The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-16
RELATION BETWEEN SILVER AND
PROSPERITY DEBATED BEFORE
THE HOUSE COMMITTEE.
MONETARY CONFERENCE UP.
NEW JERSEY CONGRESSMAN OPP
POSED TO ANYTHING BUT THE
GOLD STANDARD.
An Appropriation of Fifty Millions
Made by the House Under Sus-
pension OF fiie Rules.

WASHINGTON, Feb. 15.-The house
committee on coinage today took up
again the discussion of the bill for an
international monetary conference. The
proceedings were begun by Representa-
tive Hartman, of Montana, a member
Of the committee, who urged that
action should be taken as soon as pos
sible upon the bill in view of the APP
preaching death Of the Fifty-fourth
congress.
Representative Fowler, Of New Jer-
sey, a member of the banking COM
mittee, spoke in opposition to the pro-
jected conference. In the beginning,
he replied to certain arguments made
at an earlier meeting by Representa-
tive Newlands, Of Nevada, upon the
effect of the demonstration Of silver
OH the railroad business of the United
States Railroad failures had not been
confined to the United States in recent
years, Mr. Fowler declared. The en-
tire world had been swept since 1884,
by wave Of speculation. Incident to
this, thousands of miles Of steam rail-
roads, miles Of street railroads, which
could not pay for many years, had been
built Thousands of acres of farms had
been cut into building lots which were
unoccupied. Railroads had been busy
carrying the freight to construct specu-
lative works throughout the Western
states When the inevitable collapse
came, these roads We're left without
any business except supplying the daily
necessities of the population.
Of MinToznt7
inquired whether the silver standard
countries had suffered much from such
cause as the gold standard countries.
To this Mr. Fowler replied that the
silver standard nations had already
reached the bottom level in business,
and If they moved at all could only
move upward.
When Mr.. Fowler stated that the
BUSINESS collapse had eliminated in 1898,
Mr.. Mcclure, Of Ohio, inquired what
would be the effect upon country IN
q state of collapse of cutting Off the
YEARLY issue Of fifty millions Of currency
expended for silver under the Sherman
act.
Mr.. Fowler replied that $50,000000
was but a bagatelle in the yearly BUS
mess Of the United States, and that
the repeal Of the Sherman act mad
removed the principal cause VI
ness uncertainty. Continuing, MI
FowIer said that the Sherman law had
been the last straw, and on top OF that
came a. tariff law which failed to pro-
Guce enough revenue to meet the ex-
penses Of the government within $50'-
100000. Yet a revenue deficit OF Sl0o,-
COO, 600, 900 would not have brought
panic, had the country been unequl-
vocally on a gold standard. In addf-
ton business was hampered by bank
ing system, which, instead OF tld1ng
it over q speculative crisis, brought
immediate liquidation.
Replying to Mr.. Newland's argu-
ment upon the effect Of the fail in
wages in Japan and China from the
decentralization of silver, Mr.. Fowler
said that a fall Of Is to cents in Jap
anese wages was immaterial, so FAR
as the financial question was cor
cerned.
Mr. Newlands explained that the ap-
probation in values, due to the de-
monetization of silver, had stimulated
production in silver standard coun-
tries, because those countries were un-
willing to turn their silver into gold
at a great loss to buy the products or
gold standard countries.
Then Mr. Fowler read q ,cablegram
announcing that Japan was to go on
a gold basis at a ratio with silver OF
L
Japan as a factor in the silver ques-
ton.
The discussion drifted into a general
canvass of the adequacy Of the worlds
gold supply, during which Mr.. Fowler
quoted the increased supply of gold
yearly from the mines, and Mr.. TowEe
quoted authorities to the effect that
the entire annual production Of gold
for several years had been consumed
in the arts. The main question of an
international conference had not been
reached when the noon hour came, and
there was discussion over the ques-
ton of a vote on the resolution.
Mr. Brewster, of New York, moved
that the committee adjourn for one
week, which was taken to be an effort
in the direction of postponing action
until the next congress. Mr.. Hartman
urged that vote be taken at once
Several members Of the house asked
to be allowed to speak on the ques-
ton. Incidentally, Mr.. Fowler an
nounced that he was opposed to any
conference Mr. Fairchild, Of New
York, said he would vote for the bill.
and Mr. Brewster, Of New York, that
he would vote against it; and the COM
y,of++ao dioIIr,r,ad until tom