New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-10
THE RIGHT PLAN.
extOrtioIl.

The financial course proposed by the Cham
Der of Commerce is cmincntly wise, and com
mcnds itself TO the judgment of other COM
mcrcial bodies, so that many OF them are con-
formulating the same action. 1t is especially
wise because, after the discontnuancc OF silver
purchascs. the market is liable to be seriously
affected for time, and some interval Tor ad-
iustmont to the new conditions is essential III
order that Congress may see clearly what ought
70 be done. Furthermore nothing VIII tend
more strongly 10 restore confidence at nome
and abroad than the naked repeal OF the silver
purchasing clause, with a decision TO defer all
other monetary action until the regular SEES
sion With a few months for recovery OF con-
fdence and restoration of credits and revival
of business, the improvement might easily be
such as to assist powerfully to bring about
iudiciOus action next winter
1t will not be overlooked that silver bullion
would. in that event for the first time III Ill
teen years attain It's natural price III Tree
markets without the stimulus OF any forced
or arbitrary purchases. Opinions dliier Wlde!
as 10 what that price may be. with 'he
minis of India and substantially OF the whole
world closed against the white metal some
men of large knowledge and experience be
lieve that. with the cessation OF arbitrary puf-
chases and the closing OF many mines Whlch
have been opened or kept open by this afu-
fetal demand alone. silver will soon command
q higher price than il docs now, while others
,hnl, that il must fall much below the present
prcc. TO one more closely approxlmatlng the
cost of production at the best mines. But
where there is so wide difference of judg-
mont. in matter about which 1t is exceed
ingly important not to make mistake inc
sensible thing is to wait until the Tree ac'ioh
of the market itself removes all uncertainty.
If is plain that there will be no use IN con
sidc,inc "A new ratio of coinage. either 1or ms
or for other countries until il Is determined
about what silver is now worth without the
arbitrary interference of any government win
the market If it should then be found that
the mines capable OF producing with proiit IL
40 pence per ounce or less have capaci'!
below the worlds demand for silver, the CON
cluson reached would be OF the highest I'M
portance Action could then be taken looking
10 international agreement with some DEFINITE
h,sis on which 10 reason. The world would
also know. after n short time, how much the
demand from India is likely TO be affected by
tho d,scontinIancc Of free coinage there. OBJ
viously some demand will continue from that
quarter. and probably large demand, and 1t
remains to be determined how far II will
suffice to support the price. If, on the other
hand. the price of silver bullion should i;1i
seriously. that event would probably have
great weight in determining the acton OF
Great Britain and Germany, for already the
losses sustained i'll consequence OF the fall III
price of silver have been so great III Great
Britain that strong protests are forwarded ID
the authorities.
The obviously sensible thing may prove
quite too sensible for the coming Congress
But it is within the power OF commercial
bodies. by concurrent action throughout the
county and by direct appeals to members OF
Congress. to influence the votes OF some. NO
proper effort ought to be neglected which may
increase the probability of a speedy and Ju-
djcious decision when Congress assemblies. II
would be splendid triumph Of American good
sense and American honesty if unconditional
repeal of the silver purchasing clause could he
sent across the ocean as the only answer OF
Congress to the action of the Indian Govern