New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-14
, SOITTTON WHICH SOLVES NOIHIN"'


I'm II, strikes II has their opposition ana reS'h'''"
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SOrUTION VHICH SOLTES NOIHING'
Mr.. Clark Howell, in discussing silver Gull
ace in THE Ncw-York Herald claims 10 lid, {
found point Of accord between the Demccr''"
Marty reprc~cnted By himself, and senator Sher-
man and MIR. Murat Ilalstead rs representatives
If the Republican party. Lest his conclusions
sbould by some be accepted too Seriously II
,r,v no we'll 10 pcint out that Mr. Howell does
not in this matter represent the Democratic
,rtv ar the majority of Democrats in Con
clc.s. and that Me>srs. Sherman ana iiai''o'''
in their quoted remarks. do not represent any
action ever taken or any opinion ever a'o"0'
bv the Republican party. The SUPPOSED po'i''
of agreement is that free coinage Oh shNcI' at
tho ratio of ~ t. /, would be safe ana WISE
Tho supposed remaining point OF difference i
that Mr. Howell would iiist stop silver pur-
chascs and restore free coinage. IN order 'ha'
silver might then seek parity with gold az tne
old ratio of iG to |. and would aitcrWdid au'
inst the ratio 10 that market value which might
he fixed with silver freed from any discrilliia-
ton in the matter oil c3naSc.
on the supposed point of agreement II ma!
be said that Democratic members Oh Oo"S''>S
have repeatedly, and with great approach 70
unanimity, voted fer immediate ana uliil'Ii!'vu
coinage Of silver without any stipulated or COIL
,cmnlatcl change of ratio. Their attitude
manifested in their speeches and their Vo'eS'
i that the people have an absolute right 10 a
silver dollar of 50 many grains, the precise
dnllor which was first coined, no matter VIVA,
is relation Of value to the gold dollar may
he or become. II that should prove cheaper
dollar than the gold dollar. it Is tho people
right, Dcmouat, maintain to have the cheaper
money 1t would require much courage or Il
| considerable absence of candor for any we'll
informed Democrat to deny that this has Deeh
for many years the position taken by large
majority Of his party in Congress and III con-
| ycntion.
Next. the Republican patty has never con-
scntcd in Congress or anywhere else ID Tree
coinage of silver on any new ratio, whether
% to / or any other and the distinguished
gentlemen who have spoken with favor oil 4
change of ratio would doubtless be swift to
deny that in doing so they were representing
tho Republican party. They have full right 10
their individual opinions. Tie venerable sen
ator from Ohio has ayowed not few, al
different times. which the Republican party was
not disposed to adopt. though it had tho nigh
est respect for his ability and services. Iind
| the distinguished Field Marshal when he took
| 4 prominent part in advocating free coinage
fifteen years ago, found that the Bland bill was
PASSED in the House mainly by the votes OF
democrats. but was set aside by the Repub-
lcans of the Senate for the Allison bill, which
| limited the coinage of silver and remained III
| force about twelve years. Ii must therefore
| be admitted that the notion OF changing the
ratio of coinage is one which does not repre-
sent either party. This is probably because
| practical men in each party perceive that the
ratio is shifting and variable and there Is not
| tbo SLIGHTEST reason to believe that If a change
| wore made 10 any new ratio on the ground that
il is now tho actual and true relation between
tho two metals, that il would remain the actual
and true relation for single year or single
month. If coinage at - to would give an
honest silver dollar to-day there is no certainty
that coinage at 10 to or at % to l would
not bo necessary to give an honest silver dollar
to- morrow.
At this point appears the fatal absurdty of
Mr.. lIowclls scheme lie would begin by
making coinage free, 50 rs 10 ascertain what
tho true relation between the metals Is without
any discrimination against either But tho
whole world does and will discriminate. Tho
influence of conditions and markets in other
countries would be felt here rs it is now. Every
change in those conditions and markets would
be felt and if the price of silver bullion should
mount to 50 pence per ounce, As 1t did when
tho Silver Purchase act was about to go into
effect there is no reason to believe that il
would not decline again t. 80 pence per ounce,
rs it has done since. To take the market ratio
for one month one year after restoration of
free coinage proof of the actual and perma
ucnt relation between the two metals would
be rs absurd rs b take the existing ratio.
There would be nothing whatever TO prevent
a change in Il month, which would make the
now ratio rs false and as mi,chievous as coin
AGO at %he ratio Of Ii to would be now The
free silver men show more practical wisdom than
Mr.. Howell, for they recognize the impOssib.lity
of finding ratio which shall permanently ac-
cord with the market value of the metal, ana
declare that the people have an inalienabc righ,
to the cheaper money, whatever that may be.
The trouble with these disputants is that
they are trying b believe the United States
can settle tho silver question all by itself To-
ealdcss of conditions in other countries. The
Republican party holds the sounder belief that
il is not possible for this Nation alone t. re-
store silver TO its monetary use and valie and
IL therefore looks 10 International " ton as the
only practical solution.