Show THREAT MADE BY BRYAN caused a sensation when repeated belore the committee on coinage weights and measures gold standard men favor dumping silver coin on the market as bullion washington jan 1 secretary ol 01 the treasury gage horace white ol 01 new york and several other prominent financiers today appeared before the house committee on coinage weights and measures at the request of the committee and gave their views on the overstreet levy and hill bills to maintain the parity of the money ot the united states the three bills although containing different provisions all provide for the exchange at the of the holder of gold and silver coins of the united states to accomplish this the overstreet bill authorized the secretary of the treasury to use the gold reserve fund in the treasury and the levy bill authorized him to issue 2 per cent bonds before the hearing chairman southard read a letter from john H rhoades chairman of the finance committee of the new york chamber of commerce heartily endorsing the bills and urging the enactment of the pro 1 posed legislation at this session of congress we believe said air rhoades that the sooner all the detects in the legislation of tho previous session re lating to the maintenance ot the gold standard Is removed the better lit will be for the country at large and for business in general and we also feel that action in this direction should be taken now at the present session of congress rather than be delayed and acted upon at the next session of congress when another election Is the marvelous development of the mercantile interests now in progress demands in our judgment the serious attention of congress in order that the ground work may be laid and the superstructure begun ot a broad and comprehensive banking system which will be adequate to the needs of the coming generation I 1 fear none of us realize what lies before us in the way of expansion of business during the coming 25 years of this century of growth and consequently the thus created would be filled up and wo will once more find ourselves face to face with a need tor currency at a time when a quick expansion of credit Is absolutely necessary to prevent financial disaster and a monetary eanls mr levy of new york who was present to advocate his bill created something of a sensation by stating that mr bryan the recent democratic candidate for president had told him that if elected president he would find a way to pay the obligations ot the government in silver the only question at issue was the means to be placed at the disposal of the secretary of the treasury to secure ats maintenance he then took up the language of the bills and gave the bill his endorsement mr Sh atroth of colorado asked whether to make silver and green backs exchangeable in gold did not in tact make them simply promises to pay in gold certainly replied mr white then you desire to impound in silver and eventually dump the silver on ahe country as bullion adt at once but gradually re piled mr white we should do just what germany has done I 1 think we i would be lucky it we could get back halt of what we paid lor the silver questioned further mr white said a of crops anything which would greatly lessen the demand for money would bend silver and silver certificates under the present law into the treasury and eventually cause a disparity in the price between gold and silver because of the government inability to pay in gold mr mil said that in his opinion the two dangers which threatened the gold standard were greenbacks green backs and silver ot those he considered the former the greater but the country seemed to think otherwise he ached if mr white did not agree that much cf the silver could be into subsidiary coin and the remainder made exchangeable mr white agreed to this proposition j secretary gage said that the questions involved in the bills before tha committee were simple lie agreed with mr white that in time of dull nass or business depression the bankers and other holders of the money in the center of population would gradually withhold gold and allow sll ver aad silver certificates to pile up in the treasury through the payment of custom dues and taxes it congress failed to make gold and silver exchangeable it implied a doubt no matter how slight it might be existed and the bankers and holders of money refused to take the risk why should they take the risk he asked if you refuse to remove it why charge them with responsibilities you will not take he astred striking the table excitedly secretary gage said that his experience had taught him that if a man showed the slightest inclination to evade responsibility for enterprises he had tinder taken he was hurt in his community it was the law of life said ahe and it was a pretty good law he saw no risk in the government removing every doubt as to its policy and purpose mr cockran of missouri asked the secretary it silver was to be made redeemable dee mable in gold why it would not be better from the standpoint of economy to sell the silver and place it in the gold fund for redemption purposes if it could be done without seriously disturbing the money markets replied secretary gage 1 I think that course would be more honest |