New-York tribune., 1891-01-30

situation, and the entire fabric Of Gcttion' pros
pcrity falls with crash disastrous than can
bc produced ly adeaclent circulation.
The ideal financial ~ ten would lie that should
furnish Just enough Of absolutely .ound currency 10
meet The legitimate want, of trade and no more
and that should have enough elasticity of volume to
adjust Itself TO The varying ncc.-c, oi the people
! know tAi, seems df.-ult Of attainment, but be
iicvc il I, substantially possible. Could such
circulating III dum be secured the gIayc~t commercial
disaster, which threaten iutuc mi-nt be avoided
These disasters have always come when unusual ac-
uvty in business has caused abnormal demand
for money, as in the autumn, for the movement oi
our immense crop. There VIII always be great
danger at those times under any ca,tiion system OF
currency. such we low have lad ii not been lOt
The peculiar conditions which enabled the tnleu
states Treasury 10 d,DuIse over r11uOOOOO IN ABOUT
aud half months lat autumn am liny
convinced That the st"in-cncy in August and sepcn-
her would have resulted in widespread financial rum
II is uni Al III piusalle that they can be en-
countccd and their consequence, aycred y IKE acuon
OF the Government, nor l. 1t cr'ldblc that src po"c
,hould be lodged with The secretary OF tn Treasury
am Thoroughly convinced that better method can
~ devised, winch WILL III a iT-c urSlc1' Pii'e ~
power of expansion ana contraction In tnc hands Ot INC
pcopl. th.mlyc- The opportunity for securing such
4 currency mdy be found IN oar bonded deDt' Whirn
convertible hond-. bearing low ratt oi interest," anu
always interchangeable FOR money al inc VIII Oh w
holder. OF course. cannot now enter upon an aIsh. s
ncnt this subject but may be excused ipr Die'E ~
mentioning the only objection nave ever hcaIu ~
le plan which ha, any apparent weight VIZ. that IL
would cause an outflow OF money from the II '@a,uIy @
when speculations rn hlgh 3ii am llPW IN u!'iu' ui
Of threatened panic. and would therefore tend To ~
Gatc imitation and contract contraction, Ihi, , H'.
lection W., concu~vrK Hi.WcFcI aIu t,c Poit .L
triunphautiy vsdcatcd In l-G2 aud -'j under IN,
admlni t,oa Of salmon T. tha,e: %ho wa, one ,c "r
Lad Mr.. Cha~r had nrtcd ana tonGrc>c nad ,uliois
ned what he called Tie 'av - inl oi lnG ~, p'"pi t ic
whereby Trey could deposit ~ the IleisHry up 10 iic
limit of 500 100000. and receive an lncrfouNcIIc
tond drwilg NOT m"r thaP per I, NJ e e g "f ihe
holder on ton DAYS notice 10 j. wei known mat l"
year isC2 ana the fr-t hall Of l-63 wa, pcilou
of most active speculation. ana YET th',c @ @ S I'D
Hnuany mrr'o~cd. until on Jnue 80. l,hi, tnry h'u
0verun thc limit. and amounted To l''lIU-'i oc
I'm August and ~cpicruhcr Of l-G3 the unu-uil a.
vitv Of hueinc, htd placed The country IN the sanc
condition as II Wa Last autumn. ,ErGi ,t Go
pn-i a. over 5iooOOo 600 remain IN -a'c hidine and
thereby ntcn,f the stnn?cncy EAaI} ,st re cycry
Yody who could would avail h.m.oh of thi> -afc ana
convenient place for ho1rii,c mGneyi ana arr" tiS i
ma the money actually now,d ont at thc rat" 81
,n- 900 had conc ont 10 tho relief ~ business, ana
commercial crisis had been thereby avcricd com OIL
mend ms item II history ~ u more valnc VIA" ANY
TIE quality Of circulation i' even morc imPota1ntt
uan tr "H 'ffcn do avert the evil, of deficient
circula'i N and 90 redundancy may sometime ,',,
IT, own & c'..iiefi .,..e. - doia.ed ard Huctuatng
c,rrency thc-a is no remedy except by The costly ana
,no, pr,n~c- arteries veins. ncryc~. brain and
bra-t and speedily lrinas parlly-i, or deiih. 80
doc; oS'' ~ t.ac. r's,i,e Al lind Of business
end bring disaster AL cla:scs q rp" ,, II Is n, as
,rnmcn as it j. for ths human h"S to & gre" gg T 'hs ils
t't viro-pu- vi'A dccl i'.~"1 Inf' D '- ,,. l ~.
