The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-18
BUseIIse CURRENCY BILL.

u..,son q, the prevailing prices OF leading
',a.ts with those Of a year ago. On Dec. IL.
,Soa AtchIson preferred was selling at 81: Bal
lrore and Ohio at 40; Brooklyn Rapid Tran
70 a, "a: burlington and Quincy at 122:
!, Paw, Mt 40; Northwest, 142; Hock Island.
40. Delaware and Hudson. 100; Lackawauna,
20. IouIsyille and Nashville, 64i Manhattan.
~ Y. Central. 1872: New Haven. 200;
y,,,b.rn Pacific. 40; Pennsylvania, 122; Union
p.sisc. 80; American Sugar. 1914; General
r,.c,rlc. 90: Federal Steel. 80, and Tennessee
no.l a. The great fall has been In the fancy
,adus,rials. but even OF these. many are still
sisber than they were at the close Of 1893
The debate In the House OF Representatives
,oon the Currency bill prepared by the caucus
.ommittee OF that BODY consumed the whole
.il,st week and will probably end to-day In
N. massage Of the bill by the votes. not only OF
,hs Republican Representatives. but of num-
mar OF Democrats. to whom the logic OF events
h,s Irresistibly demonstrated the folly OF con-
,ruIne the struggle for free silver coinage. In
.,hsr respects the debate has not revealed on
~. mart OF most OF those who have engaged in
o. sredl,abe comprehension ot the subject.
Ths spokesman for the bill. Mr.. 0verstreet
~ Indiana. especially displayed his ignor-
.,ce o, financial science by declaring In
Ma ,peech. as at frst reported. that
,hs use OF silver by tho Treasury In
di.charge OF national obligations would shift
,bo standard Of value to that metal. The only
,orm in which silver could possibly be used In
,bs way Mr.. Overstreet mentions 10 that OF the
,andard silver dollars; and that payment In
ham could not have the effect he described Is
moved by current experience. Many millions
cf,,nndard silver dollars and silver certificates
are paid out daily. now-some Of them oy the
Government itselt-and yet the standard ot
value remains. as II has been for the lastsixty-
Ave years, the gold dollar The disbursement
q, flew millions more OF the silver dollars by
The Government would be only adding drop
10 the ocean. and would have no appreciable
Affect. SO far. indeed. as the Government
rendered silver dollars to It's creditors and
r.,usei to give them gold coin when they
asked for II. the effect would be mischievous.
II would force the creditors TO buy gold In the
open market at small premium. but 1t would
no, even approximately substitute the metal
silver for the metal gold as a standard. Mr..
NcCleary NJ Minnesota also was silly enough
10 .ay that at would be the best thing for the
country for the Secretary OF the Treasury to
take every greenback as fast as 1t was re-
deemed and put It In the fire. Just rs you and 1
do with our obligations when we redeem
national banks do not treat their obligations
in this way. nor that burning up obligations
when they are redeemed is no bar to the issue
o, new ones In their place.
The Democratic opponents OF the bill. how
ever. far outdid the Republicans mentioned In
N,dlsplay OF ignorance and In misrepresenta-
toa. Mr. Mcclellan OF New York made speech
which for indifference. extravaganza and
unreasonableness resem bled nothing as much
a II did the disiointed Authorizations OF 4
lunatic Because the Morgan Belmont syndi-
cate, In 1895. when the free silver propaganda
threatened the dehasement OF our currency to
the silver standard. offered what amounted to
Is per cent. more for bonds specifically pay
able 10 gold coin than for bonds payable in.
silver dollars which might become worth
no moro than the silver bullion OF which
they we're com posed. Mr.. Mcclellan asserted
that bonds now nominaly payable In coin"
but actually paid only In gold coin with no
danger Of ever being paid In deprecated silver,
would be made worth IS per cent. more In
the market By being declared formally to
be psyabls only in gold. He illustrated his
meaning BY referring to the Is OF 1928. which
are now selling at 135. These bonds. he said.
would II made payable expressly in gold. be
worth III. He also said that the provision OF
tho bill for retaining In the Treasury the
Government notes redeemed In gold. until gold
vas paid In for their release. would contract
tue currency by every dollar so redeemed in
excess OF the gold now In the Treasury. As II
any more oithem would be presented for re-
temption under the proposed law than are pre-
ented now! Other Democratic speakers on
the same side put forth arguments equally
empty and equally feeble. Some OF them. In
n ha aata ina aI thatt A.. H..
not revived under the gold standard. that
the country Is not prospering. and that tho
formal recognition OF gold as the sole stan dard
OF value will end In disaster and ruin.
The bill will az has been said. probably be
passed BY the votes OF the Republican mem
ber and OF few Democrats. II then goes to the
Senate. where Il will be amended by the sub
HitutiOn for It OF the bill having the same pur-
pose In view. which has been prepared by the
senate Finance Committee. Conference COM
mittees will then be appointed. and out OF their
Joint labors will emerge the bill that will finally
become law. The Senate will probably sur
render the refundlng scheme attached to It's
OH. which was discussed In this column last
Monday. and It Is to be hoped that In other
respects the House will accept a form and
wording which will be less defective than that
which II now proposes
Inc nrst section OF the House bill Is clumslly
expressed. It declares that the standard
unit OF value SHALL as now. be the dollar. and
snail consist Of 25.8 grains OF gold. nine .tenths
nhe." The trainers Of the bill should have
said. that the unit OF value shall con-
uhue to be the dollar. and shall. as now. con-
sst Of 2os grains Of gold. nine-tenths fine"
ms meaning the Senate bill expresses more
hrpIcuously and more in conformity with tho
ha BY saying that tho dollar, consisting OF
Ios grains OF gold. shall. as established BY
section 3,5ll OF the Revised Statutes OF the
United States. continue to be the standard
unit OF value" The expression standard
unit In both bills is Pathological. standard"
tna unit" meaning the same thing. and
ether Of them nlono being sufficient.
Inc bill then, in lis second section, goes on
!" declare that all interest bearing obllga-
IONS oil the United States and all United
oNtes notes and Treasury notes issued
under the act Of July II. 1890" shall be
Vaole In gold coin as defined In section
que, Ihls language is incomplete In not de-
earlng explicitly that the principal and inter-
,s OF all interest-b bearing obligations OF the
United states and all United States notes. in
euano the Treasury notes issued under the
S @t OF July H. 1890. shall be paid as mentioned.
rhe so-called Treasury notes are. indeed,
snted States notes. but the S34O 600. 900 old