The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-02-13

an1a, opposed the senate substitute. Ihe
whole House. he said, WAS agreed that
it WAS the duty of every one to SECURE,
if it could be done, by legislation, good
money. Good money was that money
which in intrinsic value approximated its
coiuage value in its purchasing power,
was equal TO that Of the best of other ma
Jions. 1t was because, he believed, the
free coinage OF silver would depreciate
the value of the money of the United
States that he was opposed to ii.
Mr.. Bailey, Democrat Of Texas. spoke
in support of the Senate substitute. He
said that for fifteen years the friends of
gold standard have been claiming that
they favored an honest standard, and that
the friends of the silver favored dis
honest standard. He would endeavor to
show that this assumption is unfnunded.
The argument of the gold standard
advocates was that the value of GOLD has
been steadily maintained, and that it was
therefore 60 be retained as the standard.
The difference bewteen the two schools
IN the matter OF iiannce was that he and
| those who believ 5d with him, asserted
| that gold has steadily appreciated in
value for the past twenty-five years and
was therefore to be abandoned as the
money standard. Gold and silver togeth-
er used, he said, formed a better and
more stable basis for currency than either
alone. He preferred stability and parity,
| and if it became question of one with
out the other, he preferred stability to
parity. (Applause.) He exhibited
chart showing that twice within this
century had there been an era of falling
prices; both, he as serted, had been the
result of over production. Over-prodno-
ton, he said, was the natural condition
OF mankind, for upon it depended every
mans hopes and expectation of laying
by something in years CT his active labor
for years when he can no longer work.
Another proposition was that the fall of
prices in itself was not to be deplored;
it might be, and in many cases was, q
benefit.
HaaMr. McCleary presented Scother's ia
bles, as given in the consular reports for
Decent Der, 1887, of the course of the
prices of grain, beef, pork, produce. fish.
manufactured articles, etc., for 1647 to
| 1850, selected Ey that great economist as
the safest period of the century to form a
basis of comparison, period of peace
and bi-metalism. They showed, in
comparison with the figures of the years
since 1878, thatain those good Gold bi-
metallic days, prices never reached those
of more recent years. Mr. McCleary said
that ever before in che history Of the
world would days wages have procured
SO much and so many of the good things
Of life as in 1892, and never in the history
of the country had it been easier for a
man who wanted work to obtain it.
Referring to Mr.. Towne's tables exhib-
tied to demonstrate the assertion that the
coinage law of France. enacted in 180S
which maintained for seventy years the
two metals at practically the same COM
mercial rauion as coinage ratio. Mr..
MoCleary showed from Sootber' stab les
that for more than 1S0 years previous to
1S03 the commercial ratio between the
two metals was maintained at the same
figure. So the French mint law had
but very little, at most to do with the
maintenance of the ratio. Mr.. McCleary
said, were he a deleagte to the national
convention he would vote against the
plank in the platform declaring for a
coinage of silver at the ratio Of 16 to l.
At the conclusion of Mr.. McCleary's
speech the House took a recess until
eight.
Mr.. Gillette of Massachusetts, intro
duced in the House today a bill TO pre-
vent the notification of the state anti
gambling laws through interstate gam
bling by, use of the telegraph, telephone or
otherwise. 10 accomplish this object
the measure extends to such gambling
penalties, fine and Imprisonment provid
ed for Interstate gambling by mail or
express.
This evenings session was attended by
six members Messrs. Bingham, RepuD-
lican of Pennsylvania, Wood. Republican
of Illinois, and Gardner, Republican of
New Jersey, spoke IN opposition to the
senate substitute for the bond bill.
At nine, the House took q recess until
10. 80 tomorrow morning.
IN THE SENATE.
Washington, February 12-Y yesterday
afternoon, in executive session, the treaty
between this government and Great
Britain for settlement of claims grow
ing out of the alleged Behring sea seal
fishery seizures, was laid before the Sem
ate and referred to the committee on
foreign relations. The convention was
considered this morning by the commit
tee and no conclusion was reached, the
time being consumed by Senator Nor
gan. who made an elaborate statement
to the committee of Ifs views ON the SUBJ
iect and it's relation to the finding of the
court of arbitration held in the Paris
convention and is signed in behalf of
the United States by Secretary of State
Olney and in behalf of Great Britain
by Ambassador Pauncefote. 1t provides
for the appointment Of one commission
or by each government; If these two oan-
not reach conclusion, an umpire, or
third commissioner, is to be selected. II
the two governments can not agree upon
this umpire, the convention stipulates
he shall be named by the President of
the Swiss Republic. Whatever may be
agreed to by these commissioners, is to
be binding upon two governments par
ties to the treaty. The text of the con-
yention is unsatisfactory to the commit
tee, in one particular at least, and will
be amended. 1t provides for the finding
of the claims of subjects of Great Britain
against the United States for alleged
illegal seizures. and ignors the possible
existence of any claims by citizens of
the United States against the Domin-
ion of Canada or Great Britain and the
amendment Will correct this oversight.
In the Senate Mr.. Teller, Republican
of Colorado, introduced a bill to provide
for coin redemption of national bank
notes it was referred to the finance COM
mite.
Mr. Hansbrough, RenuhIican of North