The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-01-20
WASHINGTON. Jan. 19.-The Dem

"ASHINGTON, Jan. 19.-The Dem Z
Va ocratic members of the house /
u committee on coinage, weights /
and measures have agreed on minor
ity report on the bill. directing the
secretary Of the treasury ito ex-
change gold for legal tender silver
dollars" and the report viii be pre-
scented to the house tomorrow by Mr.
ShafrOth. The report takes the pO-
sitiOn that the passage of the bill IS
certain TO produce financial disturb
ances. The following general PROPOSE
ton is laid down:
"Our. government has never conceded
the right to the holder Of silver dollars
to demand from the treasury gold
therefor. nor to the holder of gold TO
demand silver dollars therefor. Such
demands always have been refused at
the treasury. 1t is the notes and
bonds Of the government that are pay
able in either gold or silver, at the
option Of the holder"
The following resolutions why such
a measure should not be enacted are
given:
First-It viii require a large in
/ crease of the gold reserve Of the treas
ury. as if the obligations upon re
serve are increased the reserve should
/ be cOrrespondingly enlarged If II re-
| quires $50 600. 600 of gold to act as a
! reserve for the redemption Of $546,O0O.-
1 600 of United States notes called green
/ backs. and $40. 2S3,0S6 of treasury notes
/ issued under the Sherman act viii il
not take at least SS00.O00OO0 IN goid'
SAYS the report. to act as reserve
| when the $3.50 732. 617 of silver dollars
and silver certificates are made a d.
rect charge upon that reserve?
Creates Endless Chain.
Second-It viii create a number end
less chain upon the gold reserve OF the
/ treasury and thereby plunge the gov
eminent deeper into the banking pusl-
ness. If the endless chain upon the
treasury caused by the redemption ana
reissue of greenbacks is a continual
drain upon the gold reserve and a
severe strain upon the government
how much more of a drain and strain
viii the $3.50 OO0. 600 of new obligations
upon that reserve imposeE
The government now has the power
to call an absolute halt TO raid upon
its gold reserve by impoundlng the
greenbacks and treasury notes, but II
Silver is made redeemable in gold 1t
cannot do so until it impOUnds also
, the $3.50, 000.000 of silver dollars anc
silver certificates.
When there is a ran on t11l- treasury
for gold it is the salvation OF com
( merce and the reserve TO have IN CIR
. culation currency which imposes NJ
further demand on that metal Th'
bill will plunged the government
( deeper into the banking business.
viii Send Gold Abroad.
Tbird-It will facilitate the exporta-
? ton of gold. As the $3S6,OOO,OOO OF GU
e currency redeemable in gold is scat
= tered all over the country, II IS DIM
r cult for large exporters OF gold TO col
Iect sufficient of that currency 10 pre-
sent for redemption But II silver Ger
1 tificates, which form the great DulK o
4 | the currency that circulates, can b.
= presented for payment in gold, then i
becomes an easy matter TO compel IN
government to furnish all the gold 10
. exportatiOn With other nations I'M
2 posing. restrictions upon their eXporta
= ton of gold, and we facilitating GU
: expOrtation of the same, we are HkeI
d to lose great quantities of that III
t blood of commerce.
o Fourth-It will cause the retiremen
L of the silver dollars and produce eltne
violent contraction of the currency o
!, the substitution of printed promises
- pay. 1t VIII convert assets IiAIO Ai0
e | bilities. dollars into debts
Il Fifth-Other things remaining a
they are. such a measure would caus
n a fall in prices of all commodities an
n other property, falling prices prOduC
bankruptcy and panics. No nation o
e the face of the globe requires its eZ
r cheuuer to exchange gold for sllve
e This is a new policy in the treatmeT
l. o.. precious metals. Why should thl
Le the greatest silver producing nation
the world, be the first to strike bio
l. at one of its greatest industries? a
It representatives, regardless Of polite
II should condemn such reckless leglsii
g ton.