The San Francisco call., 1899-12-12
CURRENCY BILL
DEBATE BEGINS
Day of Orato.ry in the
House.
CLASH OF PARTY LEADERS
DoLLIvER IN SUPPORT OF THE
MEASURE.
Urges the Democracy, Which Refuses
to Learn by Experience, to Get
Out Of the Way Of tho
Procession.
Special Dispatch to Tn. Call.

OF Dolliver OF Iowa 1t was character
ized by all the wit and eloquence for
which the Iowan is noted, and held the
members, without regard TO party, for
more than an hour. Dolliver declared
that the last doubt in the Republican
party as TO the wisdom OF enacting the
gold standard into law had been removed
by the experience OF the business world
during the past three years. He scored
Bryan and generally ridiculed the false
prophecies of the Democrats in 1895
De Almond of Missouri was the heavy
gun on the Democratic side. He warned
the Republicans from the West that they
could not deceive their constituents In the
coming Congressional elections by claim
ing that they had yielded to the wisdom
Of their colleagues in caucus.
Overstreet of Indiana opened the debate
in support of the bill and Maddox OF
Georgia replied 10 him. Mcclellan of New
He announced his opposition TO the bill on
the ground that 1t would contract the
currency, eXunguish the bank notes and
enhance the value of coin bonds He ap
leagues from New York who IL is reported
intend TO vote for the bill not to do so.
,omrnnf eotsseE ,s & SIter Inc nhe reaaing ea 0t tne
der went into committee OF the whole,
Hepburn of Iowa in the chair. and entered
upon the consideration of the bill. Over
of the measure on the floor. opened the
general debate with set speech. Said he:
II the legal standard to-day is the gold stand
ard under the act OF 1873. q positive statute 10
that effect do no harm. II. on the other
hand. there IS any reasonable doubt. IL should
be dispelled by q statute plain and clear in its
terms.
When certainty shall take the place of doubt
and the integrity OF our credit be fixed
be readily refunded at lower interest rates and
future loans negotiated with ease upon better
terms than ever before.
Recent events shaped by causes beyond our
control. bearing obligations which national
honor requires shall be courageously discharged.
open fields for American statesmanship.
Channels OF trade yet unknown 10 American
enterprise. and avenues OF commerce yet TO
welcome American products will surely result.
Sncb conditions emnhasIze the necessitv for a
standard OF value which shall remain firm
throughout the vicissitudes OF competitive
trade.
After an elaborate exposition OF the fea-
lures of the bill and the method of their
operation. which followed the line OF his
report on the measure heretofore printed,
Overstreet said:
The proposition to allow national banks 10
issue circulation 10 the par value OF the bonds
deposited for their security is neither new nor
Presidents and live Secretaries OF the Treasury.
and bills containing such provisions have been
bers OF both political parties II is entirely con-
sistent with the present banking system.
Shafroth (Sil. R) of Colorado inter
rupteQ 10 ask II the Dill WOulQ not result
in contracting. the currency TO the ex-
tent OF the s4SO.ooo,O0o in silver i'm
pounded.
into the treasury gold dollar will go
out in circulation" Republican APP
plauSe.)
Maddox D.) of Georgia was the first
speaker in opposition TO the bill Re
ferring 10 former Speaker Reeds New
York speech advising the immediate en-
NaNnf nf uenFa III N1lD
fore soma branch OF the Government got
away from the Republican party. he
said
THE faithful understand that this legis-
lation must be enacted at once or not at
all"
The enactment Of gold standard legisla-
Sefore the people II gold ea %as now ao 1StRs the
was so by the unlawful usurpation pd Of
The treasury. under the bill, he predIcted titi
would be raided. The bill would convert
every obligation of the treasury into a
ernment TO sell millions Of gold to the
amount OF 25 per cent of all the outstand-
Ing notes OF whatever character. He
urged that. under the bill. banks with
81 900 900 capital, now required to deposit
bonds equal TO third OF their capital In
the treasury, were required to deposit
only $4,000 in bonds. enabling them to
He then assailed Republican advocates of
the gold standard for apostasy. and par
tculsrly attacked Hepburn of Iowa.
Ohio. who he said. advocated silver coin
age by international agreement in 1891.
Dolliver of Iowa read from the speech
the Republican Congress would obev 'n@. or.
ders and enact gold legislation For
himself. he said. he was proud to say that
people of his district-trying to put The
laws of the country into harmony with
their opinions. The pending bill was a
compromise. representing the united wis
dom OF all: IL was a bill to set at rest all
doubt as TO the standard in this country:
II should be presented to the busine az
men OF the country as Christmas gift
He (Dolliver) did not want his record and
past follies to be brought up against him
He had voted for the Sherman act in ls0o
an act which he now regarded as a piece
of unutterable stupidity. In 1893 when tho
act came to be repealed Doliver said.
he was very much perplexed. He saw
Senator Sherman one evening sitting ont
side his house like Abraham outside his
tent.
Don't trouble yourself about the fall
ure of your predictions regarding silver .
said the Senator; every prophecy | made
about II has turned out exactly the op-
Just as yours will now" interjected
Cox Of Tennessee amid renewed Laughter.
lieved the result OF the campaign Of 1885
settled the silver issue A proposition
which received a black eye In Iowa and
Massachusetts, at the same time. in his
opinion had no future In the intellectual
life Of the American people. In 1896 the
cry Of Bryan, he said. was for more
money Money was scarce. It was
boarded. The day after the election il
came out from It's hiding.
"Are you willing now" interrupted
Simms OF Tennessee. that the mints
should be opened to silver II an interna-
tional agreement could be obtsined7"
NO sir" replied Doliver, IT have
made my last whirl with silver I have
been humbugged for the last time"
Dolliver said that the cry bad been for
more money. In three years Of Republi-
can administration $500 900 900 had been
added to the volume OF the currency.
more money than could have been coin
ed by the mints In ten years it the minis
had been opened to silver.
I'm other words, said he. I'VE have
done for you in three years more, than
you could do for yourselves. Why don't
you get out of the road and let the main
procession move on?' Laughter and ap-
plause.)
Dolliver recalled Bryan's prophecy that
the gold standard could not be enacfed
without a universal fall Of prices
"Is there q man In this chamber" ne
asked. who will rise In his place and
say that Mr., Bryan knew what he was
talking about?
Not Democrat arose. Dolliver paused.
refferatad his 0riecfiap ma fhap rao,,,,, .