Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1896-08-20

the house committee ON appropriations oti
Jan. 81, 1895, ard quote from the printcl
report of his testimony before tho commit
tee:
Mr.. Siblcy--I would like to ask yoi
, Speriaps rat entirely Canncs ted with the
matter under discusslonl what objectIoa
there could 10 60 having the oltlen OF NJ
aNHnsln& e:thSs Ia sltxer cr saa1d "a NY n
tIon--ard arm not say yitg Ills for thcprr-
pose OF cr3ticising the action of aiiy
Of my predecessors or anybody elsc--the
policy OF reserving 90 the government, at
the beginning Of resumption, the option of .
redeeming in gold or silver all its paper
presented, believe 70 would have worked
benehcially, and therc wogld have been no
trouble growing out of IL, hut thc setre-
tarics Of the treasury from the beginning
Of resumption have pursued u policy of re
deemipg in gold or silver, at the option OF
the holder Of the paper, and II any se,re-
tary had aftcrward attempted to change
that policy ana force silver upon "a man
who wanted gold, or gold uron man who
wanted silver, and csI,C!.l'y II he hao
made that attempt at such "A critical Icriot-
as we have had In the last two years. IN,
Judgment Is II would have been very dsas.
tTous.
do not agree with the secretary that IL
was wise tn follow "a lad precedent, bu !.
from his answer Il will be seen that Il
fault does not lie with the grccuhacka anA
treasury notes. but rather with the c:ICcr
tive officers who have seen III t. surrnd
a right which should have been cxcIrisi 1
for the protection Of the interests of ,
people. This executive action has HlrCasT
been made the excuse for the i~suco Il mt
than >2ao,uoo. 900 in bonds. ana Il IL IL
possible o. estimate the amount If hOI
which nay .iCa.ter bc issued Ii this pol
IL continued We are told that any atecn
upon tie part the government nt -
time II oh'igatious i'm sily
would put r.,.......I upon gold, but "
should 81 The Bank of France cx,rCiss
the right to redeem all tank paIer IN
either Ia or silver, and yot France ma. -
ihiE~ tie PARITY between gold ard silver at
the rtJ:o Of l5!t To and retains i'm =
Culatl"u moro silver Icr capita than we 20
in the United States.
II r.aT - fUrta'r answered that orr -
IOE"''- We sU- ii no feasible lII .lr
avoiding 'ac dangers which they fear. -
retirement of the Erccubarks and tr,asI-~y
notes would not Protect the treasury, -
cause the same policy which moss Leads tae
seerotary OF the treasury To redeem all iEt.l-
Crut. enc iarcr in gold, when gold Is -
manded, VIII require the redemption Of 81
silver dollars and silver cert iiicates In Fsd
II the rr-aEhacks and treasury roicsl 49,
withdrawn rom circulation More isbn
this. If tie government shnuld retire -
paper and throw upon the banks the =
cessiir Of furnishin: coin redemption, &C.
banks would CXCr,i>c the right Ia furns il
either gold or lilyCr-in G.hcr words, -t Y
would oScrrisc the option, just aS Tn: ~
crnmcut ought 10 cNcrcis. ia now. no
government must either G. c-cisc the rig
10 redeem its obi .:.tions in silver vii a
silver i more ConN NcnicUt, or IL must rti e
all the silver and silver certificates fra
! Giro Ia ION ard iCayc nothing lat gold T.
legal tender money. Ara oG- ,ii oucT :
viii. outline = in.rgi.l sF..v..l lrii
viii "'t their i'iiry - is icgi,IrIa
| con. , - VIII ia,. coat nuc 10 clio;
their Ge IN ia aI.' .uor:a Ihss.scs,
Necessity Tor :;irrc,aliI-In.
Thee Is "a act,,..I rc-t-ity Z, r Lmct.--
lsEI ls well ns b.. t!c rJ,ical Cc.,r.s II .
During the las. - yo4-s lei l,'iuH ! p
been &c. ting AZ g'C::''..l Cc' 0. IG lar
gold, and IL i',E ,g.. ... ,.:.. IL l.r +
suited in ir,I,g.-!r. 6, to '....r.s foNt-
cf each ounce oi .o!c = I..-, %. i.a,f
himct1.i-m IN t.c Initc,. t..;as VIII tai
araT from god just - i.t.A j. &! its IH4
chasing power as WIS - G,l ~ IL D.; ~
Gcmoncti7aticn ol SILVER ~ tie Tnitc
States. The silver dollar py: Erld uI,t
the gold dollar ~ Ir,al t'-.cr lnns HI
rot Iy redemption ia i,Id. i,.aezc ia
standard silver dollars ne 1T i.pr IL
de,rallc ia sold either ia la.. or Iry nd
n.it.-.Iat!rc loh,y
We contend that free and uHliuitcrl cpins
age ~ the United State ;lpfc viii rnis,
the LuliiOn value e ,I.tcr tI - cDirHp,
yalse ~ 4 thus MAKE sal .tr bu.IIun worth
S - ounce In gold thruU Zhput thA
world. j lis proposition j. iu Keeping wIthH
natural laws, not in defiance If them. The
best known law ci coIUIaoroe h the law oi
supply and demand We recognize This
law aud build our argument upon IL We
apply this law u money when :. @ say that !.
a reduction In the volume Of L.oncy VIII
raise the purchasing power ~ the dollar.
We also apply the law Of supply and de-
mand 10 silver when we say that u he's a
demand for EiIs er created by law will raise }
the price Of silver bullion. Gold and Silver
are different from Cthes commodities In
that they are limited In quantity. Corr,
wheat, manufactured rFcdicts etc, crtlf.c
produced almost without Iimi.. lrogiGeI
they can he sold ~ = price sulicieuaE 10 4
stimulate production, bat gold and fil;er
are called precious metals lecauSc they are
found, not produced. hesc metals have a
been the objects Of anxious search an 1ar
LACK a. history runs, YET. according IT, Alr.
HaTyey's calculation. al the gold coin ul
IL" world can be melted into "a 22 foot cuLc -.
AID all the silver coin in the world int, q
CG foot cube Because gold and silver an. .
limited both in tie quantity now in hand
ard ia annual production IL follows aiat
legislation can fix the ratio between them
Any purchaser who sthEds ready TO take
the entire supply Of any given article at -
certain price can prevent that article frcn
I falling LelDw that price. 20 the govern.
meut can llx price for gold and silver by
creating a demand greater fhnn the sap
ply International hinietallists bclieye that
several nations, by entering into an aerga.
IEyut to coin at "a fixed ratio all the gold
ard silver presented, can maintain the
| l-..an value of the metals 1t the mint
! D. When mint price IS thus eftab
/ i-. Il, i regulates the bull price / o.
! cause any person desiring coin may have
/ tie bullion converted into coin at that
I price, and any person desiring bullion can
secure IL by melting the coin The only
/ question upon which international binletlil- ,
! lists aad independent b,metallists differ =,
, Can the United States by the free and un.
/ limited coinage Of silver at the Prc8e Ut
/ legal ratio create demand for SILVER
| which, taken in connection with thn &c
Iaand already In existence, will DC sIf
\ iicient 10 utilize all tie silver that will "
I presented at the mints: They agree ia their
! defense ~ the bimetaliic principle, and
they agree in unalteTable opposition o. tao