Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-02-04
THE MINORITY'S
OBJECTIONS
To the Bill to Exchange Gold for
Silver Dollars.
IMPOSES GREATER BURDENS
VIII Create an Endless Chain VIII
Depress Prices OF ali C0nmOdi-
Ties and Property.

Washington, Feb 3.--Congressmar
shafroth OF the committe on coinage
weights and measures, has prepared
The minority report upon the bin direct.
Ing the secretary Of the treasury to ex.
change gold FOR legal tender silver dol.
lars when presented to the treasury
and viii file the same tomorrow. The
minority report says
We object to the passage of this
measures;
Il. Because 1t will impose increased
burdens upon the gold reserve of the
| treasury. To say that it will not Is to
deny the recognized principle Of supply
and demand. To add the 500, 900 900 OF
SILVER dollars which now act as re-
dem9tion money for the silver certlh-
Gates, and are not charge upon the
gold reserve, TO the moneys which are
redeemable In gold must greatly in
crease the burdens upon the treasury
reserve II cannot be safe for nation
to increase its gold obligation without
increasing its reserve.
y, Because IL viii create a now end
less chain upon the gold reserve of the
treasury. The policy Of the government
heretofore has been to diminish the
obligations redeemabe In gold, and
thereDy prevent runs upon the treas
ury. The gold standard advocates have
unanimously contended that the green
backs should be retired, so as to re
lleye the government Of the necessity
and cost Of maintaining a gold reserve.
Ihey coniended that the government
should go out OF the banking business.
This measure Is a reversal Of that pol-
Icy II creates new obligations upon
the reserve, 1t plunges the government
deeper into the banking business.
%. Because 1t facilitates the expOrta.
ton Of gold, BY making the principal
medium of exchange used by the people
redeemable in gold, II becomes much
easier for the exporter Of gold to gather
up oglibations payable In that metal.
and present them to the treasury for
exchange No other nation on earth ia
cilitates the export Of gold. The scram-
bic Of the European nations at the pres
ent time for gold should demonstrate
the necessity for legislation dlscourag.
Ing instead OF encouraging the exporta-
lioH VI lHul metal,
H. Because II will produce the des-
tructlon Of silver dollars and silver
certificates as money When silver dol
lars are made payable in gold they be-
come simply promises TO pay. What
government would maintain promises
to pay stamped upon as dear material
as silver, when they could be printed
upon paper at no appreciable cost?
Would It not be foolish for the nation
TO keep invested in promises to pay
s250,OOO,0 900 (the bullion value Of her sill
yer dollars) when she could print them
upon paper and save that amount?
Nearly every witness that testified be-
fore the committee admitted that the
measure would ultimately produce a re-
tirement OF the silver dollars and
sale OF the same as bullion. This Is a
new policy In the treatment of the
precious metals, No nation on the face
of the globe discredits its silver coins
by making them simply promises TO
pay. No government re1eems It's sill
yer In gold. Why should this nation.
which produces one-thlrd Of all the
silver OF the world, be the very first to