The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-25

The opponents OF the unconditional re-
peal OF the silver purchase lag seem to be
confident that they can secure as COM
promise free coinage on new ratio We
do not believe that such stupid scheme
has any chance of passage, for il would be
sure 70 be vetoed by President Cleveland
and it would be impossible 20 pass 1t over
his veto.
Cleveland would be sure 10 veto IL be-
cause the whole logic of his message falls
70 the ground like house OF cards the
moment ne admits the free coinage OF
silver at any ratio except under inter
national agreement.
The present proposition OF the silver
men IL the free coinage of silver NJ ratio
OF 20 to ]. OF course these advocates OF
free silver would not make the offer to
give five ounces Of silver when the present
ratio demands but four. II they really be-
lieye silver would advance In the market
TO the value now given II by law; they
evidently expect that even a ratio OF 20 to
/ win be below the market ratio. II Is
very far below 1t today.
Al The present market price OF silver. "a
cents an ounce, the ratio Of silver to gold
would be about % to 1. and II the minis
were open at. 20 to l we should be coming
silver at about AZ per cent. above the
market value. Silver would have % adj
vance In the market to about $f.05 per
ounce before we could have market ratio
corresponding 20 the highest ratio pro-
posed by the silver men.
The trouble with oil this pernicious sill
yer legislation from the Allison act of
1878 down to date Is that the Law Is unlim-
tied In operation. Every man knows that
under either the Allison silver purchase
and coinage act of February, 1878, or the
Sherman silver purchase act of 1890. that
ultimately we shall be brought TO silver
standard. This uncertainty has raised
the spectre that has frightened capital
The "blood-battered ghost of Banquo"
would not down. and put the varlike
Macbeth into panic: 50 the unlimited
threat Of deprecated silver contained In
the acts of 1873 and 1890 afrighted capital
here and abroad.
Now some of the silver men propose O
change in the ratio with unlimited coin.
age. OF course that could only make mat
tiers worse. II IS Of no consequences whatth,
ratio Il. and tho proposed ratio is far be
low the market the real cribs the unlimited
coinage without an international agree
ment.
IL Is doubtless true II any bin goes q
President Cleveland repeating the sher
man law and authorizing the free coinage
OF silver at a new ratio, say of 20 TO I, h,
will veto 1t. and II is reported, will imme
diately follow the veto by instruction e
the secretary of the treasury TO issue bond
for Sc, 0o0, 600. and that he will announc,
that he will continue to issue bonds Il
protect the gold reserve until some legis
iatson il adopted which will make sucl
action unnecessary.
OF the proposition for free coinage OF sill
yer with a change of ratio. the New Yorl
Times of recent date says:
Cuisines Is paralyxed today in tn,
United States because the world does no
know whether we can maintain gold pay
ments The doubt wouid be made cor
would know that we could not maintain
gold payments. The talk Of change o
ratio. tho notion of coinage at qntrinsi
value OF silver, IS the widest degusion
There is no stable or intrinsic value of sit
yer At present No human being, no con
rresx could guess what IL Is. Ii we coine,
az the value today. there would be no Ger
tainty that it would be the value Of to
morrow. aud the whole world knows tina
fact. Our own people know il. aud ar
acting upon IL. We cannot restore conf
dence by pluneing our hnances into
deeper doubt The only hope is la stof
ping the purchase of silver at once am
finally. Anything else is but the dream
Of Missionaries or the trick OF deceivers."
The only correct thing for eongres to a
IL TO force Europe 90 adopt hi.metallisn
by an unconditional repeal of the She,
man bill. The real friends of silver sc
this and ar. urging tina. this course be FOL
lowed.