The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-13
Members of House Want to Discuss
Currency Bill.
LITTLE INTEREST TAKEN
SPEECHES LISTENED TO ONLY
BY THE REPRESENTATIVES.
Only One Democrat So Far Has
Spoken In Favor of the Bill
briggs of New York Tells Why
He Supports the Gold Standard
Keeps His Pledges.

Washington, Dec. 12.-There is such
great pressure for time on the part of
the members of both sides who desire
to participate in the currency debate
that three night sessions were ordered
today. Interest in the debate is not
keen, judged by the attendance in the
galleries, although the members them
selves are listening attentively TO the
Speeches
Only one Democrat thus far has spo-
ken in favor of the BILL Mr.. briggs of
New York. who announced today that
he had pledged himself before election
20 support the gold standard and pro
posed to redeem that pledge. He will
be Joined by several of his Brooklyn
colleagues and probably several others.
The features of the debate today
were the speeches of Mr. Grosvenor of
Ohio for the bill and of Mr.. Cochran of
Missouri and Mr.. Newlands of Nevada
against it. The other speakers were
Messrs. Parker IN. j.. William Alden
Smith (Mich). Prince QIls), Law
renee (Mass.) and Powers Wt) for the
bill, and Messrs. Shafroth (Colo.) and
Sims (Tenn.) against it.
Same Old Battle Cry.
In opening, Mr.. Grosvenor said he
had hoped the Democrats would meet
the issue promptly by the pending bill,
but they were here with the same old
stale battle cry of "16 to l." Going
back TO the platform declaration of
1895 Mr.. Grosvenor produced poll of
the members of the committee on reso-
buttons of the St. Louis convention to
show that an overwhelming majority
favored a gold declaration before the
convention met. The only controversy
since had been as to who was RESPONSE
BILE for certain verbal phrases.
He reviewed the Democratic predic-
tons in the last campaign, prophesying
no relief. but continued falling prices.
10-cent corn. 25-cent wheat, Scent cot
ton and general distress until free sill
yer came. and then described how
prosperity followed McKinley's election
and the restoration of confidence.
The Democrats predicted we would
have no foreign trade. That trade was
now larger than at any period in our
history. Another prediction was con-
traction of the currency The currency
had increased 100000 in three years.
Referring to the question of antitrust
legislation he challenged any Democrat
to point out any addition which~would
be made constitutionally to the Siler-
man antitrust law. He dissented en-
tirely from Mr.. Bryan's remedy. He
contended that congress could not as
sail corporations in the state; that the
states should control and regulate their
own domestic affairs.
Newlands Opposes Bill.
Mr.. Newlands (Nev.) followed Mr.
Grosvenor in opposition to the bill He
traced the history of the country
through the period of depression com
mencing in 1898. contending that the
panic was not caused by the coinage of
silver under the Sherman act He said
the inrraa 20 Of
past two years demonstrated the cor
rectness of the theory entertained by
bimetallists, viz: That all other things
being equal. prices will depend upon the
quantity Of money in circulation: that
an Increase of the money volume meant
higher prices. and the diminution of the
volume meant lower prices
Mr.. Shafroth (Colo). in opposing the
bill. argued that the iiuctuation OF the
prosperity in the Harrison administra-
ton. the depression during the Cleve-
land administration and the prosperity
under the present Administered ton lay in
the supply of basic money
During the Harrison administration
the Sherman purchasing act added
100000 ounces of silver a month to
the supply. the repeal of that law at
the beginning Of the Cleveland admins
uation brought disaster and the great
increase in gold production and the con-
sequent increase in the basic money
accounted for the prosperity under the
present administration.
Not Party Question.
Mr.. Parker q. j.. in support of the
bill argued that the pending question
should not be i party one.
William Alden Smith lMich). spoke /!
in advocacy of the bill. The steady |
growth OF the circulation during the
Te.e e-f 2
eating S416.600, gave the lie to the adj !
vocates of free silver. Our commerce /
with gold standard countries last year.
aggregated 81 500 000. 900: with silver !
countries Sl5a,000.0 How idle it /
would be then to jeopardize that COM /
merce by going to silver basis?
Mr. Prince Ills.). who was member |
of the banking and currency commit |
tee IN the last congress presented a
careful argument in favor of the bill.
Mr. Cochran Mo), opposed the bill
In vigorous speech. in which he con-
tended that the real question presented
by the pending bill was whether there
was sufficient gold in the world upon
which to pyramid the vast and CON
stantiy increasing volume of credit.
He referred to the recent dispatche,
from London showing the struggle for
gold all over Europe and declared that
the gold importations during the Nc
kinney administration had produced
the gold famine abroad.
Not Enough Gold
There was not enough gold in the
world TO do the business of the world.
The imports OF gold to pay for the
surplus crops exported TO supply the
failure of crops abroad, Mr.. Cochran
claimed. had quickened trade and had
produced the prosperity of which the
Republicans boastf q today. He warned
the Republicans that when the stock
Of gold declined the prosperity of today
would crumble like a house of cards.
In the course of his speech, when
Mr.. Cochran reiterated Mr.. Bryan's
famous declaration concerning the
crown of thorns and cross of gold. the
Republicans jeered derisively
Mr. Simpson, in opposition, said
under the Existing prosperity, wages
did not average more than 10 per cent
above the panic leve,. while the price
Of manufactured goods had increased
100 per cent.
Gold Democrat Speaks.
Mr.. briggs IN. ", was the first
Democrat to speak in favor of the bill
When he rose many of the Republicans
eft their seats and went over to the
IL