The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-01-02

United States Senator Hi, q View
To-k, has evidently discovered that the
free silver speech L. delivered December 5
2; Elzli-z L lot acceptable % the homes:
Money Democrats &c tie Empire state,
who we're s1zcsss3 Z finance y T1l6=n,
Naming z15 Randall, 50 n his farewell
spesch :. Albany TIE nigh. before Ven
Years he declared against <-ee silver
co.rsgs, and calls for = rstz-n % god
an silver Enitsd 81 2 fixed ratio II free
timetable eoioz-s with = paper currency,
which L certificate Of depoz.s o. sit1e-
co5a."
But Senator Hill, while he advises
against the passage Of free coinage BIZ.
fzTo-s tie repeal Ct re Sherman &C. o.
July x, 40. and the renewing for the
present Of the Bland law Of ISIS Senator
Hi VII find o2s that good many honest
money Democrats % not favor the repeal
Ct ;he Sherman &C: o. July Il, lss1. under
Ehs provisions o. which the United States
government purchases 80 900 ounces of
silver every month and issues treasury
notes therefor.
Jacob H schiE. Of II. firm Of Kuhn,
Loeb 4 Co, Ct New York city, Is Demo
Graf Of high distinction II financial cir
cles, aid Il he December Forum
Is oeno1aces the ect;on Of the
New York Chamber o. Commerce
n demanding the repeal Of the silver
Law Of $50 and suggesting nothing u its
place except the Bland sct o. IS-3 Mr..
scai9 shows that the Sherman Republican
silver isw Ct 1870 Il better than the Bland
at Of ISIS, because il 10 longer conpeIs
the coinage o. lightweight silver dollars,
but provides for the issuance Of treasury
note based upon 9 hundred cents worth OF
silver bullion. NJ. SchiE points ont tia.
L the act Of 800 were repealed, under
which sbou. S, 0o0. 90 Of treasury notes are
issued monthly, the volume OF the cur-
rency would be contracted, which, with
the certainty Of contraction through the
decrease in the national bank note circu-
ls..on and sn increasing population.
would not be good policy.
Measured by sound economic principles,
the passage OF the Bland silver Law OF ISIS,
directing the coinage Of silver dollars Of a
debased intrinsic value, and the creation
Of certificates based upon this coinage,
was indefeasi5le, and NJ. SchiF holds
that the law Of 1890, which has practically
stopped this coinage OF the dollar Of 1873,
smaller il value than the face Of tie cur
rency il represents, authorizes treasury
notes which are vastly more desirable
than the silver certificates created By the
Bland law OF 1sTs
NJ. schif makes il clear that j. would
be exceedingly bad finance 70 repeal the
act Of $50 without first deYizing substi-
tute for the circulating notes which IL
authorizes. For the present and until
safe and satisfactory substitute can be
found for our fast disappearing bank note
circulation, repeal OF the Sherman act OF
July, 1880, does not appear desirable. bu.
Mr.. schih would modify il by making
treasury notes redeensbIe in silver bullion
az its market value. or in gold at the CD
ton OF the government, upon the plan
proposed by the late Secretary Window.
while minimum gold reserve should by
law be established, N prescribed proper
ton 10 the treasury's stock OF silver; SO
that in any event the government shall be
al all times in position 70 protect the
standard Of ali It's note issues.
In opposition TO Senator Hills proposed
repeal Of the Republican Sherman &C. OF
July, lss0, and the renewal for the present
Of the lightweight silver dollar Bland act
Of ISIS, Mr.. Schif says:
To demand, IS has beea done, a. immediate
repea1 Of the existing law, withou: pointing ont
O. even discussing economic measures 20 De ea.
acted preceding repeal, viii 10. only Iesd to
nEughi. but Is likely 70 create sectional feeling
and cistrGst L would Re Ike Withdrawing
from patient the sustaining medicine, permit
ting him 20 sink near unto death, before dis
cuss.ng and en1eayoriug 20 fnd the relief meas
ures through which il would become possible 20
eject s permanent cure.
Senator Hill has evidently attempted an.
other financial somersault and has for the
second time landed on his head.
THE EaNsAS Sr~arnpsurr