Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-30
oP POSED TO BOND S
Views Of Mr. Mitchell as Expressed in q
Senate Speech.
He Thinks That an Increase In the
Public Debt is Net Necessary
Talk About silver.

in the Senate today on the silver-bond bill
in the course of which he said that the
question presented was whether it was ne
cessary to increase the bonded indebted.
ness to maintain the gold standard, or by
greater use of silver restore it to it's pri-
mary place as money of the Constitution
The Constitution and the platforms of the
republican party. he declared. were in &C.
cord in demanding the use Of both gold and
silver, and quoted Daniel Webster on the
Constitution as declaring that the coinage
Of both gold and silver was command.
Mr.. Mitchell pointed out that our foreign
Indebtedness during the past twenty-five
years had greatly increased, notwithstand-
ing the fact that during that time there
was balance of trade in our favor I'm
exports of 1868 1926. and gold exports OF
$271. 100. 721. This balance was maintained
by protective tariff.
1.-The cause" said Mr.. Mitchell, sis this
vast balance of trade in our favor during
this period of merchandise gold and silver
has gone to foreign lands, mostly to Eu-
rope, to meet the expenses of freight
charges in our carrying trade, to pay the
interest on our foreign Indebtedness. and
the expenses of travel of Americans in
Europe. This Is the manner the debt has
been created and is constantly accumulat-
Ing. and we are unable to meet the interest
reason Of the great depression In the value
of our exports since 1873.
There are, in my judgment. two remedies
to be applied:
First, our shipping laws must be amend
ed, our merchant marine must be encour-
aged and built up. and VI must become our
own carriers; and,
Secondly, we must leg,slate to increase
the value of our export commodities, so as
TO enable us 10 meet, reduce, and, IL pos
sible. wipe out the debt which today makes
the people of this country virtually slaves
to the money lenders of Great Britain We
must reduce our expenses, and instead of
issuing new bonds stop mourning obHga-
tons abroad and increase, If possible, the
value of our commodities, including silver,
with which to meet the Indebtedness"
Mr.. Mitchell discussed at some length the
competition Of China and Japan with the
United States. 1T is incredible" said the
Senator that the people cannot be made
to rellize the great, transparent fact, so
absolutely apparent. that the effect of the
operation of the single gold standard is to
bring our laborers, our manufacturers our
artisans and our farmers as WELL into di-
rect ard ruincCs competition with the Ia
borers, the manufact lrars, the artisans and
the farmers of every silver standard, silver
using country in the world.
Ihe purchasing power of silver in all
S1lVer-uSing Countries" he said has not
deprecated. 1t is great today as ever
before. The purchasing power of silver
bullion even in this country is as great
iio" as ever at any Time in the past. Their
standard of value is silver
Mr.. Mitchell described the great indus
trial development of Japan. He said the
Only remedies which could protect the peo-
pie of America from the inroads of the
orient were the abandonment of the single
gold Standard. ard a protective tariff Mr..
Mitchell announced that he was against
any increase in the public debt to main
tain the gold standard. AS to the bon
Dill, as it came from the House. he said:
4 decline to give further authority to the
Secretary of the Treasury to issue add
tiCnal bonds in time of peace
FIRST. Bee arse 1 deny the necessity for
any such additional issue
Second Because l am unalterablv on
posed tc further increase of our Interest
bearing public debt.
Third. Because in encoura ging add,-
ticnal boEd issues at any rate Of interest
helleVe we are, instead of sustaining the
pubic credit. but Fastening the rapid ap-
preach Of national bankruptcy; and
Fourth. Because am a republican, and
every republican convention OF every state
IN the Union which has convened in the last
year mas condemned in emphatic terms the
present administration for issuing bonds.
and thus increasing the national indebted
ness.
II am unwilling under any plea of neces-
sity TO aid the party to which belong i'm
oGlhg that which as party it has most
emphatically condemned in others"
Mr.. Mitchell closed with plea that the
United States should not remain suhsery-
1ent to Great Britain, and declared that II
this country should assert its monetary in
dependence, New York, and not London,
would be the clearing house of the world