Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-02-17
In FAVOR OF SILVER
Senator Chambers Able Effort for
BimetalSm.
WARNING AGAINST M0NOMETALIsn
Secretary Carlisle, lie Says, Struck
the Most Fatal Blow at tho
White Metal.

WAsHINoToN, Feb. 16.-Senstor
Chan dler's speech in the Senate today
In advocacy of bimetalism was one OF
the notable effotrs OF the present ees
sion, not only for tho scholarly style
with which the senator presented the
question from his standpoint, but the
bitter sarcasm addressed to Senator
Palmer and the indianapolis conven.
ton, the arraignment OF silver Rspub-
licans who bolted the st. Louis conven-
ton, and for the dramatic personal
exchange between MIR. Chandler and
Mr.. Pettigrew, the latter being one OF
the boilers from the st. Louis oonven.
ton. Mr.. Chandler's speech lasted
three bourp, aud was replete with
Incident. 1t was an argument against
single standard OF either metal, gold
or silver, and warning against O
policy OF monometalism.
The early part OF the speech was n
presentation OF the principles OF
finance, the senator arguing against a
single standard OF either metal, silver
or gold. He traced the gradual de-
monstization OF silver, tho closing Of
some OF our minis against the silver
dollar in 1873, the efforts to restore
silver, and the serious blows struck by
England against silver in closing the
Indian mintE.
But II remaipad for Secretary Car
llple, the senator declared, to strike the
most fatal blow At silver in issuing his
order that the government would re
deem lite paper obligations in gold My.
BY that act Secretary Carliele struck
out OF uae vast amount OF silver aud
drew on the depleted worlds supply OF
gold aud gave the final blow to silver.
From the effects OF this low depth TO
which IL had been reducsd by the
demonstration OF silver, bimetailism
must now begin lite toilsome struggle
upward.
Chandler took up the fall OF prices,
particularly farm products, resulting
from silver decentralization. He de-
clared that within the last twenty
years there had been o steady fall OF
prices OF all classes of property. His
own conviction tina. silver demoneti.
cation was at the bottom Of this dow u
ward 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 bot
tom.o
The shrinkage in prices had been
most serious since 1880. The value Of
property 10 the United States was
slxty.five thousnnd millions in 1890
now, 1t was estimated ut forty-nint
thousand millions, shrlnkage
OF rs per cent since 1859. Oui
debts had not shruuk, but re.
mained an inexorable charge. De
Quoting them, the value OF our prop
erty was cut down to thirty-thres
thousand millions. He was OF thu
opinion the gradual tendency to leav.
debtcrs without the power OF payinG
their dabts untilt gradually the asset
OF debtors were absorbed by creditors
II it had not been for the fOrtunat,
balance of trade In Jour favor durinJ
the past year, he said, there woult
have been business cataclyam IL
this country which would have pros
tTatsd all interests and produced in
finite misery in our business ant
domestic affairs. 1t was becRus,
gaunt famine stRlked through Indis
that trade was favorable to uR. Fo
these reasons, Chandler said, turning
TO Palner, who sat near, he was op
posed to such declarations for perms
nent gold standard as that enunclate'
by the Indianapolis convention.
AT one point Chandler caused muct
amusement by addressing himself t.
Palmer. The Flew Hampahire senate
had read list o! e;4thor!ties OIL
bimetaliism, and then turning L
Palmer, he presented the IlIinoi
senator copy OF the liet, saying b.
felt it would be help!al to tho candidate
OF the Indianapolis convention.
Chandler said silver moaometalisn
had led TO the defeat OF Mr.. Bryan
The other element OF the Demoorati
party had selected Palmer and Buck
ner on single gold standard platform
1t had resulted in giving to thes
est;mable candidates l36, 900 votes 10