The Portland daily press., 1898-01-29


was pledged to secure If possible inter
J national bimetallism and the President
would do everything in his power to carry
out that pledge. Meantime the existing
| gold standard would be maintained. Un-
til the international agreement was
secured the purpose OF the administrator
| was to continue the kind of bi,netall1sm
we now have. whereby 500, ,000 coo silver
dollars were maintained at parity with
gold. Any proposition which looks to the
abandonment.of this position, which was
likely to create disparity between the
coins of the country, was in violation OF
the public faith and in derogatlon OF the
rights of the public creditor.
In conclusion Mr.. BarroWS sald thaO
the passage of this resolution fortunately
| would accomplish nothing. 1t mlgnt tenu
to alarm the business interests OF the
country and retard to some extent the
advance of prosperity, but by the state,
ments of the President of tho Unlted
States last night the country was assureo
that the governments obligations would
discharged in the best money OF the Worlo.
| Mr.. White of California, spoke in sup
port OF the resolution. The Senator re-
ferred ironically to the New York ban
quet last night at which the President
spoke. It had been refereed to as Bel
shazzar IS feast"
MIR. White read in sarcastic tones the
pEesS f6JUTGS VI tu6- 0ubHt tiSictSut tsD AOloi-
ence to the gold standard, and Hthe cold
chill which overspread the banqueteTs at
the mention of International bi-
metallism.
Senator Fairbanks, in speech on the
Teller resolution, commented on Teller's
recent remarks ON Cuba and China,
favoring strong foreign policy. Mr..
Fairbanks said that he feared the Colora-
do Senator would be willing to see his
country wrapped in the flames of war, II
his one aim of free silver were accom-
plished, for the first gun fired would bring
US to q deprecated silver basis.
Mr.. Wolcott of Colorado was the first
speaker under the fifteen minute rule
which went into effect at two O'Clock.
He thought that any Senator, whatever
his financial views, could vote for the
Teller resolution, as it involved nothing
except the carrying into effect of the gov
eInment's plain obligations.
He thought the Juggling into the debate
OF. the rights Of the pensioners was entire
ly irrelevant There was no question that
the pensioners would be paid in good
money. He imagined, however, what sort
of treatment the pensioners would receive
from the Indianapolis convention or from
the New York Clearing House association.
He thought that denunciatlon and abuse
heaped upon those who supported the
resolution was unwarranted for he did
not think the man was yet born who
would betray his government by Offering
to pay its obligations in spurious money.
He referred with scalping sarcasm to the
sale of bonds by the Cleveland admins
tration in 1894, denouncing it as one of
the darkest pages in American financial
history. He declared that the men OF the
West might be entrusted with the nation
al honor. ssWe have,' he said, "never
betrayed our government and never will.
We intend to pay our obligations in good
money and in nothing else. !"
/. Mr.. Morgan of Alabama, supported the
resolution In carefully prepared speech
basing his support up statistics and de-
ductions indicating the impossibiHty Of
striking silver from among the money
METALS He felt that amid the confusion
existing, it was clear that the people de-
sTnanded the restoration of silver to coin
age and he thought that such restoration
would be as the delivery OF mankind from
war, pestilence and famine.
Mr. Foraker of Ohio thought the reso-
lution's meaning ought TO be made clear,
it being evident there was great diver
sity OF opinion on that principal he did
not think the resolution was any more
than declaratory OF the law, and that WAS
as far as the declaration went. He
thought the statement in the resolution
that such coinage as contemplated by it
was not in derogation Of the rights OF
creditors could only mean the free and
unlimited coinage of silver. lie was
therefore opposed to the resolution Be-
lieving as he did believe that the present
resolution was covert effort to foist free
and independent coinage of silver upon
the country, he thought the Senator from
Colorado ought to have presented q free
coinage resolution.
"You would not have voted for it..
said Mr.. Teller.
ssOf course I would not," replied Mr..
Foraker, "but that would have been the
fair way to bring the question into the
Senate
Mr., Foraker declared himself in favor
of international bimetallism, or as an
alternative maintaining the present
financial status. The enforcement of the
terms of the resolution, in Mr.. Foraker's
opinion, would force the government to
silver basis.
Mr.. Chiffon of Texas in a legal argu-
ment. advocated the restoration of the
silver standard dollars to coinage and
their use in the payment OF the govern
ment's 3 obligations.
Mr.. Nelson OF Minnesota stated that his
objection to the resolution was that 1t ig-
nored the duty of the government to
maintain the parity between the metals
as imposed upon it by law.
Mr.. Allison spoke of the circumstances
attending the passage of the STANLEY