New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-27
A FIRM FRIEND OF SILVER
PRESIDENT HARRIsON's CONSISTENT RECORD
FOR BIMETALLISM.
EARNESTLY FAyORING RESTORATION OF SILVER
BUT sroUTLY OPPOSING FREE-sOlN-
AGE INFLAT.ON.
,BY TELEGRAPH TO THE TRIBuNE1

tBY TELEGRAPH TO THE TKIBuNEt
Washington, May o6.-There has been no Admins
tration since the demonstration Of silver IN 1910 '
has been as friendly to silver as this for ior !e"'
prior to the advent Of the present ADMINISTRATOR,
Democratic Administration had been content VIII
denouncInc the Coinage act Of 1873 which cmonetized
the silver dollar and every report and message WHICH
went to Congress from the Treasury Department anu
Executive Mansion during the Administrator Vi ''
Cleveland urged the repeal Of the act and the stoppae'
OF silver coinage, while nothing was oncred Ill 's
place.
In striking contrast has been the silver poicy Vi
this Administration. At the beginning OF the LIST
onatcss the Republican Secretary Of the Treasury pre-
scented a comprehensive plan looking to the UTILIZATION
by this Government Of the entire silver product Vi
its mines and reduction works for currency pur-
poses This plan met with the approval OF inc
President, and In urging its adoption, secretary VIII
dom said:
Dv this method Il is believed that the way wod DC
paved for the opening of the minis OF tue wVlu w
free coinage Of silver and the res Grafton OF inc iorer
equilibrium Of the money metal
The plan which the Administration recohhehucd
was adopted in a modified form by the List Congress
by strict party vote The act Of July IA, $50, Ill
rected the purchase OF 100000 ounces OF silver
monthly amount equal to the product OF our mlheS
and the Issue Of legal tender notes In payment, re-
decmablc in gold silver coin at the option OF inc
Secretary with the pledge Of the Government t'at
these CONS Should be kept Oh eQuai Vaue lmS "r''-
laon not only secured home market for the entlre
product OF this country In place OF law which pro-
vded u market for less than half OF IT, but mt tho
time provided for increase Of the circulating
medium by the issuing of notes based dollar for dollar
upon silver bullion at It's market price, instead OF the
coinage and issue Of pieces Of silver money having
face value largely In Of their actual value.
The present Administration stands committed t. the
full of silver as money In the United States and
IN e,,pry III
lion OF bimctallsm. President Harrison Is con-
lstent bimetalst, favoring the Of both gold and
silver as money, and earnestly anxious that silver
should BE- restored to Its former and value as a
money metal lie has repeatedly said that nothing
which could possibly happen would please him more
than the restoration OF ver. Every energy OF the
Administration has beer and will be exertcd In that
direction. But while earnestly favoring the rcstora-
ton OF silver President Harrison has been an out
spoken opponent OF the unlimited coinage OF silver by
this country alone, believing that ii would affect dis
asrousy orr business interests at home and abroad
At the opening Of the List Congress there was "A
large majority OF each body bent upon the passage OF
law for Tho free coinage Of silver by the United States.
AMI almost Immediately upon assuming the duties OF
President Mr.. Harrison had this situation confronting
him. Some OF the Strongest men in Congress favored
unlimited coinage BY this country alone The Senate
of the United States by almost solid Democratic
vote. with the cooperation Of few Republican SEN
aors representing slver-prOdnclng states -prOmp''y
passed bill for the free coinage Of silver By this
country There every probability that this meas
IRE would pass the House OF Representatives. by sim
llar combination. President Harrison cxerted all the
power Of his personal Influence to prevent the cOnsm
nation Of this project. His plain. outspoien wors OF
opposition did more than any other thing TO prevent
the enactment OF this law by Congress They appealed
TO tho sound judgment Of men who had stood for the
free coinage Of svc- TO prevent favorable action by the
H., 90 Do, u.,,taf i,-oC has
There can be question but tina; II the in
tclligcnt and firm position taken by the President
that thwartcd the efforts Of the silver nnationists
asd preserved all Of none. at par in this
country to-day Believing that the unlimited coinage
Of silver by this country at this time, when silver
Is deprecated over IS per cent and the minis Of
all Europe are closed 10 Its coinage, must result In
the establishment OF the silver standard ana prusv
disastrous to the country In that 1t would make our
currency OF Hucuating value. cause tribute to DO
paid on all foreign transactions. and Involve serious
to al wpgccarners the President most earnestly
aud successfully set his fncc against this gigantic
81 hcmc for dcbasing the currency VI this country
Al the same time for the last two years the Presi-
dent has beer quietly but earnestly 1T work endeavor-
Ing T. educate public sentiment abroad In favor OF n
larger OF silver money. and. If possible. TO
secure some concentrated action between European
coNntrcs and the United states for the restoration
OF silver. Gentlemen OF culture and stnnding cnrne.t
bmrialliSts without expense 10 the Government.
nave been authorized nnoffcialy 10 present the I'm,
portancc OF this subject to foreign hnanciers aud
statesmen with View TO educating n sentiment in
favor OF silver
~ result Of these earnest efforts the President has
far succeeded that invitations have been issued 10
European countries for an international conference on
the subject Of silver ana the acceptances to thu invi
tatons are their way 10 this country and such
a conference Will be- speedily held. 20 that while
the socallcd friends Of silver in this country have been
attcm png the impossible this earnest and consistent
friend OF silver has snccessfny accomplished what
prior Administration for four wears failed to accom-
pllsh-tlat is concerted action between this Govern
ncnt and European Governments to consider measures
looking 10 the restoring OF silver 10 its former rank
and use n money metal