The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-02-15
THE NEW RorHscH1LD BILL.
Adverse Report OF Conxressznen Bryan
and Whiting.

Adverse Report OF Conxressxnen Bryan
and Whiting.
Washington City. Feb. 1.-THE fol-
lowing minority report on the gold
bond resolution has been submitted TO
congress:
Sowing to the limited time allowed
for securing the report. the under
signed dissenting members Of the COM
naittee are preciuded from presenting
their views with that elaboration
which the importance OF the subject
would osherwie justify. but they beg
to state briefly the most important rea-
sons which led them 10 disapprove of
the measure recommended by the ma
jor.ty OF the committee.
.'Fsrst-The issue OF bonds OF any
kind is only neexsed to replenish the
sold reserve, and the gold reserve only
needs repienisi,ing because the secTe-
tary OF the treasury resieenss United
States and treasury notes in the coin
selected by the note holder. The note
holder has no legal light to choose the
coin in which the. obligation shall be
redeemed, but has been permitted to
exercise that right by a policy inaugur-
ated by the treasury department at or
soon after the date OF resumption OF
the specie payments. The opinion OF
the secretary OF the treasury recently
given Is clear upon this point. No one
contends that the executive depart znent
OF the government can bind the gov
eminent or pledge Its faith and credit
by the adoption OF such policy. To
50 hold would be to assert THAI the ex-
ecutive can make and repeal laws with
out the concurrence OF the senate and
house Of representatives. Believing
that the secretary of the treasury has
now by law the right to redeem legal
tender notes by the payment OF either
gold or silver coin, whichever is most
convenient for the government, and
believing the exercise OF this discretion
by the secretary OF the treasury is alb
soiutely necessary to protect the gov
erment from organized and morgan
lied raids upon the coin reserve. we
are not willing to indorse, directly or
by implication. the administrative
policy which pTeclpitated the present
conditions. Neither are we willing, by
authorizing bonds for the purchase OF
gold, to pledge the government to q
policy which discriininates against sill
yer as standard money and recog-
nizas gold as the only money OF uitira-
ate redemption. So long as the note
holder is allowed TO choose the coin in
which he Is to be paid. so long will 1t
be futile to maintain the gold reserve.
We have no hesitation in declaring It
as our conviction that there Is no
remedy permanent IN character. or
promising results. except an immediate
exercise by the secretary OF the treas
ury OF the right to redeem United
States notes and treasury notes In
standard silver coin whenever 1t ia
more convenient for the government to
"a 50. and we further oclie, that the
greatest danger which can possibly fol-
low such a course is infinitely less than
the evils which are Certain to follow an
adherence to the presen. policy.
''Seeond-If we were willing TO an
thorize the issue OF bonds at this time
10 purchase gold, we would stiii be op-
posed to bonds payable specifically in
gssd, because an issue OF such bonds
would either pledge the government TO
redeem all obligations in gold or make
a discrimination against coin ob!iga-
lions now outstanding. There Is no
question that the issue of gold bonds
now would at once be followed by a
demand for an act making existing