The times., 1899-12-13

States payable In gold by law2'
Mr. Parker temphaticallyl- I did
Mr Gainas-Has your party given up the
idea OF obtaining an international agree
doned International bimetallism
Nr. parker-Do you think il can be OBJ
taiued2
Mr. Gaines replied al some length. al
leei1g that the Admins lration had abau-
doned b.metaIlism.
NJ Parker-My question was susceptible
o. an answer by yes or no. ] I-ave it TO
The House TO judge whether il has been an
swcTed.
Tr. Smith of Michigan Heard.
William Alden Smith of Michigan sup
ported the bill A new period in the his
tory Of the country. he said. had been
reached By the introduction of this bill.
the scattered rays Of individual opinion had
been focused and gathered together in the
measure. which proposed to fix definitely
and securely the gold standard in the law
Of the land. From the victory of 1895 came
a Republican majority in Congress. and the
leader CT the sound money forces sits in the
White House. ready 10 add his approval to
the bill redeemirg the pledge OF the party
TO the people IApplause.l
Mr. Smith reviewed the conditions OF
trade and commerce under Republican Ad-
was for the bill, and was proud 10 say that
he represented the almost unanimous SEN
timeut Of his constituents.
Mr. Prince Of Illinois followed also in
support CT the bill. He COntrasted the finan-
cial legislation OF the present Administra-
tjCE with that of the previous one and
portrayed the effects of the several meas
ures. He aualyzed the bill, and said, il
conclusion.
This bin VIII be- when enacted into
Law, OF iucalculable benefit TO our coun-
try. Il is in line with our banking sys-
TEN; it is in line with our promises to
maintain the existing gold standard. Those
CT you who differ with US upon this very
important question ought to welcome
gladly our action in this matter, because
IL we are wrong in our contention, the
country viii be quick TO realize il and viii
turn 10 you with your views upon this
question for relief We feel confident that
we are right. We are ready now TO go on
record upon this question and enact this
measure into law. We hold ourselves re
sPOaEible TO the American people for our
action. We are in the majority in this
Congress. We are responsible for legisla-
uon. We cheerfuliy assume the response
bility. The party to which we belong viii
stand by the President in the Philippine
policy and VIII upheld his military arm
as long as the insurrectiCn continues in
those islands. because under the COnsti-
tuticn il is his duty as well as ours to
upheld the sovereignty of the United States
in those distant islands as in all other
PLACES where our flag rightfully hCats.
As a party. We stand by the policy OF
protection TO home industry and of honest
money with which 10 pay honest earnings.
As q party we stand. nov as ever, for the
reduction Cf taxes. as fast as our national
obligations VIII permit. We stand for more
ships as the best conservatCTs CT peace.
We stand for public Improvements that
VIII aid and cheaper transportation and
promote the public service We favor leg
islatiCn that viii increase our merchant
marine. so thar American goods going
abroad and foreign goods coming 10 cur
country may be carried in American YES
sells under the American flag. We favor
f0rtiiCatious and coast defences. We favor
q Regular Army large enough 10 maintain
law and order wherever our flag righIfully
floats We believe in granting liberal pen
siCns 10 the soldiers and sailors of 1851
and 1855. and To their widows and orphans
We stand fer the enactment Of the eight
hour law on GOyeTnmeu; work We stand
for the dollar which contains its intrinsic
value and which is the same yesterday, TO-
day. and forever.
Hr. Cochran Opposes the Bill.
Opposing the bin Mr.. Cochran of Mis-
souri, said he had hoped that in the els
cussion some gentleman upon the ether
side would tell what had become of the
suggestion in the campaign of 1895. so
that they were justified in bringing in
this bill. Every assertion by the majority,
the SPEAKER contended. convicted them Of
the Indictment against them, being a con-
hat has ola IN
untoUnded. Regarding the increase Of gold
since 1886 which had been larger than
was ever then dreamed Of, Mr.. Cochran
said il had not relieved the situation
Tor while conditions we're easier Ia the
United States. every money centre in
Europe was in a delicate and critical con
dition. Nr. Cochran went over the his
tory Of standards from the beginning, as
serting that never until now had there
been a suggestion OF the demonetization
OF anything but gold. Within the past
century, be said. one hundred and fifty
billions Of interest bearing securities lad
been added TO the wealth OF the world.
The holders Of these demanded a money
market that would not meet the interest
cn this vast sum, but permit Of the COM
pounding Of the interest and the adding
OF il 70 the enormous principal. He would
not denounce the capital class as some
had done. but he would assert that its
policy and demands constituted a menace
10 the working classes. Many had lately
made sport Of much that was said in the
campaign OF 1886.
II reiterate." he said. the grandest ut
terauces OF aII- You shall not press down
upon the brow OF labor this crown of
thOrns; you shall not cruelty mankind
upon this cross Of gold Applause and
uerisive laughter
Mr. Sims OF Tennessee followed in oD-
position 70 the bill. Republican Iegisla-
tlOn he affirmed was unequal. unjust and
unfair. Under il the wages of labor had
been increased from the panic level prob
ably 10 per cent Trusts. fOstered and
encouraged by that legislation, had. many
OF them. increased the prices OF their pro-
ducts 100 per cent He taunted the Re
uub!icans with being Illogical and ap-
Drehensiye in the preparation OF the pend
ing bill. To be logical he said. they
should have provided for the establish
ment Of the gold standard by the redemp-
tion and retirement OF green backs and
Treasury notes. and the purchase and melt
ing OF all silver standard dollars. The
gold for this could be secured. he said.
as was the gold TO be secured under the
bill. by the sale of bonds Mr. Sims said
that IL this bill became a law there would
BE- a large and rapid advance in the price
Of bonds Of all kinds. and he sarcastically
advised the Republicans 10 buy them, buy
them quick, so that they might secure To
themselves some Of the benefits Of this
legislation
a Democrat in support of the BIZ.
Unusual interest centred in the speech OF
Representative briggs cf New York. the