Omaha daily bee., 1899-12-12
DEBATE ON FINANCE
Continued from First Page.)

break from party lines and suffer unfinch-
| ingly the sting Of the party whip in honest
and patriotic effort to uphold the integrity
of the national credit and make secure the
foundation Of the vast and expanding busi-
| ness of our people.
while the question is economic and
should be separated from partisan debate
yet the republican party will not attempt
to escape from responsibility for the legisla-
ton, believing that it is wise for the coun-
try, safe for the people and in perfect har-
mony with the institutions of the nation"
In the course of his speech Shafroth sill
yer republican of Colorado, interrupted to
ask if the bill would not result in contract
ing the currency to the extent OF the $780,
900, 900 in silver impounded.
shafrOth Receives an Answer.
at would not" replied Overstreet, "be-
| cause for every silver dollar which goes into
the treasury a gold dollar will go out into
circulation" Republican applause)
Maddox, democrat of Georgia, was the first
speaker in opposition to the bill. Referring
to Former Speaker Reeds New York speech,
advising the immediate enactment of gold
standard legislation before some branch OF
the government got away from the repub-
lican party, he said: "The faithful under
stand that this legislation must be enacted
at once not at all
The enactment of gold standard legisla-
tion, he declared, had never been an issue
before the people. If gold was now the
"eXisting standard" as contended, it was so
by the unlawful usurpation of the executive
officers of the government.
The treasury under the bill, he predicted,
would be raided. The bill would change every
obligation OF the treasury into gold OBJ
legation and would compel the government
to sell millions of gold to the amount OF
% per cent of all the outstanding notes OF
whatever character. He argued that under
the bill banks with $l,000000 capital now
required to deposit bonds equal to third
of their capital in the treasury, were re-
quired to deposit $1,000 in bonds, enabling
them to contract or expand the currency
at will. He then assailed republican ad-
vocates of the gold standard for apostasy
and particularly attacked Messrs. Hepburn
OF Iowa, Dingley of Maine and Grosyenor of
Ohio, who, he said, advocated silver coin
age by international agreement in 1897.
Maddox summed up his argument by de-
claring the measure to be a bill designed
to legalize the authority usurped by the
secretary Of the treasury to put the country
on a gold basis, to demonetiZe one half
of the final money of redemption, to alter
the obligations of the people without their
consent, into gold obligations, to contract
the currency at will Of the banks and to
create a gigantic bank trust for the benefit
of a few thousand people.
Dolliver Of Iowa, the next speaker, read
from the speech of Governor Altgeld to the
effect tha. the republican congress would
obey orders and enact gold standard legisla-
tion. For himself, he said, he was proud
TO say that he was obeying orders-the or
ders OF the people of his district-tryins
TO put the laws Of the country into har-
mony with their opinions. The pending
bill was a compromise, representing The
united wisdom of all.
There is something about the study OF
the science of money" said he that en-
ables every one Of its students to compre-
hend his own ideas without being very
hospitable toward the ideas OF Others"
UaughterD
Christmas Gift 10 business Men.
This was a bill to set at rest all doubt
as to the standard in this country. II
should be presented to the business men
OF the country as a Christmas gift. He
CDolliyer) did not want his record and
past follies 10 be brought up against him.
He had voted for the Sherman act in 1890.