The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-29
A Change OF. ratio
Would In No Wise Help to SolYe
the Silver Question.
AN UNCONDITIONAL REPEAL
VIII Be Insisted Upon by the Adminis-
tration-President and Secretary Car
Isle Not In sympathy With substitute
characterization Discussed.

WASHINGTON, July 29.-In anticipation
Of the meeting of congress the secretary
Of the treasury and the Democratic
different phases of the silver question
and the propositions which are likely TO
be presented in the ways of compromises.
The administration, it Is ascertained, has
no other proposition to make than the un-
conditional repeal of the silver purchasing
provisions of the Sherman act.
'The assumption of the free coinage
men that the repeal Of that act will de-
monetize silver" the secretary says, ''is
absurd. There are $50. .000, 900 ofcoined silver
dollars, and also the millions Of ounces Of
silver bullion, purchased under the Sher-
man act, in the treasury. With this large
quantity of coined and bullion silver in
the treasury, the latter
Liable to Coinage
whenever required by congress, the asser-
tions Of the silver men in this respect are
Ridiculous"
The president and Secretary Carlisle
fully understand that there will be many
schemes proposed as substitutes for the
Sherman act. Many of these have already
been talked over with the secretary of the
treasury. The proposition suggested by
Senator Vest and other Democrats inter
ested in the silver question to increase the
ratio from 10 to 20 or 20. as compromise,
is not regarded as feasible or practicable.
In the words of the secretary: Under
such legislation every silver coin, stand
ard or subsidiary, would have to be re-
coined. This fact alone
Precludes the Possibility
Of that form of compromise Then again."
said the secretary, "the incessant fluctua-
tions in the value Of silver bullion might
render constant changes necessary, and in
the end would upset the whole monetary
stability of the metallic circulation of the
country. Therefore the proposition to
change the ratio is not likely to receive
serious consideration"
There are other schemes which will be
discussed by congress as compromises,
any of which, IL adopted by the two
houses, would probably be sanctioned by
the president il it is reversal Of the
statutory provisions now in force. The
restoration Of the Bland act, which is
being agitated, is not regarded in ad-
ministration circles as any improvement
Receive Prompt Disapproval
by the president. In administration cir
cles there is confident feeling of the un-
conditional repeal of the Sherman act by
the house, but they 10 not entertain the
same confidence in the senate. A pro-
tracted struggle is regarded as likely to
follow there 1t is believed that IL d.
rect vote could be had on the question Of
repeal IL would carry, although the vote
would be very close
The secretary, adverting again to the de-
monetization, remarked, 1.-The repeal Of
the Sherman act would undoubtedly
Have an Important Influence
in an international adjustment of the
silver question, as it would show to the
foreign governments that the United
States Is not welded to free coinage
policy.
"The great commercial nations like Eng
land. France and Germany, have been and
are still fearful that this government pro-
poses ultimately to adopt a silver basis.
When they are assured that this Is not the
fact, think the silver problem will have
become of easy solution"