The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-02-04
At SILVER
IS OPPOSED
Minority Report Will Be
Submitted to House.
GOLD MEASURE
Is EXPOSED
Aim to DettrOy Silver as
Money.

Washington. Feb. 3.-COngTessman
Shafroth of the committee on coinage,
weights and measures. has prepared
the minority report upon the bill direct
ing the secretary of the treasury to ex-
change gold for legal tender silver dol
lars when presented to the treasury,
and will hle the same tomorrow. The
minority report says:
We object to the passage of this
measure:
Il. Because 81 viii impose Increased
burdens upon the gold reserve Of the
treasury. To say that # will not is to
deny the recognized principle of supply
and demand. TO add the 500 000,0O of
silver dollars which now act as re-
demptiOn money for the silver certifi-
Gates, and are not a charge upon the
gold reserve, TO the moneys which are
redeemable in gold. must greatly in
crease the burdens upon the treasury
reserve. 1t cannot be safe for a nation
to increase its gold obligations without
increasing IS reserve.
Gold Men Inconsistent.
- Because it will create a new end
less chain upon the gold reserve of the
treasury. The policy OF the government
heretofore has been to diminish the
thereby prevent runs u0On the treas
uTy. The gold standard advocates have
unanimously cOntended that the green
backs should be retired, so as TO re-
Heve the government of the necessity
and cost of maintaining gold reserve.
They cOntended that the government
should go out of the banking business.
This measure is a reversal of that pol
icy. 1t creates new obligations upon
the reserve: il plungeS the government
deeper into the banking business
'''3. Because it facilitates the expOrta-
ton of geld. BY making the principal
medium Of exchange used by the people
redeema bic in gold, it becomes much
easier for the exporter of gold to gather
up obligations payable in that metal.
and present them to the treasury for
exchange. No other ration on earth IA
cilitates the export Of gold. The scram-
ble of the European nations at the pres
ent time for gold should demonstrate
the necessity for legislation discOurag-
ing instead of encouraging the exporta-
ton of that MEAL
n Because it will produce the de-
struction of silver dollars and silver
certificates as money. When silver dol
lars are made payable in gold, they be
come simply promises to pay. What
government would maintain promises
to pay stamped upon as dear material
as silver. when they could be printed
upon paper at no appreciate cost
Would it not be foolish for the nation
to keep invested in promises to pay
$3.50 0O0 900 (the bullion value of her sill
yer dollars) when she could print them
upon paper and save that amount?
Nearly every witness that testified be-
fore the committee admitted that the
measure would ultimately produce d re
tirement Of the silver dollars and
sale of the same as bullion. This is d
=
precious metals. No nation on the face
of the globe discredits its silver coins
by making them simply promises to
pay. No government redeemS its sill
yer in gold. Why should this nation,
which produces One-third of all the
silver of the world, be the very first to
strike down one of its own important
industries?
Will Depress Prices.
-. Because it will depress the prices
of All commodities. and property. This
measure viii make gold do all the work
of basic money now done by both gold
the burdens upon gold without increas-
ing the demand for the same. The in
crease in the worlds production OF gold
is not sufficient to displace the silver
stocks i'm existence. Statistics show
that more than 50 per cent of the gold
commerce. which leaves only about
$4,000 600 q year to supply the needs
of all Christendom. That is less than
per cent of the gold stocks of the
world. and is no more than the leEiti-
mate requirements of an increasing
commodity.
&c IT is impossible for silver dollars
TO SO to discount as long as they are
limited in number as now provided by
law, and hence there is no necessity for
this legislation As it is impossible for
silver dollars as now limited by law to
depreciate in value. why should we run
the hazards of making increased bur
dens upon the gold reserve, of creating
a new endless chain upon the treas
ury. of facilitating exports of gold. of
annihilating silver and silver certifi-
Gates as money. and of producing an
era of falling prices?'