The morning call., 1893-03-25
ANOTHER SILVER PLAN.

Mr.. George Augustus Haig has addressed
n letter to President Cleveland, suggesting
a plan by which, in tho writer's opinion,
England may be induced to consent to such
an increased use of silver as would make it
safe for the United States, Mexico. the Latin
Monetary Union and the whole of Con-
tnental Europe to reopen their mints to the
unlimited coinage Of both gold and silver at
the European ratio of l515 TO /. Mr.. Haig
names two principal reasons why some plan
should be ada pied to restore the lost value
of silver: First. the gold basis is too mar
row; second, the circulation of silver at
fictitious value exposes every nation to the
danger of n wholesale manufacture of silver
coins by private parties which the Govern
ments will be responsible for. In other
words, manufacturer of silver coin would
produce a silver coin at about 10 cents cost
which would pass into circulation as the
equivalent of gold dollar. There would
be profit in the business ranging from 60
TO 70 per cent. and not much danger OF loss,
as the coins would be worth their original
value if turned back into bullion. Mr.. Haig
contends that a Government could not pre-
vent the manufacture of such coin, as 1t
would be exactly, in appearance, weight and
finene's, like the coin issued by the Govern
ment itself. The first feature of Mr.. Haig's
plan is that England should increase the
legal tender Of her silver coin from g.
sterling up to 95 sterling. He accepts MIR.
Alfred R0thschild's stipulation that the
"eXchangeability Of the Bank of England
note into sovereigns should be preserved"
On this point Americans will differ with
Mr.. ROthschild. There is no necessity TO
preserve the exchangeability of the Bank OF
England notes into gold s0Yereigns. The
faucied necessity exists only in the brains
of the English creditor class. Its purpose
is to enable English creditors to exact gold
for the $4,000, 600 which the world owes
them. The United States will not become
party to any such conspiracy.
Mr.. Haig thinks that if England should
make her silver coin legal tender for the
amount proposed aud should Increase the
lightweight coins to full weight, the United
States and Mexico. the principal producers
of silver. might come to an agreement to
the effect that in no part of either country
silver should be sold for less than sixteen
ounces of pure silver to one ounce of pure
gold. To carry out this agreement the two
countries are TO provide convenient store
houses where silver shall be deposited, the
depositors being entitled to an advance at
the rate of 50 cents an ounce. The long and
ohtlt VI LliS pibplolllou - llldt 70 ltl Eng
land maintain her gold standard, thus ena-
bling her 10 collect from debtors money of
greater purchasing power than was
loaned. the United States and Mexico are TO
buy all the silver produced in the two coun-
tries at the rate of S. cents per ounce. The
silver question will not be settled until it is
settled right. II will be settled right when
all currency is made redeemable in either
gold or silver on an agreed ratio. That
ratio may be i5l5 10 l. Is to 1 or II to l. But
there will be a defect in any pretended set
Element which recognizes any particular
kind or class of currency to be paid only in
gold. That the silver question is quite as
acute in England as in this country appears
from an extract from Mr.. Haig'S note TO
English readers as follows:
1t was an order from Russia TO remit gold
three mlllious) which created tie Barring crisis,
and Russia is said to hold more than 100000
OU0 in London at this moment. which she could
call for at very short notice, aud If she ordered
1t away at once ii would create a fearful crisis
in ENGLAND,