Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-01-10
Prominent Fnanciers Before House
Coinage Committee
TO CURE DEFECTIVE LAWS.
Congress Urged TO Take Action al
This Session Mr.. Levy Creates
Sensation.

Washington, Jan. 10.-Secretary Of
the Treasury Gage, Horace White, Of
New York, and several other prominent
hnanciers, today appeared before the
House committee on coinage, weights
and measures at the request OF the
committee and gave their views on the
Oyerstrect Levy and Hill bills TO
maintain the parity Of the money Of the
United States. The three bills. all
though containing different provisions,
each provide for the exchange at the
option Of the holder Of gold and silver
coins of the United States. To accom-
plsh this the Oyerstreet bill author
lied the secretary Of the treasury 70
use the gold reserve fund in the treas
ilry and the Levy bill authorized him
to issue per cent bonds, Before the
hearing Chairman Southland read a let
ter from John II. Rhoades, chairman
Of the finance committee Of the New
York chamber of commerce, heartily
indorsing the bills and urging the en-
actment Of the proposed legislation at
this session of Congress.
I'VE believe" said Mr.. Rhoades. that
the sooner all defects 10 the legislation
VI AAlN NINN ANur NiHeANlA AhlfAhAAtH ~ AtAN
maintenance OF the gold standard are
removed. the better II will be for the
country at large and for business i'm
general: and we also feel that action 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 marvellous
| development OF the mercantile inter-
ests now IN progress demands, In our
| judgment the serious attention Of Con-
gress In order that the ground work
may be laid and the superstructure be-
gun Of a broad and comprehensive
banking system which will be adequate
/ "a the needs of the coming generation.
| / fear none Of us realize what lies be-
/ fore US I'm the way ~ expansion of
| business during the coming twenty five
/ years OF this century OF growth and
! how quickly the vacuum thus created
| win be filled w and We win once more
| find ourselves face % face with a need
! for currency at a time when quick
/ expansion of credit is absolutely neces-
/ sary 10 prevent financial disaster and
/ a monetary panic.
Mr.. Levy, Of New York, who was
| present to advocate his bill, created
something Of a sensation by stating
| that Mr.. Bryan. The recent Democratic
/ candidate for President had told him
| that II elected President he would find
! a way to pay the obligations Of the
| government In silver
The only question at issue was the
means 10 be placed at the disposal OF
/ the secretary OF the treasury TO secure
| it's maintenance He then took up the
| language Of the bills and gave the Hill
/ bill his endorsement.
/ Mr. Shafroth. Of Colorado. asked
/ whether TO make silver and greenbacks
| eXchangeable in gold did not In fact
/ make them simply promises to pay in
| gold.
Certainly" replied Mr. White.
Then YOU desire 10 impound 100000
/ 600 In silver and eventually dump the
/ silver on the country as bulion?'
Not at once, but gradually replied
| Mr.. White we should do just what
| Germany has done / think We would
/ be lucky II We could get back half Of
/ What we paid for the silver"
Questioned further Mr.. White said a
| failure OF crOps-anyth which would
greatly lessen the demand for money
| would send silver and silver certificates
under the present law into the treas
ury and eventually cause a disparity Ia
/ the price between gold and silver be-
/ cause Of the governments inability 10
I pay In gold.
MIR Hin said in his opinion the two
/ dangers which threatened the gold
| standard We're the greenDacks and si.
/ YER OF those two h considered the for
/ mer the worst but the country seemed
/ 20 think otherwise. He asked IL Mr..
] . 81.
| silver could be re-coined into subsidiary
I coin and the remainder made exchange
I able.
Mr. White agreed to this proposition
Secretary Gage said that the ques-
| ton involved In the bills before the
| committee was simple. He agreed
/ with Mr.. White that IN times OF DUH
| ness on business depression the bank
| ers and other holders of money In the
/ centcrs OF population would gradually
/ withhold gold and allow silver and sill
| YER certificates TO pile up in the treas
! ury through the payment OF custom
\ duties and taxes. II Congress failed a.
/ make gold and silver eXchangeable IL
/ implied O doubt, no matter how slight
/ II might be. existed, the bankers and
4 holders ~ money refused 10 take the
! risk. "Why should they take the risll?"
/ he asked. IF you refuse 10 remove IT,
! why charge them with responsibilities
/ you win not take?' ne asked. striking
/ the table emphatically Secretary
/ Gage said that his experience had
/ taught him that II a man showed the
slightest inclination 20 eyade RESPONSE
| bility for an enterprise he had under
| taken he was hurt In his community
| IL was the law Of life, said he. and n
I d..
risk in the government removing every
doubt as 10 its policy and purpose.
| Mr.. Cochran, of Missouri asked the
| secretary II silver was 10 be made re-
| deemahle In gold. why it would not
be better from the standpoint OF econ
! omy 20 sell the silver and place Il IN
| the gold fund for redemption purposes
III II could be done without seriously
| disturbing the money markets" replied
Secretary Gage. II think that course
would be more honest