The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-08
REDEMPTION OF SILVER
ID Gold Discussed ln Paper by lloa. W.
]. Bryan
He DENIES NECESSITY OF THE Law
1t would Add 90 Risk of Business
Men and Lessen security OF
General Public.


washington. february Chairman
southsrd Of the house committee on
ecinase today received from w. j. Bryan
the latter's view OF the pending bills be-
fore The house. making the STANDARD ST.
[, yer dollar rsdoemaole in gold Aver
/ thanking the committee for the courtesy
OF Inviting his visws. he says in psrt
'The bill has double pu pose: FIRST.
20 convert Standard silver dollars into
subsidiary coin and. secsnd. TO make
silver dollats redeemable in gold on de-
mand
"Diseuisng he subject. however. It
will be more logical 10 consider the b !
ter proposition a;st. as redemption is
only step toward retirement
There Is 70 necessity for redemp ion
The legal tender law VIII miin,ain the
parity between gold coin and silver dol
lars 50 lcng as both be uael 10 an un-
limHed extent in the plynSn. OF plo.lc
ieve1as an1 priAate deSf. / should
say, perhaps, the parity VIII he suDst n
TALLY maintained for local and temporary
cond lions may under any law put
small premium upon any KIND OF money"
Mr. Bryan cEes the premium on silver
demand for sm5ll change He also cites
Senator sherman in suppor az his
scheme. Proceeding. Mr.. Bryan says.
AS soon as the silver dollar is made
redecmable Ia god another endless chain
viii be created and the arguments used
against the greenbacks and treasury
notes Will then be turned gsinsl silver.
Before the attempt 20 burden the gold
reserve wis this new obligation is con
summated * may DC worth while 20 con-
sider the oprion expressed by Secretary
Carlisle in 1895"
After quoting Mr.. Carlise's testimony
before house committee concerning re-
demption, Mr.. Bryan continues. MIR.
Carlisle thought I, mistake to com
mence paying in gold but considered 1t
dangerous TO interfere With the custom
after + was once established BY the
same logic it can be argued that we
should not establish the custom OF re-
deeming the silver dollars In gold
Mr. Bryan concludes as follows. The
measure recommended by The committees
gives 20 me inanciers absolute control
over the National debt They can iu-
crease u any time by presenting silver
dollars for redemption and cOmpeilng
an issue OF bonds 10 replcnlsh tho gold
reserse They can, in the same way.
contract ne fCiumt o; money IN cir "
lation, since money drawn into the
tleasury by an issue OF bonds can not
10 out again unless It Is usel to mco'
rurrent expenses, ami that is only rossi-
bic when tho expenditures exceed re-
coifis loaned out 70 banks
lin The second place. the conversion %
the STANDARD silver dollars into subsidiary
coin "a equivalent m tho retirement OF
silver as standard money and 10y this last
act in progress. Instituted some twenty
hye years ago and perSistent!y pursued
ever since. Bank notes. not bcipe Z
general legal tender, and gold rot he!ni
in circulation among the people. III,
masses VIII be doing thcir business VIA
money tina. VIII not legally dIscharg,
their debts
TO convert standard money int,
credit money is 10 narrow the fouu1a
ticns OF our financial situation ana n
the same time enlarge the superstrurturo
Such a course weakens he system an,
both hsstens catastrophe AMI intenslhe
1t when IL comes.
1T Is estimated tina; 9S per cent o
the business OF the country Ia done viii
substitutes for money. but as all thu
substitutes are convertible into money oil
demand. there mus. be proportion be
tween substitutes and money beyon,
whioh IL IL not safe to go II. "a n
present q large part Of the money il
circulation IS not legal tender, the pro
roptlon between tho volume of lcga
tender money aad substitutes for none,
Is even greater.
The proposed measure, by decreasin
the money OF ultimate redemption an
increasing the volume OF promises to pa
money, stlll further enfarges the proper
tion between money and It's substitutes
this necessarily adds to the risk OF tn
business men and lessons the securit
OF the general public.
IL at any time foreign complication
or panics compel considerable exporta
ton Of gold the proportion betwee
money and its substitutes viii be stl
further Increased, or an immense re
duouion will be necessary In the yolun
OF business.