Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-09-07
WITHIN SIX MONTHS.
Representative Hill Says the Demo
Gratis Would Pay Silver.
GOLD WOULD Be BOARDED AGAIN
He Believes Bryan Would Over
throw the Gold Standard.
SECRETARY GAGE SUSTAINED

In an interview this morning with Repre-
| sentative e. J. Hill OF Connecticut. mem
Der Of the committee on banking and cur
| rency. Star reporter asked Mr.. Hill bis
| opinion 40 to the statement OF Secretary
| Gage recently published in The Star with
reference to the payment of the coin obli-
cations Of the government in silver in the
event OF the election OF Mr. Bryan.
Would Establish q silver Basis.
What do 1 think would be the effect
upon the country Of a democratic admins
tration paying the coin obligations of the
government in silver?" answered Mr.. Hill.
I'm my opinion It would not be necessary
to actually do it. but only to put demo-
cratic administration in power to over
throw the gold standard and put the coun-
try on a silver basis.
THE democrats voted in the last Congress
In both houses that coin meant silver or
gold at the option Of the treasury, and
there 10 not the slightest question AZ to
the course which they would pursue.
ON September l there was OF available
one hundred and fifty million redemption
fund IL tied up for the redemption OF green
backs alone and the sum Of $235 .679 10
covered dollar for dollar by gold certificates
vision Is made for gold redemption OF
greenbacks. both by the exchange OF notes
for gold. purchase of gold with notes. and.
II need be. by issuance Of bonds for gold;
but no provision Is anywhere made for ex
changeability Of silver and maintenance Of
It's parity. None was intended to be made.
On page 1889 OF the Record Mr.. Allison
said: Mr. President. we have not provided
gold We have not made that provision be-
cause the committee think II wholly un-
necessary and unwise we'll. The House
provided for IT. but II was thrown out In
fhA GA>s,n fA ~ fhr arvn ra1 n,xA
millions OF silver dollars outstanding are
legal tender dollars. to be maintained at
parity by such use as will keep them from
being presented at the treasury. and. when
sent In, by being exchanged by the treas
ury only at Its option and In Its discretion.
What the Democrats Would Do.
'.It would be contrary to the whole demo-
cratic contention OF the past six years to
make such exchange. and the country knows
II. The result would be that all In excess
Of the actual daily requirements Of the peo-
pie would pass in through the custom
houses and gold and gold certificates would
be boarded or held back in 1893. and
what the government receives, that II must
pay out. This process Is even how going on
to some extent. shown by the Increased
receipts OF silver certificates at the custom
houses lately.
THE treasury possesses no power, as a
bank does. to control its gold supply by
raising interest rates. and must pay gold for
greenbacks on presentation, and then must
pay them out again to have the process re-
peated. The House recommended that this
be stopped and the Presidents plan of
holding them TIL the gold was returned be
put in effect 1t would have remedied the
trouble.
More Dangerous Than Dynamite.
''As 1t is the Secretary must hunt the gold
and replace 1t. and then reissue the note.
The House said that We had more silver
than would circulate. and that the treasury
bullion should be coined into subsidiary
coin. The Treasury Department advised
this course. The Senate insisted upon and
secured its coinage into full legal tender
dollars. To make the maintenance of the
gold standard certain. the greenbacks must
be retired or impounded and the compulsory
reissue law repealed. and the silver dollars
must be made exchangeable with gold or
largely reduced in amount by recoining
them into subsidiary coin As the law and
conditions now are. II would be far safer to
use a dynamite bomb as a base drum than
1t would be to give our currency system to
w. j. Bryan to be administered.
Secretary Cages Position Correct.
THE country has confidence In this ad-
and will await the strengthen
ing Of the law by further amendments.
1t has confidence in Lyman j. Gage and |
trusts his great ability as well as his COM
mon sense. But In my Judgment. with a |
democratic administration In power, without |
any congressional action whatever nothing |
would be left Of the gold standard law in |
six months except the refunded per cent |
gold redemption Of greenbacks. and the |
latter would not signify much, because true |
to democratic instincts. II they received q |
majority In Congress. they would pay these |