The record-union., 1892-01-09
THE WHITE METAL.
ADDRESS OF THE NATIONAL SILL
YER COMMITTEE.
The Only Solution of the Money Cues
ton the Re-endowing of Silver
With a Money Function.
Special to the REcoRD-UN1oN.

WASHINGTON, Jan. S.-The National
Executive Silver Committee tonight is
sued an address as follows:
Continued experience demonstrates
that there can be no adequate final solu-
ton of the money question but by re-
endowing silver with a money function
and making silver coins standard money
coequal with gold for all money used. The
present policy of making subsidiary
money of silver, to be redeemed in gold
and of piling higher fabric of credit and
credit money on, constantly diminishing
the basis of gold, is unsound and unsafe.
and must end.
The enormous increase in bank credits
and other forms of credit currency in re-
cent years, relatively to the volume OF
gold, in which they are ultimately re-
deemed. imperils financial ability every
where, and is a standing menace to all
business enterprise, for panicS must oc-
cur more certainly and frequently, and be
more disastrous. What is wanted is
more standard money relatively to the
credit and credit currency abroad and the
basis Of primary money, and not higher
superstructure of credit devices. This
can be secured only by making silver and
gold coequal as money metals by the
coinage of both on equal terms.
The Act of July IA, 1890, as interpreted
by the Treasury Department, under
which 100000 ounces of silver are
bought and stored as collateral security
for notes redeemable in gold, makes no
addition to the standard money, while it
raises higher fabric of credit on foun-
dation growing narrower. This addition
10 the currency volume might as well be
of greenbacks as in the form now given
it. 1t requires. therefore, no extraordi-
nary financial acumen to foresee this con-
dition is not long to be maintained.
The plain solution of the difficulty is
the full monetiZation of silver accumu-
lated under the Act, to the end that this
and all the silver nybody may choose to
devote to monetary use may go to swell
the volume OF money OF final redemption
for all other terms of currency. The
facts upon which bimetallists base con-
cluSions are lndiSputable. The arcu-
ments by which they are established are
unanswerable. The facts are that the
supply of gold is admittedly Inadequate
to provide Tor the worlds needs of
money-that many times more peonle
are made to use gold exclusively as a
standard money than III 1873.
The bqgaboo of foreign silver coming
here no longer alarms intelligent men
Under free coinage silver would be 81 d
an ounce here-it is 81 IS in India and
with open lnints would be 81 30 i'm the
States of the Latin union, which is the
value of all coined silver of Europe. The
requirements of England and the CONT
nent for silver to pay balances to the
East would not be materially chanoed
whether the profit of difference between
Csc and 81 IS were made on silver sent
there, or only the difference between 2gc
and 81 SO. India absorbed quite as much
silver in the years before the fall of silver
here as since then, and will continue to
absorb both gold and silver.
The silver question is an issue that
vitality concerns the welfare not only of
the industrial classes, but business men
generally, and it will not down at the
bidding of any party, nor can it be
ignored or lodged. 1t is a living issue.
snd must be met and settled, and the
only permanent settlement Of It is the
sestoration of free bimetal1ic coinage, or
the ultimate abandonment of the princi-
pie of the automatic regulation of money
through the production Of precious
metals.