Evening star., 1899-04-11
THE COINAGE QUESTION
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Officials Discouraging the Idea of Importance
to Mr.. Hays Letter.
This Government Not Likely to Take
the Initiative in Securing
BimetaiIism.

In official circles the fdea that great i'm
portance is 10 be attached to the communi-
cations just published between Secretary
Hay and Lord Aldenham is discoura ged.
AT the first reading of Secretary Hays let
ter in which he says that the cabinet does
not consider it expedient to reopen the BIZ
metallic question at present this being in
response to 4 suggestion of Lord Aldenham
speculation was excited as to whether this
should be interpreted as signifying that
this government, as a consequence of its
experience with the single gold standard,
had passed the point where bmetallism, in
ternational or otherwise, Is desired. 1t is
said, however, by those who can speak for
the administration on this subject, that the
letter will not bear this Interpretation and
the non-committal character of the letter
Is especially pointed out The impression
given out is that the incident is not worthy
OF special comment or consideration and
that the letter means no more than that
this government does not propose to again
take the initiative in an effort to secure
International bmetalliSm. 1t is thing per-
fectly evident, however, that there is much
less inclination to consider the re-estab b.
nshment of silver coinage upon any sort
OF basis than there was at the time Of the
adoption OF the st. Louis platform, or dur
Ing the first year of Mr.. McKinley's term.
i"thoTh opIISaIlOn FuInlEeO.
While the President has been very careful
not to- by act or utterance. indicate a
purpose to disregard the declaration in the
platform in favor of interna tionaI bimetal-
hsm, it is fully realized that public senti-
ment has advanced greatly since that pro-
vision was inserted in the platform, and
mat now there is a strong and important
opposition to a departure on any plan from
the single gold standard. 1t is felt that
the obligation imposed by the platform
declaration has been fulfilled, and that
there is no occasion for further agitation
of the question. The President would prob
ably not refuse to consider a direct prop
osition from Great Britain and France, and
no such proposition is expected, and It is
not the purpose of this government to take
the initiative in that direction.
No Monkeying with Silver.
The belief is entertained by some men of
consequence in both houses of Congress
that an effort is TO be made in behalf of
the administration at the next session of
Congress to settle the whole financial ques-
ton by placing the issue of paper currency
entirely in the hands Of the banks and by
giving silver coinage recognition at some
ratio. There is really little reason to be-
lieve that either one of-athese things will
be done, and 1t may be SET down as a GER
tainty that there is not TO be any monkey
ing with silver by this Congress AS to
the proposition. to permit banks to issue
paper currency on their assets, many of the
very powerful and influential bankers who
have been leading in the fight for sound
money and whose Judgment Is highly val
ued by the administration, advise very
earnestly against 1t. It is expected that
there will be some important financial legis-
lation by the next Congress, but it may be
accepted as certain that there will be no
reopening of the coinage question. and
whatever is done will recognize the success
of the gold standard and not Introduce any
novel or experimental feature that might
disturb present and prospective prosperity