2,,Go ,l.Go br' y ai-oucly ftal - N pro.pcr'y -
re' =, couucrrc Tho nation t'a attempt, 70 con
ga,ue or Of Inferior lual!tv Is pllrd n flrin ',
advauta-c. Il would seem 'up'T'n"l' - H'P '',
-, 'puar.nt that ,hi- Nation has bccn in da0r'r ~
rrcai m" ctiy c1erme1, vim i Jc,,iy Jn trc sa.o G IN
nsi dir.rtipn and the appr .cneion u DANGER cc''1
h1roo ooo ooo = ~,d ir,a thc Trcairy ard o' prob
oLIr much larger a,a,nut from the circulation.
o-i lsppy 70 -ay however that tbs prr seems nov
cTec'. ~ '> rili '' soon d,.prcar T6o +,cr sccof
though" - the peo.'. j. nI-crtn. h ,n-
visible
NOT ENOUGH COLD or SILVER
Let me speak very plainly on ttns most important
subject Believing that there IS not enough ~ either
gold or silver I'm the world 20 meet the nccesslcs %
business am an earnest b'nctallst and conccfe to
no one stronger dcsire than feel for the free ana
unlimited coinage Of silver soon as conditions can
D., reached through international agreement or other
vtsr bv which such coinage shall be safe. But Il l.
u.v firm conviction that FOR tl- country 10 enter up'n
hat experiment now and under existing conditions
vonld be extremely disastrous. and that II would
.llt not in biucalis. but IN silver mono met ali,m
such an experiment would in my judgment, prove a
-rrater disappointment b. it, adyocat,s than TO any
one else. They Insist that il would expand the cir
culaton ard permanently enhance the value Of silver
believe II would produce Il swift and severe con
traction and eventually reduce The market value ~
silver 1t briefly suggest some Of my reasons for
tins bef:
Free and unlimited coinage u silver by the United
states while the other great nations pursue opposite
policy. would invite all the owners Of that metal
thronchput the world 70 exchange 81 ii grains u
pur. silver. worth about - cents. for - - grains -
pure gold worth every rywhcr' 100 cents. Nearly al
the nation, of Europe anxious to exchange tleiI
silver for gold and they would at once accept SO
t-rnptug an offer. The mint siastc- Of the Treasury
Department show that the stock of fun legal tender
silver IN Europe amounto 10 el,lolAoO.ooo and i!mI
ol THIS amount %" banks ~ France. Gcrmany Austrp
Hungary. the Ncthcrland, and Belgium hold -7d1
GG5 large PAT of these vast stocks Ol silver would
be ready for tga,i'r 10 u, at once. and the swttest
uy, FL order that with the proceed the owners hhtht
buy god exchange On Europe before our stocA OF god
Would our own people await the arrival q tlcse
IN, Yaulgs has lost A- quick scent of danger and for
gotten As cunning. Bank depoeitor, trust com.
Panic, TIE holder Of United states uotc, and gold
cortlfcacs would Instantly lock up al the gold AZ
commond and r.cn Join the panic inspired procession
10 lie rrcdsuy, each and all anxious 10 be III tic
- Grasp the golden prize before II IS too late. Prob
ably before tle sTifte,t ocean greyhound could ld
silver cargo at New York the last gold dollar within
roach would b. safely hidden away IN private bDNc"
and Ia the VAULT O sac deposit companies. Z" DO
brought ont only by high premium for cApQL'auoI
th" accompanying panic would cause contraction ana
Commercial disaster unparalleled In human experience,
and or c0I8'ry would At once step down to the silver
basis. whcu thcre would be longer ANY induccmen'
for conpgc and silver dollars would sink 10 their
bullion value.
than the bullion U contains there viii be little induce
ilet 10 com our own silver and the cot of trins
p,rtation viii prevent ~ coming from abroad. llo"
then will unlimtrd coinage chcr expand the c!rcH
ton OF enhance tle value oi silver! As II Determined
70 omit uothlns which might accelerate these result,
tho advocates ol present free coinage insist that II
hall uOt await the SLOW process Of mint operations. bu
that the printing press shall be- set - work providing
certificates % be issued for silver bullion AT II for
37I ! 4 grains. When hi, cOusummatim shall b' |
reached A. surely II will nc II unlimited coinage be
nd opted under existing conditions. the too ardent ana
Impetuous lover u silver viii ,adly realize the trh
uttered by the wise klng OF Israel" lie that lovet
silver ,hall not b. satisfied with silver
MIR. President and gentlemen, my subject ma, |
tempted me- to impose upon yolr patience van |