New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-02
MORE PLUMBERS PROPOSED.


Two reports from Washington deserve at
tention Possibly they may foreshadoW the
next damaging blunder of the party now IN
mower. Il is stated by "The New York Herald
that compromise on the silver question has
been actually signed by the representatives OF
opposing sides. but that action thereon was
DELAYED by the expostulation OF Republican
Senators. 1t is stated also that the proposal
came from the advocates of repeal and that us
provisions are in the main those OF Senator
Faulltners propositon. The purchase OF silver
is to be limited to 1900, 900 ounces per month";
and TO cease when the total amount OF silver
in the country exceeds SSOO'ooO' ooo. Inc
silver bullion in the Treasury Is to be coihed,
and the so-called segniorage made the OASIS Vi
a further issue of paper. The silver purchased
eoch month is to be coined, and paid for with
standard silver dollars, thus forcing more OF
tho silver certificates into circulation, whiie
tho new Treasury notes which are redeemable
in oold are to be retired. Then the Treasury is
70 ;ssue bonds in order to obtain gold enough to
raise the gold redemption fund to SZoV'-
OOO. 900
If Democrats in Congress are ready to stake
the future of the party on financial plan so
mischevious and so offensive as thls' some
nersons might be inclined to say that it would
be wise not to restrain them, lest 'hey 'uih
next to something worse. Bad as IL Is 'ne
nroposed bill would be less injurious IMAM
free coinage. or unlimited issues OF state Dahk
currency. Apparently it has no better OBJECT
than TO keep the Democratic party together by
means Of large concessions TO the more money
and had money element. But the Democrats
whose dread of financial folly in their States Is
great enough to make them consent to this meas
ure would probably not have mental balance OF
force enough to resist any other vicious scheme
that might be offered to restore Democratic
harmony.
II has been explained many times that coinage
of silver is UNNECESSARILY more dangerous thah
nurcbascs of silver. because the additional CONS
svould not 60 into circulation, but instead, the
volume of paper notes redeemable III silver
would he increased The silver certificates are
nothing but promises to pay com which 'he
oublic does not want and will not keep III
circulation Any addition to the volume oi
such paper in circulation increases the danger
Of a separation between gold paper and silver
manor in current value. and whenever that
senaration finds expression in premium on the
oola the danger of withdrawal and demonetl-
7at;on Of cold is imminent. This was the
great danger which the act of $3.50 completei!
avoided, by stopping the issue OF notes not
redeemable in gold. AS the circulation OF
paper redeemable only in silver has since peeh
strctly limited and not increased. no question
If its value has arisen. and it has been accepted
ms representative of other money. TO change
all this. and deprive the country OF the pledge
that Government will maintain the parity OF
GOLD and silver coin and paper in use, would
assuredly cause far greater dlstr''st here ana
abroad than now exists. Instead OF stopping
the return of gold to Europe. and encouraging
foreigners to invest money here, 1t would EVIL
IDENTIFY revive the deep anxiety regarding de-
basement OF the currency to silver standard
which prevailed before the House had voted.
If NAV be thought that the provision for
borrowing SlOCOO0,O0 gold with bonds VIII
avert this distrust There is no law under
which bonds payable and bearing interest IN
gold can be offered for sale, and 1t Is
most doubtful whether Congress Will author
i've such bones. If it should, the qies-
tion would vet remain whether Government
American securities now held abroad, III
exchange for the bonds sold. No banker
could promise how large the sale OF
such securities on foreign account might be,
and if the amount due from this country for
such securities returned should be greater than
the amount due to this country for the bonds
taken BY foreigners gold would not come this
WAY. American bankers and investors would
have to take the gold from their supplies and
mt it into the Treasury in exchange for the
railroad stocks and bonds sent hither from
Europc With tho banks already weakened,
such an operation would be hazardous in the
extreme.
The ether Washington statement is that the
House will vote to impose a duty on sugar and
n higher tax on whiskey. The well-known
Democrats of the sugar trust and whiskey ring
will appreciate this, as it will be perfectly
direct and satisfactory mode of remunerating
their services in aiding the election of MIR.
Cleveland. Probably Ccngressmen know that an
invitation to the working people Of this country
70 pay several millions more TO each OF these
mcnopoics would immensely strengthen public
conf;denc in the Democratic party.