The state herald., 1901-02-22
A couple Of bill. have for .om. time be.

ConHTtsS Noulo ulhko tue eilNer upuhi
rsdsemsblr in gold. In his speech beior,
the committee Congressman Shsfroth
made sn sble argument against these
measures. He costsndsd that il thest
bills bscome Law II made the silver dol
lar rsdsemalls 10 gold and that instesd
Of being money 1t would become simply
promise to pay aud, as It would be an.
surd to keep $3.50, 10000 worth rf silver
bullion in the fora Of promises to pay
when paper would serve the same pur.
pose equally we'll. no other reasonable
conclusion could be arrived At than that
the passage OF thess bills meant the retire.
| ment II the silver dollar aud silver csrti-
ticatss ~ moU~y and thut this result hss
been practically admitted nv every eS-
pert examined before the committee.
| lie then asks:
"Why should this nation, which pro.
| ducss ons.third OF all the silver Of tha
world, be the frs. to insugurate leeislu-
ton which will inevitably have the effect
OF destroying silver ~ moasy, and pro
ducs further fail in the price OF that
mstalY 1s it the duty Of the reprcBeg.
| tatives OF this nation to undertake the
destruction OF one Of It's important iniua,
;ries. when there ia no necessity ar oc.
cason for 1t! II silver mus, be killed,
Why not at least wait until some nation
hat produces uons of that metal DegiuS
the murder"
He coutsnded that the passage Of
these bills would greatly incrt use the
burdens upon the gold re, rvr and
would ssrv- 10 encourage the end5s
\ chaiu shich has been the cause Of 20
much trouble IN the care o' our green
b~css- He si.,es thar the advocates OF
the gold standard claimed that their
only reason tor wishing to retire the
green backs was 10 entirely remove ali
Danger from ihs ,ndlsss chain aud yeI
they we're proposing to largely increa Q
that danger 10y making siiyer r.deema.
ols IN gold. Il. couiended ,ha, the pus.
sage Of these bills would depress the
prices Of sIl commodities for tb. reas.u
tlst il void throw Increased burdens
upoa the gold mons! Of the country
which aus, necessarily he followed by
lower prices. lie called the clmmittae-
sttsstiS0 to the act thu, it would not bc
sale to rely upon coniinustion Of the
recent rapid increase IN the worlIs out,
put Of gold sud th., there was good r-a.
so. for b~lieying that the output oi gold
bad reached its muximum and that II
would be reckless to predicate u system
OF money upon possibilities or even prob.
abilities. He stated thai, even admii.
ting that the output Of gold would con.
fipue ~ large - 4, was In 1899, II would
require 20 years TO produce gold -Rongb
to tsss the place OF our siiver and that
toe without making any allowance Tor
the Increased demands OF the buolpess Of
the the country, He contendai. that il
"a. foolish to lssislat- Tor the des,ruct-
Ion OF silver when there 10 today ani al.
~sys Inns bern shor'sgs OF the precious
metal for money - shown by tho fact all
nstions are forced TO uss some sub.
sii,ut. Cor gold and silvsr.
He then nskod:
What 10 the pretended reason Tor tins
legislstionf II 10 thst silver dollar.
nght go To discount. ". have mi
purchased any SILVER since is9J. nor can
suy more bs purchased without isgi-la
tive authority. A. long ~ tb. quantity
Of silver money is limited. M now pro.
vided by isv, there is not the rsmo,.st
possibility OF silver going Tn a di.coun,
W. have ksd hard timss and good times
with ssbsisp,,aiiy tho pr.aeut stock OF
silver, apa II hss never gone 10 y dv.
count The silver jollnr has b.cn held
In value tb. equal of gold, because tbs
government iecsivss II In payment ol
tpr.s end duties aud b-csusr tho iegal
tender qual'y gwen II u,ah,H fs u.s
enormous.
- recognized principle of political
economy ~ tho Gresham las. namely
that n n currency govh 10 a discount II
espsls from circulation 'hs d.arsr mon
ey. ard beconrs Tho sole circulating me
dunn The silver dollats can never 10 To
. discount. They ATE 10 limited by lns
~ TO be iondsqnsie 10 constitute IN,
.ole currency OF this enUn,ry. 1hei. ar,
nor- thss s2.oOi.n0j,o . nj money In cit
culstian IN tho United States. Osn m,
o-s rsasopahly cnni'hd that 'hs 10000,
0Ol ~ oliver dollar. and errliiir.ton cat
DO Vii the man'yad transactions of N.
commerce oi lhiH nslion2 Would nui
the densns TOT silvrf dollara limit-d NJ
nos h, lav. bs So sfent u they should 90
n d aiscouu, of even per cont, ne 'r
frfiofe them 10 u pafiiy With gold
which nos .Sisisi Thons demands
tauld be enormous
roap'sd'hrt sush vee 'hs Anntrd