The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-06-13
SUTHERLAND'S SPEECH

com the silver dollars in the treas
ury into subsidiary money. =
summary of Mr. SUtherland's adj ,
2 dress was contained ia The Her ?
? aids Washington dispatches. =
? Space is given here to the speech y
IN full because of the clear, con- =
else logic with which the argu- =
? ment is presented
= = y > = = = = = = y , y y y \ \
I is a matter Of sincere regret that I
am compelled to differ with the dis
tinguished gentleman from Con-
necticut (Mr. HID, who is in charge of
the pending bill, and fer whose great
ability and learning upon financial
questions have the utmost respect.
| am not opposed to that provision
Of the bill which contemplates an in
crease in the quantity of the subsidiary
COIN The officials of the treasury seem
10 regard it as necessary, and I have
no doubt that il Is.
The Dill under consideration provides
that the silver bullion now in the treas
ury shall be used for the purpose of
this subsidiary coinage. and provides,
further that when this bullion shall
be exhausted, and that as public neces-
sites may demand thereafter, the sec
rotary of the treasury is authorized to
recon the existing silver dollars into
subsidiary coins. This latter provision
| regard as both unnecessary and I'M
wise. The silver dollars are now by
law full legal tender for all debts, pub
lie and private. They comprise more
than one-quarter OF all the full legal
tender money in existence in the Unit
ed States. They have always been
maintained at par with gold, even in
the dark DAYS between 1892 and 1896,
when the business affairs of this coun-
try were in a condition of stagnation
and financial ruin, and panic spread
from one end of the land to the other.
There IS not, in my judgment, the
slightest danger Of the silver dollar 60
ing below par the infinitesimal fraction
of a cent under any imaginable bust
ness conditions so long as they are full
legal tender for billions of dollars of
private and public debt. 1t is proposed
by this bill TO convert this full legal
tender money, which in everything but
name is as good as gold. into a class
OF coins that are M, full legal tender,
but have only a limited legal tender
quality under the law. To the extent
to which this is done 10 the extent to
which these silver dollars are convert
ed into subsidiary coins, the basic mon
ey of the country is contracted.
What is the necessity for this pro-
posed action? The advocates of the
bill say that we have in existence more
! than 800. 100000 of these silver dollars.
and we are able. to put into circulation
less than 800. 100000: that the remain
der are held in the vaults Of the Unit
ed States; and they say that it is bet
ter TO convert this class of silver mon
ey, which will not circulate among the
people. into S-~ubsidiary crinage which
will circulate among then,
Now, Mr.. Chairman, the truth
about it is that the silver dol
lars circulate preciselE the same
as the $50 gold pieces circu-
late-that is, inrthe form of paper Ger
tificates redeemable In coin--the silver
dollar in the form Of certificates re-
deemable in silver dollars. the gold
coin in the shape of gold certificates
redeemable in gold coin
When the gentleman from Iowa (Mr.
/ SMITH, who strongly advocates this
! BILL was discussing this question,
asked him why il was objectionable to
circulate our silver in the form of sill
yer certificates and not Objectionable
| to circulate our gold In the form Of
! gold certificates. He answered me that
/ there was no objection to circulate
isilEer in the term Of silver rs8t1hcates
/ that he knew Of. And yet he at once
/ proceeded to advocate the passage of
1 this bill because. in his own language
/ "the bill provides that the dollars
/ which do not circulate may be t2ken
! and coined into money that viii cir
/ culate"
In one breath it is urged that the
4 silver dollar ought to be converted
into something else because it does not
/ circulate. and in the next breath it is
admitted that the silver dollar does cir
I cuiate in the form of silver certificates,
| and there is no objection to this meth
Cd Of circulation.
Nov, Mr.. Chairman, It is conceded
that if the present stock of silver bull
lion now in the treasury is utilized for
! subsidiary coinage purposes only, it
/ viii not be- exhausted for at least six
and possibly ten years We are there
fore by this legislation attempting to
make provision for condition which
viii have no existence for many years
! to come. For at least six years. or
possibly ten years, this provision Of
( the bill can have no practical opera
ton or use whatever. Why should we
DO this? Why tie our hands SO many
years In advance of any necessity for
so doing? Sufficient unto the day is
the evil thereof.%
In six years from now, or ten years
from now, when the silver bullion shall
be exhausted and more subsidiary coin
shall be called for it may be exceed
ingly nnwise TO provide for the recon
age of the silver dollars for this pur-
pose. It may at that time be per-
/ ~ 81, L
thing to do is to purchase additional
silver for this purpose. and leave the
existing issue of silver dollars intact.
Let us cross that bridge when we get
to it.
I am opposed to a declaration of this
kind so long in advance of any prac-
teal necessity for il, because it is al
unnecessary blow at one of the great
/; and thriving industries Of this coun-
try. We are producing in the United
states about One-third Of an the sill
; yer of the world. 1t is a legitimat.
industry. tt is as much entitled e
the fostering care of the Republican
party, if that care can be extended
{ without injury to the country or t
other interests, as any industry in tbs
United States.
The value Of silver has already de-
the mines in the Rocky mountain re-
giOn have been forced to close down
Why should we still further discourage
il by this declaration. which must b'
!, conceded by everybody to be entirely
unnecessary now, whatever may be th'
fact as 10 the necessity OF it some time
in the future. If you pass this bill
containing this provision it is equiva
r lent 10 q declaration to the silver pro
ducers Of the country that the mar
ket for coinage purposes in the United
states is forever closed to them. an
to that extent it is a discouragemen
to the industry. 1t is a slap at an IN
+ dustry that is wholly gratuitOus ant
unnecessary, and as such l enter m!
most earnest protest against ii.
Mr.. Chairman, there is too much Of I
disposition among gentlemen who ar
learned, OF think they are learned, upol
/ fnnrpinf insist that IN