The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-12
Overstreet Begins With an
Elaborate Defense.
SAYS COUNTRY ASKS GOLD
NEVER A NATIONAL ISSUE, RE
PLIES MIR. MATTOX.
BILL filings THE TREAsU sUBY WIDE OPEN
Mr.. De Almond Declares the Change Of Bonds
From Coin to Gold Bonds VIII Make
a Gift Of 100000, 900 to
Bondholders.

Bondhoders.
Washington, Dee 1.-THE feature of
the opening day of the debate on the
Currency Bill in the House was the
speech of Mr.. Dolliyer, of Iowa. 1t was
characterized by all the wit and elo-
quence for which the Iowan is noted and
held the members without regard to
party, for over an hour. Mr.. Dolliver
declared that the last doubt in the Re
publican party as to the wisdom Of en-
acting the gold standard into law had
been resolved by the experience Of the
business world during the past three
years
Mr.. DeArmond (Mo), 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
claiming that they had yielded to the
wisdom OF their colleagues in caucus.
Mr.. Overstreet Indl opened the de-
bate in support of the bill and Mr.. Mad
dox (Ga.l replied to HIM. Mr.. McClel-
Ian (N. " was the only other speaker
today. He appealed to those of his
Democratic colleagues from New York,
who, it is reported intend to vote for
the bill not to do So.
Mr.. Overstreet's speech was an elab-
crate defense and exposition of the pro-
posed Currency Bill
He said in conclusion:
''The advocates of currency reform
firmly declare that the financial opera
tons of the Government are upon the
gold standard, but that the honest fears
engendered by doubtful legislation rela-
tive to silver coinage, and the persistent
attacks upon the standard Of virtue, fully
justify the legislation asked To firmly
fix gold as the standard Of value in I'M
equiyoeal terms, made fully operative by
all proper safeguards, is the central idea
Of the law proposed. 1t is confidently
believed that the country demands it.
and that our action win be ratified by
the people. Democrats Of courage and
conviction, have nobly dared to break
from party lines and suffer, unflinching-
~, the sting of the party whip in honest
and patriotic effort to uphold the integ
rity of the national credit to secure the
foundation of the vast and expanding
business of our people. The American
yeomanry in the great agricultural fields
of the country are fully awake to the
importance Of the subject and appre-
ciate the wisdom of the legislation.
Nearly all of those who wavered in 1896,
corrected their error in 1898"
Mr.. Maddox (Dem. Gsa) was the first
speaker in opposition to the bill. He
said if he had analyzed the bill cor
rectly no measure had been presented
to Congress in half century fraught
with so much Importance to the coun-
try. He referred to former Speaker
Reeds New York speech in which he
advised the immediate enactment of
gold standard legislation before some
branch of the Government got away from
the Republican party. 'gI3he faithful,
said he, understand that this legislation
must be enacted at once or not at ALL
Mr.. Maddox then proceeded with a
detailed analysis of the bill. The en-
actment of gold standard legislation,
he declared, had never been an issue be-
fore the people. If gold was now the
existing Standard he contended, it
was so by the unlawful usurpation of the
executive officers of the Government.
Facility for raiding the Treasury un-
der the biH, he said, had never been
hitherto equalled 1t would convert ev-
cry obligation of the Treasury into Il
gold obligation and would compel the
Government to sell millions of gold bonds
to the amount of % per cent of all the
outstanding notes of whatever character.
He argued that under the bill banks
with S1,000,000 capital now required to
deposit bonds equal to third of their
capital in the Treasury were only re-
quired TO deposit $4,000 i'm bonds en-
abling the banks, he declared, to com
tract or expand the currency at will
He took mp the Republican platform of
1896 to show that every Republican who
now advocated the gold standard was an
apostate. He had read AT the clerks
desk the speeches Of some of the Re-
publican leaders in 1897, declaring that
the Republicans We're for international
hi metGllism.
In 1896 the cry Of Bryan, lie said, was
for. more money. Money was scarce. II
was boarded. The day after the elec-
tion it came out from its EiGmg.
Are you willing now,' interrupted
MI SIMS CTenn) that the N hts should
be opened to silver il an international
agreement could be obtaineo
ssNo, sir, replied Mr. Dolliver. Il have
had my last whirl with sivee have
been hnmbmgged for the last time
Mr. Dolliyer recalled MIR. Bryan's
prophecy that the gold standard could
not be enacted without a universal fall