The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-02-04
To DEGRADE SILVER
MINORITY REPORT ON COINAGE
MEASURE.
STRONGLY OPPOSES THE BILL.
TO MAKE SILVER DOLLARS MERE
PROMISES TO PAY.

Would Increase the Burden on the
Gold Reserve and Create New
Endless Chain Upon the Treasury's
GOld-PIunges the Government
Deeper Into the banking Business
and Facilitates the SpOliatiOn OF
GOId-NO other Government Re-
deems Its silver in Gold.
Washington, Feb. 2.-Congressman
Shafroth of the Committee on Coinage,
Weights aud Measures. has prepared the
minority report upon the bill directing
the Secretary of the Treasury to eX-
change gold for legal tender silver dol
lars when presented to the treasury and
will file the same tomorrow. The minor
ity report says:
I'VE object to che passage of this meas
ure.
First. Because it will impose increased
burdens upon the gold reserve of the
treasury.
ITO add the 5OOOO0,OOO of silver dollars
which now act as redemption money for
the silver certificates and are not a
charge upon the gold reserve, 20 the
moneys which are redeemable in gold
must greatly increase the burdens upon
the treasury reserve.
1T cannot be safe for nation to in
crease its gold obligations without in
creasing its reserve.
'Second-Because it will create a new
endless chain upon the gold reserve of
the treasury. 1t reverseS the policy OF
the government. which has been to dimin-
tn,
and thereby prevent runs upon the treas
ury. 1t creates new obligations upon the
reserve; 1t plunses the government deep
er into the banking business.
"Third-Because it facilitates the ex-
porta ton of gold
The present scramble of che European
nations for gold should demonstrate the
necessity for legislation, discouraging in
stead of encouraging, the expectation of
that metal
"Fourth-Because it will promote the
destruction of silver dollars and silver
certificates as money.
when silver dollars are made PAYABLE
in gold, they become simply promises 40
pay.
This is a new policy in the treatment
of the precious metals. No nation on the
to pay. No government redeems its silver
coins by making them simply promises
~ pay NJ government TeUeemS II silver
in gold.
why should this nation, which pro-
duces one-third of all the silver of the
world, be the very first to strike down
one of its own important industries?
Firth. Because it will depress the
prices of all commodities and property.
This measure will make gold do all the
work of basic money now done by both
gold and silver We cannot thus increase
The burdens upon gold without increasing
the demands for same. The increase in
the worlds production of gold is not suffi-
Client to displace the silver stocks in ex-
istence. Statistics show that more than
so per cent. of the gold products is used
in the arts or lost to commerce, which
leaves only about $15O,000,OOO a year to sup
ply the requirements of all Christendom
That is less than per cent. of the gold
stocks of the world. and is no more than
the legitimate requirements Of an increas-
ing commerce.
Sixth-It is impossible for silver dol
lars to go to a discount as long as they
are limited in number as now provided by
law. and hence there is no necessity for
this legislation"