New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-16
SJIVFR CERTIFICATES.


1t is now said that one proposition has been
made in the International Monetary Confer
ence which may perhaps be approved. Strange
10 say. il does not come from the United states
and vet is merely crude and exceedingly I'M
rcrlect imitation of Secretary WINDOWS plan
Il is proposed that the different nations shail
issue. each for itself, certificates against silver
bullion deposited, just rs warrants are lssueu
against pig-non deposited in Scotch ware
bons,s Int il is not contemplated that the GER
ti6cates thus issued should be anywhere or IN
any sense legal tender. 1t has been repeated
" yl.Mn that the dispatches from brussels
lccal.ing this Conference are apt to be I'M
Trustworthy so that the statement teleg aphed'
that the Conference is likely TO agree upon
This issue of certificates, is not by any means
certain to be true The American delegates, at
las-. probably have enough practical acquaint-
ance with the workings of such scheme 10
insist mon some modification before giving 1t
their approval.
If is nevertheless a CLEAN of reason, through
the thick fog of folly and ignorance about
monetary matters, that somebody proposes 10
use silver and not coin it. Silver III coined
form can no longer be used in the world
commerce, excep ing within narrow limits ana
in q subsidiary character, or else as basis 1of
issues of paper which would be more con-
veniently supported by deposits OF bullion.
1 great part of the confusion and trouble has
srruoc from hqll-gnOIant and half-unconsclOuS
disregard of the fact that the Western world
no longer uses cola except within narrow limits
\ smsll amount crculates in the pockets, ana
=. ~ npD6pn
reserves but three-quarters OF the specie now
in use throughout the Western world might
better be in the form Of bullion, represented
in circulation or in reserves by certificates or
notes.
Secretary WINDOWS perception of that fact
led to the proposal that silver should be used
rs a basis of paper circulation, each note repre-
spntinc a definite value in gold, namely, the
value which the silver bullion deposited had
in the markets on the day of its deposit. This
was a long step toward monetary reform,
and vet it lacked an essential feature Inc
note or certificate issued in order to command
thc highest confidence ard the widest circua-
ton. must be rcdcemable at all times in either
cold or silver bullion But Congress was not
then prepared to consider any plan so large, nor
III even lcauN u dCCtpI WI. W pi"ii
~ he presented it, so that the only result was
the adopt;on Of the act Of 1890, providing for
purcha>es of silver bullion and for issues of
notes representing the value of such bullion.
The suggestion now made to the brussels
Conference if its nature is correctly stated III
DISPATCHES. is hardly worthy of consideration
without important changes, but if the Confer
cnce were disposed TO strive in good faith for
any monetary settlement, this same proposal
might become the basis of useful agreement.
If all the nations represented in the Conference
would unite in giving their sanction and au-
tho,iiy t. issues of bullion certificates. redeem
able in any one of those nations at exactly the
same terms there would be no great difficulty
in finding a larger use for silver, nor would
thc question of silver coinage fret the civilized
world as it does now But the real difficulty
il that Great Britain, and some other European
nations count upon free coinage of silver by
the United States as practically assured by the
result of the recent election, and calculate that
great advantages for themselves may be Sc
cured at the expense of the United States.
Until that notion has been cleared out of the
way there is little reason to hope for any prac-
,;cnl rnSult