The herald., 1897-02-17
THE EF|FTY-F0URTH CONGRESS
A Vermont Senator Advocates
BimetaIIiSm
CHANDLER'S PERORATION
A Fervent Appeal to Heed the PEOPLES
Needs
Prophecy Of Disaster to Follow the Delay
of Monetary Reforms-The House
Passes Pension Bills
Associated Press Special Wire

Associated Press Special Wire
WASHINGTON, Feb. Ex-senator
Chandler's speech in the senate to-day
in advocacy of bimetallism was one of
the notable efforts on the part of the
senator, not only for the scholarly care
with which he presented the question
from his standpoint, but for the bitter
sarcasm addressed to Senator Palmer
and the indianapolis convention the
arraignment of silver Republicans who
bolted the st. Louis convention and for
the dramatic personal exchange be-
tween Chandler and Pettigrew, the lat
ter being one of the boilers from the st.
Louis convention. 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 a warning against policy
of monometallsm. Then the senator
turned to the political phases of the
question, speaking in turn of Bryan, of
Palmer and of Mckinley. Palmer sat
across the aisle and was frequently ad-
dressed by the speaker as one who had
contributed to the election Of McKin-
ley. The controversy between Mr..
Chandler and Pettigrew was one of the
hottest personal episodes the senate has
had in a long time, the South Dakota
senator declaring Chandler's statement
relative to the violation of pledges at st.
Louis was wholly false. Chandler did
not modify his statement, but mutual
explanation restored cordial relations.
Chandler's peroration was an appeal to
the incoming president and his advisers
to heed the needs of the people, particu-
larly on the money question, and warn
ing of speedy political disaster certain to
follow delay.
presentation of the principles of finance,
the senator arguing against single
standard of either metal, silver or gold.
| He traced the gradual demone tiZa ton OF
| silver, the closing of the mints against
| the silver dollar in 1878, the efforts to
| restore silver and the serious blow struck
| by England to silver after closing the
Indian mints 1t remained,f for Secretary
| Carlisle, the senator declared, to strike
| the most severe blow at silver in his or
| der that the government would redeem
| it's paper obligations in gold only. By
| that act Secretary Carlisle struck out
, of use vast amount of silver and drew
ON the depleted worlds supply of gold
and gave the final blow to silver. From
the effects of this low depth to which 1t
had been reduced by the demonetization
of silved, bime tallism must now begin its
toilsome struggle upward.
Mr.. Chandler took the fall of prices,
particularly in farm products, resulting
from silver decentralization. He de-
clared that within the last twenty years
there had been q steady fall of prices
of all classes of property. His own con-
viction that silver decentralization was
| at the bottom of this downward move
| ment in prices, caused him seriously to
| doubt whether the era of restored pros
| perity 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 $780, The value of prop
| erty in the United States was siXty-five
| thousand millions in 1890; now it was
| estimated at forty nine thousand mil
! lions, a shrinkage Of rs per cent since
| 1890. Our debts had not shrunk, but re-
manned an ineXorable charge. Deduct
| ing them, the value of our property was
| cut down to thirty-three thousand mil
! lions. Can this proceed, asked the sem
| ator without widespread bankruptcy?
| He was of the opinion the gradual ten
dency was to leave debtors without
power of paying their debts until by q
gradual revolution the assets of debtors
were absorbed by creditors. If it had
not been for the fortunate balance of
trade in our favor during the past year,
he said, there would have been another
cataclysrn in this country which would
have prostrated all interests ana pro-
duced infinite misery in our business
and domestic affairs. 1t was because
| gaunt famine stalked through India that
| trade was favorable to us. For these
| reasons, Mr.. Chandler said. turning to-
| ward Palmer of Illinois. who sat near,
| he was opposed to such declarations for
permanent gold standard as that
enunciated by the Indianapolis cenyen-
| ton.
| At one point Chandler caused much
amusement by addressing himself to
| Palmer The New Hampshire senator
had read list of standard authorities
| on bimetalism and then, turning to Mr..
Palmer, he presented the Illinois sem
ator a copy of the list, saying he felt Il
would be helpful to the candidate OF
the indianapolis convention. Mr..
Chandler said silver monometallism had
led to the defeat of Bryan. The other
element of the Democratic party had
selected Palmer and Buckner on a sim
gle gold standard platform. 1t has re-
suited in giving to these estimable can.
didates 10000 votes in total of 14,000,.
600 votes. Nevertheless, said Mr.. Chand.
Ter, the assistance of these old-fash-
ioned gentlemen in the election of Mo-
Kinley was in a worthy cause.
Palmer remained in his seat across
the aisle, smiling occasionally at Chand-
ler's sarcastic illusions to him. This,
however, was but the prelude to sen.
sational episode between Chandler and
Pettigrew. The New Hampshire sem
ator said Pettigrew had been sent to
the st. Louis convention on a pledge
that he would support Mckinley and
"sound money" And yet within two
weeks that senator had repudiated his
pledge, had bolted Mckinley and .
sound money platform and soon there.
after had come out as a supporter OF
Bryan.
Mr.. Pettigrew had entered the cham
ber as this statement was made. He
advanced to his seat and interrupted:
do you make that statement on your
own authority, or as quotation?" he
asked.
II make the statement" answered Mr.
Chandler, taking 1t from the newspa-
per reports which are understood to have
given a correct statement of the case.
Mr.. Pettigrew. with explosive em-
phasis, replied: II brand that statement
as wholly and unqualifledly false In ev-
cry particular have made that ex.