New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-15

uou,d vote In accordance with his convictions. In
1873 he asserted the United States demonetized
silver. This had been questioned in the course o,
the debate. From 1872 TO 1873 the United States had
had bimetallism This proposition. Also he SAD
had been controverted by advocates OF the single
gold standard who now maintained that. not"'th-
standing the existence Of the statutes on this SUD-
iect there had not really been blmetaliism IN thS
country The confusion in his opinion. grew out OF
the failure TO distinguish between a standard ana
currency This distinction existed. and he quoted
from a message from President Cleveland. VINO
ought to be satisfactory authority to the goio
standard advocates" TO show that II was aPpre-
ciated The law OF 1892 establishing the mint con-
tanned the basis Of the bimctasm which proVided
for the equal coinage OF coins of two metals Doth
OF which are Of the same debt-payng and pulchas-
ing power The standard Of value comprised both
metals
BASIS OF THE STANDARD OF VALUE.
In his argument on this point Mr.. Crisp asserted
that the standard OF value was based on 'le use "a
all the money in the world. and not on 'ha' Vi ""'
single or particular Nation. SO long as any COM
mercia Nation opened its minis to silver the s'au
ard of value was based both gold ana silver
That was tho condition up TO 1873 when the Illea
States demonetized silver. Discussing the c'.e0''
OF the law Of 1919, MI Crisp said 1t was s'lc-'s
In the bark for any man to say that Ia" 'oui" "o'
affect values The law could and ala a1ect values
by regulating the demand for the article TO DO
valued That was the way in which the act OF 1873
reduced the value OF silver by reducing the demand
for II as money II law could not affect VaiueS' ne
asked how could international agreement III
feet values? What did the platforms OF DOM great
political parties mean when they sald 'hat Inv!
favored the resumption of silver coinage under an
international agreement or surrounded by hcces-
sary legislative restrictions? If law could not aHec
values. what did we mean. Mr. Crisp asked D! say
Ing that we would trust the maintenance OF 'he
parity OF the two metals BY Legislative res'Tic-
tions?"
Mr.. Crisp asserted that the results of the demone-
tization OF silver in 1878 had been most disastrous
They were first seen in the struggle for gold by all
the nations. He quoted from speech made by
Senator Sherman in 1876. in which MI sherman
averred that the partial destruction OF SILVER as Il
money metal was felt by every man. woman ana
child who had anything to sell" Mr.. Sherman re-
fcrred In that speech 10 the 'apprecatng purchas-
ing power Of gold-an assertion which was now Wig
orously denied in the House Another result MI
Crisp SAID seen in the constantly falling scare
OF prices which had existed since 1873 While TINS
was the condition under when business was eUIi 1
Quoted no man could tell where he stood, ana
doubt and distrust and distress necessarily ehsuea;
agriculturists not confined 10 the Chte1
States, but was to be found IN the god stapa ad
countries everywhere. In support OF TINS ne Ieau
from an interview on February with "A. ). Eanout'
First Lord of the Treasury In Sasnqrys SSpet
II. There proba by Mr. Crisp SAD said, IN IN
view of Mr. BafonTs decaaOnS si@ for
free coinage And he was Of the opinion that nothing
substantial could be looked for, from any other
GoVernn,ent The treatment of silver in the United
States. he satisfied, had been part OF the gen
He reviewed the financial legislation in this country
since 1873 and the policy Of the treasury pepac i
ment from the time the resumption OF specie
paymen,s and charged that. by whomsoSVer al,
mnstered the Treasury Department naa p o sn
deavor TO maintain 1t in the markets in the word
and thereby discreditinG II.
SECRETARY CARLISLE'S JUGGLING.
Referring to Secretary Carlisles refusal to change
silver for gold because he must retain the SILVER 10
support the Treasury notes issued under the act Oh
1890 and yet when of those notes IS presented
he redeems IL in gold" Mr.. Crisp exclaimed: What
kind of Juggling is that with the American people?
What kind Of friendship for silver is that" Cap
plause)
II, Is not the coinage Of every ounce OF SILVER
which gives It Its value" said the speaker Du'
the right OF every ounce Of silver In the WoTId 70
be coined" Applause) Were that risnt resloreIn;;
he said. the old parity OF the TWO metals "ouid
eey On De the Repubcan side Seeved tha, the
obligations Of the Government should be paid IN
But they would not do go. When the President
sen, mis- message to Congress last winter, ne asSed
that he be empowered TO make the ponus ne hau
contracted to sell The syndcate payable IN goo;
States wouid receive ,soooeD more interest than
the purchasers would pay Tor CON bonds. But
him hin the privilege he asked 30 You say now"
asked Mr.. Crisp that, having paid 100000 for
not do so?' CAppause) The dust had been raised
by the money-deaers themselves; they asked Con-
offered to pay 100000 for a favorable decision.
But having reached a different decision, Congress
told: You must not pay the bonds in
silver. because II you do you will trail in the dust
the financial honor of the country" Cpp.ause)
10 receive substantial relief. because this Re
publican Congress was a "do-nothing Congress"
was proceeding The present preferment Of the
specially favored creditors Of the Treasury by which
hoy iye1p gold tbatr cia II
the deliberate surrender by Republican Secretaries
Of the Treasury Of the optional rights Of the Gov
say. by Democratic officials The maintenance of
one b psr Sherman S1 the act two metals tine
contained no provision on the subject
COSTLY FINANCIAL EXPERIMENT
Referring to the endless chain" Mr. Crisp said
the Government was engaged in the most ex-
pensive financial experiment ever undertaken in
the history Of nations. and he asserted that ono
probable result would be the locking up of all the
greenoacks. thus bringing about a reduction OF the
would not, as Representatives,, vote to do
the United States, s.ngly and alone Undertake SEr
S the the ss ednas of .,
tn afy 1t aS SSud oo bssBs al to The
Mr Crisp said il was great Historical GI act thai
ib for period Of seventy years ga maintain
Of silver practically unchansed IF il Was v" eos
s s that an international agreement could re-
said. then was conceded that law could
affect values. and the practical question was not
how much power. Applause)
MT Crisp quoted from the late ex-secretary
manning to prove that II possible for the
United states to restore and maintain silver coin
ege: That was In the days before Z had been
discovered that law has power affect values
Applause) Senator Sherman. then secretary Sher-
man. rad said that in government Ike ours II
was always good thing to obey tho popular viii
AND why should y not be- Mr.. Crisp asked
Further quotations were made from Mr. sierrnan' .
speeches and letters by Mr.. Crisp. 10 show, he
said me reasonabeness and proprety Of our
contention" In one OF them Mr. Sherman had said
that whenever the difficulties in the way have
the great commercial nations. the old relatiy
ratio between the two metals Will have been more
firmly established than ever" He aid not be-
lieve," commented Mr.. Crisp. '1n the modern
theory that law cannot affect values and that