New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-23
~ TILE MATTER or SILTER.

Roprcscntatiye Williams, of Newly ork, seems
DISPOSED to do TIE TRIBUNE inJustice' np
narcntly if does not please him that the he-
nublicans would not consent to help the DEM
ocratic party out of the ditch by postponng the
silver hin until after the Presidential election,
and he thinks TIE TRIBUNE responsible. Inc
Ecpublcans in the House did their duty we'll
and much more shrewdly than Mr.. Nllliams
and his friends expected, and are entitled 10
the credit But the remarks OF Mr. W iliiahlS
sccm intended 20 create the impression that the
silver law now in force is fatally bad that
TIE TRrnryE has Just discovered the fact and
that il is distressed because commercial bodics
favor its repeal. m
\ little plain talk is in order here. The
Silver Act of 1890 was practically forced upon
the country by the dishonest debt-iepudlating
Democrats with whom Mr.. Williams politically
c9n,ort;. They demanded free coinage OF sill
vcr small minority of Republicans, happily
reduced since that time, was disposed to go
with them. When Secretary Window proposed
his nlon for the utilization of silver, it was
regarded by TIE TRIBUNE as the best solution
vet offered of the difficult problem. Inc ne
publican House subsequently adopted IT, Du'
cbt-rcpudiatng Democrats and few KepuD-
lc,ns in the Senate united to reject 1t.
compromise became necessary and the act now
in force was the outcome From the start
TIE TRIDr,yE treated that measure as an en-
forced compromise not the thing that should
have been done and yet the best thing that
could then be done The only reason why
nothing better could be done was that the
Democratic party, which Mr. Williams assists
cast TOO many votes for dcba>emcnt Of the
currency
This measure has one supreme merit. 1t
stoned silver coinage. The silver bars in the
Treasury no longer have a dishonest stamp
placed upon them, sgnifying that they are
worth ~ 20 per ounce; they are rated at thelr
market value and the accumulation OF so-called
dollars pretending 10 be what they are not
has been stopped. \ second and exceedingly
important merit of the measure is that 1t pledges
the faith of the Government to redeem out
standing notes and paper of all sorts IN gold.
The binding obligation 10 maintain the parity
of gold and silver in commercial use is worth
more to the Nation than all the acts and efforts
of Mr.. Williams in public life, and thousand
men like him could not do as much for the
country as was done by that one provision OF
the act of 1890. If Democrat should be
elected President by the aid OF Mr. Williams
he would Yet be compelled by that enactment
TO redeem notes in gold.
These great merits arc not outweighcd by
the dement's of the act. 1t requires purchase
If 500. 600 ounces silver bullion every month,
which is but 3 .OOO, 900 ounces year less than
the country produced in 1891, virtually taking
the United states product into the Treasury
and il also requires the issue Of Treasury notes
for the value Of the bullion purchased. THE
TEIHtNE does not believe this expansion OF the
. currency necessary or wise, but the measure
has done no harm, because the addition to the
circulation is not in excess OF the growth OF the
country in population and wealth, and it would
| involve no danger if Mr. Williams and other
mon who profeSscd to desire honest money
would cease to support rcpudiating Dcmocra-
CIV. Whatever the dement's of the act, they
are imlhcasmaby outwcghed by the great
merits above mentioned and it would be amaz
ing folly to repeal it without securing at the
same time a permanent suspension Of silver
coinage, and permanent pledge of the public
| faith to redeem all its notes in gold. That
could be secured without delay or difficulty
but for the party which Mr.. Williams stoops tc
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