New-York tribune., 1901-01-11
FOR PARITY OF MONEY.
SECRETARY GAGE AND HORACE WHITE
ADVOCATE FINANCIAL LEGISLATION
BRYAN WOULD PAY SILVER.

WASHINGTON. Jan. 10-Secretary CAGE. Horace
White. Of New-York. and several others to-day ap-
peared before the House Committee on Coinage.
Weights and Measures. at the request of the COM
rnittee. and gave their views the Overstreet.
Levy and Hill bills to maintain the parity of money
of the United States. Mr.. Levy. of New-York. who
present advocate his bill. created something
of sensation by stating that Mr.. Bryan had told
him that If elected President he would ind way
pay the obligations of the Government in silver
The bills. although containing different features.
all provide for the exchange at the option or the
holder OF the gold and silver coins Of the United
States. To accomplish this the overstrest bill au-
thorizes the Secretary OF the Treasury TO use the
gold reserve fund in the Treasury. and the Levy
bill authorizes him TO issue per cent bonds.
Before the hearing Chairman Southard read
letter from John Harsen Rhoades, the chairman
OF the Finance Committee of the New-York Cham
Der OF Commerce. heartily indorsing the bills and
urging the enactment OF the proposed legislation
at this session of Congress. I'VE believe" said Mr.
Rhoades, that the sooner any and all defects in
the legislation Of the previous session relating to
the maintenance of the gold standard removed.
the better it will be for the country at large and
for business in general; and also feel that ac-
ton in this direction should be taken now at the
present session of Congress- rather than be delayed
and acted upon at the next session of Congress.
when another election is approaching. The marvel
lous development of the mercantile interests nov
in progress demands, in our judgement, the serious
attention of Congress in order that the ground
work may be laid and the superstructure begun of
q prosd ana comprehensive banking system winch
will be adequate to the needs of the coming genera
ton; and the lrst thing TO De done is to hx beyond
cav and question, the gold basis upon which credit
ano finance shall rest In the Juds ment or the ma
Jorlty Of members of Congress, the funding OF the
give increased facilities for Increase of the
Mafioa1 bank H. ctreHaton; but lear none OF US
OF business during the coming twenty-five years
vacuum thus Created viii be filled up and We Will
ore more find ourselves face TO face with need
OF credit is absolutely necessary TO prevent
Horace White said AID he assumed that no
necessary in support of the gold standard.
placed at the disposal Of the Secretary of the
Treasury 10 secure its maintenance; he then took
bill his Endorsement.
Mr.. shafroth, OF Colorado. asked whether 70
did not in fact make them simply promises TO pay
Certainly" replied Mr. White
Then you desire to impound 10000 900 IN silver
and eventually dump the silver on the country as
Not at once. but gradually" replied Mr.; White
We should do just what Germany has done l
think would be lucky if We could get back half
Questioned further. Mr.. White said failure OF
crops-anythIng which would greatly lessen the de-
tiGcates under the present law into the Treasury
and eventually cause disparity between the price
OF gold and silver. because OF the Government
MI Hri Of Connecticut said that in his opinion
two he considered the former the greater. but the
Mr.. White die not agree that much OF the silver
could be recoined into subsidiary coin and the
rlaiuder made eXchangeaOle.
Mr.. White agreed TO this proposition
Secretary Gage said that the question involved IN
the bills before the committee was simple he
agreed with Mr.. White that In times OF dulness or
business depression the bankers ard other holders
OF money in the centres of popUla ton would grad
ualy withhold gold and allow silver and silver GER
tiacates to pile up n the Treasury thr3gSh ] the
wanted to make gold and silver exchanged bic. IL
Implied a doubt as to whether they were at a paTt
" 80 long as this doubt no matter how slight X
might be, existed. the bankers and the holders Of
money refused 20 take the risk why should they
take the risk he asked III you refuse TO remove
NOT take he said, striking the table emphatcally
Secretary Gage said his experience had taught
MN mat II man showed the slightest inclination
70 evade responsibility for enterprises he had ur
deTtsken he hurt the community II was
Toe law OF life. and IL a pretty good law Re
saw no risk in the Government removing every
doubt IS 10 its policy and purpose
ST. Cochran OF Missouri. asked the Secretary IL
SILVER was 20 BE made redeemable in gold WIN IL
WouIa not be better from the point Of view of
economy 10 sell the silver and placa the r,ro~sads
=, II IL could be done without seriously disturbing
the money markets" replied Secretary Gage, Il
thlnk that course would be more honest -'
Alter the recess few questions were asked Of
MI W HIle by members of the committee Mr.
Gaines asked whether the making OF GOLD contracts
aia not tend 10 produce disparity between gold and
think so He did not know why il should 'sTheTs
IS no money but gold he said 1t the meas
brt bi @ o5 yaine sa and pedun Of EXCHANGE Nothing
response TO further questions. is not money and
SILVER subsidiary IS not money; IL Is small change
is there not a strong moral obligation on the
asked. "- was
That is my opinion emphaticauy." was the reply
The committee then adjourned