New-York tribune., 1896-06-06

yne owners Of silver dollars precisely the SANE
"a fo- gold 20 long silver and goa are a.,
as a. ~ tt. Innsmich as the use Of silver IN re-
dccinng greenbacks without the co"sTI.. % ,he
, ~ silver dollars available for such use Is so
insignificant 10 make II unwise 10 ii'''s' va '
a course OF action
WOULD TIE THE SDCRETARYs HANDS'
The suggestion that the so-caled seigniorage OF
nron of the coinage Of silver bullion held TOR the
REDEMPTION of the Treasury notes Issued IN lis pur-
chass estimated at about sI0c000C0 may be used IN
redecmlng greenbacs ovcrlooks the fact thh' 'nc'o
can be no segnlorage until there has peeh coii'he'
and that as fast coinage goes on und'r eA'S''"s
law This profit is covered into the Treasury, ana
forms part of the standard silver coin In the Treas
ury Practically. therefore the Senate nlli uhdes h
Consideration takes from the secretary & OF me ne
Treasury the 10 ooTTow n IN s1 be Of tho
fact that the Government owns only ,S "a ,sa, @
silver dollars and lie Gvsr 1roos.sWhch fund
would disappear In very brief period II u snSulu ce
had been abroga:ed The Inevitable result Of such
reckless course would be reputation by the Govcrn
in the country a. was never before experienced.
While IS not diicu to see the TToSSsses ny
Without redemption. confefs upon any material even
worthless paper the value or purchasing power mol
selves into the belief that reputation and nanca
anarchy desirable or even those who favor sver T
moncmetalsm ed 70 favor such measure as y
proposed we are unable TO comprehend the reason,
Ing Of those who favor ne rnmi'ed cesge sa @
such legislation can possibly aid in such consumma-
ton be aRyhMbs Ing but sgp pcomSo ml9 of uch
age and concurrent circulation OF gold ana silver
full egntcnder coins Ia equality OF vaiue or put
chasing power. ana such equality can exist under
unlimited coinage only as the coinage "'t'o ana conn
Ncthng. in our judgment can bc clearer than
that long as this msn,ans % .i e tates ne
lcral-tender notes. not to mention the N3o e"oo OF
nos which are 9e1s n! $50 sSw B smnsity 1easafy
must maintain a coin redemption funi in order 10
keep such notes at par ana 'uch furd oanro. @ , De
stance and ample authority OF the Treasury Depart
,hority 10 borrow on DAYS notice IS absolutely es-
rential 10 tho preservation OF confidence ana tne
ape Ua and nnconaons he power 70
the less liability there IA that borrowing VIII De re-
oured.
INDISPENSABLE CONDITIONS IGNORED
The suggestion that the Treasury Department can
be deprived OF the authority borrow for this one
ais,,nc, nurnosc on the plea that Congress should
nr.t te called together and after inquirng into the
extent OF the exigency then proceed 70 consider
whether Il will give authority TO borrow. 40 utterly
ignores the conditions on which rest confidence ana
crcdi, whether OF n Government or "A bank Issuing
demand notes az currency. that needs no comment
further than that already made The United States
,s tho only nrst-cla~s Government that IL to-day
issuing its own demand notes az currency and main-
talning them at par. and hence the example OF
other nations cannot be referred TO so 'sr as s
known however every SOUND Government IN tlr
world ercep: ours gives the authorities charged
with .he administration OF the Government power
TO borrow temporarily for the purpose q meeting
deficiencies.
which issues its notes as currency 20 innlhta n tNe
soundrcss OF those notes Whose stability depends
tho welfare OF every citizen. In the present cond!-
tor OF the country with deficiency of revenue
and ds,rl,s. prevailing 10 alarming erf"nf, II
would be a mos, serious mistake. not to use
stronger term TO take away almost the only prop
hst now remains the maintenance at par oi the
logal-ender notes which form 20 important part
Of tho currency OF the United states Your com
,nI,fee therefore. report back Senate bill l.f. with
The Recommendation that IL do not pass.