The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-06
SUNDAY. AUGUST. 6 1888
TWELVE PAGES.
IA BIMEIALLISM AT
7 O BE THE COMPROMISE?


A special telegram from Washington
city 10 the Philadelphia Evening Tele-
graph states that Senator Vest, OF Mis-
sourf. heretofore a leading free silver SEN
ator. will Introduce a bill in the Senate to
make the coinage OF silver free at the
ratio OF twenty-four 10 one, and that the
President will accept the proposition and
approve the bill 81 1t passes. We give the
abatement for what II is worth. but we
neither vouch for its truth nor pro-
ounce it false. II may be interesting,
however, 10 consider the condition OF
things that would arise II the statement
should turn out to be true. and 1t must
be borne In mind that violent contests like
that which the American people have had
over silver, usually result IN compromises.
The first fact TO be noticed In this con-
nection Is that the silver dollar, at this
ratio. would contain .618 "a grains. instead
OF. as now. .412 IL grains. That is. 1t
would be increased in size by just half
as much silver as II now contains. IT is
already a most bulky and unwieldly coin,
md the man who has five Of the present
silver dollars IN his pocket may be said
TO be weighted for age" Five new ones
70 be equal in weight to seven and a half
or the present ones. would be all the silver
dollars that the most infatuated partisan
of the dollar of the daddies" would care
70 ave on his person.
But 1t Is not necessary that a coinage
sha be actually handled by the people
10 answer all the most useful purposes Of
"a currency. our experience with Govern
ment certificates IAN American invention)
has shown that we may a a metallic
currency answering all the purposes of a
metallic currency, OF which the people
never see a coin. These bulky dollars,
therefore. may be deposited with the
Government. and certificates Of deposit
taken out against them. and these c~ertif-
Gates, based on the actual dollars. could
be used by the people as conveniently as
any other money whatever. The bill,
therefore, would probably provide mat
whoever deposited CTS "a grains of sill
yer. nine-tenths fine. with the Treasury
Department. should receive the Govern
ment's certificate OF deposit for a dollar.
Under such a bin deposits of silver and
issue of the certificates would 90 forward
very rapidly. while the market price OF
silver was low enough to make a profit
In the transactions. and we should very
soon have the surplus silver OF the world
deposited with the Treasury, or the mar
ket price OF silver would rise to a point
that would make the new dollar worth
as much as the gold dollar. IL such a
measure failed 10 bring silver up In
value TO a point that made the new dol
lar as valuable as the gold dollar. We
should have entered upon a very risky
experiment IN adopting It. IL the silver
dollar remained at a discount 1t would.
almost I'm the twinkling of az eye. drive
out all gold by putting 1t AT a premium
FOR the deposits Of silver and issue OF
certificates would be so instantaneous
and rapid as TO end all question Of the
ability Of the Government TO maintain a
parity between the two dollars by receiv-
Ing silver dollars in payment OF its reve-
nues. Would such n measure bring the
price OF silver up 10 a point that would
make the new dollar as valuable as the
gold dolar7
When the panic attendant upon the
English order partly demonetizing silver
Ia India took place, we pointed out that It
was a senseiess panic. and that India
would necessarily continue fer a Ions
while to consume as much silver as ever.
The silver market has since acted just
40 We said II would. II has steadily har-
dened. with a rise in the price from what
that panic forced 1t dow to. uEtil II Is
now worth more than seventy-two cents
an ounce with an upward tendency SIN.
With silver at eighty-six cents an ounce
the proposed silver dollar OF 6S 81 grains
~oV'a be at par with the gold dollar, so
ma silver would only have 70 rise four
'seh cents an ounce above its present
price for 1t 10 be worth that price wnl
me oemand for silver Under free coinage
IN America d that to Its vaiueY rhat
n question to b considered. ana on