New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-20
TIE PERTL or THE TICUUW BILL.

! Fithan ignOlanily attributes 10 III dhuIu'''u
Registry law"
TIE PERIL or THE TICtUW BILL.
The Board of Trade proposes instant action
against the Bland bill Leading business men
drnouncc the bill rs dangerous, dishonest ana
alsur,lly impractcablc They would have been
| wiser if none of them had voted TO inirlSt
mower to a party which had for many years
openly favored such legislation But that error
in the past gives these gentlemen the more
RIGHT 10 appeal TO the President. since they
consented to trust the party known to be dan
gcrous because of their faith in HIM They
know that the great ma ioriiy of Democrats in
! CONGRESS- had repeatedly voted for free coinage
and for other steps toward financial ruin Hut
they had faith that the President alone would
prove an Irresistible barrier 10 any measure
threatening the soundncss of the currency.
! Sow THE Journal of Commerce ana CONNER
| cia Bulletin n Democratic journal. III
double loaded article appeals 10 commercial
bodies saying: -"lt is far from improbab" that
/ the President may si@n the Bland bill.
/ Fast rciiccnc. has encouraged the Presidents
/ yacillilon; continued silence may induce ~
Ia Weld The danger Is little short Of ,hat
winch created last years panic" The letter
of Mr. Darwin Il james 10 INC ll''Nll'ui SllpNN
! that hc has similar information.
Possibly the President may not realize what
practical mischief This bill would do. The coin
ine Of bullion held in the Treasury. he VIII be
told. can worl: no HARM and will keep the
mintS busy - that free coinage may b" re-
sisted The reason is bad for free coinage
needs no resistance il he does not WAIVER with
his veto power. In any casc the issue Of add-
D
for the protection If notes will Impress cred
iiors here ana abroad rs I'M act Of bad faiih
AMI viii mvol,. The risk Of q drain upon the
Treasury which It cannot moot. This danger
is the greater because unylcldiug resistance 10
silver coinage scignioragc and other measures
for dcbluching the circulation WIS distinctly
promised when bankers were induced to lend
$4,000 uuu To- tie Government on its bonds.
II There were no question of bad faith the
bin ", NH Sull be- In the last degree dangerous.
The first section provides that SjI.iI6.GNl In
standard silver dollars shall b. coined Is fast
~, po>.ihc. aud such coins and the certificates
issued thereon shall be- used in the payment Of
public expenses" II this means anything ii
means that creditors 10 whom ia" Government
owes that sum or a part thereof. whether for
salaries. pensions. property purchased or con-
tracts performed. shall bc compelled 10 receive
the silver coins or certificates. because II il
certain that they will prefer gold or lcgaltcnd"r
notes. II their preference is respected. the
Treasury can never use It's new certificates IN
payment II their preference is not respected
Government makes II discrimination against its
silver certificates and in favor of its gold. and
thus a premium on gold must at once result.
Banks not wishing Ia be loaded up with ccrii-
catr~ that are not legal tenders nor rcdccmahlc
in gold viii decline 10 accept them in payment
from the Treasury. aud Will TAX" care 10 re-
ccivc them from others only 50 far rs they can
be used in payments 10 the Treasury, thus re-
duclng lis receipts of other money.
The second section Of the act provides that
new Treasury notes shall not be- rcissucd. but |
shall be- cancelled ana destroyed and
silver certificates shall be- issued on such coins
in the Treasury in place of the Treasury notes |
received. Eut This bunGling provision makes |
no account ~ the fact that holders of the notes |
viii not wait until they may be compelled to
take silver certificates In place ~ them. bur in |
all human probability will forward such notes
for redemption in gold. As the act under which
these notes are issued expressly requires the
Treasury 10 maintain the parity Of the silver |
notes with gold and the President has cmphat-
ically declared that they shall he redeemed in
gold ~ long rs Government has the power. pay
mcnt Of gold for such notes cannot be- refused
without impairing The public credit. In effect
such refusal would be an net of Bankruptcy. |
Hut the Sill 100000 Of such notes outstanding
might be- used In It month TO draw from the
Treasury all the gold it owns not covered by
gold certificates outstanding.
Alarm and extreme measures Of prccaution
would be- Justified, because the distinct pur-
pose of the act IL to force into circulation at
least $JJO0OOOO new silver certificates, and
Slil.OOO.OOO more silver certificates IN place Of
Treasury notes, III addition 10 the Si}l 900 900
silver certificates already outstanding, so that
there would be SJ2I ,OOOOOO certificates redeem
able only In silver and not legal tenders The
paper circulation. now Sl.W9,OOO,0OO, besides
gold certificates, would be increased 10 81 OH
0OOOOO. or ten times the free gold now held.
Redemption of Treasury notes and legal ten
dcrS would aSsurcdly exhaust the gold reserve
very rapidly In such case, even If ii should
not be sooner exhausted by foreign demands
for capital invested or loaned here. That such
demands would be quick and large, the Prcsi-
dent only needs the experience of last year to
convince him.
III the murderers Of Robert Ross, at Troy,
should escape the gallows through the influence