New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-13


The silver Purchase Repeal bill ha' b''a
ropoItod by the ma GRITTY Of the COMMITTEE Oh
Eanking and Currency and placed on the
calendar. 1t tn" same time Representative
T,vn.c.d. OF Colorado ha> made minority
lrp.r: which alleges that the mainui! ma
.lrn,lv registered the cdict, Of ma>i"r That
the bill is intended 10 >cculc an exclusive icy
>tarda 4 a.. Il 10 sr,p.oS, every dio't i.r Boz
rrc,allsm. and that l., pa.Slg " nld W'!n.
vid spread rain.
The lat all ga'ioa 1.-the OILY one VITA which
IN, public j. much concerned. II the h!il l.
= GO i On, it makes little difference under
what influences n mhclS favor it. r is 1t very
iu.rorianf whether Mr.. Townsend thinks II
cal-ulltcd I, suppress or & prom e. bimcialhc
efforts Hi, Judgment on that point may not
ic infa'lihl, Men Of the highct d >'iEctl 30.
,,ho have consistently favored bimctalliNm ior
many yoa,, maintain that the continued pun
chase or coinage of silver by the nitcd states
constitute, the most serious obstacle to the
,csrora'i,n Of silver by international agree
mont. Delegates 10 the Brussels Conference.
vbo hive closely observed the course of Eu-
Korean Powers. avow the same belief 1t Is
oujt. probable that these gentlemen may be
more accurate in their judgment than the
RcprC sentative from Colorado.
If the bill would bring widespread ruin IN
il, Train. not even the hope Of great ultimate
results in diplomacy might justify It's passage
But here. again the opinion OF the Represent
alive from Colorado Is widely a, variance from
that of multtudcS Of men who have the best
means of Judging. Organizations OF business
men throughout the country, including some
in the far West, have formally expressed their
conviction that the passage Of the pending
hin i, necessary to prevent serious evils. Bank
crs and Gnanciers with few exceptions enter
tain the same conviction The people who
know most about the money markets and the
forces which govern them are substantially
united. those who arc borrowers a well a,
those who are lenders, in the belief that the
existing condition Of uncertainty and dlstrust
works much harm already, rctard' investments
and loans in aid Of enterprise, drives gold away
10 Europe and thus threatens serious cmbar-
rassment in the future. If these men of pfac
teal experience and large knowledge are not
strangely in error, the measure which Mr.
Townsend opposes would quickly restore con
hdcncc, clear away the fear OF "A dcbaScmcnt
of the currency, encourage loans and invest
mcnts and start the country upon more
prosperous career Possibly the business world
is all wrong and Mr. Townsend alone is right
but Congressman will admit that the weight
Of evidence is all the other way IL is not
easy TO believe that men who have great com
merca obligations TO conduct. or important
manufacturing works TO manage. have dclib
erately advised and earnestly urged course
which would bring upon them widespread ruin
Probably men who are borrowing and have
need each year TO borrow thousands Of millions
have taken all possible prccaution 10 assure
themselves about the result Of the measure
they advocate. and if il Is one which would
encourage their enterprises, improve their bust
ness and remove the dangers which they most
apprchend that measure can hardly be harm
full to other classes in the country.
At Washington there is still some talk Of
compromsc--of the repeal of silver purchase
provisions, with a revival of silver coinage
under the Bland act at the rate of 81, 900, 600
or 100000 per month with the issue Of
silver certificates But this would not he
compromise. 1t would be long step back
ward. In all probability the revival Of coin
age, whether at one rate or the other, would
be decidedly more dangerous than continu-