New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-02

closed IT has coined silver by the million. and kept
IT, with all OF currency. at equal value with
the best money OF the world.
\ DISASTROUS POLICY PROPOSED.
Heretofore the Government has been required to
buy only fixed quantity OF silver that 1t did not
want and 20 pay more for 1t than the existing
commercial value But under the frce-conage SUBJ
stltutc proposed for the bond bill Of the House Of
REPRESENTATIVES the Government will he required to
run in dc0t FOR what II does not want. and to give
its notes for ar indefinite amount OF silver limited
only by tho annual product Of IN" whole world. and
at a fixed OF twice IT. commercial value. or at
tho Of 81 % PER ounce, instead OF its present
value OF g. cents per ounce.
II our late investments OF nearly five hundred mill
ions in silver have been VIGOROUSLY improvdent
and improbable. tho disastrous results Will appear
a. drop IN the bucket when compared with what
must flow from the enorwity Of the present pro-
posal which f. 10 open all Of minis to the free
coinage not only of all own silver product. but
that also Of all tho world. excluding nobody from
Dan TO E@rsh rha AMI to tempt great Increase Of
th. annual product both ut home and abroad by
Offering Tinted States obligations FOR 1t at double the
sum &, now commands in any other market.
The vast product. whether IN silver bullion or
silver dollars. once In The possession Of the Gov
crrmcnt. muse stay there forever defunct ms an
Egyptian mummy. as the public long ago refused
| 10 ail IN It's larger practical circulation
II m Individual spend,hrift were TO make n Ike
81 hi.aton 81 incapac.ty 10 manage his financial
irairs. there IS not court OF any State having
jurisdiction ~ the subject that would refuse. II
asked the appointment Of n guardian.
Whenever tho issuance OF deprecated money IL
tolerated. so as 10 permit increase 81 tho amount
outstanding Is proposed by the silver free com
aye substitute FOR the bond h!l. now under con
.,4.-,...r a further ineNorabe depreciation OF
such money must follow Our own recent UNI
happy experience sufficiently demonstrates. When
B ". bean 10 coin silver dollars IN 10 silver Was
md he
was worth ss cents. and has been growing less
month hy month ever since. silver Is now worth
dollar is worth - only. 1t fell under the act
81 ISIS and continued TO fall TO lower deph uhuer
~. rb, ~as the result o, an honest effort OF the
United states Government alome 10 pivP u" 6o, lar
had a further drop from % cents TO - cents 81, -,
Tho United States since lS,s has bought i''9ioVl
ounces Of silver for which $e4,2lo 2s2 81 has been
paid but It's present value IS only 800 oSo.lh Il:
which shows n loss on the part OF the government
OF Si51s'4.l+S ~
ALONE IN \ BITTER EXPERIENCE
This as the outcome OF years Of bitter ex-
pcricncc In the vain attempt TO Increase and main
tain IN. ancient value OF silver. No other nation
vet appears willing to follow our example In this
line OF national policy.
We have more than once during this debate been
Warned If the danger to which we may soon be ex-
sI ~, e"d -, cbcop Asiatic products imported
from India China and Japan. where cheap wages
ar paid To- ahor,ng men in cheap silver. and strange
as II may anpear to sane men. now seriously
urged TO ADOPT the free coinage OF silver III order 10
cqualizc financial exchange. so as 10 compete WIN
these Oriental artisans. who ar" blessed WIN
hardly a ttthc-ccrainlY with not onc-fourth or the
American compensation, ana appear 10 ne con
tented with silver money at about half OF It's face
value To mo this looks only As the llrst step IN
rlrst N Is propGsod 10 establish the silver stand
ard of money and unless this Is TO be followed by
the Aslatic standard of wages also II Is dnirut 10
co.. how these coming rivals to be chcckmated
sin,plv our free coinage OF silver
In Mexico any Of our money, being equivalent 10
cold can there be exchanged FOR about double the
amount In Mexican silver. with which cattle can
,hcr. h, bought at less cost than In the nlted
states But the contention here that n gold stand
ord OF money fixes low prices for all products ana
that silver standard fixes high prices cannot De