New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-19
ran LATE FOR COMPROMISE.

II is gratifying 10 hnd II stated h\ Inc
Ncw-Yor,, Herald" on the hlghC 81 authority
that the President and Secretary Carlisle, re-
eardcss of all the clamor and confusion at
Washington and the talk of compromise, insist
steadily upon unconditional repeal or moth
ING" That is. if Congress is not willing to
rpcal the Silver act without any condition or
addition. any provision for free paper or free
silver coinage. it had better do nothing at all
about the money question, and take the re-
sponsibility. This position is the right one.
The reason is that the circumstances make il
impossible TO devise any compromise or con-
dition which would not be more dangerous 10
the country than continuance OF silver pur-
chascS.
The ONLY men who want compromise OF any
kind are, first, those peculiarly interested in
silver. and second. those who want imitation in
order to have cheap money and bad money.
Now the friends of silver must be aware
that the full market price is now paid by the
Government for all the silver produced by
American mines. More real value could not
lie paid in any way without robbing the whole
people for the benefit Of 4 small number of
silver producers. But If, instead OF tie real
value. any holder could get com or paper %
the nominal value of one dollar for the silver
which j. now worth - cents. that would simply
mean that all the new CONS and paper would
bc worth - cent, on the dollar and that the
enormous stocks Of silver coin and silver notes
or certificates now in circulation would be III
like manner deprecated. That would at once
take 500 600. 900 or thcrcabouts from the
pres purchasing power OF the silver coin and
uapcr in use besides driving the gold ont of
use aS money 20 with any other change oi
ratio-caling 80 or 81 or 30 cents worth Of
silver a dollar. Compromise in that direction.
10 mait-r how contdycd, would only plumber
the people and take away from silver the one
support il now has for lis value.
Any kind of paper imitation, whether 10y
state bank or other such issues. would set the
country back twenty years - the era Of ire
dccmlbc and deprecated paper. No Dwtcncc
of redemption in silver would make any differ
cncc. because the silver in large quantities i
not wanted Such paper must dcDrcclatc much
more easily than paper npmlnllly rcdccmabc
in cold. for there would be more positive in
nvcncncc 10 prevent red 'mptlon irrespective
of value The natural effect of such imitation
would be to drive silver also ont of use, for
people can print paper much more easily than
they can mine and Smclt metals. Livery step
in that direction. whether great or small, Is u
step toward practical demonstration of gold
and of silver rs well. There is no compromise
possible that does not contemplate either the
issue of more paper dollars without providing
actual value for their redemption or the issue
of more silver dollars that are not worth what
they profess 10 be- But is il not certain that
in the present state If finances any step Of
either sort would bring quick disaster?
The situation is not what IL was. Many mill
ions mole of silver dollars might have been
thrust INFO circulation three years ago without
stopping their general acceptance as represent
ing ard cxchangeablc for gold II may be
doubted whether the mere passage OF bill to
coin more silver, " thOut the actual coinage Of
another dollar, would not establish a premium
on gold and cause depreciation of silver 10 It's
bullion value. So, many millions more of paper
currency might have been Issued in some form
last October AMI it would have been accepted
with unbOundcd confidence that the Govern
mcnt would make it good. Now that conf
dcncc has departed. Further issues Of paper
would at once increase alarm, no one can say
how much. Compromise last winter was
possibility. ANY compromise now is simply
Of the currency to indefinite de-
probation.