New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-11
PROPOSED EMISSIONS.

1t is the old story. The Presidents pO-
ltica friends in the Senate have already turned
a deaf ear TO his appeals and have gone t.
work apparently to contriyc a compromise.
The one most in favor just now appears t. be
coinage on a new ratio. though il is question
able whether enough Of the silver men will
accept this, while the PopulistS and "mOrc
money" Democrats of the West and South pas
sionately desire unlimited State bank issues.
Doubtless Republican Senators will feel that
it is better to have no change of the law what
ever than to have either OF these dangerous
mt asures adopted. Silver purchases may sink
some money. But if Congress raises enough
revenue and does not appropriate too much,
the Government will come to no harm. Pros
perity prevailed throughout the land in Octo-
Der under the law as it stands, and would pre-
vail again if fear Of free coinage and tariff
revolution were removed The responsibility
ought to rest wholly with the party in power,
at all events, if it forces choice between the
act as it stands and a dangerous compromise.
| Coinage of silver on a new ratio would be
MT even hopeful experiment. The purchas-
ing act was at least an experiment which many
believed would restore the value Of silver. as
to be leap in the dark. Coinage on a new
ratio would risk more, and promise less. But
meanwhile it would in any event thrust upon
the country a new kind Of dollars. differing
widely in value from the $50. 900 600 Of
| standard silver now held by the people and
the vast amount in the Treasury, and so would
inevitably bring depreciation 70 that part of
the money in use. At 90 to | the silver dol
| lar already too large for convenience. would
! contain 81 grains, as much as the present
| dollar and n quarter, and would be worth
about 73 IL cents at the recent advance in
price of bullion. No one can give a reason
| for believing that it would uplft the price of
silver to have it officially rated by the Gov
eminent at 26 IL per cent less than its present
coming value. The fact that the present dol
lar could not circulate at par with the ney,
money, and would have to be reconed. mean
while passing only at a discount, would of it.
self render the experiment most hazardous.
| Yet there are some who allim and doubtless
| believe that the coinage OF a 5l6-grain dollar
would SO raise the price of silver bullion that
the new dollar would be worth par in cold.
They are surely full of hope. Bullion would
have 10 rise to 46.9 pence per ounce, or nearly
40 per cent from its recent price, before 8 &
grains would equal 25.S grains of gold. Even
Mt 1912 cents for GIG grains, silver would
he 80 much more profitable than it has been
that production would increase again. and the
enormous supply of silver would tend to pre-
vent an advance. Moreover the vast stock
held in Europe could then be unloadcd here at
least in part, and no one VIII place confidence
in the practical efficiency OF attempts to con
fine the coinage t. silver OF American pro-
duction.
The real question would be just what it was
when Congress undertook to lift silver by the
purchase of the whole American product. There