The Owosso times. (Owosso, Mich.) 1897-1926, 1901-03-01
Making Silver Dollars Exchangeablt
for Gold.

Special Correspondence.
ing the proposed legislation for strengthen
ing the Gold Standard, today, Secretary
Gage, of the treasury, said:
"The Committee on Coinage has reported
to the House with favorable recommended
tlons, the bill introduced by Congressman
Hill. of Connecticut, making silver dollars
exchangeable at the treasury for gold.
This proposition is not hostile to the
silver dollar. On the contrary il is designed
to put the credit and resources or the
government behind our silver currency in
an unequivocal and straight forward
manner. There has always been an i'm
piled promise that the government would
take such action as this if it ever became
necessary to protect the holders of silver,
but the language has been in the vague
terms of political compromise. The act of
1890 declared it to be the purpose of the
government to maintain the parity of its
gold and silver coins, but no other means
sNso,SN w ooouiO thdt idCt tudI tDdb DOln
were receivable for all public dues. Expert
ence has shown that that provision will some
times maintain an over-valued currency at
par with the standard and sometimes fail TO
do 1t. 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 bone and
abroad, and other contingencies.
"Our silver dollar is an oyer-valued coin.
Its bullion value is about fifty cents. When
the bullion in the treasury shall have been
coined, there will be about 5000, 900 900 of
this money in the country. The volume is
large, In the opinion of many, so large az to
be in unfavOrable times a menace. The
government bought the bullion from
which these dollars were made at its market
value and paid them out to the people at
their face value, receiving In exchange the
full face value in gold or the equivalent
thereof in goods or labor service. Having
done this it has no right now to evade or
qualify its responsibility for them in the
slightest degree. There is no escape from
the argument that il there is no danger
from these dollars the government risks
nothing in assuming this responsibility, and
If there is danger, the risk properly belongs
to 1t and not to the individuals who may
happen to hold them.
But probably eighty per cent of the silver
currency of the county is in the West and
South, scattered among small holders who
would not have that opportunity to dispose
of 1t in the event of an emergency. These
people are entitled to be assured that the
government will stand between them and
any possible emergency.
There is no probability that the measure
will add anything to the burdens upon the
gold reserve. The demand for gold would
be confined to the legitimate needs of the
export trade, and that the government can
not advantageously or honorably evade
The bill completes the work of attaching
all our currency definitely to the gold
1t is logical, scientific and
honest, and so long, therefore, as the
government bubbles over II so long will
people ask why, and view the silver dollar
as an element OF weakness In our monetary
sy stem
IAN anomalous situation is presented by
the attitude OF the sO-called friends of silver
In opposition to this bill. They claim to
regard the silver dollar as the poor man's
special coin, and PROFESSIONALLY the present
stock Is mainly in the hands of farmers,
wage-earners and small irsdesuen Il IL
the money OF wage-earners and retail trade
not OF bank reserves. What purpose tnese
champions of silver can have 10 opposing a
m assure that l. celebrated to eradicate all
olstrust concerning this coin and make II In
every body's opinion as good rs gold, Is re-
yond the comprehension of ordinary and
practical people,"