The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-04
AMlNORITY REPORT
IN the Bill to Make Silver Exchange.
able for Gold.
GIVES OBJECTIONS TO BILL.
waste Of Silver to Stamp It with
Promises to Pay"
WILL IMPOSE INCREASED BURDENS
On the God Re,ervs In the Treasury, SAYS
the Report.
u Will CREATE A INV lNOltSS CHAM
On the Gold Reserve and plunge the
government Deeper In the Bank
ing Business.
WILL CREATE A NV lNOlfss. CHAN
On the Gold Reserve and plunge the
government Deeper In the Bank
ing Business.

washington, February s.--Congressman
snafroth Of the committee on coinage.
weights and measures has prepared. the
mine. ity report upon the bill directing
the secretary Of the treasury to exchange
gold for legal tender silver dollars when
presented to the treasury and viii aie Il
tomorrow. The minority report says:
We object to the passage of this meas
ure
l. Because it will impose Increased bar.
dens Upon the g.ld reserve of the treas.
ury To say that 1t VII not is to deny
the recognized principle of supply and
demand. To add 5CO,OO0, 900 Of silver col
lars which now act as redemption rooney
for the silver certificates and are lot a
charge upon the gold reserve 20 the
moneys which are redeema5le " grid,
must greatly increase the burdens upon
the treasury reserve.
2. Because it will create new endless
chain upon the gold reserve Of the treas-
ury and plunge the government deeper
than ever in the banking business.
3. Because 1t facilitates the exporta.
ton Of gold. By making The PRINCIPAL
medium Of exchange used by the Ieoiic
redeemable in gold it becomes much
easier for the exporter Of gold to Ga her
UP obligati6ns payable In that metal and
present them to the treasury for ex.
change. NO other nation on eRrtn tscih-
tates the export of gald.
4 T2araitza In u-lll ,,.,ar,,, ~ y
tion Of silver dollars and silver cer:ia-
Gates as money, When silver dollars are
made payable in gold they become SIM
ply promises 10 pay. What cove pment
would malntain promises to paw stamled
upon as dear material rs sllve~, wnan
they cCu.d be printed upon pap4r at no
appreciate C. ST. Would II not DO tool
Ism for the Nation 10 keep invested In
promises TO pay $3.50, 000J)O Clio bullion
value of the silver dolla:sl whei sue
could print them upon piper ana save
that amount? Nearly every witness that
testified before the comm ttoe adm tied
that the measure would ultimately pro-
ilice a retirement cf The silver dollars
ana SAFE OF the same as bu.iul. 10
nation d.scredits its silver coins ~ usk-
ing them simply promises 10 rag. No
government redeems its silver IN gold.
Why should this Nation, which rrodu, c.
ouo-third OF all the silver OF tho worid.
be the very fisst to strike down one Il
It's most important industries?
S, Because It viii deptSss tie prices
Of all commodities and property. this
measure will make geld d. all the WORK
Of basic money now done bv olth gold
and silver. The ircrease Ia the worlds
production Of gold is not suffi-l.nt 10 DIS
place tie silver stocks n existence. Sta
tistics show that 30 per cent OF the gold
product is used in the arts or lost to COM
nerce, which leaves only about $50
1oo, COO year TO supply the needs of all
rhristendom. That Is less than 3 per cent
Of the gold stocks OF the world and IS no
more than the legltimate requirements uf
an increasing commerce.
s. II is impossible for silver dollars
TO 20 to Discount as long as they are linn
tied In numrer. as now provided by law.
and hence there is no necessity for rhis
As n ts INN ssi'le for silver
ioNars as now limited bv law to dep -
,'ste in value, why should we run ~
hazards OF mailing increased burdens
lrrn TIE gol1 reserve. f treating j pe~
endless chain u-on the tressHrv. ~ ia
,nitpting e~~o-te ~ .ro'd o. ann hllat-
nv silver 9nd silver certificates q s money
and Of producing an era of falling prcas'