The copper era., 1902-03-27
The Minority Report.

The Minority Report.
| TIE minority OF the committee on
coinage. weights. and measures have
submitted minority report against
tho bill which provides for exchang-
ing gold for the legal tender silver
dollars, and for more complete tely plac-
ing the government and the people
under the control of the money trust.
The report takes the ground that the
passage of the bill is certain to produce
great financial disturbances and in
support OF the contention presents the
following:
First-It will require large increase
of the gold reserve OF the Treasury. as,
if the obligations upon reserve are
increased, the reserve would be cores
pondingly enlarged. Hit require $780,
600, 600 Of gold TO act As a reserve for
the redemption of 1916, ,000, 900 of Unit
ed States notes called greenbacks, and
$40, 2S3, ,0S6 Of treasury notes issued
under the Sherman act, it will not take
at least $500. 900, 900 in gold," says the
report, "to act as reserve when the
$50, 132 ,6l7 of silver dollars and silver
certificates are made a direct charge
upon that reserve?
"Sccond-It will create new endless
chain upon the gold reserve of the
treasury and thereby plunge to Gov
ornment deeper into the banking busi-
ness.
"lf the endless chain upon the trea-
sury caused by the redemption and
reissue OF greenbacks is a continual
drain upon the gold reserve and
severe strain upon the Government,
how much more of drain and strain
will $500, 900, 900 of new obligations
upon that reserve impose?
The Government now has the pow
cr to call an absolute halt to raid
upon its gold reserve by impounding
the gree backs and treasury notes,
but if silver is made redeemable in
gold, it cannot do SO until it impOunds
also the $500, 600 OF silver dollars
and silver certificates. When there is
a run on the treasury for gold, it is the
salvation of commerce and the reserve
to have in circulation a currency which
imposes no further demnd on that
metal. The bill will plunge the Gov
ernment deeper into the banking
business.
"Third-It will facilitate the expor-
tation of gold. AS the 1886, ,000, 900 of
or currency redeemable in gold is
scattered all over the country, it is
difficult for large exporters OF gold to
collect sufficient of that currency to
pre-, ent for redemption. But if silver
c ertiticates, which form the great bulk
of the currency that circulates, can be
presented for payment in gold, then it
become, an easy matter to compel the
TO furnish all the gold for
expectation.
"With other nations imposing res
trictions upon their expectation of gold
and we facilitating our expectation of
the same, we are likely to loose great
quantities of that lifeblooi of COM
merce.
"Fourth-lt will cause the retire
ment OF silver dollars and procure
either violent contraction of the cur
rency or the substitution of printed
promises to pay. 1t will convert as
se.es into Liabilities, dollars into debts.
"Fifth-Other things remaining as
they are, such measure would cause
u fall in prices of all commodities and
other property. Falling prices pro-
duce bankruptcy and panics. No ma
tion on the face of the globe requires
its eXchequer to exchange gold for
silver. This is a new policy in the
treatment of the precious metals.
Why should this, the greatest silver
prod ucing nation in the world, be the
first to strike blow at one of its great
est industries"
And reports, regardless of political
should condemn such reck-
less legislation"