New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-07
UORE INFLA ton THRE1 TENED.

MORE INFLATION THREATENED
Having desperately appealed to Republicans
60 help them get rid of the silver peril, our
Democratic friends now propose to bring IT back
again at once. by emptying upon the country
IS. 600. 600 more silver tokens, which pulrort
10 be. but arc MT. dollars. 1t seems lnc0m-
ure hcn,ible that the President and Secretary
Carlisle. after their late painful experience,
should seriously contemplate such step. But
the proposal to redeem Treasury notes in sill
YER prepared business men to expect some
strange things.
The talk about "coining the scigniolage'
possibly dcocvCS some men who should know
better The Treasury has on hand Il quantity
Of silver bullion which il purchased with new
TIclsury n.tc, and which stands pledged Tor
the redemption Of these notes. True, the
bullion j. Of no practical value for that plIr-
ps>r The notes would cease to circulate with
amazing and painful Suddcnncss if power -
redeem them in Id shc'ld be Withdrawn.
Bet if the silver bullion were coined. n ii can
not be under existing law. il is SAID that thcfc
would result a profit of SJS.OOO.OOO; all the
silver purchased under the act ol 1890. II 1t
were all coined would make about PIC, OOO,Ooo
silver tokens while it cost Government not
mitc $4,000. 900. and the difference Is
called profit which il is giaycly proposed -
tun into coined dollaIS in oder that silver
certificates may be ISSUED against thcm. me
silver GINS could not he issued in any way
for there are already lying IN the Treasury
sr;ndly millions of such coins for which no use
could be found even in the recent currency
famine But notes issued promising to pay such
coins it i, reaS ned would circulate just as
ether silver c IriCatcs do.
The President and Secretary should be
Maned by recent events that il j., not safe to
tamper with the confidence OF the people.
Whether any more silver certificates would
circulate is a question which can only be an
swcrtd after al experiment that might prove
most costly The fact is that con>ldc rable
amount Of such certificates was lciIred dur
ing last month. and in the existing state 0l
feeling about silver cnin and paper Ii would
be extremely Vcnturc>ome to say the least. I"
thrust into circulation great amou nt more
e IL. Nor is there the excuse # currency
famine for that has passed and the premium
ON currency Ia, happily disappeared. The OBJ
Jet According - published statements oi
secretary Call>lc> views * - enable IN" Toy
eminent ID meet large rtct. But Do, ease
uOald b, by no means improved IT, instead
If accepting the additional hoad If silver
p1rcr with Indifference. the business world
should tIhc pains t. employ silver certificates
in Iaymcnt Of taxes + Government, and thus
retire the Objectionable natcS faster than the
Treasury can put them ont.
Many d, not seem {, have gm,pd the fac
even Vet that the silver dollar, and the rot,
plUmi, ng 70 pay silver d'llarS circulate only
as representative, OF gold. because they can be-
used in place Of gold The coin is bulky and
noonycncnt - that peopl" do not take many
+ them into circulation even - It"nS. bnt
that j. the only reason they circulate az all
They an, as yet accepted by other, rs repre-
>cniativcS Of gold dollars People can gen
orally get other currency for them. ard hence
do not object - take them NJ the worst they
can be dumped int The Treasury in payment
If taxoS and there they do represent the dol
lars they are not 1t j. exactly in the sam"
WAY and fer the same reasons thar the silver
certificates circulate. II all turns upon public
feeling and the Secretary * liable - wake mp
any IN rning and ind silver certificates pilc-
ticaIly forced out of circulation. if he risks a
further issue OF them.
This is not good time for tying Il ubtlul
experiments. The credit Of the Treasury is
yet rnbr ken and it can easily raise whatever
money it needs provided il does not play ticks
with public confidence But lis credit might
he unpleasantly altered if it should now begin
10 thl1l.t upon the c unity more paper redeem
able only in silver.