The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1901-02-11
Bryan Argues Against the
Money Bills That Are
Now Pending
ANOTHER ENDLESS CHAIN
Arguments Used Against Green
backs, Bryan Says, VIII Now
Be Turned Against Silver.
Eebraskan Presents
His Views.

Washington, February Z-Chairman
Southland. OF the house committee on coin
age. today received from William J.
Bryan the latters view Of the pending
hills before the house making the stand
ard silver dollar redeemable in gold. At
ter thanking the committee for the cour-
tesy of inviting his views. Mr.. Bryan said
in part:
The hiU has double purpose.
First. to convert the standard silver
dollars into subsidiary coin. and second,
to make silver dollars redeemabie in gold
on demand. In discussing the subject,
however. it VIII be more logical to con-
slider the latter prop s-tiou than first. as
redemption is only a step toward retire
ment.
There is no necessity for redemption.
The legal nder law viii maintain the
parity between gold coin and silver dol
lars so long as both can be used to an
unlimited extent in the payment Of pub
lie revenues and private debts l should
perhaps say that the parity viii suDstan-
italy be maintained. for local and tenn
p1rary conditions may under any law put
u small premium upon any kind of
money
Premium on Silver in 1893.
Mr.. Bryan cites the premium on silver
+ I'm New York IN 1Sa2. caused BY the local
demand for small change. He also cites
Senator sherman in support Of his state
.1.u- Proceeding. ar. Bryan says.
I "As soon as the silver dollar IS made re-
decmahIe in gold. another endless chain
Will he created ana the arguments used
against the greenbacks and treasU Y notes
viii then be turned against silver. Be-
/ I'm mo Mt r.TH
serve with this new obligation is consun1-
mated. 70 NAV De worth while To consider
! the opinion expressed by Secretary Car
/ Isle in 1850"
After quoting Mr.. Car.fsle's testimony
before house committee concerning re
dcmptior, Mr.. Bryan continues
Mr.. Carlisle thought it a mistake to
/ commence paying i'm gold. but considered
( il dangerous to interfere with the custom
after it was once established. Ey the
same logic IL can be argued that we should
not establish the custom Of redeeming the
silver Golia~s in gold
I Mr.. Bryan concludes rs follows.
"Thc measure recommended by the com
mittce gives to the dnauciers absolute
control over Che national debit They can
1 increase ia at any time hv presenting sil-
yer dollars fer redemption and compelling
am issue Of bonds u rap'enish the gold
. reserve. They can In the same way con-
tract the volume 0f money in circulation
since money drawn into the treasury ny
am issue Of bonds cannot e. out again
unless il i~ used IN meet current expenses,
ANA that is only po~sh bic when the eNpen-
ditures exceed the receipts or it is loaned
out 20 favorite BANKS.
Scheme 20 Retire Silver.
+ Second the conversion If standard
silver dollars into subs diary coin is equiv
aIent g, retirement Of silver as standard
money. ana This is the last act iu the
programme instituted some twenty-sevsu
years ago and pe~sistently pursued ever
since. If this is continued gold VIII be
I the only legal tender money ana bankers
paper the only credit money Bank notes
not being a general legal tender and gold
not being in circulation among the pe7-
pie the masses viii have money which VIII
not legally discharge their debts.
'sro convert n standard money into n
credit money IS to narrow the foundations
of our financial system and at the same
I time enlarge the sunerstructure- Such a
course weakens the system and both
/ hastens catastrophe and intensihes 1t
when it comes.
{ '.It Is estimated that o. per cent Of the
+ business of the country IS d7ne with sub
stitutes for moSey. bus as ali tho subs-i-
tutes are convertible into money on de-
mand. there must be proportion be-
tween the substitutes and the money be-
yond which it is not safe To go II. as at
present. a large part of the money IN cir
culati5n is not a legal tender. tho proper
ton between Tie volume IF legal tender
money and substitutes for money IS even
greater
THE proposed measure by decreasing
the money of ultimate redemption ana
increasing the volume of promises and
nav money still further eularges the pro-
portion between money and its suhsti-
tutes: this necessarily adds 70 the risk
Of the business man and lessons the Sc
cur:ty of the general public
IF. at any time foreign complications
ar panics compel a considerable eXpOrta-
ton of gold. the proportion between mon
ev and its substitutes will be still fur
Their increased or an immense reduction
will be necessary in the volume OF bus