The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-15
THE FINANCIAL DEBATE.
rHirER, DEMOCRAT OF MAsyI-
cHUsETTs, SUPPORTS THE BILL.

the 10 10 Il Ratio, nut fredtcted N
Future for silver-McCleary Denies That
silver Has Been Abandoned ms Money.
but That Its Use Has Been Enlarged.
WASHINGTON. Dec 14-To-day's debate on
the Financial bill In the House was the most
interesting 80 far. Its principal feature was
the speech OF Mr.. McCleary rep. Mimi In
suprort Of the bill. II was a philosophical dis
cussion OF the subject, treated In an unusual
way Mr.. Sibley. formerly q shining light In
the free silver ranks. declared himself with
sople disappointment TO both sides. He an
pounced his opposition to the bill be-
cause he did not believe the country was yet
ready for the declaration OF the gold standard.
and expressed his opinion that the free coinage
n, silver at the ratio OF 10 to l would never
again become an issue OF overshadowing i'm
portance. Mr.. Thayer OF Massachusetts. the
Democratic successor TO Mr.. Walker. for several
terms Chairman OF the Committee on Banking
and Currency. supported the bill. declaring II
To be in harmony with the illustrious and patri-
otto history OF the Democratic party.
when the House was called to order at IL
o,cork there was an even smaller attendance.
especially in the galleries. than at the same
hour Yesterday. The prayer OF Chaplain
Couden was a panegyric upon Washington. the
centennial Of whose death was observed to-
day and a plea that the Legislators OF to-day
might follow his example.
Mr. Cox Dem. Tenn was the nrst speaker
to-day on the Financial BILL which he opposed
He gave a brief history OF the preparation and
Introduction OF the bill ana said that IL would
be passed that the power which put the Re-
nublicans In this House would compel them to
pass it The fact that this would require q
change o, postion by the great majority OF the
Republicans would make no difference.
Mr.. Cox opposed the bill for the reasons that
rwould require the debtors Of the country to
meet their obligations with different currency
from that in which the contract was made that
4, conferred upon the Secretary Of the Treasury
unlimited power to issue gold bonds. a pro-
ceedng which. when exercised by the Ceve-
land Adm nistration. had been denounced by
The Republicans. and he had Joined In It. and
that II increased the power OF the national
banks
Mr. Lewis Dem. Ga followed in opposition
70 the bill. II the effects Of the measure. he
said. had been outlined in the 81. Louis plat
form the result 81 the election OF lsoS would
have been the choice OF William Jennings
Eryan ~ Nebraska. Mr. Lewis found In the
fact that the national banks probably owned
thee .ourths Of the war bonds issued last year
an additional argument against the further
issue Of bonds nv the Secretary OF the Treasury.
Mr. Lanham Dem. Texas in four minutes
had time only 10 express his belief that tho
pending bill would be passed. but. before that
was mplished. to record his profound and
conscientious OPPOSITION 10 its provisions.
Mr. Crumpacker rep. Ind advocated the
bill Contrasting present conditions with
those obtaining during the Cleveland Admins
traton. he said il would be- criminal for this
Congress 10 fail or refuse to pass legislation
which would prevent the recurrence Of the
conditions that then existed. The pending bill.
.I.l- 4 ..-N.. 4 ~. \
that under our form Of government RESPONSE
billy must be lodged somewhere. and he be-
!!eved that II the. responsibility OF issuing
bonds. vested In the Administration by the
bill had been held 10 the past. IL would have
saved the Government a hundred million dol
lars The national banking features espec-
tally he commended. furnishing as they did
additional money and financial facilities to the
Nj Lowering Rep. Mass. a member OF the
Caucus COMMITTEES which prepared the bill.
said that the bill furnished sound basis In
the gold standard for the financial ransactions
silycrmen ought 10 be satisfied with what the
saaGi in extent tent 70 that which thev had de-
na11sd Every provision Of the bill was a
good business propos ton. and when enacted
INTO lnw would afford foundation upon which
20 nuild saie banking system.
but his remarks carried disappo ntment in
more respects than one He said that an I'M:
fortunate Interview recently published had
caused MS Democratic associates TO fear that
;he expression of his views upon the bill would
tend @ eptar5aS, them, He could not see
against the hill AMI had intended 70 take part
IN the debate. showing with such logic. invec-
Why the ' iii 65 10 Be- PASSED. sss doa'fH
he could not accept from the Republicans
as representative on his side. 70 demand
as right. Applause i supported every
Democratic candidate on the ticket, he con-
his TPion suDported their Justice and right. !
from Tennessee from all embarrassment he
had concllte3 to embaln his Temarks IN the
carried down q fame the, utteEances OF other
90 greater statesmen. tLauGhterl;
M Richardson Dem, Tenn: There has
ald the gentleman from Pennsylvania l Of
iered him thirtyhve minutes in which to ex-
Mr.. Sibiey None, at all. but in view OF the
Pressure uron him. | have deemed IT wise to
reev. him from an possible embarrassment t.
4, larsts was concerned. by committing my
remark, N the record.
Ia the manuscript OF his speech, Mr.. Sibley
i affirm that the truth OF the essential con-
tent2I 81 the bi.metalIlsts has been vlndi-
aud The increasing range OF prices as marked
by The system Of index numbers, finding lite
throughout, the, entire globe. Truly. my
Republican friends. there, have been but few
SHOWERS IN recent years that iound you with
OUT umbrellas. That benefcient Providence
when Is said 10 he the especial protector
OF children, drunkards and the feeble
minded has also been very kind indeed. to
our friends OF that party"
The prospect OF a continued increase OF the
god production OF the world. Mr.. Sibley said
was so good that he warned the Republicans
toact with prudence, elaboration and eau.
non; Tor u the estimates Of gold production
are true thu nations OF the world would be
again invited u conference. as they were In
iS2i; following the discoveries 10 California
aud Australia, to consider the desrability Of
taklng away the legal tender OF gold, Within
tlsw years, POSSIBLY, the battle OF the stand-
ARCS VIII again rage and we shall hear the
whIte metal lauded as the money necessary tr
we common transactions OF life. and OF such
universal adoption and free from so many oh.
!eGtl4lS 10 gold as currency that IL will be
called the poor mans money. and some gen
titman may be found advocating the cause o
sl.Ner not because OF it's intrinsic value. bu,
because ~ It's scarceness relative to gold.
{, AGAIN, the future status OF silver as money.
70 my opinion. will not he determine by the
result ~ some great political camraiRn but
IdIhe! oY the concurrent consent OF the world I
ihdlatrlal and commercial enterprises. While
believe that violent fluctuations In value are
rss ',hbe with two metals than one, neverthe
,ess. am constrained to bel ieve that silver a