Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-04-21
A silver AMENDMENT
House Republicans Somewhat
Anxious About It.
INSERTED IN SENATE
By AUTHORITY OF THE FINANCE
COMMITTEE.
In the sundry Civil Bill-Representa-
tive Hill Shows What May Fol-
low Its Adoption.

a
bill placed there by the authority of the
Senate finance committee has aroused the
sound-money republicans in the House. 1t
IL said that the amendment reopens the
silver question and that II it becomes law
will commit the government again to the
constant purchase of silver bullion to be
coined into circulating medium.
The amendment In the sundry civil bill
removes all limitations as to the amount OF
the subsidiary coinage.
ST think it is a remarkable piece of legfs-
lation,' said Mr.. Hill of Connecticut, a rec
ognized financial authority of the House, to
Star reporter. today, shat in the closing
hours of this Congress and without q word
of debate an amendment of two lines should
be attached to the sundry civil appropri-
alton bill reopening the unlimited purchase
of silver for unlimited subsidiary coinage
against the written advice of the Secretary
of the Treasury.
"On this question of sound money two
presidential elections have been fought
and won by the republican party, and for
the republican party to embarrass the
election of republican House of Repre-
sentatives by action of this kind is to me
amazing. 1t not only is contrary to the
heretofore announced policy OF the re-
publican party, but it is contrary to the
years. Austria, Russia, Germany, France
and Japan have within the last ten years
recoined into subsidiary coinage more
than $194, 100000 of full tender silver in
stead of buying bullion.
Silver Now on Hand.
'The United States. with $3.50, 100000 in
silver on hand-a mass Of metal that
would fill 500 cars, and which it costs
100000 to recount = now deliberately
proposes to forever store this enormous
mass and to add to the amount.
Every dollar SO purchased is in effect
equivalent to the coinage of full legal ten
der, for it takes the place of full legal
tender IN our own currency. The necessary
addition will amount to half a million Ia
month, and with the present law with ref.
erence to certificates, which permits the
changing Of one and two-dollar notes into
tens, 1t would be entirely possible for
Secretary of the Treasury so disposed
under this simple amendment to purchase
and put Into circulate $125, COO 600 Of ad-
ditional silver.
with the good business conditions now
prevailing, 1t would seem to be the wisest
course to follow the advice of the Secre-
tary Of the Treasury and the director OF
the mint and gradually change over the
dollars which will not circulate into form
of money which not only will circulate, but
which remains absorbed in the currency of
the country. -,
our sorrow and confusion. 1t began under
the Bland-Allison act and Senator Ailison
admitted last summer to the chicago oank.
ers that 1t was mistake. This action OF
the Senate illustrates Bryan's late state
ment that the money question Is always
before Congress. The experience OF the
past that with the purchase law Of 1873
revived 1t can only with the greatest dlfn-
Guilty be repealed at any future time In the
face Of the single objection of any member
Of the Senate.
Time to Retrace Our Steps.
'.Unless we are to fix permanently in our
currency system the 5s0,0O0,OOO full legal
tender silver dollars it is time to begin to
rctrace our steps now The sum and sub
stance of the whole thing is that this two
line amendment will compel the purchase
of from five to nine million dollars worth
of additional silver bullion every year, with
possibility of very largely increased pur-
chases in the discretion Of the Secretary of
the Treasury.
s.It Is unfortunate that this action should
be taken pending q presidential election.
and, indeed, from my standpoint as sound
money man. that it should be taken at any
other time.
..If the question should be asked whether
the removal of limitations will not still
leave the Secretary of the Treasury with
option to recoin standard dollars or to buy
bullion, my answer is that this amendment
will compel the secretary to buy bullion.
On July 1, next, the bullion of 1890 will be
exhausted and we shall have on hand 5S0,-
600 600 silver dollars. "a 600 600 of which are
In circulation. The highest amount ever in
circulation was 79,0O000 in 1902 1t is man
ifest therefore, that $500 0O00, coo can only be
circulated through means of certificates.
1--WE have today nearly 20,0c0, GOO, besides
those in active circulation, against which
there are no certificates outstanding There
would be "a profit of seven-tenths ON each
dollar IL recoined. Shall we use what we
have, or shall we begin again the mis-
taken policy of buying bullion and making
further accessions to silver fiat money"
There was great deal of interest among
both democrats and republicans on the
House side over the Senate action, and 1t
IL evident that there will be political dis
cussiors over this amendment when the
bill comes back to the House
What Mr.. Aldrich Says.
Senator Aldrich, chairman of the Senate
finance committee, said this afternoon that
the amendment was placed in the bill by
request OF the Secretary of the Treasury
and the director Of the MINT who wanted
either to recoin the standard silver dollars.
but IL that could not be authorized insisted
that certainly the limitations should be re-
moved. Mr.. Aldrich thought it would be
rather difficult at such a late day In the
session to authorize the recoinage OF the
standard silver dollars, and that In order
the committee had simply taken the other
alternative and authorized the removal OF
the limitations.
Senator Aldrich did not see anything seri-
GUS or menacingsfn the amendment