Evening star., 1897-02-16
Mr., ohandler's Speech Against a
Single Monetary Standard.
REASONS Fos Ik FALL IN PRICES
House occapisdANith coosidera-
tior Of Pension Bills.
MRS. ALLABACH's BILL FAILS

rev. W. ). Is. Brown, DID,, OF wesley
Chapel. Londen. offered the opening prayer
IN the Senate today. It was an impressive
invocation. Reference was made to the
President and the President-elect, and 1t
asked that those who desired permanent
peace between the two great English-
speaking nations might have their desires
accomplished.
House bill was passed rearranging the
judicial districts Of Arkansas.
When several senators sought to give
I.otice Of advancing various measures to.
morrow. Mr.. Sherman came forward with
the statement that he would ask the Sem
ate to go into executive session tomorrow
On the 'Anglo-American treaty Of arbitra-
ton, when he hoped to secure final action.
fhese notices. therefore. must be with the
understanding OF his purpose tomorrow.
Mr.. Platt called attention to the fact
tnat Mr. Lodge had given notice Of going
on with the immigration bill.
Mr. Sherman did not, however modify
his statement.
house resolution was agreed to author
izlng the Secretary of War to loan tents
at Buffalo
The bill amending the timber culture
laws, recently recalled from the President.
was reconsidered. the House amendments
disagreed to and the bill sent to confer
ence.
Mr.. Chandler Against n Single stand-
ard.
Mr.. Chandler On HI was then recop
nized for speech. of which he had given
notice. on his resolution reciting that .it
is the sense of the Senate that the United
states should not permanently acouiesce in
the s1ngle gold standard. and that the ef-
1orts OF the government In all its branch
es Shouid ne steadily directed to secure and
maintain the use of silver as well as gold
as standard money with the free coinage
OF Dotn. under system of bimetalism to
be established through International agree
ment. or with such safeguards of leg!s-
iation as will insure the parity in value of
the two metals at a fixed ratio furnish a
sumclent volume Of metallic money, and
give Immunity to the world of trade from
violent fluctuations in exchange
The early part of the speech was a pre-
sentatlon of the principles of finance, the
senator arguing against a single standard
OF either metal, silver or gold.
he traced the gradual demonetization of
silver the closing of our mints against
store silver. the serious blow struck by
England against silver in closing the In
dian mints. BH 1t Remained for Secretary
carlisle. the senator declared, to 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
vast amount of silver and drew on the de-
pleted worlds supply |of gold and gave the
final blow to silver. From the effects of
this low depth to which 1t has been re-
duced by the demonstration of silver BIZ
metallism must now begin its toilsome
struggle upward. ~ tt"-
Mr.. Chandlerofook up the fall of prices,
particularly ins farm products, resulting
frc-n silver characterization. The senator
declared that within the last twenty years
there had beenI steady fall of prices in
all classes of properly. His own convic-
tions that silver demonetiZation 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 con-
clusion, he said. that prices had not yet
touched bottom.
The Shrinkaxe In Prices.
This shrinkage in prices had been most
serious since 1880. The value of property
ir the United States was s65OOO.UO0.OOO in
1890; now 1t was estimated at S49, 900 600 0O0.
a shrinkage of 25 per cent since 1880. Our
dc BITS had not shrunk, but remained IN
execrable charge. Deducting them. the
value OF our property was cut down to
s33, 900, 100000. Can this proceed, asked the
senator. without widespread bankruptcy?
lie was of the opinion that the gradual
tendency was to leave debtors without the
power Of paying their debts. until by a
gradual revolution the assets of debtors
were absorbed by creditors.
II it had not been for the fortunate bal
ance of trade in Our favor during the past
year. he said. there would have been a
business cataclysm in this country which
would have Frustrated all interests and
produced infinite misery in our business
and domestic affairs. 1t was because
gaunt famine stalked throughout India that
trade was favorable to US. for this horror
of the orient had proved a benefit to us.
For these reasons, Mr.. Chandler said
turning toward Mr. Palmer Qn), who sat
near, he was opposed to such declarations
for a permanent gold standard as that
emuncia.ed by the Indianapolis convention
The senator took up the relative produc-
ton of the metals. He said the experience
of the last year had shown almost providen-
TALLY that the claims of an over production
of silver were grounoless, the product of
1896 being s215,OOO00O of gold and s2l5,-
QN,OO of silver-aa exact balance.
At one point Mr.. Chandler caused much
amusement by addressing himself to Mr..
Palmer. who sat across the aisle. The New
Hampshire senator had read list of stand
ard authorities on bmetallism and thes
turning to Mr.. Palmer ne presented the
Illinois senator with copy of the list, say
ing he felt it would be helpful to the can
didate of the indianapolis convention.
Mr.. Chandler said silver monometallism
had led to the defeat of Bryan. The other
element of the democratic party had Sc
lected Palmer and Buckner on single gold
standard platform.
A SensntiOnnl Outbreak,
There was a somewhat sensational out
break in the Senate at 2:45 today, when Mr..
Chandler accused Mr.. Pettigrew of having
been chosen as a Mckinley delegate to the
st. Louis convention and then violating
distinct pledge that he would support Nc
Kinley and the gold standard
Mr.. Pettigrew branded the statement as
unqualifiedly false.
Mr.. Chandlerq maintained the truth of
his statement, and the two senators ad-
dressed each other personally in a hot ea ea-
change. ~
THE HOUSE.
At the opening Of the session of the
House today MI. Ketr (ohio) called up the
bill to increassn the pension of Nancy @.
Allabach, widow of Col. Peter H. Aliabach
Of the 131st Rannsylvania Volunteers. to
$50 per month, which was recently vetoed
by the PresideAt. 30
Mr. Kerr denied that the Presidant b.d