New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-12
CURRENCY DEBATE BEGINS
THE REPUBLICAN CAUCUS BILL EA'
PLAINED BY MR.. OvERsTREET.
WITTY AND ELOQUENT ARGUMENT MADE
BY MR.. poLLIvER-MEssRs MADDOX.
DE ARMoND AND MCCLELLAN SPEAK
FOR THE DEMOCRATS.
fRy TELEGRAPH TO THE TRIBUNE.

day I'm the House under the terms Of the reso-
luton adopted last Friday AS no Committee on
Banking and Currency exists as yet, and as none
will be appointed before the pending measure
passes, the parliamentary privileges OF the
chairman of that committee passed TO Mr. Over
street. Of Indiana, who has been closely identi-
fed with the fortunes of the Currency bill. both
in this and in the last Congress. Mr. Overstreet
opened the debate ir elaborate and forciDie
speech. SO much Of the ground to be covered
in the debate has been trodden and retrodden
in Congressional discussions that interest Is
likely to show signs of tagging before the week
ends. Mr.. Maddox, of Georgia, made the OPEN
ing speech for the opponents of the Currency
bill.
The speech of Mr. Doiver OF Iowa, was
characterized by all the wit ard eloquence for
which he is noted, and held the attention OF the
members without regard TO party for over an
hour Mr. Dolliver declared that the last doubt
in the Republican party as to the wisdom or
enacting the gold standard into law had been
swept away by the experience OF the business
world in the last three years He ridiculed Mr..
Bryan and the false prophecies Of the Demo-
Gratis in 1896.
Mr. De Armond OF Missouri. was the heavy
gun on the Democratic side. He told the Re-
pubcans from the West that they could not
deceive their constituents in the coming Con-
gressional elections by saying that they had
yielded to the wisdom of their colleagues In
caucus Mr.. Mcclellan Of New-York, announced
his opposition to the bill. saying that 1t would
contract the currency extinguish the bank
notes and enhance the value OF coin bonds lie
appealed to those of his Democratic colleagues
from New-York who. it is reported. intend 10
vote for the bill not to do so.
The position of the New-York Isemocratic
members Of the House on the pending financial
bill brought about much canvassing to-day, ana
there was talk that conference had been held
by those who will support the bill This was
denied. however although there was consider
able informal talk among the element favorable
to the bill Mr. briggs. Of Brooklyn openly
SAYS he will vote for the bill. as he told his
constituents that he favored the gold standard
and would vote for it, While the others are not
so outspoken it Is understood that Messrs.
CLAYTON OF Brooklyn. Wilson, Of Brooklyn;
Scudder of oyster Bay; Levy and Rupert, OF
New-York City, and Underhi!l, Of New Rochelle,
are also disposed to vote for tac bill some OF
them said to-day tllat several Democrats out
side OF the New-York delegation were likely TO
vote for the bill
MIR OyERsTREET'S SPEECH
There was only fair attendance In the galleries
OF the House to witness he opening Of the 'iebate
on the Currency bill Immediately after the read
ing of the journal the House under the special or
der, went into Committee Of the Whole Oir Hep
burn Rep, Iowa. IN the chair, and began con-
sideraton of the bill Nr overstreet (Rep., lnd)'
who is in charge of the measure on the floor, began
the general debate. In opening his speech he said:
Mr. Speaker This country presents the anoma-
ious situation Of being the absolute and unchal-
enged leader in almost every field OF advanced
thought whether ir science or literature; certain.
ly the most advanced in material development and
the control Of trade; 10y far the superior IN manu-
field Of greatest controversy upon the subject OF
the standard of value and the proper media Of ex-
change ~, . ,,, A.
cussion and legislative consideration OF tne qqes-
standing there have been occasions when serious
fears lest the entire fabric OF our monetary sys-
tenn might be seriously shaken, YET II Is 10 the
our money in circulation is absolutely sound and
unquestioned. This condition has led many people
OF legislation, and that the best the Government
could do would be TO let the subject alone.
Such people are not familiar with the frequent
pledges of the Government to maintain the parity
of our money. declaring by Congressional acts the
honest purpose of the Government faithfully and
surely to guarantee the full parity Of all money In
circulation. The present parity depends entirely
maintenance and enforcement rest with the iudg-
ment caprice of the Secretary OF the Treasury.
the discharge Of our obligations may completely
destroy the parity and shift the standard 10 tho
proper regulation OF the question by clear and
permanent statute rather than depend upon oe-
tentIon il is far better to end the matter by
public law. which shall be plain and unequyocal.
shall be done at some future date. or leave so dam
gerous option within the control OF one man,
whether he be the President or his financial ad-
wiser
After describing the various kinds OF morey In
use in the United States. Mr. overstreet said:
The history Of government efforts TO force legal
intrinsic value without me government pledge
is a record Of failures without single exception
States are based upon common standard OF value.
in which each can be sured The present stand and
recognized in practice for :nore than half
century
EVILS OF A DOUBLE STANDARD.
He then proceeded with elaborate argument
against a double standard and general review Of
monetary legislation. saying:
operation OF the laws OF 1878 and 1890 created .
doubt as to he ability OF the Government TO MAIN
tSe an od ns 2 a ' do1 had BEEN @
sued by the Government only So32 2S silver dollars
From February IL, 1873, when the recoinage OF the
silver dollar was authorized 10 November /. 1893
when sucn coinage was discontinued, there were
Upon this last date there not silver dollar
in circulation whose face value equaed its intrinsic
face value was Government obligation so estab-
Government to bear this burden was never ques-
toned The mere money obligation imposed by ths
law created serious embarrassment IL was the
principle involved. coupled with the repeated ef-
forts by very considerable number OF the people OF
the country TO establish absolute free coinage OF
silver which shook public confidence and produced
the fear that a change OF the monetary standard
would result.
II the legal standard OF to-day Is the gold stand
ard. under the act OF 1873. positive statute TO
that effect do no harm. II. on the other hand
there is any reasonable doubt. II should be dis
PEELED by a statute plain and clear IN its terms
When certainty shall take the place OF doubt and
the integrity OF our credit be fixed the honor
OF the Nation. the National debt can be readily
refunded lower interest rates and future loans
negotiated with ease upon better terms than ever
before. The rapid development OF American trade
and it's vast expansion bringing people into
closer relations with the leading nations OF the
world make II imperative that the standard OF
value in which settlements made shall be the
best known TO the highest civilization, and shall
safely appeal to intelligent and successful expert
ence Recent events. shaped by causes beyond our
control bearing obligations which National honor
Ill l. ALL.la. .EAr Ar..Al