The Saint Paul globe., 1899-12-12

Mr.. De Almond Predicted Defeat
of the Majority in 1900 Upon the
issue Raised I'm the Currency Bill.
WASHINGTON, Dec. 1.-THE feature
of the opening day in the debate on the
currency bill in the house was the
speech of MIR. Dolliver, of Iowa. 1t was
characterized by all the wit and eloquence
for which the Iowan Is noted, and held
the members, without regard to party,
for more than two hours
Mr.. Dolliver declared that the last
doubt of the Republican party as to the
wisdom Of enacting the gold standard
into law had been dissolved by the ex-
perience of the business world during the
past three years. He scored Mr.. Bryan,
and generally ridiculed the alleged proph-
ecies of the Democrats IN 1886
Mr.. De Almond CNo) o)was the heavy gun
on the Democratic side. He warned the
Democrats from the West that they could
not deceive their constituents in the
coming election that they had yielded
10 the judgment of their colleagues In
caucus.
Mr.. Overstreet opened the debate for
the Republicans, and Mr. Maddox (Ga.)
replied 20 him.
Mr.. Mcclellan IN. " vas the only
other speaker today. He announced his
opposition to the bin on the ground that
1t would contract the currency, extinguish
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, intend to vote for
the bill, not TO do so.
After describing the various kinds Of
money in use in the United States, Mr..
OVerstreet said:
The history of government efforts to
force legal tender money into circulation,
irrespective of its intrinsic value and
without the government reserve, is
record of failures without a single excep-
ton. All of the various kinds of money
In the United States are based on a COM
mon standard of value in which each can
be measured. The present standard of
value in this country Is gold, and has
been so recognized in practice for more
than half century,
He then proceeded with an elaborate
argument against a double standard and
general review Of our monetary legis-
alton.
In the course of his speech Mr.. Shafreth
ls1lNerite, Col.) interrupted 10 ask if the
Dill would not result in contracting the
currency to the extent of the $3.50 900 600
N silver inpounded.
1t would not, replied Mr.. Overstreet,
because for every silver dollar that goes
INTO the treasury gold dollar will go out
INTO circulation. Republican applause)
FIRST FOR OPPOSITION.
Mr.. Maddox Dem, Ca was the first
speaker in opposition to the bill Refer
ring to former Speaker Reeds New York
speech recommending the immediate en-
actment of gold standard legislation be-
fore some branch of the government got
away from the Republican party, he said:
The faithful understand that this leg
islation must be enacted at once or not
at all
The enactment of gold standard legis'a
uon, he declared, had never been an is
sue before the people. If gold was nov
the existing Standard IS cOntended, il
was so by the unlawful usurpation of the
legislative officers of the government
The treasury, under the bill he predict
ed, would be raided. The bill would con
vert every obligation of the treasury int
q gold obligation, and would compel the
government to sell millions of gold tC
amount of % per cent of all the outstand
Ing notes Of whatever character. He ar
gued that under the bill banks with 81
e000OO capital now required to deposi
bonds equal to a third of their capital il
li6 treasury, were required TO uepOSl
only S5O00O in bonds, enabling them tC
contract or expand the currency at will
He then assailed Republican advocates OF
the object of the gold standard for apes
tacy, and particularly attacked Messrs
Hepburn, Iowa; Dingley, Maine, anC
GTosvenor, Ohio; who, he said, advocates
silver coinage by international agreemen
In 1857. Mr.. Maddox summed up his argu
ment by declaring the measure to be
bill designed to legalize the authorit,
Usurped by the secretary of the treasur
to put the country on a gold bass-t
demonetize one-haIf the final money O
redemption, TO alter the obligations o
the people without their consent into gol
obligations, to contract the currency a
the will of the banks, and to create gi
gantic bank trust for the benefit of
few thousand people.
MR.. DOLLIvER'S ARGUMENT.
Mr.. Dolliver Qo.), the next speaker
read from the speech Of Gov. Altgeld t
the effect that the Republican congres
would obey orders and enact gold stand
ard legislation. For himself, he said, h
was proud to say that he was obeyin
orders-the orders of the people of hi
district-trying to put the laws of tn
country into harmony with their opinion!
The pending bill was a compromise, rel
resenting the united wisdom of all.
There is something about the pursu
of the science of money said he, "ths
enables every one of its students to con
prehend his own ideas without being yer
hospitable to the ideas of others" N4augl
ter) This was bill to set at rest all doul
as to the standard of this country
should be presented to the business me
of the country as a Christmas gift II
Dolliver) did not want his record an
past follies to be brought up again.
him. He had voted for the Sherman a,
in 1890, an act which he now regarde
as a piece of unutterable stupidity. ]
1888, whep the act came to be repeale
Mr.. Dolliver said he was very much Pc
picked. He saw Sherman, one evenin
sitting outside his house, like Abraha
outside his tent. Don't trouble you
self about the failure of your predi
tions regarding silver said the senate
"every prophecy 1 made about i, h;
turned out exactly the opposite" NaugI
teri
Just as yours will now,'' interiectt
Mr.. Cox CTenn), amid renewed laughto
Continuing, Mr.. Dolliver said he belle
ed that the result of the campaign
1886 settled the silver issue. A propositlC
which received a black eye in Iowa al
Massachusetts at the same time, in h