The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-13
SIBLEY'S CHANGE OF BASE.
HE TELLS a sun RRPORTBR WHY HE
has ABANDONED sILVER.
Instead of the Hard Times and Commercial
Depression That Hs Predicted III Mckin.
ley and the Gold Standard Won, tho


Instead of the Hard Times and Commercial
| Depression That Ha Predicted II McKin-
ley and the Gold standard Won, the
Conditions Are Exactly tho Reverse.
WAsH1NdToN. Dec. 12.-Represen.ative Jo-
seph Q. Sibley OF Pennsy lvan ia intends to make
speech on the floor OF the House some
day this week during tho debate on the
Currency bill. He will then explain
ut length HIS change OF political base.
which has attracted such wide attention.
| when asked to give his views concerning the
money question. Mr.. Sibley tonight said:
Il VIII start out by saying that am and
| have been pronounced believer IN the princi-
pies OF bimetalsm. don't care whether IL
be national or international bimetallism.
nor am welded to any ratio. but Aristotle.
Adam Smith, John Locke, John Stuart Mil.
Francis Waylnnd. and. in fact. every great
writer on political economy. has laid down the
proposition that tho volume of money in any
country determined the prices OF It's products.
Bimetallism was n living issue In 1895. but
the conditions have changed. In that
year l publicly predicted that II McKin-
ley and the gold standard were successful
prices would fall. with n corresponding
Increase In the purchasing power OF the
gold dollar and we would have an era OF hard
times and commercial depression such as this
country has seldom witnessed Now I
blazing. the fires lighted In all the furnaces.
the shutties weaving and the looms spinning
every man who has days labor to sell find
Ing ready market for II. our ships loaded
TO the Pllmsoll line with exports bound
Tor all parts Of the world and everywhere
plenty OF prosperity. and 80 II occurs
TO me that somebody must hayo boen
mistaken. and perhaps that fellow was me.
nave been pcssimist for long time. but I
am now an ortmist. / believe that we have a
better Congress now than ever before-that We
have better President. and that tho next
President whether II be Mckinley or Bryan,
will DO better still. The world moves forward.
Yet the contention OF the bimetallists in
lSb was absolutely correct and has been
vindicated by present conditions We
claimed then that a greater volume OF
money Of final reclamation was needed
70, stimulate business enterprise and check
falling prices We suggested blmetaillsm as
a, means o. pu ADDING o to ths worlds supply
gion' Who then knew Of tho wonderful posi-.
extending 300 miles from Johannesburg on |
the south to Pretoria on the. north. Who
marvellous cyanide process OF extrantinS po Id
In one year sdOO.OOQOoO Of gold has been add.
10 sSd IN and v"1 HS
ever before been placed In circulation in any !
ssnr he II GS nSS ;se sS TI
as to tho necessity Tor a greater volume Of
metal money has been substsnt lated. with |
dtions ThSissuc Of iss is no Sn1 Ionssf can an
issue In fact. It would be ridiculous TO make |
II shall vote against the Currency Reform |
pm. but u i had been divided. as Il should |
sections and against one. favor the p re 10,
ssition to give national hanks the right
Of their u also 70 ox ths fun
ment OF national hanks in small towns
the Grecnbacks. which this bill I prac, ieifI
doe;. by providing that they, can only be |
ior tn" grcenbscEs is largely sent NH In
tng d9Tk 12 S nt the Civil War they kept our
time is oppor,une for the gold standard Wv
y, d dh promises to be q still greater OUTPUT
prscd to the amour, Of gold no nS' used se s4 5r
aU GnG T Tfp is r ssSH, fSa billions
years have been informed o Of recent sSh
E FG% and so IN rsr that rival h
be ine1pe.lient and .rnwi.e for one nation
TO- at,.I,nt under the present ratio Sew.
accomp!ish It / am nchncd to agree WITH
l lori oIdierham who esserts tha, N. United
at ratio 81 - to l. hut To return 10 the Old
ratio Of III 10 would cause luctuat ons in
large commercial houses that have oH,s q" 9e
ing accounts and would be detrimental TO busi-
ness E'N"rhllN
e am an cHpanslonlst. and believe tina, we
should keep III" Philippines. China and the
Orient nro undergoing great changes Rail
roads hund reds oi miles in length are being
constructed. and with these railroads and other
modern improvements will come new wants Tor
the rcople Of nina. There Is IN ore updeye lopod
wcalth locked M in China than in any other
country on the globe, and tho Philippine. fur
hat rrsGSnt Ma XXI 10 M nas ws as,aa
with wisdom. not only on the PhIlippincs
question, but In tho general details
OF his Admin i1tratinn. | am frank 10 say that
] think he is entitled 10 some recognition OF
his course. even from men who do not share in
his political beliefs. "
The next Presidential contest will undoubt.
sdly nGan he between Mr.. Mckinley and Mr.
Bryan, una unless we as q party mo iifv orr
present attitude think tho question is ma
ggnni rs settled already in favor OF Mr.,
Mr.. Sibley declined to answer the direct
question whether he would SUPPORT Bryan or
M,chlnIey IN the next Presidential campaign