Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-02-07
BRYAN ON SILVER
SENDS HIS VIEWS TO THE HOUSE
COMMITTEE
NO BELIEVER IN MORE CREDIT,
Says We Need More Real and Less
Credit Currency-His Pet
Hobby.

Washington, Feb. 7.-Chairman South.
ard of the house committee on coinage
today received from VIM. ]. BRYAN. III,
latter's view of the pending bills before
the house. making the standard silver
dollar redeemable in gold. After thank
ing inc committee for the courtesy of in
viting his views, Mr.. Bryan says in part:
THE hill has double purpose-first to
CONVEX: standard silver dollars into suasi-
Diary coin, and second to make silver dol
lars redeemable in god on denua,.d In
discussing the subject however, it will
be more logical to consider the matter
proposition first; redemption is only
step toward retirement.
There is no necessity for redemption.
The legal tender law will maintain the
parity between god coin and silver dot
lars SO long as both can be used to an
unlimited extent in the payment of public
re. enUes and private debts. | should per-
haps say that the parity will be sub
stantfa!ly maintained for local and tenn
porary conditions may under any law put
a small premium upon any Kind of
money"
Mr., Bryan cites the premium OH sill
Yer in New York in 1893. caused by the
loca, demand for small change. He ais"
cites Senator Sherman III support OF his
statement Proceeding, Mr.. Bryan says:
AS soon the silver dollar is made
ledcemable in gold, another endless
chain will be created, and the argu
ments used against the greenbacks and
treasury notes will then be turned
against silver. Before the attempt to
burden the gold reserve with this ohli
cation is contaminated, it may be worth
While to consider the opinion expressed
by Secretary Carlisle In 1885,
After quoting Mr.. Carlisle's testimony
before house committee concerning
redemption, MIR. Bryan continues:
Mr.. Carlisle thought it mistake to
commence paying in gold, but consid
cred it dangerous to interfere with the
custom. after it was once established.
BY the same logic 1t can be argued that
We should not establish the custom of
redeeming the silver dollars in gold"
Mr.. Bryan concludes as follows:
The measures recommended by the
committee gives to the financiers abso-
lutte control over the national debt They
can increase it at any time by presenting
silver dollars for redemption and COM
peling an issue of bonds ia replenish the
gold reserve. They can in the same way
contract the volume of money in circu-
lation since money drawn into the treas
ury by an issue of bonds cannot so out
again unless it is used to meet current
expenses that is only possible when the
expenditures exceed the receipts, OF loan
ed out to favorite banks.
Second. the conversion of standard
silver dollars into subsidiary coin is
| equivalent 70 retirement of silver as
| standard money and this is the last ac-
| ton in the progra mme instituted some y
| years ago and persistently pursued ever
since. If this is completed, gold will be
the only legal tender money and paper
| the only credit money. Bank notes not
being a generally legal tender and gold
| not being in circulation among the peo-
pie, the masses will be doing their bust
ness with money which will not legally
discharge their debts.
ITO convert a standard money into a
| credit money is to narrow the founda-
! tons of our financial system and at the
! same time enlarge the superstructure.
! Such a course weakens the system ana
| both hastens catastrophe ana INTENSE
fies it when it comes.
ut is estimated that 95 per cent Of the
business of the country is done With
substitutes for money. but as all the sub
| stitutes are convertible into money on
demand, there must be a proportion be-
| tween the substitute and the money be-
| ycnd which it is not safe to go. IT,
at present, a large part of the money
in circulation is not legal tender the
| proportion between the volume of legal
| tender money and substitutes for mon
! ey is even greater.
THE proposed measure by decreasing
the money of ultimate redemption and
! Increasing the volume of promises to
pay money still further enlarges the pro-
portion between money and it's substi-
suites; this necessarily adds to the risk
Of the business man and lessons the Sc
curity of the general power.
"If at any time foreign complications
or panics compel a considerable expor-
tation Of gold, the proportion between
| money and it's substitutes will he still
further increased or immense re-
drction will be necessary in the volume
| of business"