New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-13
THE ,SILTER ELL,


The silver men are determined 10 force through
the House a measure which is with propriety
termed the worst bill of its kind ever offered
in civilized country. This extraordinary meas
ule not only provides free coinage of all silver
offered, whether Of American or foreign origin,
but it would take from the outstanding certif-
Gates and notes their present right to rodemp-
ton in gold, would substitute for all Of them
coin notes, and would require the issue of such
coin notes for all the silver bullion that may
hereafter be offered at the Mint at the rate OF
81 80 per ounce. The practical effect of such
a measure, it is scarcely necessary to say, would
be to drive gold out of the country or out of
monetary use, to establish high Grcmum on
gold without delay, and to degrade all the paper
currency TO the level of silver.
This is not a Free-Coinage bill in any proper
sense. 1t is bill for the indefinite imitation of
paper currency. No more silver coin would be
brought into actual use if this bill should be
passed than is in actual use now 1t would have
no effect whatever to increase the quantity Of
silver really applied to monetary uses, nor would
it be likely TO advance in the least degree the
value of silver bullion. Were it worth while to
discuss the measure, with reference to its prob
able consequences, even the most prciudlccd
advocates of silver coinage should be convinced
that the tendency of the bill would be - dcprcss
the price of silver bullion expressed in gold be-
cause it would make gold scarce in this country
and establish high premium on it without de
lay. Paper would constitute the circulation, and
being practically pdeemable in silver only, IT
would have only the value of silver bullion,
whatever that might be. That the price Of
silver bullion would probably decline under such
circumstances it is not difficult II see.
If any one suppOSeS chat the coinage of silver
is the thing actually desired by the majority in
the House Of Representatives let him propose
simple amendment, prohibiting any issue of paper
notes against the silver dollars coined. In thaJ
event. ii any one should wish to cart away tho
standard dollars from the Mint, he could get his
bullion coined into such dollars and welcome.
But he could not get inflated paper currency for
his bullion, and that is tbs precise thing the
Democratic majority in the House intends 10
force upon the country if it can. II was in favor
Of Reputation in 1868, this same Democratic
party, and it has not changed at all in real pur-
pose or temper during all these twenty
years.
To argue against such bill as this is n waste
of time because the men who support it appear
to have no desire for Il sound safe or honest cur
rency. If they had, it would not be their prin-
cipal endeavor to force into circulation more
paper notes. What they really want is 70 ap-
pcase the fiat money lunatcS whose power in
Sundly Western and Southern States threatens
the Democratic party. TO that end they make
the bill as stiff and strong as they can i'll the
direction Of paper iniIation not expecting that il
will ever become a law over the Presidents
veto. Nest fortunate il is for the country that
at this time il has in the White House a man
of strong grasp Of principles, and rosoutc and
untlinching integrity.
The House will pass this extraordinary meas
uIe, the silver men are certain. 1t is singular,
too, that some Of the silver Senator'S speak Of it
as decidedly preferable to a naked Frce-C Coinage
BILL and state that it will probably be the basis
Of any action in that body. 1t is u be hoped
that the Democrats will send this bill to the
President for it will furnish all the issue that
is necessary for the next Presidential campaign.