The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-04-29
SEATTLE. sATUkDAY. APRIL >


In the April Forum ]. F. de Navarro
urges congress to amend the act of July
II. 1880. by adding that ''when paid IN sisrev
the notes shall be paid on a gold basis, reckon
ing the silver at the governments gold
price on the day Of payment, a. fixed by a
commission to be appointed under the
act" Under this plan these commission
ers would meet every day at the New York
sub-trsasury. after business hours. to de-
termine then and there. after reviewing
the days transa ctions in silver In this and
London markets and other pertinent ques-
tions, fairly and without bias, what shall be
the govern ment price OF silver for the next
day for the redemption of silver notes,
and what amount of silver shall be pur-
chased at that price, if any. to replace the
silver paid out in redemption Of notes.
The price to be announced daily in the
newspapers and also communicated by
telegraph to all the other sub-treasuries
for the redemption of notes in their re-
spective localities. The redemption of
silver notes in this form, Mr.. Navarro says,
will establish at once q constant parity Of
the gold and silver notes, and thereby
solve forever the difficulty We have been
contending with for years, under the pres.
snt fixed ratio system. and the change will
cause no loss to the treasury.
Without this amendment for the re-
demption of all tho notes on a gold basis
Mr.. Navarro thinks the suspension of the
monthly purchases of silver would only
injure the silver interest without bringing
any corresponding relief TO the country.
Mr.. Navarro says concerning the silver
situation that vexes Us:
1t 10 not the silver In the treasury that
troubles the financial world, but, on the con-
trary, the fact that the government, II Obliged
10 use the silvsf. IL compelled TO pay 10 out at
It's nominal value, instead o: at Its real value,
contrary 70 Nil sense Of justice and fair dealing.
euch action would be not only demoralizinR
but also unIustihable Remember that the
treasury hes received . gold dollars worth OF
silver Tor every dollar represented BY these
notes. and 70 90 receiving now. Should circum-
stancss compel the secretary 10 pay this dollar
note With silver dollar, according to law. the
government would be actually compounding
this part OF tts debt at 81 cents on the dollar
This thing 10 20 mons;rous that do not believe
that any secretary OF the treasury OF this gov.
srument will ever pay them In silver until all
The gold In the treasury. save only that repre-
tented BY gold certificates IL totally exhausted
'hen the Law becomes mandatory.
1t 10 noteworthy that Mr.. Navarro IL an
ardent bi-metallist; he holds that the use
ofsilver a. money Ii inevitable, but that it
must be used A. an auxiliary to gold. and
on q gold basis at the market price. He
believes that If congress would adopt bis
plan. that Europe would adopt it, our
commission forming part Of an interna-
tional commission communicating and de-
siding by cable. With this legitimate
continuous demand Mr.. Navarro believes
silver would gradually rise un til it reaches
psr. namely $i.29 $40 an ounce Of pure
silver. In illustration of his plan he gives
shis example of a silver conversion:
banker wishes to transfer to Europe 81 ,ooo.-
400 by shipment OF specie IN lieu OF exchange
and deciess To send gold. He takes q certified
check Of 100000 10 the treasury TO get tho
Ioid. as usual, but the secretary, contrary to his
custom, decides to pay IL in silver. and hands
him silver check OF 81. 800 at - cents, or
G.oo.ooo In god The banker may decide TO
hip the silver. but II not he goes TO his bullion
broker and gets 81. 100000 gold by paying him
siih the silver check aud in addition u Ter
tcnt commission, or s., 500 making . loss OF X
per cent instead of loss OF Sc per cent as un-
ter the present law. The treasurer will always
D. ready TO buy his own silver checks at the
nme days price. aud tbis will complete the
above double transaction. This one example
happen. namely, paymeu, o; notes in silver aud
purchase of silver a