New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-03
rrovision for the future because their SUCCESSORS
might disobey the law or even undo it,

might disobey the law or even undo H.
DESTROY THE ENDLESS CHAIN
And how about the endless chain? Mr.. VIM
cbAu saws the Cleveland Administration brought
IT forth and pumped the Treasury dry out lilat
Mckinley threw Il into the attic, where Il VIII
rust so long as the Republican party shaH NC
continued in power In the next pfea'h ne pie
diets that il will be quickly yanKed from i'S
hiding place and set vigorously TO WORK so SUN
As the party goes out Of power. why 'heIi' mo-
5ae+rov II while there is yet time! ny IeaNe II
~ he a menace and a danger 10 llle lailu W.
- oor,e m think IT should not be de-
s,ro,,ed because there are still some fepuohcalS
Who have come 10 believe the sIeehpach cur
~, b.et money in the world. Touch the
LenoS ~ al, circulation and you touch the apple
6f their eve" All this is only announcer way ~
saying una H. natient was i'll should not be
- aUav when il has proved 10 ne poison
for him when he took dose an 49,, Pe 81 he
The hottie should be left on the smell where lle
~ children can get hold of II and destroy
.Lo-aeer1es out of regard for the 1eehnss OF the
parent who was once QpLgtI ~ ar ~ him
But saws Mr.. Winchell to destroy the end
less chain would result in ',imPoundlng me
eyrnephacks Mr. Wincfell thinks that gold
5aosn't circulate when il is in the vaults OF a
bank and that the locking up Of gold IN the
Federal Treasury is less contraction OF lhe
currency than the locking up of greenbacks
,rould he. This is certainly most reinarkabe
idea over 9S per cent of the business OF the
country il is estimated. is transacted through
inc medium of bank checks. If the gold de-
posited to secure those checks is not In clrcuIa-
ton where is it? And what would become OF
The bankers business If he appropriated that
gold to his own uses for the sake or corheTlns
it? The goose that laid the golden egg would be
very dead bird. Manifestly, the gold IN the
vaults of the banks belongs TO the uepoSllol
and not TO the banker, and so long as checks are
drawn against it 1t is actively in circulation.
on the other hand. neither the gold nor the
,l,as1l ie ~, Iron a
Federal Treasury and the contraction or clrcu-
lation is in no manner related TO the character
of the money ''impounded.' 1t IS one OF the
weaknesses of our Treasury system ihat tne
Governments surplus balance kept in It's own
vaults is necessarily taken out of circulation
but that subject is not under discussion at pres
ent and need not be elaborated.
THE REDEMPTION OF SILVER.
There remains the proposition for the redemp-
ton of silver. All the silver that has been
coined is practically serving the purpose of sub
sidiary circulation. 1t is daily passing from
hand TO hand in the form of bills of small de-
nomination The free silver balance in the
Treasury seldom rises above SlO,OOOOOO For
the banker or the capitalist or the Spectator
10 wrest it from the tradeSman or the wage
Garner and use ii for a chain pump would be
a Dhvsical impossbity. It would mean the
retirement of the floating circulation and the
stonpage of all business-as detrimental to the
banker or the millionaire as to the tradesman OF
the artisan. The experience Of all civilized ma
tons shows that the SUBSIDIARY clICuIdIloi
practically money of all denominations under
Sl0-is not presented for redemption except for
replacement. when worn out, or when Its vol
1Ine is greater than business demands. At
present silver money is not exchangeable for
gold and retains its parity with golu merely
because its quantity is not so excessive as TO
overcome the confidence inspired by the Gov
ernment's impractical but so far carefully re-
garded pledge TO maintain its equality. The
proposed law makes that pledge practcal; sllll-
ply that and nothing more.
Let there be no half way measures Let there
he no halting in the fight for the apsolute
stability of the best money standard on earth.
We cannot serve God and Mammon. If disaster
must come let il not be through cowardice ana
compromise with the forces of evil. Put up the
bars as fast and as high they can he
raised and make the work Of destruction as
difficult as possible. Then, If free silver pre-
walls the crash will be no greater, and we
shall have the satisfaction Of having done our
duty. If we leave the bars down ours will be
the partial responsibility as well as me loss
Yours truly, WALTER IHONf0O->'
New-York Jan. %. 1900