New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-09-24
THE PEyFWdL or SITTER COINiGE.

whether men Of either party wish II or not
tho coinage of silver by the Treasury Depart
mont is to he somewhat important III lis erect
rron nublic opinion II will affect business IN
t.r.sts bocaus, II renrws uncertainty III REGARD
=, tho monetary future 1t will affect the publc
;,,1.,,u.pt ~ the Administration and the party
n novor bccausc it is a palpablc stranhg, ii
No, . distinct violation. Of the law for the pur-
,,o,., % courtiug the frec-conagc interest
In . noper recently made public, which was
evidently prepared with great pains, ''e '''.'
ferry Of the Treasury makes a lahor"d EXCUSE Tor
retiring new Treasury notes ~ last "S 'l''! '''',
IN. redeemed in silver This WAS scarcely worth
while for people who desire Il S"nhu '"'''" =
AMI oop b,vc seemed desirable only 10 meet OBJ
icctions raised by 'morcmonry iaha'irS 1T NV
West In The commercial world IL VIII p' ''''"
ilv agreed that the Secretary could not pr"P'FN
suffer more Treasury notes To remain "u'S'"nu
ing NJ any time than represent thr Cost "' '"'
.sily,r bullion and the standard SILVER "o'i'''
..coiucd thrrcfrom then held III III" ir''S"!
..nur,b,s.d hv such notes" The Secretary j.
Clearly right in saying that 9Th" purpose o' '''-
...,.... u,s tn nrcvru, the duplication OF cur
.reucy. which would hc the ease II the h"''N
sand the silver purchased with them should d"
..outsfanding at the same time y" one WIZ
,n,,l,,c.n,lv siudl,s the law will dispute this
construction. aud The anxiety OF III" S''T''"i!
I, Justify the retirement Of the lr'aSur! HUNS
i an evidence ~ desire 10 satisfy lh"Sc VIII"
want more notes and always NOR" notes. ahd
do M, care what basis they have, or whether
they have any
I'm, In This elaborate statement thrr" j. scarce
Il. ,h. nrrtrncc Of excuse for renewing The com
o,o of silver. after II had been stopped July l.
,sol in obedience to the law Of 1870 That part
-, ,h. st,tut. Of 1870 IL will be- remembered
has M, been repealed or altered. and REMAINS
IN full force. Under II the coinas" WAS 10 De-
,,,,,,,.J q, , 0xod date except that The S"crc-
,,rv after that date shall coin II the silver
..lull,u SO purchased rs much ~ may be- h"''N'
gary ,o provide for the redemption "f III"
.rr.osury notes therein provided for ahd me
.ntIr, act makes IT plain beyond question that
il was intended not To- permit further colii's'
unless I, should become "ncccsSary." In order
:, prnvd,. for such redemption. y" one "a"
,,re,.nL that further coinage 81 silver dollars i
necessary ~ tine when III" Secretary HIS vi
hand many millions II The standard silver dot
lars moi represented either hy notes or c'r'ih
Gates in circulation
That the financial world without distinction
~ marty regards the action of th" Treasury WIFI
1istr,lst may be- seen from III" editorial remarks
-, ..rh. Financial Chronicle" "f The I'D, which
recit,s the terms Of the act. shows That me
Secretary had so 4S0I6l cn hand in silver dol
lars N fine beginning Of The present AdminiStra'
ton 10 provide for redemption "f treasury
notes. that he had actually coined Si."''.--''
,uor. standard dollars. and that "thcr" stu re-
.u,ins ON hand S2GlS972i for rrdrrming III"
"not.s" and adds: We do not understand
"vh,t authority there i for more coinage.
"Tbc exercise Of that power is apparently. ~
eve have seen. limited 10, AMI dependent upon
"ihc necessity for more dollars 10 carry Oh ''''
"worl; If r.dcnptlon We consequently fail 10
understand how The necessity can arise :" long
"as the Secretary has S20Wn'"" on hahh pro-
..vldcd for the purpose Of rr'lccInlng III" notes.
"and which can never be used III any "thrr
"wov" "The Financial Chronicle is entirely
in sympatly with the tariff policy of the party
In mower and with the Administration 80 thai
It's guarded criticism implies the NOR" clearly
the distrust which the action OF the Secretary
causes in financial circles.
Assuredlv II was not worth while to revive
anxiety about silver coinage at This time FOR any
financial reason. The step can be- explained Only
by desire TO appcase the frcc-colnage fanat-
iclsm and in that light it is a dshcari"ning dis
closure 81 weakness Of purpose. IL not Of prln-
chile That there is no necessity" for more
standard dollars everybody knows, and also
evervbody knows that n renewal Of silver
coinage tends to create apprehension ana 10
lessen confidence in the financial future.