The record-union., 1897-02-17

istration Against a Policy of rIono'
metaIlism, Saying the Republican
Party, by Such Course, WouIt
Find Themselves Soon Exchanging
Places With Their Now PROSTATE
Foes.
WASHINGTON, Feb. 16-Senatol
| Chandler's speech in the Senate to-da,
in advocacy of bimetallism was one O.
the notable efforts of the present ses
! sion, not only for the scholarly care
with which the Senator presented tht
! question from his standpoint, but fol
/ the bitter sarcasm addressed to Senator
! Palmer and the Indianapolis Conyen
| ton, the arraignment of silver Repub-
| licans who bolted the st. Louis Con
| vention, and for the dramatic persona
! exchange between Mr.. Chandler anC
Mr.. PettigreW, the latter being one ot
! the boilers from the st. Louis Conven
| ton.
| Chandler's speech lasted three hours
and was replete with incident. 1t was
an argument against a single standard
! of either metal, gold or silver, and q
warning against a policy of monomet-
allism. Then the Senator turned to The
| political phases of the question. speak.
ing in turn Of Bryan, of Palmer and o1
/ Mckinley. Mr.. Palmer sat across the
aisle and was frequently addressed by
/ the speaker as one who had contrib
uted to the election of Mckinley.
The controversy between Mr. Chand-
Ter and Mr.. Pettigrew was one of the
hottest personal episodes the Senate
has had in a long time, the South Da-
kota Senator declaring that Mr. Chand
ler's statement relative to the violation
of pledges at St. Louis was wholly
false.
Mr. Chandler did not modify his
statement, but mutual explanation re-
stored cordial relations
The peroration of Mr. Chandler was
an appeal to the incoming President
and his advisers to heed the needs OF
! the people, particularly on the money
question, and a warming of speedy DO
litical disaster certain to follow delay.
The early part of the speech was a
presentation of the principles of fl
nance, the Senator arguing against a
single standard of either metal. silver
or gold. He traced the gradual de-
moneuization of silver, the closing of
our mints against the silver dollar in
| 1913, the efforts to restore silver. and
the serious blow struck by England
a agafnst silver in closing the Indian
mints.
But it remained for Secretary Car
isle" the Senator declared, ito strike
the most fatal blow at silver in issuing
his order that the Government would
redeem its paper obligations in gold
only. BY that act Secretary Carlisle
struck out of use a vast amount of sill
Yer, and drew on the depleted world s
supply Of gold and gave the final blow
to silver. From the effects of this low
depth to which it had been reduced by
the demonetization of silver, bimetal-
Msm must now begin it's toilsome strug-
gle upward
Mr. Chandler took up the fall of
prices, particularly in farm products,
resulting from silver demonetfzation.
he declared that within the last TWEEN
ty years there had been a steady fall
of prices of all classes of property. His
own convictions, that silver demone-
tlzatIon was at the bottom of this
downward movement in prices, caused
him to seriously doubt whether the
era of restored prosperity was near at
hand. He was led TO the conclusion. he
said, that prices had not yet touched
bottom
The shrinkage in prices had been
most serious since 1890. The value of
property in the United States was six
ty-five thousand millions in 1890; now
it was estimated at forty nine thou
sand millions, a shrinkage of - per
cent. since 1890. Our debts had not
shrunk, but remained an inexorable
charge. Deducting them, the value of
our property was cut down to thirty
three thousand millions Can this
proceed" asked the Senator without
widespread bankruptcy" He was of
the opinion that the gradual tendency
was to leave debtors witout the pow
ers of paying their debts. until by a
gradual revolution the assets of debt
OTIS were absorbed by creditors. If it
had not been for the fortunate bal
ance of trade in our favor during the
past year, lS SdtU, I[leTe NOliIu nave
been another cataclyys1n in this coun-
try which would have prostrated all
interests and produced infinite misery
in our business and domestic affairs. 1t
was because gaunt famine stalked
through India that trade was favor
able to US. For these reasons, Mr.
Chandler said, turning toward Mr.
Palmer of Illinois, who sat near. he
was opposed to such declarations for a
permanent gold standard as that enun-
ciated by the Indiana political con-
vention.
At one point Mr.. Chandler caused
much amusement by addressing him
self to Mr.. Palmer The New Hamp-
shire Senator had read a list of stand
ard authorities on bimetallisn, and
then, turning to Mr.. Palmer, he pre-
scented the Senator from Illinois with
copy of the list. saying he felt it
would be helpful TO the candidate of the
indianapolis convention.
Mr.. Chandler said silver monometal-
lism had led TO the defeat of Mr. Bryan.
The other element of the Democratic
party had selected Palmer and Buckner
on a single gold standard platform. 1t
had resulted in giving to these estima-
BILE candidates 1876 900 votes in a total
of 14,o00, GOO votes. Nevertheless, said
Mr.. Chandler, the assistance of these
old fashioned gentlemen in the election
of Mckinley was in worthy cause
Palmer remained in his seat across