New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-24
THE DFBdTE ABOUT "COIN.'

When the bond resolution now pending in the
Senate was offered in January twenty years
ago the price Of silver was not what 1t Is now
nor had that metal been extensively discarded
for monetary purposes by the civilized nations,
ror ogd hundreds of pledges been given 10 pur-
chssers Of United States bonds that the Gov
erpmcnt would not construe the word "con
10 mean any coin at the time deprecated IN
the worlds money markets. II was at tha'
time more obvious than ii is now 10 everybody
,hst the word coin" had been used in acts au-
tborizjnc bonds without any idea W hatever that
Tho option 10 pay in one kind of coin or another
could ever become Of value or could by any
possibility be exercised The Mint reports show
that in January. 1875 there had been no stand
ara silver dollars coined for four years. and
before that time rarely more than few thou
sand a year-in all scarcely S5000000 in seven
ty-seven years. The few coins issued had gone
abroad and II was at that time simply phySi-
cal inpossibility 10 pay off an issue of bonds
or any other considerable debt in that form OF
money.
Yet no technica..ty. however clear has the
slightest weight in comparison with the bare
fac, that payment in greatly deprecated
money would involve dishonor and result in
bankruptcy Hence il is that most of the very
Senators who vote for this resolution. If called
upon as President or Secretary Of the Treasury
10 take the responsibility of such payment,
would fatty refuse No matter what their theo-
rles may be as TO the right Of the United States,
they do not want ruin in business or disgrace
for their country and would not consent M any
such cost 10 exercise the power TO pay in de-
prpcated money IL the right were undisputcd.
II does seem that this practical fact. for legis
lators Of business sense and of any patriotic
feeling might be enough TO stop discussion
How many Senators would think IL creditable
TO spend weeks in publicly debating the right
of each Senator 10 fog his wife? If the right
were absolute clear. and by everybody con-
coded the man would not disgrace himself in
the eyes Of civilization by exercising Il. nor
would ne degrade himself by debating the mat
ter ms II he wanted TO exercise it,
Senator Mantle declares that the vote merely
SERVED notice upon Secretary Gage and the
gold men generally that It will be useless to
"attempt to get through the Senate my legis
"laton TO strengthen the gold standard Yet
Mr.. Mantle adds: Il do not think it proves
that the Senate can pass bill for the free
coinage Of silver Indeed. J doubt whether
"such a bin could be passed" That is the dis
t.Ection between irresponsible bandying Of
words and responsible action on behalf OF the
Nation The Senators who would not now
dare to face the ruin and the dishonor which
free-cclnagc act would cause in practice are
nevertheless entirely capable Of asserting at
great length that the Government has a right
10 pass such an act. and that in theory il would
be Just and beneficial They can even 20 home
and assure any benighted constituent that they
labored night and day for free-conage acts but
in vain. Such are sundry peculiaritles OF hu-
nature.
Men on both sides know that no measure can
become n law on any phase Of the money ques-
ton which the President will disapprovc II is
sheer nonsense 10 advocate or debate any meas
ure Of the sort. except by way of Serving no.
ticc" in the words Of Senator Mantle But
there should be no need Of that either No we'll
Informed man has doubted the positive and un-
yielding hostility Of a clear majority Of the