The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-08
Revival Of the Report that Addison @.
Harris May Succeed Grigss
as Attorney General.
HOUSE MEMBERS DIsPLEAsEI
SENATORS ARE ACCUSED OF Ex-
CEEDING THEIR AUTHORITY.
Passage Of n New Revenue Reduction
Bill May Cause Troubie-Pr0s-
pective Army Promotions.

WASHINGTON, Feb 7.-Chairman South
ard, of the House committee on coinage.
to-day received from William j. Bryan the
latters views of the pending bills before
the House making the standard silver dol
lar redeemable in gold. After thanking the
committee for the courtesy Of inviting his
views, Mr.. Bryan says in part:
1.-The bill has a double purpose: First.
TO convert standard silver dollars into sub
sidiary coin. and. second. TO make silver
discussing the subject, however, II viii be
more logical TO consider the latter propo-
sition first. as redemption Is only a step
for redemption. The legai-tender law will
maintain the parity between gold coin and
silver dollars so long as both can be used
to an unlimited extent in the payment OF
public revenues and private debts. / should
perhaps say that the parity VIII be sub
stantially maintained, for local and tenn
porary conditions may under any law put
small premium upon any kind of money
Mr.. Bryan cites the premium on silver In
New York in 1893, caused by the local de-
mand for small coinage. He also cites Sem
ator Sherman in support Of his statement.
Proceeding. Mr.. Bryan says:
AS soon as the silver dollar is made re-
deemable in gold another endless chain VIII
be created, and the arguments used against
the greenbacks and treasury notes VIII then
be turned against silver. Before the at
tempt 10 burden the gold reserve with this
new obligation is consummated. IL may be
worth while to consider the opinion ex-
pressed by Secretary Carlisle in 1885,
After quoting Mr.. Carlisle's testimony
before a House committee concerning re-
demption Mr.. Bryan continues:
Mr.. Carlisle thought ii mistake TO
commence paying in gold, but considered IL
dangerous to interfere with the custom
after IL was once established. BY the same
logic ii can be argued that We should not
establish the custom Of redeeming the sill
Yer dollars in gold.
Mr.. Bryan concludes as follows:
''The measure recommended by the COM
mittee gives TO the financiers absolute con-
troll over the national debt They can In
crease IL at any time by presenting silver
dollars for redemption and compelling an
Issue OF bonds TO repienish the gold re-
serve. They can, in the same way, contract
the volume of money in circulation, since
money drawn into the treasury by an Is
sue of bonds cannot go out again unless IL
Is used TO meet current expenses (and that
is only possible when the expenditures ex-
ceed the receipts) or loaned out TO favorits
'Second-The conversion OF standard sill
yer dollars into subsidiary coin Is eQuiva-
lent TO the retirement of silver as standard
money. and this is the last act I'm the pro-
gramme instituted some twenty-seven
years ago and persistently pursued ever
since. If this is completed gold will be the
only legal-tender money and bank paper
the onIv credit money Rank notes moi he
ing a general legal tender and gold not be-
ing I'm circulation among the people. the
masses will be doing their business with
money which will not legally discharge
their debts.
ITO convert a standard money into a
credit money is TO narrow the foundations
of our financial system and at the same
time enlarge the superstructure. Such a
course weakens the system. and both
hastens the catastrophe and intensifes IL
when IL comes.
"It is estimated that IS per cent OF the
business OF the country is done with sub
stitutes for money; but as all the substi-
tutes are convertible into money on de-
mand there must be a proportion between
the substitutes and the money beyond
which il is not safe TO CO. II, as at pres
ent. large part OF the money IN circula-
tion Is not a legal tender the proportion
between the volume of legal-tender money
and substitutes for money Is even greater.
THE proposed measure, by decreasing
the money Of ultimate redemption and in
creasing the volume OF promises 20 pay
money, still further enlarges the proportion
between money and its substitutes: this
necessarily adds TO the risk OF the business
man and lessons the security or the gen.
eral public. IL at any time foreign COM
plications or panics compel considerable
export OF gold, the proportion between
money and Its substitutes viii be still fur
ther increased or immense reduction
Will be necessary in the volume OF busi-
ness"