New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-12
MR.. DOLPH on CURRENT ISSUES.

III CONDEMNS SENATOR STANFOIp'S INITIATION
SCHEMES. AND UPHOLD> PROTECTION.
Washington March II CspccnD.-An Inter, sting and
forcblc speech current political issues was made
IN the senate today 10y Mr. Dolph Of oregon, VINO
took Mr.. SjauiOr's Wei known bu for the expansion
# the currency Il, a text for general talk finance.
protection and reciprocity, and the condition of Ia"
agricultural classes Of this country ns affected Ly
recent Republican legislation these three topics.
Mr.. Dolph /, conspicuous among the Republican sen
niors from the far West champion II the spundcst
idea, the currency. aud he has steadily refused to
abandon h, convictions on tn" money question 10
follow the prevailing far Western sentiment for the
free coinage Of silver. Pursuing thu line Of former
speeches. he frankly condemned the Imitation scheme
offered by Mr.. stanford 4, imprctcable and danger
oLs and attacked only les rcckc-, aud Injurious
the frc.c coinage legislation proposed In the other
branch Of Congress. Mr.. Dolph has also stanchy
maintained at all fine, that protection Is the best
policy for The farmer we'll rs tho manufacturer. and
be Included In his speech to-day an able defence Of
the tatiN lcslation o the last C)ngrc.. The benefits
OF which, he said were now clearly recognized by all
clac, Of people In the great section Of the country
which ho represented. MIR. Doph commanded the
reciprocity feature OF the Mckinley bill "A practical
and Successful piece Oi legislation. but opposed
strongly any extension Of the reciprocity system to
Canadian products. He made no reference, however,
10 the question ot cOmmercia retaliation on Tn,
ItOUlilon 10" NlldtlHE Ihu'H allfNi"l III INC
Mr.. Dp;ph said that Of all the schemes which had
been advocated for the rcf OF farmers, the scheme
known ~ the sub Treasury BIZ. scheme for HE
Issue Of Indefinite amount Of Government notes.
be loaned 10y the Government upon real estate
security ~ 4 low rate Of Interest. was the most
visionary and the most m9ra tcaLlc. He could con
cclvs OF nothing more certain T. destroy IN" credit
u the Government to dcprccatc iis notes and It,
obligations. and bring financial ruin upon this country
Unless the issue Of Government notes In excessive
amounts. but few iavoritcs-tIc people who now
controlled the wealth Of the cOuntry-cOud be accom-
modat'd With Government loans. The notes could
only lc made 90 pas, current while they were re
dccmablc ty hw AT the Treasury In gold aud silver
and vhile the Government p,s-,Sscd the ability To
redeem upon presentation. This would be wholly
mpIlcticaLlc. and from TIA first i,uc OF such notes
ucy would part company with gold and silver. and, II
the Issue continued. would d'prccatc until they
would be- ~ worthless rs the Confidential monN be
came after The Revolutionary War.
some people who talked nucntly about cheap money
had an inadequate conception OF the use OF money.
Money va, "a medium or tool Of exchange. II was
Invented ard was used H. general representative
Of value, to avoid thci inconvenience Of barter. II
money were cheap. property measured hy II would
be dear II the sub Treasury scheme could DC adopted
ss,i The Government notes should cepNtlte to -
cent, on the dollar In gold, bushcl Of wheat might
he worth 10 IN the deprecated currency. when II would
bring only IS In gold II deprecated curroury
became a measure OF vnue In this country, gold aud
silver rhe value Of which are fixed by the worlds
demand and the movements Of which could not 10
controlled by legislation would seek investment else
where aud the business OF this country would be con
Quoted on the basis Of cheap money furnished by the
Government.
The Mckinley tariff law, he aid had advanced the
prices ~ agricultural products decreased the importa
don into this country Of dutiable goods stimulated
manufactures and caused the establishment OF new
Industries and IL il received fair trial would secure
the production IN this country al annually increasing
amounts OF articles Of human industry consumed here
but which had heretofore been produced abroad. thus
giving American capital aud labor employment. and
Increasing the demand for raw material. while by the
sharp competition Of 65 10000 Of the most energetic
enterprising and skllful people on the face Of tho
earth the price OF manufactured articles TO the con-
sumner would be constantly reduced