The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-06-04
SOUND FINANCIAL LEGISLATION

The subsidiary coinage bill, which has
been passed by the house, enabodies pro-
visions to increase the subsidiary silver
coinage, OF which there Is great business
need, and directs the secretary Of the
treasury to maintain the remaining
standard silver dollars at parity with
gold at all times, and to exchanges gold
for legal tender silver. dollars when pres.
sented to the treasury In the sum of IS
or any multiple thereof. ~. tth
There has been very pronounced oppo.-
sition to the bill. because of the clause
providing, for the interchangeability OF
the standard silver dollar with gold and
for the coming of the dollars and re-
naming bullion purchased under the
Sherman act into subsidiary coin, the lat
ter provision being regarded by the sill
verites as j blow at the standard silver
dollar and 1t probably is, for it has been
shown by the treasury department that
the cost of maintaining these dollars in
circulation is a burden which should be
removed from the government and the
taxpayers. ---.,--l.-. --. = -
there were shipped into the country $780,
06s, 900 Of these coins at cost of 81, 49,
61S, Or an average Of SAL per thousand,
there being on the, last date specified
only $50, 4oS,33o in circulation, while the
expense of keeping the dollars in circula-
ton is now from s11.1s to $1,000 at the
present time. The standard silver dollar
ia.
resentative. The public do not take the
coin very vigorously on account Of its
bulk. -
The Hill bill, which has been passed,
completes the coinage legislation left in
complete by the gold standard measure
of March IA, 1902, and II the senate passes
it, this country will be effectively on the
gold standard, as 1t ought to be.
The bill does not make 1t compulsory on
the secretary of the treasury to coin sill
yer dollars into subsidiary coin, but au-
thorizes him to do so II he deems it, nee
essary for public requirements, and only
after he has had the silver bullion on
hand coined into the smaller coins to
meet public necessities. -
These provisions are embodied in the
Fowler bill, Of which there does not seem
to be very bright prospect of passage
If the Hill BILL which the house passed
much sooner than was expected can get
through the senate, that will be about as
much financial legislation as can be ex-
pected at this session. The senate, in
1900, rejected the proposition in the cur
reney, reform bill to redeem standard sill
yer dollars in gold, and there is no good
evidence that 1t will not do the same
thing with the Hill BILL. r. not, the fight
for sound financial legislation must be
renewed at the next session Of congress
1t is great gain to have the Hill prop
ositions started we'll onStheir& way to the
presidential signature.
The Fowler bill has been an educatoi
through the discussion Its. proposition:
engendered. The opposition has reliet
chiefly upon the cry s'MDNEY TRUST
to affect the public mind against it. Tha,
is an ancient plea, but a. rotten one, ane
not man or "a newspaper r!esorting t
it has given any proof that money trus
is a possible thing under the supervising
control Of the United States government
They do not tell us how such trust car
be organized and refuse to let any none!
go out to borrowers unless exorbitan
and crushing interest and discount rate
are submitted to. Such thing as ;
monopoly of money by banks cannot b.
under our national system,
The reason men go into the banklnl
business is the reason other men go int
other kinds OF business. They want t
D,ake money by leaning their own none