New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-16
THE SEIG NIORAGE ELL.

Tho Scicniorace bill which has just passed
tho Senate was Il bad measure when 1t was
offered in the House 1t has become much
worse in its passage through the two houses
and stands today one Of the most indecent
and shameless currcncydcbauchng measures
ovcr nronoScd Originally. the excuse for II
was that Government could not get from the
rnvenuc bill upon which the House WAS able
IN ocrcc enough revenue for the necessities OF
tho Government and that the coinage OF the
silvcr bullion on hand would keep the minis
husv for some wears, SO that the powerful ten
dcncy of the Democratic party toward free
coinage could be successfully withstoh for
,imc while the issue Of SJj.0000o0 more silver
certificates against actual deposits OF standard
dollars might do no great harm But the Sen
ate committee has shown that sufficient reve
mo can be raised if not from the bill as it
stands. with some notifications of that Dill
In order 10 provide immediate relief for the
expected deficiency the Scigniorage bill mas
haon made TO authorize issues Of silver ccriih-
Gates in advance of any coinage. ana consc-
mcntv in advance Of any deposit OF standard
dollars But worst of all. ii is found that the
nbrascolory Of the bill is such as 10 afford
= prctcxt for issuing S550oo,o0o Of certificates
600 more against nothing. 1t was bill TO coin
q vacuum. but has become Il bill to debase the
currency by adding S110.000,00o paper, hair
r.nrnscntinc coined vacuum. and half purely
fiat money.
This exposurc in the Senate has indeed been
mot bv supporters Of the bill with the dccara-
ton that they do not believe it will be so con
strod. and possibly it may not be- But If 1t
III 70, hpnr that construction,
there would be no grave objection to an amend
mont confirming the issue Of additional paper to
the difference between the actual cost Of silver
million ON hand and the nominal value Of dol
lars which can be coined out OF that bullion.
Tho motion TO open the bill for amendment, in
order 10 correct this obviously outrageous de-
feet. was voted down by the same Democratic
majority which constantly threatens the sound
moss and honesty of the money in circulation.
The majority must be held responsible for the
construction when III refuses 10 SHUT oue y!
a simple amendment
,rhn hill passes the Senate 10 doubt as part
Of bargain one Senator, according to Wash
inoton DISPATCHES. even boasts that he will sup
mort the Wilson Tariff bill because the PrcSi-
dent will allow the Nacuum-Fat bill to becom"
/ q law. Whether he is right or not, ii is by this
!
which men were led to believe the President
would not oppose, when he was anxious to get
Democratic votes for repeal of the Silver FUR
chasing act lie cannot suffer 1t to become
q law without throwing away every shred of
reputation he has gained in regard to financial
matters. That course would stamp him as n
man willing TO sacrifice the honor and the safety
Of the Nation for partisan op personal advan-
taCc
II need not be said that this measure would
unscttlc and endangcr the financial situation
With enormous reserves lying idle in this ana
other cities. 1t is possible that the country
might escape for time the evil consequences
of an act SO Objectionable. But the President
can hardly have safe adviser with any knowl
edge of practical business who will not assure
him that this measure would greatly increase
| the distrnSt which already renders the situa
| ton so trying. 1t might ut any moment starr
a new avalanche Of returning stocks and bonds
from Europe for which American markets
would find it hard TO pay. 1t might at any
moment start a new alarm as TO the fnancia
future of banking corporations, Ike III char
acter to that which caused Withdrawal OF d'
posits amounting 10 several hundred millions
within a short time last year The Prcsidcn
ought to know that it is playing with fire tt
exhibit the slightest unrcadiness 10 resist those
pcrilous tendencies of his party which he has
heretofore so strongly denounced.