Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-03-19
Debate Between Students of Column
bian and Georgetown Law Schools.
VIEWS ON THE FINANC Al QUESTION
A Large and Enthusiastic Audience
Hear the Debate.
THE JUDGES AW ARD

The first debate of the second series be-
| tween the Law Departments of Columbian
| and Georgetown Universities was held in
Metzerott Music Hall last evening.
Fully an hour before the time for open
| ing the contest the audience began to ar
| rive They continued to arrive. too, and in
| such vast numbers that at 7:30 1t became
| necessary to close the doors, and only those
| holding reserved seat coupons were ad-
| mitted thereafter. Within pandemonium
| reigned. not only before and after. but at
| intervals during the debate. Several hum
| dred students from each university were
seated on either side of the gallery, each
| crowd attempting to outyell the other. 1t
was not a good place for one who was
| afflicted with weak nerves or delicate ear
| drums. ...-.
| The hall presented a most attractive ap-
pearance. The compact audience was
dotted here, there and everywhere with the
colors of their champions. The flags and
pennants of the two universities were con-
spicuousiy arranged at various points. A
most unique decoration was worn by each
| OF the ushers, namely, a necktie made of
the colors Of his university.
The debate itself was of a very high Or
| der. The speakers were all good and their
EFFORTS were enthusiastically applauded.
Opening of tho Debate.
|
Resolved, That bonds hereafter issued by
the United States government shall be paid
principal and interest, specifically in gold"
Columbian upheld the proposition and
| was represented by Messrs. Fred Achen-
| bach of Missouri, Guy Underwood of Ohio
and Adolphe Mcneil Sayre of New York
Georgetown, upon the negative, was cham
| pionsd by Messrs. Thomas F. Brantley Of
South Carolina, William B. Bankhead of
Alabama and John S. Leahy Of Missouri.
The judges were Messrs. John B. Cotton
Lawrence Gardner and Frank Hume.
-, Inc ne debaters took their seats upon the
platform shortly after 8 o'clock. President
Henry h. Beck Of the Georgetown Law
school Debating Society acted as chair
man, and announced the various features
or the program.
The first number was a pleasing vocal
solo by Andre J. Scanlon. Mr.. Beck then
made a graceful address, in which he well
coined IN cordial and pleasing language
those who had gathered to witness the
contest between the two universities. He
presented as the first speaker upon the
affirmative Fred Achenbach, who entered
Immediately upon a discussion of the sound
money question, leading up in his argu-
meht to the question directly at issue.
To he first in commerce, he asserted, we
must adopt and use the most approved
instrument OF commerce. We must use a
money which performs its office every
where We must use gold. Gold is the
money which all commercial nations use
changes.
The immense annual foreign commerce of
this country must be measured. balanced
and paid in gold. 1t was plain from the
common observation of all that silver was
too bulky for large payments and that
gold has qualities which adapt it for large
exchanges,and therefore government bonds
which read in thousands and millions
should be made payable in gold.
Mr.. Achenbach then illustrated his prop
osition as TO the relative value of the va
rious currencies of the United States by
holding up in succession paper, silver
and gold dollar.
The first, he said, if put in the fire would
be totally. destroyed, the second If treated
| in similar manner would. as result Of
the operation. be reduced to condition
which would render it worth but half Its
former value, but the value Of the third
would be unaltered. -, .,-..-
The paper dollar was not money, but the
promise of money, the silver dollar was
one-half promise and the other half money,
and the gold dollar alone retained its full
value irrespective of any influence and is
worth a dollar here and everywhere. The
object of issuing bonds concluded the
speaker was to obtain gold. and it was but
equitable that these should be made pay
able, interest and principal, specifically in
gold.
The speaker was closely followed by the
audience, and warmly applauded as he took
his seat.
For the Negative.
Thos. F. Brantley was next introduced,
and he opened the debate for the negative.
He said that it was hard to attempt in so
short a space of time to speak upon a
topic which had staggered and thwarted
for centuries the most sagacious minds that
America has ever produced. Money, he
contended. is purely a creature of the law
and it made little difference whether it was
coined from gold or silver The demoneti-
cation Of silver would result in untold
misery. A greater volume of currency was
needed and silver should supply the need.
He argued that the scarcity of gold might
in the future present very difficult prob
lem and an enactment such as that pro-
posed in the question at issue would make
it almost impossible for the government to
meet it's obligations.
Guy Underwood who next spoke upon the
affirmative, took the audience by storm
His speech was frequently punctuated with
enthusiastic applause and his telling points
were fully appreciated by all.
Our government" said he, "has always
recognized the difference between a ccm-
modify money and a credit money, the first
having value per Sc, and therefore of use
in international relations and the second
having fictitious or nominal value to be
used solely in domestic trade.
LAS consequence, the government has
always paid it's obligations in the highest
medium of exchange known to natior s.
gold. The war broke in upon this rule, but
as soon as 1t was over the public credit act
was passed, making all our national Obli-
cations payable in coin. No one questioned
that this meant gold, and our credit abroad
was gilt edged. We were proud of our
success, proud of our credit and prouder
still Of our hustlng energetic qualities"
But with the advent Of the Fffty-second
Congress new line of financiers assumed
control. They upset the existing state of
affairs by insisting that the phrase "in
coin,'' which was to be found upon the face
of eur bonds, meant that the interest could
be paid in silver. This feeling upon their
part was Immediately followed by a gen.
eral unloading of our securities, and dis
trust and lack of confidence ran rife.
The speaker admitted that this govern
ment might pay its interest obligations in
silver but by so doing it would commit
grave wrong, and one for which there could
be no redress for the wronged. An horest
payment of honest debts must be the record
of our nation.
Whole Subject of Finance.
Mr.. Bankhead, who was the next speaker,
made very pleasant impression upon the
audience. The question of the evening
involved not only the question Of bonds
and their redemption, but embraced the
whole subject of finance and the entire
scheme of governmental monetary control.
I'm sentence" said he, '1et us briefly
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