Omaha daily bee., 1899-12-13
No NELD OF ORAL ARGUMENTS
GrosvenOr Makes a Speech in F tvor Of tn
Financial Bill, g
EVIDENCES OF SOUND MONEY TRIUMPH
Ohioan Calls Attention oG His Col
leagues to Prosperous Condition
of the Country which Has Fol
lowed McI<inIcy's Election.

lowed McINtnIcy's Election.
WASHINGTON, Dec 12.-There is such
great pressure for time on the part of mem
bers from both sides who desire TO par
ticipate in the currency debate of the house
that three night sessions will be held this
week, Wednesday, Thursday and Friday.
The members are listening attentively to the
speeches
Only one democrat thus far has spoken
in favcr Of the bill, briggs of New York,
who had announced that he had pledged
himself before election to support the gold
standard and proposed to redeem that
pledge He will be Joined by several of
his Brooklyn colleagues, and probably sew
eral others.
The features of the debate today were
the speeches Of GrCsvenor of Ohio for the
bill and of Cochran of Missouri and of New
lands of Nevada against it. The other speak
ers were Messrs. Parker of New Jersey,
William Alden Smith of Michigan, Prince
of Illinois, Lawrence of Massachusetts, and
Powers of Vermont for the bill, and Messrs.
Shafroth of Colorado and Simms of Tehnes-
see against it.
Grosvenor of Ohio waa the first speaker.
He reviewed the democratic prediction in
the last campaign, prophesying no relief
but continued falling prices 1O-cent cor1
25-cent wheat 3-cent cotton and general
distress until free silver came and then
described how prosperity followed Mcl<in-
ley's election and the restoration of con-
fdence
The democrats predicted we would have
no foreign trade. That trade was now
larger than at any period in our history.
Another prediction was contraction of the
currency. The currency had increased $780,
900 in three years Referring to the
question of antitrust legislation, he cha-
longed any democrat to point to any ad-
dition that could be made constitutonally
to the Sherman antitrust law. He dis
sented entirely from Bryan's remedy. He
contended that congress could not assail
corporations in the states; that the states
should control and regulate their own do
nestle affairs.
No Need of Oral Arguments.
In conclusion Grosvenor said
Mr.. Chairman: The republican party does
not need oral argument in the halls of con-
gress nor dissei tations in the presence of
the country on these vital questions. Ihere
are voices which proclaim the triumph of
that do not depend on human
organs for their effectiveness.
The mighty volumes of flame and smoke
from the chimneys of enormous
Industrial establishments wave a beacon
light to heaven announcing the triumph OF
the protective tariff and sound money.
Mingled with the click of the pick In the
coal mines of Ohio, Pennsylvania and West
Virginia is the voice of our workingmen,
well paid, where starvation wages We're in
force well fed where starvation stalked
with gaunt horror-well clothed, well edu-
Gated, satisfied. contented happy. on
jnp q
to the coast tens of thousands of laden
cars mingle with the voice of machinery of
republican action. The happy husbapdman
on millions of acres of fertile SOIL as he re-
turns from his labor bringing his sheaves
with him, realizes in an advancing market
wider demands for his product, the enter
ing of a jubilee and his voice is heard in
argument in favor OF sound
money and protection.
northwest and the west, as 1t scratches
out the mortgages placed there in hour of
stars sang together for joy and all the sons
Of God rejoiced, SO from Maine to Cali
fornia, from the north to the south, from
the east to the west the sons of toll. the sons
Of business, the sons OF America Join in the
glad shout that browns the feeble voice of
partisan speculation and partisan denun-
chorus of a redeemed and happy nation.
Great republican applauseD .-
Newlands Of Nevada followed Grosvenor
in opposition to the bill. He traced the
history of the country through the period
Of depression commencing in 1898, contend
ing that the panic was not caused by the
coinage of silver under the Sherman act. |
He said the increase of prosperity during
the past two years demonstrates the cor
of the theory entertained by BIZ
viz: That all other things be-
ing equal prices will depend upon the guam
tity of money in circulation, that an in
crease of the money volume meant higher
prices and the dimnuton of the money
volume meant lower prices.
Shafroth of Colorado, in opposing the bill, |
argued that the foundation of the prosperity !
n the Harrison administration, the depres- !
sion during the Cleveland administration !
and the prosperity under the present ad-
lay in the supply of basic |
money. During the Harrison administration |
he Sherman purchasing act added $4,000, |
100 month to the supply, the repeal Of that |
aw at the beginning Of the Cleveland ad- !
brought disaster and the great |
Increase in gold production and the conse- !
luent increase in basic money accounted |
'or the prosperity under the present ad- |
Parker of New Jersey, in support of the |
dill, argued that the pending question |
should not be a party one
'Nllllam Alden smith OF Michigan spoke /
II advocacy of the bill The steady growth I
If the circulation during the last three years,
lggregating $476 500 900, gave the lie to ad- |
Socates of free silver Our commerce with /
sold standard countries last year aggre-
gated $l,6OO,OOO,OOO; with silver countries .
Sl39,O0O,O 900 How idle it would be, then, |
% jeopardize that commerce by going to |
silver basis.
Prince of Illinois, who was a member
If the banking and currency committee in
he last congress, presented a careful argu-
nent in favor of the bill.
Cochran of Missouri opposed the bill in a
vigorous speech, in which he contended that
he real question presented by the pending
dill was whether there was sufficient gold
n the world upon which to pyramid the
vast and constantly increasing volume of
,redit. He referred to the recent dispatches
rom London, showing the struggle for gold .
III 4 Il.