The Yale expositor., 1899-12-22
THE CURRENCY DEBATE.
what Some OF Our Michigan Congress-
men Said In Reference Thereto.

men Said In Reference Thereto
The debate in the house on the cur
rency bill was opened by Overstreet
who was replied TO by Maddox, OF Geor-
gia. The distinguished Iowaian Dolli-
yer, made the principal speech, prlng-
ing into play his sharp wit ana e'o
uuence, and receiving the undivided
attention of the Democrats as well as
of his own party associates.
Mr.. Dolliver said that the cry mao
been for more money. In three years
of Republican administration $500, OOo,-
900 had been added TO the volume OF
the currency, more money than could
have been coined by the minis in 10
years if the minis had been opened TO
silver.
''In other words" said he 1--WE have
done for you in three years more than
you could have done for yourselves.
Why don't you get out of the road ana
let the main procession move on?"
| Mr.. Dolliver recalled Mr.. Bryans
prophecy that the gold standard could
not be enacted without universal
fall of prices. SIS there man in this
chamber" he asked, ''who will rise in
his place and say that Mr.. Bryan knew
what he was talking about?"
Not Democrat rose. Mr.. Dolllver
paused, reiterated his question and
then resumed. sit is confessed that In
a question which goes to the heart OF
the controversy Mr. Bryan lacked Wis
dom" He also called attention to Mr..
Bryan's prediction that wages would
II L 4 L, ont
employment. Yet at the end OF three
years of Republican administration
under the gold standard there was not
an industrious man in the country
without employment. Those three
wears, said he, had resolved the last
fears of the Republican party as to the
wisdom of enacting gold legislation.
On the second day of the debate VIM.
A. Smith, of Michigan, participated,
reading S address, Among other
things he said: 1.-The steady and rapid
growth in circulation of money in the
United States gives the lie to the pre-
diction of free coinage advocates, while
in the month of November just passed,
our money in circulation increased S22,-
PA. SIG. or over 500, 900 every working
month, dayin the and every dollar of this
money, whether gold, silver or paper,
/. is the equal of every other dollar in the
hands of the richest or poorest man in
, the republic What a splendid achieve
, ment in three and one-half years. is
it any wonder that scores of honest
voters tempted by the silver panacea,
: should now desert their cause and
? come to the support of President Nc
Kinley? Even prominent men, high IN
s the councils of the silver party, some
e of whom occupy seats on the other side
( of this chamber, are now advising that
it would be useless to make silver the
a issue in another presidential contest,
: as people have their eyes opened and
: will not be led blindly by reckless
e leaders. 1t was stated by our oppon-
0 ents that if gold standard prevailed,
r coinage or silver would be suspended,
that our minis would be closed down,
= no more silver would be coined, and
s many well intentioned voters were led
/. TO believe that our party stood for gold
l. recommendation.
r The address of Hamilton, of Michi-
gan, was classic as these excerpts show
shakespeare makes Jack Cade prom
% Use Dick the butcher, Best the tanner
a Smith the weaver. and his other follow
j ers that seven halfpenny loaves should
be sold for penny; that all land:
E. should be held in common; that the
d educated and wealthy should be de
IS graded, poverty abolished, and that al
LAWYERS should be killed. Speaking O
one VIM. Lowndes in the reign O
William Ill, Macaulay says: He ser
IN iouslv believed, incredible as it may
s. seem. that if an ounce of silver wer'
tie divided into seven shillings instead o
e. five, foreign nations would sell us wine
a and their silks for a smaller number o
r. ounces He had n considerable follow
ne ing composed partly of shrewd mel
i'd who were perfectly willing to be au
thorized to pay e1O0 with $50 OF on
own condition in 1856, McMaster say
V, that there were those who thought
X state could, by merely calling bundl
IL of old rags 100000, really add 91OO
600 to the wealth of the community
So there are men now who believe tina
our government can by calling half
dollar dollar add to our nationa
wealth.. IL IL INV hioOOig II
'gs peats itself. There are still those VIII
IN purpose to make half equal TO a whole
to regulate value by legislation; t
Is compel seven halfpenny loaves to b
10 sold for penny; that lands ought t
% be held in common, and that ma
IS with dollar ahead ought to be disc
plined."
30 The debate on the 18th was tam
affair. Among the brilliant speeches
u addition to those already referred to wa
} s. that made by Grosvenor, OF Ohio. II
was replied TO by Newlands, of Nevad;
! 20 who traced the history of the countr
through the period of depression con
mencing in 1898, contending that tn
). panic was not caused by the coinage {
liz, ,,,5 silver under the Sherman act. He sal
,Ils the increase of prosperity during I'll
a tho ~