New-York tribune., 1901-02-08
BRYAN GIVES HIS VIEWS.
WHY HE OPPOSES THE BILL To MAINTAIN
PARITY OF GOLD AND SILVER

Washington. Feb. 7.-Chairman Southland Of the
House Committee Coinage to-day received Will
lam j. Bryan's views on the bill before the Houss
making the standard silver dollar redeemabIe in
gold After thanking the committee for the
courtesy of inviting his views. Mr. Bryan .ays. in
part:
standard silver dollars into subsidiary coin ana
second TO make silver dollars redeemable in gold
on demand In discussing the subject however tr
VIII be moro logical to consider the latter propo-
ntst' as redemption is only step toward
There is no necessity for redemption. The legal
coin and silver dollars so long as Both can 5 ed
20 an unlimited extent in the payment OF public
Say gay Ina, tnat parity viii be substantially maintained
law put a small npry eraIy c0nditlons may under any
Mr. Bryan cites the premium on silver In New
York IN 1898. caused by the local demand for small
change He also cites Senator Sherman in support
OF his statement Proceeding. he says:
- As SIS soon as the silver dollar is made redeernable
In soId an endless chain will be created and the
arguments used against greenbacks and the Treas
1ry notes Will then be turned against silver. Be
fore the attempt TO burden the gold reserve with
this new. obligation is consumniated il NAV be
secretary Carlisle in 1895.
After quoting Mr. Carlisle's testimony before a
House committee concerning redemption. Mr. Bryan
continues:
Mr. Carlisle thought IL a mistake 20 commence
paying IN gold, but considered IL dangerous TO in
n
Ished. BY the same logic, it could be argued that
we should not establish the custom of rsdeen1inq-
the silver dollars in gold
Mr. Bryan concludes as follows
The measure recommended BY the committee
gives 70 the hnanciers absolute control over ths
NatlohaI debt Ihey can increase II a any time
oy presenting silver dollars for redenptiOn and
compelling an issue OF bonds repIenfsh the gold
reserve Ihey can In the same way contract the
volume OF money in circulation since money drawn
INTO the Treasury by issue OF bonds cannot 20
out again unless IL IS TO meet current expensss
(and that Is only possible when the expenditures
Second-Ihe conversion OF standard silver dollars
into subsidiary coin is equivalent 20 the retirement
OF silver as standard money. and that is the last
act IN the programme instituted some r~enrvseven
years ago and persstently pursued ever since m
this is completed gold will be the only legal tend.r
money and bank paper the only credit money.
gold not being IN circulation among the people the
masses VIII be doing their business with money
"nlch does NOT legally discharge their debts.
To convert standard money into a crsdIt money
IS 70 narrow the foundations Of financial sys-
tenn ana az the same time enlarge the super
structure Such a course weakens the systeu1- snf
comes. - ""eA u
II Is estimated that as per cent Of tn. business Al
as an the substitutes are convertible into money
on demand. there must be a proportion batwasn rbs
supst1tutes and the money beyond which II Is no;
sate 70 60 II. as at present, a large part OF The
money IN circulation is legal tender The pro-
poruon between the volume OF legal tender money
ana substitutes for money is even greater.
OF ultimate redemption and increasing; the volume
oI promises 10 pay money, still further enIarges
the proportion between money and its substitutes:
thls necessarily adds 70 the risk OF the business
man, and lessons the security OF the general public
IL az any time foreign complications or panics
compel considerable expectation Of gold. the pro-
still further increased immense reduction will
be necessary IN the volume of business.