The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-25
is1S-I4tm-sun ex

will forward him a Sspy of the bills. This
( the committee agreed to do. No word
/ has been received from Representative
elect Belmont of New York. who had also
been invited to appear before the com
mittee.
The report in part follows:
The purpose of the act of March II.
1900, was TO establish the gold standard
| in the United States, and to that end it
made the dollar consisting of twenty-five
and eight-tenths grains of gold nine
tenths fine the standard unit of value. and
declared it to be the duty o: the Secretary
of the Treasury to maintain all forms of
money at parity Herewith, but it did not.
aside from providing for the redemption
of United States notes in gold, prescribe
any method by which such parity should
be maintained. The purpose of this meas
ure is to remedy that defect so far as the
legal tender silver dollar is concerned
at aims to do this in two ways. first by
a gradual reduction OF the quantity by re-
coinage into limited tender subsidiary
coin and second by exchangeability of the
remainder. at the will of the holder. with
gold.
Under the provisions of the act of
March IA. when the bullion in the Treas
ury is all coined we shall have outstand-
ing in subsidiary coin SlO0 900. and
legal tender silver dollars about s573 000.
coo.
There is no question but that the con-
venience Of the people of this country
would be served by materially increasing
the volume of subsidiary coin, and consii-
ering the requirements of those parts of
the country where the use OF the silver
dollar Is preferred to its paper represent
atiye. your committee are OF the opinion
that If the policy OF coming the bullion
into subsidiary coin is followed By The re-
coinage of silver dollars into subsidiary
coin not many years would pass be-
fore the entire volume would be disposed
Of so that II would cease to be source OF
danger 10 the Treasury and become firmly
fastened in circulation as change money
among the people.
There would be little question about
this If the issue of bank notes was limited
TO the denominations of so and over thus
giving the entire field of change money TO
coin and coin certificates.
THE second proposition included in
this bill is to make the legal tender silver
dollars remaining outstanding from lime
20 time eXchangeable at the will of the
holder for gold when presented at the
Treasury in sums of five dollars cr multi
pies thereof The purpose is to thereby
hold them at parity with gold under any
ard all circumstances. They have been
issued by the Government as the equiva-
lent of gold They have paid debts due in
gold and contracted on gold basis. This
maintenance of parity is not only NOR
al obligation resting upon the nation. but
It is one which the Government cannot
evade for whether exchaBgeable or not.
they must be accepted by the Treasury
for all Government dues in lieu of gold.
Under the act of March IA we have two
kinds of money. gold, with paper payable
in gold, and silver, with paper payable in
silver. Your committee are firmly of the
opinion that as there is under that bin
but one standard unit OF value no legal
tender dollar of the United States should
be issued which is not exchangeable by
the Government in accordance with that
standard"