New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-19
M TIME EUR FREE COINAGE.

The situation in regard to silver has ma
teriay changed since the House last voted on
the subject The change has been so radical
| and important that it ought to affect the judg-
ment of every reasonable Representative re-
| speeding the expedency of free coinage, and
| therefore a vote on the subject at this time
| ought to be very different from the one taken
several weeks ago. Then there was no definite
prospect of international action, nor even of
any conference between nations. Now it is
certain that all the important commercial ma
tons will meet in conference, with desire to
find some basis for settlement which will be
of mutual benefit This fact alone should
suffice to prevent vote for free coinage in the
United States at this time.
1t is most strange that the Representatives
and Senators who favor free coinage do not
perceive this They desire to accomplish
definite result, the restoration of silver to its
part in the worlds monetary system. They
must know that free coinage in the United
States alone without the concurrence of other
nations, would not be certain to attain or even
to promote that result. 1t may be assumed
that they believe it would help to raise the
value of silver bullion, at least for time For
arguments sake it may be granted that the
measure would have that effect Yet that very
result would go far to prevent any favorable
action by the nations of Europe. 1t would take
away one motive which is more powerful than
all others, the necessity of protecting their
commerce with India and the East.
If the nations of Europe knew that the
United States would stand in the gap taking
all the silver offered on such terms as +, adj
Ill al rlvatu
thus diminishing the losses and risks OF other
nations in their commerce with the East, it is
as clear as anything can be that the various
motives which have hitherto led them to re-
fuse free coinage, or any other concession
would be greatly strengthened There would
be practically nothing in the way of an induce
ment to them to share the responsibilities and
risks which the United States consented to take
alone. On the contrary, there would be the
most powerful nducement to take advantage
of the position of the United States to draw
from this country large amount of gold, and
to place large amount of silver now useless
as money which is held by these European Gov
ernments or their banks.
In all commercial exchanges this country
would be at a disadvantage. Its trade would
be hampered by a currency differing in value
from that of the commercial world, and liable
at any time to fuctuate greatly. In every such
condition of trade those nations which conduct
their commerce on gold basis, and have at
the same time the position of creditors of the
whole world would be able to make their own
terms 1t would rest with them how far they
would force the United States to pay tribute to
them in the exchanges of products. Every
farm-Owner and planter, every importer and
every manufacturer of exported goods, would
be in sense at the mercy of British and Ger
man fnanciers, who could control the market
for silver from time to time, and thus the APP
parent value of the circulating medium in the
United States, and could fix the rate of ex.
change as they pleased
1t should be clear therefore, that this is no
time for the United States by its action to re.
move the powerful motive which now impes
European nations to join in conference on the
silver question. Any vote in favor of free
coinage in the United States alone would be
an amazing blunder, considering the objects of
the silver men themselves.