The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-12
DoIliver Announces Determination
of the Majority.
Unwilling That MINIS Should Be
Opened to Silver Even If An Inter
national Agreement Could Be OBJ
tained-Says Bryan Lacked Wis
dom-Democratic Speakers Ar
raign Republicans For their
Change of Front.


and held the members without regart
to party for more than an hour.
Mr.. Dolliyer declared that the las
doubt in the Republican party as t
the wisdom of enacting the gold stand
ard had been removed by the expert
ence of the business world during the
past three years. He scored Mr.. Bry.
an, and generally ridiculed the alleged
false prophecies of the Democrats il
1896.
Mr.. De Almond (Missouri) was the
heavy gun on the Democratic side. He
warned the Republicans from the wesl
that they could not deceive their con-
stituents in the coming congressional
elections by claiming that they had
yielded to the wisdom of their col
leagues in caucus.
Mr.. Overstreet Qndiana) opened the
debate in support of the bill. and Mr.
Maddox (Georgia) replied to him.
Mr.. Mcclellan New York; was the
Fonly other speaker today. He announced
his opposition TO the bill, on the ground
that it would contract the currency, ex-
tinguish the bank notes and enhance
the. value of coin bonds. He appealed
to those of his Democratic colleagues
from New York who, it is reported, in
tend to vote for the bill not to do so.
First Gun For Gold.
Mr.. Overstreet, in opening, said: No
nation has devoted more time to public
discussion and legislative consideration
of the question of finance than the
United States. Notwithstanding there
have been occasions when serious doubt
clouded the sun and produced grave
fears lest the entire fabric of our mon
etary system might be seriously shak-
en-, yet it is TO the great credit of the
government that every dollar of our
money in circulation is absolutely
sound and unquestioned.
This condition has led many people
into the erroneous belief that there was
no need for legislation, and that the
best the government could do would
be to let the subject alone. Such peo-
pie are now familiar with the frequent
pledges of the government to maintain
the parity OF our money, declaring by
congressional acts the honest purpose
of the government to faithfully and
surely guarantee the full parity of all
money in circulation. The present par
ity depends entirely upon such declar-
atoms and guarantees, but its mainte-
nance and enforcement rests with the
Judgment or caprice of the secretary
of the treasury, who. by a single order
directing. the use of silver in the dis
charge of our obligations, may COM
pletely destroy the parity and shift the
standard TO the metal so used.
1T seems far, better TO attempt a
proper regulation of the question by a
clear and permanent statute, rather
than depend upon occasional declara-
tons by the government of its inten-
ton. 1t is far better TO end the mat
ter by, a public law. which shall be
plain and unequivocal, rather than rely
upon proposals of what may or shall
bo done at some. future date, or leave
so dangerous an option within the con-
troll of one man. whether he be the
president or his financial adviser
Supported By Democrats.
In conclusion Mr.. Overstreet said:
1.-THE supporters of the proposition are
not confined to the Republican party
nor to the so called money centers>'
Democrats of courage and conviction
have nobly dared to break from party
lines and suffer. untiinchingly, the
sting of the party whip, in honest and
patriotic effort to uphold the integrity
of the national credit and make secure
the foundation of the vast and expand
ing business of our people. The Amer
lean yeomanry in the great agricultural
fields of the country are fully awake
to the Importance of the subject and
appreciate the wisdom of the legisla-
ton. Nearly all of those who wavered
i'll 1896 corrected their error in 1898.
while the question is economic, and
should be separated from partisan de-
bate. yet the Republican party will not
attempt to escape from responsibility
for the legislation, believing that it is
wise for the country. safe for the peo-
pie, and in perfect harmony with the
institutions of the nation
In the course of the speech Mr.. Shat
roth (silveT Republican. Colorado) in
terrupted to ask if the bill would not
result in contracting the currency to
the extent of the S4S0, 200, 900 in silver
1T would not" replied Mr. Over
street, because for every silver dollar
which goes into the treasury a gold
dollar will go out in circulation" (Re-
publican applause)
Speaks For Silver.
Mr. Maddox Democrat, Georgia) was
the first speaker in opposition to the
bill. Referring TO former Speaker Reeds
New York speech advising the ifnme-
date enactment of gold standard legis-
lation before some branch of the gov
eminent got away from the Republican
party. he said:
THE faithful understand that the
legislation must be enacted at once, or
not at all.
The enactment of gold standard
he declared, had never been
an issue before the people. If gold
was now the existing standard" as
it was so by the unlawful
of the executive officers of
the government. The treasury under
the bill he predicted, would be raided.
The bill would convert every obliga-
tion of the treasury into a gold OBJ
legation ana would impel the govern
ment to sell millions of gold to the
amount of % per cent of all the out
standing notes of whatever character
He urged that under the bill banks
with 81 ,000. 900 capital now required to
deposit bonds equal to third of their
capital in the treasury were required
to deposit only S50.de0 in. bonds. Zen
aiding them 10 contract or expand the
at will.
Assails the Republicans.
He then assailed Republican advo-
Gates of the gold standard for, apostacy
and particularly attacked Messrs,
Hepburn DAD, Dingley (Me). and
Srosvenor to). who he said advocated
silver coinage by international agree
nent in 1897.
!. Mr. Maddox summed up his argu-
17ent by declaring the measure TO be
[ bin o-Iegalize the authority used
'y the treasury to put the country on
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