Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, 1901-02-21
AZ, Secretary Gage, Of the treasury

SdlQ
The committee on coinage has
reported to the House with favorable
recommendations, the bill, intro
duced by Congressman Hill, Of
Connecticut, making silver dollars
exchangeable tor gold.
'This proposition is not hostile to
the silver dollar. On the contrary
| it is designed to put the credit and
resources Of the government behind
our silver currency in an unequlvocal
and straight forward manner. There
has always been an implied promise
that the government would take
lsuch action as this if it cvef became
necessary to protect the holders Of
silver, but the language has been in
the vague terms of political com,
promise. The act of 1890 declared
llt to be the purpose OF the govern
lment to maintain the parity OF its
gold and silver coins, but no other
means existed to assure that fact
than that both were receivable for all
public dues. Experience has shown
| that that provision will sometimes
maintain an over-v valued currency at
Il a.
par with the standard and some
times fail to do it. Whether it will
or not depends upon the proportion
of the over-valued currency to the
amount of standard money in the
country, the state OF trade at home
and abroad, and other contingencies.
$50 much uncertainty attaches to
these conditions that it is a rule of
sound finance the world over that a
fpaper currency Or an over valued
coin currency should be convertible
at the will OF the holder into stan
dard money. When this is the case,
the government, which is RESPONSE
BILE lor the issue OF such currency
and has prollted by it, assumes what
ever risks may attach to it.
"Our silver dollar is an over-val-
ued coin. Its bullion value is about
4 fifty cents. When the bullion in the
treasury shall have been coined,
there will be about 5000, 100000 OF
/ this money IN the country. The
! volume is large, III the opinion OF
many, SO large as to be in uniavor-
abe times d iienace. 1t is true that
| the silver dollar has never yet
gone to discount, but on tie other
l hand ii is not known that the most
| unfavolable combination oi cilcum-
stances possible has yet been exper.
4 fenced. lit has always thus tar had
the help ct an administration OF the
treasury which inspired confidence
10y frankly recognizing the obliga-
ton upon the government to main
tain inc parity.
without discussing the proba-
Ibility tnat the silver dollar will go tc
/ a discount, 1t is, wise aad proper tc
recognlzt, that not a few people be-
iieve in the possibility. People
beliefs Influence their actions, and it
is undesirable that any portion ofthe
currency OF the Uniled States shoule
Ebe under suspicion. The govern.
ment bought the bullion from which
|these dollars were mande at its mar
ket value and paid them out to ths
people at their face value, receiving
in exchange the full face value ii
gold or the equivalent thereof il
goods or labor service. Having
done this it has no right now to evad,
lor qualify its responsibility for then
in the slightest degree. There is NJ
escape from the argument that
there is no danger from these dollar
the government risks nothing in as
suming this responsibility, and
there is danger, the risk properl,
: belongs to it and not to the individ
: uals who may happen TO hold them
/ There is nothing in the charg
5 that this bill would afford the bank
ers or spectators Of Wall street al
t additional facility for raiding tn
/ gold reserve. They have abundan
f opportunity now to work any silve
. coin and certificates they may hav
i back on the treasury. The SUI
! treasur, at New York receives NOR
than rs per cent Of the government
revenues. When silyer accumulate
at all in New York, it is prompt
substituted for gold in payments /
the treasury. The practical resnl,