New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-18
THE sJ7UaTION As TO SILTEE.

With the end and failure OF the lnterna'lohal
Monetary Conference comes the urgent question
what the United States shall do. over 1ouf-
teen years this country has staggered uliuer
the bmden of attempting to control the SILVER
market for the whole world. Livery time i
has succeeded in establishing slightly higher
market. production has So increased in tins ana
other countries that sharp decline III price
has followed. When the Bland Silver Act was
nassed in 1873. compelling coinage OF 92'ooo'
600 ner month. the price was over % pence
nor ounco. and that year this country produced
loss than 35.OOO.OO0 ounces Of fine silver.
Last wear the country produced nearly CO.
400 600 onnces. and the average price IN
August this wear was 3s.11 pence per ounce
and is now 1887 pence per ounce "A fali OF
abont 16 pence. or - cents, per ounce since
the United states began to provide an af"-
fetal market.
Yet the increase in production has gone on
in spite of the fall in price. y sure marker
henc furnished, the mines could afford % pro-
d,lce all that the Government has taken even
at the low prices this year, and II Is eVIdr"V
fiat they have produced considerably more ne
oause abont ST.. 100000 have been exported
besides the quantity used i'll the arts. IL Is an
| obvious mistake to rely upon a falIins p''o
10 regulate production of this article - long
n the Government takes enough OF the produ"
70 limit the fall Much of the silver Is pro
duoed in connection with other metals 80 tha'
its cost of production cannot be separately
stated Much is produced from mines Where
the cost is so low that the price must 1all much
further before they cease to be profitable. Inc
| Government has tried all these years TO benefit
silver producers by securing higher prices bo'
has failed because il has succeeded so well IN
stimulating production.
This the United States has stated to o'hef
Powers patiently and courteously, with earnest
anneal TO them for their own interests to pro-
vide some larger use of silver The present
A Administration has done all that it could Per
hans it would have accomplished more ii 1t had
been sustained by the people, but the transfer
~ mower TO the Democratic party was IN
terpreted by foreign Governments as ho''ce
that free coinage by this country alone No"o
afford them relief for time at least ana pros
meets OF great advantage. They were WIIlllE
TO have the United States take all the FISK ana
nav all the cost, and they kindly consented 10
take all the advantage they could OF the OPP
nortunitv. II would be simple justice 10 foreign
powers if within a week Congress should
mss and tbe President should sign bill stop
ming at once all purchases Of silver maj
would leave other countries 70 shoulder their
burdens themselves Senator sherman was moi
the ONLY prominent man who anticipated 'ha'
the Conference would fail to do anything ior
M other issue could well have been expected
after the defeat OF President Harrison But II
Senator sherman now asks immediate acton
on the measure he has proposed he Will ma
more supporters than a short time ago seemed
possible.
Had silver men themselves treated the act
of 1890 in good faith as a compromise, the
case might be different. They began agltating
for It's repcal and for free coinage, even while
they were enjoying the higher prices which the
act did for a time secure. During the last
camnaipn they generally Joined hands with
f,eo.coinaee Democrats in denouncing the law
r. they do not wish it, and If 1t proves OF ho
real benefit to the country but only help 70
foreign Powers, the sooner IT Is rcpealeu inc
better. Republicans have no occasion to be
ashamed Of it, They tried the measure in good
faith hopjng other Powers would soon be ready
IN do their palt As other Powers are not
the limited States may well begin to look out
for its own interests. There are other Demo
Gratis in the present Congress who are ready
with Senator Hill to stop silver purchases at
once. Possibly a majority of them may yet
vote TO substitute free coinage But among
Republicans they will find fewer allies than be-
fore il NAV be inferred from the language at
tributcd to Senator Jones Of Nevada. Long
the foremost champion Of silver coinage h1
will doubtless be supported by others if he de
ciarcs that il is necessary now to impress upon
f,roion Powers a correct idea of the American
positon in this matter.