New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-13
THE FREE COINAGE BILL.

Mr.. BANDS explanation upon reporting the
Silver Coinage bill gave little help 20 pc'ter
understanding OF the measure. lie was quite
excusable, since he could not give iniorma-
ton which he did not possess, but some OF the
information he did give was Of the KIND that
sheds thick darkness through the land. Prob
ably he was right, however, in stating that
silver certificates authorized by the Act OF
1873 can be issued against the silver when
the pending bill would cause to be coined not
withstandin2 the repeal of so much OF the Act
of 1873 as required purchase and coinage OF
silver His silver friends would ind that they
had been led into a serious error II 1t were not
so. But Mr.. Bland is altogether too anxious
for something else beside silver coinage ana
too unwilling to allow free coinage to stand
on its own merits without paper imitation, to
take any avoidable risk on matter to him
so vital. If the bill did not provide for I'M
limited issues of paper, Mr.. Bland would as
suredly never have reported it.
The one difficulty which he finds with the
bill. namely. in regard TO the new Treasury
notes Mr.. Bland meets in thoroughly char
acteristic way. He said that " whatever might
he the effect of the bill' as TO these notes,
IT there was no diversity Of opinion that the
notes were rcdcemable in coin derived from
the coinage of bullion purchased" with them,
and solcmnly added 1.-The notes. therefore,
being rcdeemablc in coin, are necessarily rs
good rs the coin" That is, these notes, which
are now worth i 90 cents on the dollar in pur-
chasing power would be as good rs com
worth 70 cents. more or less, IT the pending,
bill should pass Mr.. Bland submits no rca-
son for taking away their lcgal-tcndcr char
actor il il is taken away by the repeal OF the
Act of 1890. but he thinks il enough that any
outstanding notes whatever should he redeem
able in silver dollars. Whether other people
will think 50. whether they will consent 10 hold
notes which may not be legal tender and may
be redccmablo in silver dollars only. whether
the attempt 10 get these notes redeemed IN
gold or retired through payments To the Gov
eminent will not cause financial disaster, Mr..
Bland chccrfuly declines 10 consider.
He is moro than half right a man sitting
on an open barrel of powder and proposing Ia
toss his lighted cigar into ii has little occasion
10 worry about things terrestrial. The passage
of the Free Coinage bill would cause suili-
Gent financial earthquake Of itself. without
taking into account the incidents and cOnSc-
ouenccs In his former report Mr.. Bland ad-
mitted that the danger Of such an alarm was
a real and serious objection 10 a Free Coinage
bill, but he thought the country could stand
the risk or the loss. IN view of the supcrla'ivc
duty Of getting cheaper money for the people
who have been forced so long 10 pay gold or is
equivalent. He is 50 constituted that he cannot
pcrccive the immcasurablc difficulty which n
new disturbance of the monetary basis. sub
Stitution OF money not accepted by the com
mercial world and huctuating every day. would
innct upon the very people whose woes move
his soul to fiscal legislation.
1t is now about the middle Of July. There
is already increasing demand for money 70
move the crops. Many millions WI have Ia
be borrowed for that purpose within short
time or prices will 60 down indefinitely. The
people who are able to lend are with scarcely
an exception afraid Of Mr. BANDS kind OF
dollars When they do not want to loan money
and lock up their funds, and when AL sorts OF
obligations are forced to immediate payment
will Mr.. Bland satisfy his constituents by tell
| ing Of their triumph over the gold bugs ?
| When firms and individuals are pushed int
bankruptcy by financial troubles will it soothc
| them TO be informed that :" the great wrong
| of 1873 has been rightcdn? A great disturb
ance. after thirteen years of wonderful pros
perity since specie resumption, will a>Surcdll
| be attributed by the people 10 the true cause
| Such calamity, plainly produced by Demo
| cratic measure would scarcely be forgotten by
| November