The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-06
CRITlCISES THE HOUSE BILL
REPRESENTATIVE CALDWELL SAYS
MORE MONEY is NEEDED.
banner Member frou Illinois ne
cIares the Measure Contains roo
Much About Kind of Money.

Washington, December 3--Representa-
tive Ben + Caldwell of Chatham. IN, who
is one of the new members Of the hopss.
and regarded as an authority in the Mid
die West on banking, criticised the house
financial bill from his standpoint as a
democrat. He said:
In my opinion, the title OF the nnanr;ai
bill prepared by the republican caucus
committee is misleading, because. ius cad
OF neins bill to define and FIX the stand
ard of value, it's object. pure and simple e,
is TO fasten the single gold standard OF
money more firmly on the Nation 1t
proves to the East that they correctly in
terpreted the republican platform of 1896.
wnlle with barefaced platnness 1t tells the
pimetallsts OF the Central and Western
states that international bmetaliism as
used In that platform, meant nothing md
was simply inserted AS a sop with whioh
10 catch votes. Had the bill bean pre-
pared by the same number OF National
bank presidents as constituted the caucus
committee, 1t could not have beea made
any more acceptable to the National banks.
1t not only permits the increase OF circu-
lation from 20 cents TO 100 cents on the
dollar, but 1t decreases the tax on the
capital surplus and undivided profits OF
National banks to one-hfth OF per cent
per annum.
Had the second section OF the bill he IN
prepared by committee representing the
large holders of United States bonds il
could not have been made more In their
interest, because 1t deliberately reaches
hack and nplfoe oil hn hn-
tofore issued payable in gold. Inasmuch
as all interest hearing obligations OF the
United States now command premium,
this course is not necessary to keep those
obligations on a parity with gold. Ii not
done for that purpose, then 1t is proper
that the committee attempt to demon
strate that such an enactment Is for the
benefit of others than the holders of such
bonds, The committee in its report docs
not attempt TO show that such an enact
ment IS necessary 10 the establishment Of
the single gold standard, and In thu abb
sence of such attempted proof, and with
all United States interest bearing oblga-
tons commanding a premium, the newt
able and only conclusion is that It is for
the sole benefit of the owners of such
obligations A piece OF more distinctively
class legislation than the bill could not
have been devised.
In connection with the statement OF the
committee accompanying the Bill, that the
| kind of money in which payments shall bt
made will rarely, If ever, be the subject o.
dispute, it is proper to state that taking
into consideration the efforts of Secretary
Gage to buy government bonds to relieve
the frightened, and at times almost pan
icky condition of the money market, il
would conduce TO better financial condi-
tons, especially 10 persons Of medium anC
small means. If more attention were pait
TO quantity than TO kind of money
To-day there is more discussion BY the
business men of this country OF quality
than there is discussion of kind of money
for the reason that all kinds OF money
pass equally current, while the insuff-
cheney of the volume of money is az.
knowledged officially by the purchase o
bonds by the secretary of the treasury.
This bill does not attempt TO increase
the circulation or volume of money, anC
IS not only bad as a whole, but without
redeeming feature. 1t should be beaten
and ] predict that 1t will defeat in 1900 tn,
party which is responsible for its pass
age