New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-30
FREE SILVER 4 FALLACG.
SENATOR EI.KINs's VIEWS on THE MON
ETARY QUESTION.
" WOULD MEAN 4 DEPRECIATION OF VALUES
AND BENEFIT ONLY HoARDERs OF COLD


AND BENEFIT ONLY HoARDERs OF GOLD
A DECEPTION AND \ FRAUD.
Senator STEPHEN Elkine arrived in New
York on Friday night last Cor a flying visit
The purpose Of a brief etay in town is the
transaction Of imperative business. and to-day
,be Senator starts for West Virginia. mis- own
State in order 10 prepare for the coming con-
vention there. AT this moment the views ot
Senator Elkins. who was secretary Of War dur
,,p the latter part Of Harrison's Administration
IN the political situation Of particular value
He was seen yesterday by a Tribune reporter
., bis offices at No. | Broadway and FASTENED
., the outset In reply to certain inquiries 20 cX-
rress his conviction that 1T s.. Louis the best
,;cke, and the best platform that could possibly
have been resolved upon was put in INC Held
Ne said he felt not The slightest apprehension
as r. the result Of the ticket. and although he
admitted that the silver question might draw
away some Republicans from the party, there
would he found an easy equivalent Of sound
Money Democrats to take the places Of the de-
tec,ors.
further Senator Elkins remarked that. though
he YVES anxious 10 have the Democratic Conven-
ton al Chicago nominate a sound-money man
m a gold PLATFORM he did not wish to hide the
,ac, hat such a result might tend TO make the
contest between the two parties more severe,
As,Dc,allv in New-York and some Of the Eastern
states Asked if he thought il would be easier
- ele-, Messrs Mckinley and Hobart against
q silver man on silver platform, the Senator
reniied: Yes think so. would regret TO see
surh a great party the Democratic party
commit itself t. the heresy Of free silver. The
effect would be bad not only to this country. but
Tor Europe as well. 1: would impair confidence
IN our credit and the result 10 this country in
the interim between now and the Presidential
election in the uncertainty and disquietude that
would prevail. would be serious. But II both
nar,jes declare for sound money confidence will
BE- restored and business would 10 some extent
revive"
A SILVER PRODUCER HIMSELF.
Senator Elkins has for sixteen years been pro
Queer Of silver. and is to-day Consequently. he
&c necularly well adapted to distinguish be
tween the merits Of the various phases Of
the silver and gold controversy. In the ordi-
nary nature Of things being producer Of
silver. he desires much any one. as
he himself says. that silver shall not be depre-
cated in value and shall have the largest posi-
bic use as money But he added. with empha
So Il do not wish TO go SO far as TO destroy the
soundness and stability Of the country. or that
Congress by law, shall determine that 90 cents in
silver is equal TO 81 in gold
Reminded for a moment Of the decentralization
OF silver in 1873 the Senator put little stress upon
the influence Of that act relating 70 the present
depreciation Of the white metal. II think, he
added III what is known as the Decentralization
at had not been passed our silver troubles at
this moment would have been even more acute
than they are. The point underlying this argu-
ment Is that we would. before this. have re.ched
a stage where We could not make use Of all the sill
YER that would have been brought 10 rs for coin
age We are now using about as much silver as
We can and keep its value equal 10 gold. From
1892 to 1873 the date Of the act demonetzing Sill
YER there had been coined only about 1i6'Oo"V
silver dollars Since 1873. In twenty-three years,
We have coined over 800 100000 Of silver dollars
This doesn't appear like hostility 20 silver or
striking II down. How could We with safety nave
coined more? We can't increase the use Of silver
and paper unless We increase cur gold reserve.
Senator do you favor what is known as an In
ternational agreement in regard to silver
FAvORs INTERNATIONAL AGREEMENT
Yes. have always favored an understanding
or agreement with European Powers on the sub
Jet Of silver for the that It would enable
us 10 increase the Use Of silver in this country
and perhaps better maintain its parity with gold
even II II should not permit TO coin all the sill
Yer that might be brought TO our nints don't
know whether free coinage would be practicable
or possible even If all the nations agreed to have
free coinage The attempt on the part Of the
United States 10 adopt the free coinage Of silver
without the agreement of European States would
be the surest way TO prevent successful free coin
age Of silver in this country that could be
adopted
Europe now has about 81 900 100000 not in
use and has been waiting for yeas TO see
whether we would not adopt free coinage so that |
# could bring this silver the United States and
have il made into legal-tender dollars and give II
twice the value II now mas You readily see that /
this would enable the owners Of silver in Europe
no, only 10 get rid Of the silver. but to do so at
twice is value. once rid OF this vast surplus Of
$1,000 100000. The silver question would not
trouble Europe any more Their people would be
rid Of II on good terms and at the expense of the
United States ! personally know miners Of silver
IN Mexico who are waiting for pass free
coinage law, 50 that they can unload their silver
on US al 81 an ounce which is costing them only /
81 cents 70 produce
THE POWER OF CONGRESS-
Senator Ekins said that under the Constitu-
ton Congress had the power to coin money and
10 regulate the value thereof. This means" /
he continued that Congress has the right to
Limit the coinage Of either gold silver whea- (
ever II Is deemed expcdent The trouble Is
tfai silver In recent years. especially since It's /
Generalization by European governments and 4
the large production throughout the world has
been too plentiful TO permit all OF II to be
oo!ied that may be brought TO our rnints from /
Europe and from our own mires There
Can be too much OF anything to use It all profit
tably We have more than sixteen hundred
millions Of money about S24 - per capita More
silver and paper money are not needed We do
need, however. more OF the money the world 1880
and which Is intrnsicaly valuable as pronertv