New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-15
ELL no. 3.


Of Arkansas the same harmonizlng genius VINO
bestowed upon the Democratic party It's WINS
kcv and Sugar Tariff. does not appear at first
hl,sh likely 10 command much support. The
,royislon for n popular loan. S5Oo.0o0,0O gold
bonds. twenty years and ut the ophoh OF 'he
covcrnmrnt ten years longer. bearing 20 or
pcr cent interest. is not accompanied Win any
,r,vision 10 inc,casc the revenue and such
bonds might net command par in the face OF
heavy deficit. The gold stipulation Is proper
I'M, will not enlist the support OF SILVER NEIL
They are expected TO be placated by the pro
vision for unlimited coinage OF silver wh'h ~
nevertheless rendered offensive 10 them ny the
charge ~ a scignioragc equal to the difference
between the coming value OF bullion ana is
market value In London on the day OF deposit
Thor. has never been n scheme more ingenonsly
calculated TO create fat speculation for few
,onl,,l,sts and lninc-owncrs Of the party In
mower. whose opportunity 10 make Few mill
ions every month by rigging III" narrow London
market would rival In richness the enormous
cit to In. Sugar Trust. But the operation
y,ulI have a very doubtful value. II any. for
sil,,r nroluc.rs or miners, ~ II j. extremely
uncertain whether Il would raise or lower the
prlce ~ bullion I'm the long run. IL Is said That
~. silver mon NJ Washington will oppose 1t
o,,,,,s, =, a man. but Senator Jones evidently
thinks not.
Tho issue ~ silver certificates against bullion
mluird will, II course. be- unlimited In amount,
and II Is provided that these shall be of d"noni'
nations less than so. while bank. Treasury
and LEGAL tender notes ~ less than so snail he
retired This would substitute currency re-
dccmahlc In silver only FOR nearly all the notes
ordinarily in the hand, Of the people, VIII" the
bankers and capitalists would have for their
usr notes rrlccmabc In gold. IL the wage
carnors should be- satisfied with an IN
fcrior kind II NOR ". 1t would be- sim
4 grave objection that the volume Of
practically lrrcdrrmable currency would be-
vastly increased Tor paper that Is current M
l0o cents and rlccmlblc only In metal inr.n-
slcally worth ~ cents Is practically rreIcrn-
able How long divergence between silver
and gold paper could be- prevented under such
circumstances one can only guess. But rs soon
~ the silver paper and coin come to be nj n dis
count In gold the holder Of silver bullion would
receive under this scheme. not the market value
~ his bullion In gold. but that sum In deprecl-
otcl papcr He could then better afford TO sell
,hc bullion In open market which would tend
to dcprccIatc il further and To widen the margin
between silver and gold currency. The poor
mon the wagc-carncrs the millions. In short
would then have the deprecated money. and
would have 10 pay such shave as money
lenders might determine IN order to get the
better currency II banks and ~ commerce
The inevitable tendency Of an indefinite increase
in the volume Of silver notes afioat would be- TO
hasten their depreciation and 70 deprive Gov
..f, ia IN
II Is another serious feature Of the plan that
by dcpriving banks of the only valuable part
Of their circulation. namely. that Of notes below
$50 in denomination. II would pr'Tllspose them
TO discrcdlt and dcprcclate the silver currency
The scheme does indeed reduce the tax on cir
cuation from 1 per cent TO quarter of per
cent but that would be no compensation for
rendering the note issues wholly Improbable
The measure also prohibits the retirement Of
circulation without consent Of the Secretary
provision which might cause dangerously rapid
retirement before the bin could pass. If its
passage should ever appear probable. The no.
ton that these combined provisions would en-
courage increase of bank circulation. and thus
cause banks 10 take n large amount Of the bonds
offered, is not particularly well fortified. The
chances are that before such bill could go
into crcct the surrender or clrculatlOn, throwing
~ bonds on the market. and contraction Of loans
ia order to redeem circulation. would make the
sale Of new low-intercst bonds somewhat diff.
cult.
This Is the latest Democratic plan for disor.
ganizng the currency. Probably IL Is not the
last. For Mr. Jones and his associates are like.
ly TO find that no sound-money man in either
house will consent TO run the tremendous risks
which such plan involves, for the sake Of
providing for "A loan which can be authorized
in short and simple bill without any dis
turbance Of the monetary system They are
likely TO find gold bonds highly objectionable
to silver men. and coinage virtually on the basis
Of the London market FOR silver will not fire the
miners with enthusiasm To contrve n bill
which nobody wants appears to be Mr.. Jones 3
especial gift