The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-13
ABSORBED IN THE
CURRENCY DEBATE
So Far No Keen Interest is
Manifested,
DEMOCRAT OPPOSES THE BILL
Mr.. Bryan and His Party Again
RidicuIed.
NIGHT SESSIONS WILL BE HELD
Mr.. Grosvenor Says the Present Era of
Prosperity is Triumph for Pro-
tective Tariff and Sound
Money Policy
Mr.. Bryan and His Party Again
RidicuIed.
NIGHT SESSIONS WILL BE HELD

Washington, December 12-There Is such
great pressure for time on the part of the
members of both sides who desire to par
ticipate in the currency debate in ahe house
that three night sessions were ordered to-
day. They will be held Wednesday, Thurs
day and Friday Interest in the debate is
not keen, judged by the attendance in the
galleries, although the members themselves
are listening attentively to the speeches.
Only one democrat thus far has spoken
in favor of the bill, Mr.. Diggs, of New
York, who announced today that he had
pledged himself before election to support
the gold standard and proposed 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 Mr.. Cochran, of Missouri, and Mr..
Newlands, of Nevada, against 1t. The other
speakers were Messrs. Parker, New Jersey;
William Alden Smith, Michigan; Prince,
Illinois; Lawrence, Massachusetts, and
Powers, of Vermont, for the bill, and
Messrs. Shaffroth, Colorado, and Simms,
Tennessee, against it.
In opening, Mr.. Grosvenor said he had
hoped the democrats would meet the issue
presented by the pending bill, but they
were here with the same old stale battle
cry of "16 to L." He reviewed the demo-
cratic predictions in the last campaign,
prophesy.ng no relief, but continued falling
prices-10 cent corn, 20 cent wheat, 3 cent
cotton and general dstress-until free silver
came, and then described how prosperity
followed Mcklnleys election and the re-
storation of confidence.
1.-The democrats predicted we would have
no foreign trade. That trade was now
larger than at any period in our history.
Another prediction was contraction of the
currency. The currency had increased four
hundred million in three years" referring
TO the question of antitrust legislation, he
challenged any democrat 10 point out any
addition which could be made constitution
ally to the Sherman antitrust law. He dis
scented entirely from Mr. Bryan's remedy.
He contended that congress could not as
sail corporations in the states; that the
states should control and regulate their
own domestic affairs.
In conclusion Mr.. Grosvenor said:
Triumph of Protective Tariff
1.-THE mighty volumes of flame and smoke
pouring from the chimneys of enormous IN
dustrial establishments, wave a beacon
light to heaven announcing the triumph OF
protective tariff and sound money.
1.-The scratch of the pen upon the record
in the northwest and the southwest as 1t
cancels the millions of mortgages placed
there in the house of democratic distress
and starvation now cancelled by the pay
ment of money that has come to the own
ers of these splendid farms through the
intelligence and patriotism of republican ad-
ministration, joins in the grand cry OF en-
dorsement all along the line"
Mr.. Newlands- of Nevada followed Mr..
Grosvenor in opposition to the bill. He con-
tended that the panic of 1898 was not
caused by the coinage of silver but the
Sherman act. He said the increase or
prosperity during the past two years DEM
onstrates the correctness of the theory en-
tertained by bmetallists, viz that all
other things being equal prices will de-
pend upon the quantity of money in cireu-
lation; that an increase in the money vol
ume meant higher prices and the G1mlnu-
tion of the volume meant lower prices
Mr. Shaffrotn of Colorado, in opposing the
bill argued that the foundation of the pros
perity in the Harrison administration, the
depression during the Cleveland adminlstra-
ton and the prosperity under the present
administration lay in the supply of basic
money.
During the Harrison administration the
Sherman purchasing act added fcur millions
a month TO the supply, the repeal OF that
law at tn, !cginning of the Cleveland al
nin;s.rat;7 IN brought disaster a1d the great
increa,e in gold production and the con-
sequcnt ir crease IN basic money accounted
for the prosperity under sle present admir-
iStraticu
should No. be Party Question
Mr.. Parker, of New Jersey, in support OF
tho bill, argued that the pending question
should not be a party one
Mr.. William Alden Smith, OF Michigan,
and Mr. Prince, of Illinois, spoke in favor
OF tho bill.
Mr. Cochran, of Missouri opposed the
bill in a vigorous speech, in which he con-
tended THAT the real question in tho pend
ing bill was whether there was sufficient
god in the world on Which to pyramid the
vast and constantly increasing volume of
credit.
He referred to the recent dispatches from
London showing the struggle for gold all
over Europe, and declared that the gold
impoctations during the Mckinley admin
istraton mad produced the gold famine
abroad There was not enough gold in the
scrld to do the business Of the world.
TIE Importation Of gold to pay for the
surplus crops exported to supply the fail
ure of crops abroad, Mr.. Cochran claimed,
had auickcned trade and had produced the
PROSPERITY Of which the republicans boasted
today HE warned the republicans that
when the stock Of gold declined the pros
perity of today would crumbe like house
of cards.
In tre course of his speech, when Mr..