New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-04

bill would, and the result would have been Infinitely
more damaging to the country
VIII you outline what you think should be done In
The present cislsl'
mo. Will not. prefer 10 have President Cieve-
land and his advisers unembarrassed by my advice !
have told MIR. Cleveland and Mr.. Carlisle that Will
stand with them for sound safe. stable currency. and
that / Will do. But the present dispute over the
silver question Is Democratic party issue MI
Cleveland In opposing silver, is fighting three fourths
o; his party
"Wii the Sherman bin be repealed
Probably but before II Is repealed there are apt
IN he some warm expressions OF opinion. should
not be surprised II Of the Democratic congressman
and Senators should consent to The repeal OF the oer
man act only on conditions that the ADMINISTRATOR
mi, at not favor In the silver states and many other
States are Congressman whose constituents believe IN
free coinage. What will the Administration do n
age rider be put on the repeating accf Down
South they want more money. plenty Of IT, ana 'hey
are not so very particular 10 what kind OF money
II is. How will the hard-money Democrats like II II
the repeaIIng act b. loaded with free State bank
currency amendments
These are only conjectures as 10 what might
happen but they indicate how the Democratic party
stands on the monetary question. The Republicans
I'm Congress will be in the attitude. to certain eX
tent, OF spectators: but will be In favOr-with
few exceptons-of good money. THINK the sherman
law will be repealed but the danger Is that Congress
may 20 too far. should the clause providing for the
purchase Of 100000 ounces OF silver monthly he
stricken out, 1t would be well. But II Congress
should 20 and repeal the clause providing that the
United states shall maintain parity between gold and
silver coins. IL would cause widespread disuus''
There Is In the Treasury $3.50 OOOOO OF coined silver
dollars, and S145. 100000 in unconcd bullion The
legal tender OF these coins must he preserved ana
their parity TO gold maintained 1t IS well enough
f,,rfhcr min nre Ofs
culation must be maintained. Many newspapers
seem forget that for The bullion from which the
current silver dollars coined the Government
pai1 only the market price In gold at he date OF
purchase, so that those silver dollars coined under
the sherman act stand really gold basis, and the
Government can redeem them all IN GOA now WIN Il
Joss OF only about eight millions"
What In your opinion. is the remedy for the
present financial trouble7"
1.-The restoration OF confidence In the commercial
world. The present strngency Is caused by the
apprehension Of the mercantile and financial world
that we will not meet our obligations IN goi, Dut
will pay In cheap money. ] believe we should nave
n sound, safe currency on gold basis. No. 90 not
think the cessation Of silver coinage VIII Drns goiu
more into circulation do not think eoid VIII ever
again be so much In circulation. II Will be utilized
as the reserve ana basis which the circulating
medium will rest for security. think such cur
rency feasible, and am Of the opinion that II VIII
be brought about. The action Of India with regard
TO silver is not conclusive. 1t Is In me nature OF
an experiment. The law that the rupee snail be
worth 10 pence is in the nature OF fatmoney legisla-
ton and has effect here.
Neither do 1 think the India Council acted 10
aid Britain TO force the United States TO god
basis All the great commercial nations nave 'reN
silver and have failed at IT, The United states Is
the last OF them TO realize that silver cannot be
made the basis and standard OF the worlds money.
IL the coinage OF silver dollars stopped and the
nj
as In the other nations Of the Latin Union. the world
would know that proposed TO pay our debts III
the worlds money-gold-and confidence would be
restored. The expectation OF gold 10 Europe Is
brought about by the balance Of trade being against
us. When confidence is restored the gold WI, come
back IL Congress acts COnscrvatVely. and docs not
90 too far In radical legislation. all will be we'll
to the future currency Well, think tne National
bank system Will lapse when our National debt shall
have been paid off, and there are no bonds to be used
as security basis for bank notes. do not al tempt
10 guess details OF the system that Will follow IT,
but think that money should be allowed In this
country which has not back OF ii the full guarantee
OF the United States Government