New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-15
STILL DANGER OF SILVER.
F4RNING TO COUNTRY.
Gold Standard Not "IrreUocabLy
Established"
rrRoa1 TIE rR1auNE rrE-Ar.l


and who are accustomed 70 weigh the value Of
words, although II is appreciated that from
purely demogogic point Of view the chief judges
words we're Wen chosen
Il Is well known that the gold standard has
never been finally established, and only the
. 6ependabIity Of the Republican party. II add
tion 10 The partial legislation now On the statute
hooks. has served TO establish public confidence
n the gold basis OF the currency Of the country.
As long as the acts Of one Congress can IN no
z-av bind succeeding Congresses SO long VIII Il
BE impossible to establish ''irrevocably' any
monetary standard
L Is not supposed that Judge Parker was for
. moment ignorant OF this fact. but. knowing
mi vel that his disaptch 10 the St. Louis con-
vent.on would be widely heralded by the press
ha is believed 10 have premedltadedly chosen
an EXPRESSION which was calculated 10 uislead
that large portion CT the public which would be
slow 20 appreciate that no legislation, however
wise which Republican majOrtcies IN Congress
night place or the statutes would &c safe from
democratic repeal should that party gain
ssogndency II both houses Of Congress
Attention Is further called, by those who have
made e study OF financial legislation. TO the
4..- that g majority in the lower house would
>. s-7plv capable Of seriously disturbing the
e,ancial equilibrium and irnpairing the conf
6ence O. the business public by attempting 10
tinker with the present financial laws even
though incapable OF en2ctlng legislation Juas-
eng By the influential position IL the Democratic
ns-rv Of men closely Identified with the silver
Interests Of the country and the past express
Kious Of men who to-day occupy prominent
-ossttous n Democratic counties. IL IS regarded
3. mora than likely that Democrats majority
IN the lower chamber would be followed by
DISASTROUS disturbance CO business conditions
and might even result IN placing Judge Parker
n 2 position equally eGuIvocal with regard 70
bis party II the Capitol Is that OF Nj. Cleveland
when Re described himself as having Congress
OF lis hands"
SAFE PARTY THE ONLT SECURITY.
william D. Bynuu. Gold Democrat, whom
President Mckinley appointed q member OF the
Commission 70 Revise the Laws. and whose
position has rendered him thoroughly familiar
win the statutes. said to-day or this subject:
The continued assertion BY leading journals
and prominent politicians that the gold STANDARD
is firmly established, ana no -onser al open
question should not De allowed 10 pass t--------
leLgeC. lest the great BODY o. the people -e-
come Impressed that such Is the fact ana lapse
into feeling OF security that, no matter Wl4i
NAY happen. our standard VIII remain u-a-ecJ-
20. The god standard IS no more securely esta5-
Ished now than il was n the panic CT 1910 o.
the campaign in 1886 Under such E--aIclz-
stress : prevailed in those periods, the COLO
standard would be n great 4 not greater
culation about 100000 Unreasonable -ega-
tender silver dollars Of the intrinsic value. II
gold. Of about 50 cents each; We now have IN cir
culation over 570Ooo0OO such coll. or q clrcu-a-
Tion greater by over S15l, 0O0OuU
While the act Of March a 1900 IS generally
believed 70 have IRE gocabIy established rne goG
standard Il made 10 rea- change whatever n
the law.
True that act provides that the dollar con-
E1s1tng CT . $40 grains Of gold. n-re-cenths fre
IS established y Section o.o-I Q me Revised
Statutes u The United States. shah be the stand
arc Of value. and al forms OF money issued OF
coined by the United States. shaI be maintained
81 parity OF value with TINS standard. ana il
shall De the duty Of the Secretary OF the Treas
Try 70 maintain such parity but Section 3.5ll
already contained substantially the same pro-
vision That section was originally enacted IL
1873, and declared chat gold CONS q me United
States shan % q one-do--ar piece which. ac the
standard weight O. = $40 grains, snail he the
unit OF value measure etc. The gold dollar, l.
vii Be seen, had been the unit % value ever
since 1913, and the r6-era c-nert q the provision
did not make i more secure While the act q
March, 1900, declares that a.! our forms OF
money shall be maintained Il q parity with the
golG unit, nc provision Is made by which the
Secretary q the Treasury can be compelled 70
redeem the silver dollars IN gold
The gold standard, therefore. instead Of be-
Ing firmly established BY law, depends, as Il
has depended ever since We resumed the coinage
CT silver dollars n 1873. entirely upon the policy
pursued BY the Secretary Of the Treasury and
his ability 10 maintain the same While our
stock Of god is much larger than IN 1898. Il IS
TOT so large that cur people, in period % fright
could not hoard il il jf9y and leav nothing
but our degraded silver dollars as full legal
tender coin 20 meet al obligations PUBLIC and
private except such as were Dy contract. made
PAYABLE II gold Whenever provision IS ma de
that the holder Of silver dollars shah have the
right 20 exchange them for gold coin the gold
STANDARD may BE- said be firmly established
but 50 long their exchange depends upon the
policy Of the administration IN power. condi-
uons may arise that will cause the boarding OF
go-c and force the country 10 silver base.
SILVER MEN, DEMOCRATIC LEADERS
Radical expressions or the subject Of free Sill
ver by Senators Bailey Carmack and Daniels
and Representative Clark, Of Missouri. have al
ready been quoted recently IN these dispatches.
Some Cthe- pertinent quotations. which afford
ample ground for the belief that Democratic su-
preInacy would again be followed by prolonged
discussion Of the currency question. accom-
panied, as II inevitably would be- by q general
disturbance Of the business interests, follow. On
March :, 1900 Senator Teller. in discussing the
old standard. said:
The effort OF the last tweaty-ore years 10
- ne weird upon the gold standard has ca used
80 seLerlEg, more distress, more disaster
- al me vars OF the century closing.
Is DaEle1ul influence viii continue 70 be felt
-SAs ne action here is reversed I DO not con-
-, $50 CNat the country VIII be destroyed, but il
believe, and 7 think they win so demon
mat this Is the greatest calamity that
,g-s.. oeen lnrlicteo upon the American people
oy Tar than the great that took
ious blood -
= what ex-senator Turner. prominent
>a|-loaIe for the vioe-Presidential nomination
- ne platform adopted by the Democracy at
ODu-S' nac 70 say four years ago about the
F@puDloan gold standard. but 70 which his
Dally has now turned urder the lash OF its can
dldates why.