Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-02-26
SUNDAY. FEBRUARY 26. 1893
Gold and sllver-Mr. Harter's Bill.


Although Mr.. HARrER, of Ohio, is one OF
the ablest men in the House Of Repre-
sentatives, he will hardly succeed in
convincing that body that his silver bill,
introduced therein on Friday last, 10
financial measure OF the kind which the
country needs at this time. He is well
known 10 be an anti-silver Democrat. and
also as friendly TO an independent State
bank system. We gave to our readers
some time ago an outline of tho banking
system which he champions, and said of
it. what may still be said of it, that 1t was
the least Objectionable of the many
schemes which have been proposed as a
substitute for. or successor Of. the exist
ing national bank system.
We said yesterday that whilst we did not
expect Mr.. CLEVELAND TO endorse any Of the
silver propositions or compromises which
the Democrats have hitherto introduced
into either House of Congress. we could
not set him down as unwilling TO ponder
the merits of any new compromise measure
that might be proposed By the members
Of his own party. The difference between
obstinacy and frmness IS said TO be that
obstinacy means, II won't" whilst firm
ness means II will" We trust that it
may be truthfully said Of Mr.. CLEVELAND
that he is firm, but not obstinate. At any
rate he has recognized MIR. HARTEa as
man of sound financial opinions. and it
has even been said that the two have con-
ferred upon the subject. and that Mr..
CLEVELAND was not sverse to considering
the merits Of MIR. HARrER's new banking
system. We do not here refer 10 Mr.. HAIR
TKhs new coinage bill, but to his bill to
provide new system of banking and
new method of putting out paper circu-
lation.
As at present advised we can perceive
in Mr.. HAnTERs new bill nothing that can
be regarded as q concession 10 the silver
ties, and as these constitute large ms
jority of the lower house OF Congress, we
cannot imagine upon what is based the ex-
pectation that they will surrender 10 Dir.
HARrKR to the extent which his bill assumes
they will. 1t is @ sort OF burlesque upon
bimetallism to propose seriously first that
the minis shall be opened TO the coin
age of both metals upon the same
ttIinS III oAlbtoN pl4Ni w 1910 hht
then to add that all the gold and
SILVER coined hereafter for the owners
thereof shall be destitute of the legal-ten-
der function. The government has no
gold bullion out of which to coin new gold
pieces, thus to be deprived OF the legal
tender function But the government has
many millions Of dollars worth OF silver
bullion out of which to coin new silver
pieces thus to be deprived of the legal
tender function Is this the cat in the
meal-tub of Mr.. HARrER2 If so, the BIZ
metallists in Congress will be sure TO let
him know that no such compromise will
be acceptable to them.
The repeal Of the SHERMAN silver law is
one feature Of Mr.. HABTEB's bill 10 which,
of course. we would not bject, seeing that il
silver 10 to be coined free for every body
there will DO no need for law providing
for the purchase Of the white metal for
coinage purposes only. 1.-The present
ratio" provided for in Mr. HARTEB's bill
ia 16 to l. This is good feature. To pro-
pose to put more bullion into the silver
dollar is to propose TO destroy at once and
forever the parity between gold and silver.
What could be more preposterous than TO
propose to coin one day a dollar having in
it eighty cents worth OF silver, and the
next day a dollar having in it only sixty
cents worth OF silver?
The fact that hr. HABrEB proposed such
a bill as the one under consideration af-
fords reason for hope that something may
yet DO done by the present Congress to
improve the financial situation.