New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-15
SILIER " THE NOL Sc.

The House has definitely settled the question
whether there can be any legislation in the drec-
ton Of free coinage this year or next Inc de-
feat Of the bill passed by the Senate is not only
final as TO this Congress. but ii marks the con-
Timing procress of sound opinion. Men yet
young can remember when Ohio WAS crazy on
thp money question The border of fanaticlsm
has moved steadily Westward and even at the
South the silver craze has less force than it had
in previous wears For full exposition Of this
change an analysis of the pairs as we'll as the
votes in the House must be awaited, but 1t is
already evident that in the popular body. which
represents the latest phases and notifications
Of public opinion. there has been a marked
change for the better The majority against free
coinage Yesterday was 10 in the House, ana it
is clear that the silver cause is constantly losing
ground The silver men claim that part Of their
loss is due to the fact that the Frce-Coinase BIZ
is presented this year an amendment OF
Bond bill by the Senate, which amendment the
House properly considered out Of place and i'm
pertinent, as in fact it could not have been adj
mitted under the House rules as gcrmane But
the desperate efforts of thai faction to muster all
the strength it can. whether with proper occasion
or without any. deprves the excise OF weight.
indeed, tllcTp WIS u El'it |'ii'uS anu WV
tive exercise of the influence and appointing
power Of the Administration to prevent con
demnation Of its policy by Democratic House
in the last Congress than has been shown TINS
wear The men fresh from the people. ii will
be found. condemn free silver coinage in States
which are still represented in the other body by
Senators who show a Willingness to smash any
party in order to favor their pet fanailcism
This decision in the House is Of immense
value, however without regard to the details OF
the voting For it is official notice to all the world
that there is not even remote chance of getting
a Free Coinage bill sent 10 the President until
after March 4, 1897. and in all human probability
the President then inausurated will be rs reso-
lutte to veto such BIZ as President Cleveland
has been. The performance OF assistant Demo-
Gratis in the Senate who have helped the Demo
cratic party to uphold its Whiskcy and Sugar
tariff by defeating action on the bill sent from
the House has done much 10 remove the posi-
bility Of the election Of any candidate who is
trusted by the silver-or-nothing faction. In the
Rcpubllcan National Convention. at al events,
the mere suspicion that candidate il favored
bv that faction will set against him the great
body Of sincere Protectionists who do not in
''''N
to depend on the success Of any mans monetary
notions Neither will the Democratic party be
likely TO nominate candidate who would be
yond possibility Of doubt lose every North
ern State this side Of the Mississippi Hence
the defeat OF silver this year means, and invest
ors Of other countries will see that ii means the
maintenance Of gold redemption for years to
come.
II is not improbable that this decision may
prove Of great value in international finance.
If British and other European investors have
been deferred from buying American securities,
TO a large extent by the apprehension that the
free silver craze might at some unexpected mo-
ment plunge the currency OF this country into
disorder, they have now the best reason to dis
miss their fears. The House represents the peo-
pie The Senate is constituted that small
mining camp, with scarcely more population
than that Of the town of Cripple Creek may have
two silver Senators TO balance the votes of 5000
600 inhabitants in New-York. little handful
of States, with less than 100000 inhabitants
in all. have more votes in the Senate than States
with many times their population. But our Gov
eminent is so constituted that this power OF new
and small States, granted for special purposes,
IS forever held in check by the popular repre-
sentation in the House. where the silver men are
scarcely able to muster third or the votes.
With this demonstration o. the poweressness
Of silver fanaticism to pass the measures II so
voclferously and pcrsistently advocates in the
Senate, foreign investors will realize that The
level-headed Americans who bid over $5OO,0Oo.-
600 in gold recently for bonds nominally payable,
principal and interest, In COIN know much
more accurately the tendency Of the American
opinion and the workings Of the American
system Of government than foreign observers
can. The effect ought to be a distinct improve
ment In the National credit abroad, and in the
demand for solid American securities.