''
70 oyerwhelm any possible demand when 0ou'4 800
created by the opening Of our hints 10 u'' az -,
Of silver. The p-ice Of silver would uhdoubNu' - -
oct 70 violent fluctuations, but when u was ioih1 '
49,, .,-v could mot absorb the vast ofoilnss, doM'st'
and for4lrn which would be made TIE prce Nou'u s"N
below it, present level. and the owners OF silver N
mine, would De worse 81 than tn'y ar al Ii'''''. 80
idea Therefore, upon which tn Pf'Io''a i'- -
,ed TIA. the r,atlye value Il the god ald r4''4 -
thu world could De materially changed D. any a'l''" VI
this country &. absurd. II al the other coI'l''S
tries would combine with this country ~ u'' ''''' "
store silver u parity with gold the basis OF lo- 70
which Is the ratio 81 Latin Union. u'rr might DO sun
n+oauity a success: but 10 j. by no ID an, '''l 80
then that the laws 4 nature governing u' 'N''.
values Of commodities could be p.fnaA,hu! ""'-- ~
legislation. , .
the standard Of value. Plaque, ps-lence @nd ia'' ."
afer ALL but local anl temporary calau.t!c' H''1 c'
quakes and cyclone, ar limited IA thrF u'd''''''
but change IN le standard II value d'rN al '-'''"s
contract upset all tno calculations oi bushes
ever family IN the land, and convert, eAr 'F'4' ''
.ta.tl,iol and rauh!r.. The experience OF H'hHI'-
has shown that two staLdafds OF value cannot east s1 "
side One or other VII become dominant anu '.'-
Ing 70 the well known ia" Of 'fesham' the poor. num-
VII drive out the better money. Hence thc atrHpt "
o.t.bil.h silver a. well - god standard al "a" ro-
version Of gold article Of Hef ha d' 'H-'-D1
v this country can continue DO business upon -Ni
standard but inasEuch silver has Tor t' h't iN"'
wears nucuated very greatly AMI rapidly IN value ranging
lotweeu 43d and cod pr ousc. the English H'ikri
and A. TIE recent cuc,u1tcns have been very violent -
TAI, u ure.une that these change, Ia value VIII continue
IN tho future a, III the past rIngus ' business - ou
TIE, which are upol the silver basis. ia the modern &c
,1oru5o q clIllaton silver has become the money 81
relatively poor countri yh,r the -tlEdald of iva
IoS and TIE wasa o. labor sfe Inadequate.
Tho United states to-day 4- = richest country 10 the
VOID Gr,a. Bftlln s, suta,.c- r. per capita wealth.
but the d.,f,uc, sight, ana Wc shall "l''ih l4'
next c.aG. N a. head o. tt u.s.. ln wealth estimated
peg head O; population. II any country ought To- have
gold basis. j, j. tle tn!t,c States, and Ae iul'iiAr "
such basis f. apparent wAtn J. j. -lId tt- tla 4H-
ruaon4I u The world all settled 10 f0-
and Rus; continue Doe -etea. ~ present London ID
tc clearing house word but re time IS rot iaf d.
t4nt whei u adhere b Tie god ta"4s, Tie scat "i
nnsuca! power VII! be ln,iI d ~ thi, country, ana Dr.
OF The present century inc 'faih- '' VI
HE world vii! be uc Wstefu Continent, unless va o.
trut.y elect % establish Inferior standard u value.
involving payment o; brokerage ulon every transaction
before u can be- con, ct tc standard Of the
word.
II would appear then to be- plain that neither silver
ove:s ,os inc general iL-n'-. 81 the country ior a.
f, po.rfty OF The United Stat, vorc De- benefited by
change from tAe gold u the silver standard.
The only oher o. rumcnt urged in behalf q the proposed
!eg.auon /, tat B, Will Increase tle amount - currency
g DO
rury De- d.a-,l Pos lowering the au-aI1 ~ value un-
doubleday money Viii De- required ~ The ordinary
transaction, % life. over 80 per cent % be business "I
the country g. however Iiorm'd ly Achs notes aud
Other instruments % exchange, uab o." Increase OF t'
currency would only arect III petty tfan-a-uo"e " daily
e and the payment O, balances between the banh' il
d.acult u the free coinage Of silver Wouh H
any WAY al 90 iho present condition, oi domestic exchange
except 10 ,olpcat. them and comp te payment 90 uil-
auce- IN silver tad Of god. 1hc Fc con1ec % -llN'
20 far a., 1t di.p1ccs poudns amount Of gold COIN
age would add 70 te amount d money Ia circulation
AID Scry C.acut g. conceive ia our day That te
amount Of silver coined could by any possibility Dc made
equal the amount % ID already cnihd Nith N'''H
be driven ou Of calculation and = Tho country. Tie
idea tic currency by t- 90 thod j. therefore
fll!acous. u were p0ssb" b accomplish H.
there AZ. other method Of aching th, end without d.
Lasinp TIE standard Of value aud disturbing all IL" suhf
conditions OF business The attention Of Congress IN
doubtcdy be wisely dir cted u such improvement ia
the fiscal sy.tem Of the country Will relieve the Scre
OF Treasury from tn responsibility al one t"' {"
con-trc ting money market and another Of rcci'
Ing from the Treasury amounts q money IA order 10
overcome strlngency caused by events when he
has no control The present system Of Treasury HguA
on T. probably the wor-> that has existed 10 any
commercial country. Al viii gree that 10 ouehJ TO
10 d. amended without delay. and that every Interest IN The
country requires banking system which shall Tar -
possible BE- mad automatic In meeting tIe demands Ioi
curtcncy Instead Of changing The tdad OF Nalie let
Coucr.. appoint commission b examine into the present.
financial condition o. the country, IL fiscal afrans'Inc
tie relations the Treasury 70 general business ana 10
recommend system which VIII admit Of free play IN u'
issue If currency whcn wanted and it, retirement when X
i no longer needed FOR tnc regular operations 81 trade
The proposed legislation Is advocated upon the ground
that will De favorable 10 The debtor class. and " j.
assumed that debtor elias, j. majority Of the Whole
number, and rciore ought ~ he a'or'd by legislation
L pom grounds Of morality this proposition will not STAND
examination for moment; but mater Of TACT thr
debtor clas, s no. majority In the community, ara any
proposition b. dcDa-e The currency Is simply an ai'hl"
to transfer from the gielt mass Of the community WHO