The Anaconda standard., 1899-12-13
THREE NIGHT SESSIONS
For Debate Upon the Gold
Measure.
SUPPLY OF BASIC MONEY
The Cause OF Flucsuation in Prosperity
During Recent Adm nistrations.
Not Enough Gold in
the World

great pressure for time on the part cf
the members of both sides who desire
to participate in the currency debate in
the house that three n.ght sessions were
ordered to-day. 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 spok-
en- in favor Of the bill, Mr.. briggs of
New York. who announced to-day that
he had pledged himself before election
to support the gold standard and pro-
posed to redeem that pledge. He will
be joined by several Of his Brooklyn
colleagues and probably several ;thees.
The features Of the debate to-day
were the speeches Of Mr.. Grosvenor of
Ohio. for the bill, and of Mr.. Cochran
of Missouri and Mr.. Newlands Of Me-
vada against 1t. The other speakers
were: Mensrs. Parker of New Jersey,
William Alden Smith of Michigan.
Prince Of Illinois, Lawrence OF Massa-
ehusetts and Powers of Vermont for
the bill, and Messrs. Shafroth of Colo
RADIO and Sims of Tennessee against 1t.
Owing to the pressure for opportunity
to speak on the democratic side, Mr..
Richardson, the minority leader, asked
that night sessions be held for the re-
mainder of the week, but this was de-
INJURED to and it was finally agreed
that night sessions for debate should
be held Wednesday, Thursday and
Friday.
Mr. Groevenor of Ohio was the first
speaker to-day. He reviewed the dem
ocratic predictions in the last cam
paign prophesying no relief, but con-
tiilued falling prices and general dis.
trees until free silver came and then
described how prosperity followed Nc-
Kinley's election and the restoration of
confidence.
The democrats predicted that we
would have no foreign trade. That
trade was now larger than at any per-
iod in our history. Another prediction
was the contraction of the currency.
The currency has increased 100000 in
three years. Referring t1 the question
of antitrust legislation, he challenged
any democrat to poiut OUT any addition
which would be made constitutinnally
to tae, Sherman antitrust law. He DIS
9. ntcd entireiy frc II Mr.. 'rylns rem-
e6y. He contended 'hat congress ccuid
not assail corporations in the states,
that the states could control and reg
ulate their own domestic affairs.
Mr.. Grosvenor in opposition to the bill
He traced the history of the country
through the period of depression COM
raencing in 1898. conterding that the
panic was not caused by the coinage
OF silver under the Sherman act He
said the ircr ,ase of Drosa,4,i.v Turing
the past two years demonstrated the
correctness Q" the theorv entertained
by biInetallists. viz: That all other
things being equal, pr'ces VIII depend
uIon the quantity II money in Gil Gu
lation; that an increase OF the money
volume meant higher prices and the
diminution of the volume meant lowLr
prices.
Mr.. shafroth Of Colorado. in opposing
the bill, argued that the f1uctuation If
the prosperity in the Harrison admin
istration, the depression during the
Cleveland administration and the pros
perity under the present administra-
ton lay in the supply of basic money.
During the Harrison administration
the Sherman purchasing act added
s4,oo0o0o month to the supply. the re-
peal of that law at the beginning 6f
the Cleveland administration brought
disaster and the great increase in gold
production and the consequent increase
in the basic money account for the
prosperity under the present admins
tration.
Mr.. Parker of New Jersey, in sup
port of the bill, argued that the pend
ing question should not be party
one.
William Allen Smith of Michigan
spoke in advocacy of the bill. The
steady growth of the circulation during
the past three and half years ag
gregating s476, 600, gave the lie te
the advocates Of free silver. Our com
merce with gold standard countries
last year aggregated 81 500, 900; with
silver countries $1S9, 100000. How idle II
would be then to jeopardize that COM
merce by going on silver basis.
Mr.. Prince of Illinois, who was q
member of the banking and currency
committee In the last congress. pre-.
sented a careful argument in favor OF
the bill
Mr. Cochran of Missouri opposed the
bill in a vigorous speech in which he
contended that the real question pre-.
sented by the pending bill was whether
there was sufficient gold in the world
upon which to pyramid the vast and
constantly increasing volume of credit
He referred to the recent dispatches
from London showing the struggle fol
gold all over Europe and declarine
that the gold inportattons during tbs
Mckinley adninistra ton had produced
the gold famine abroad. There was moi
enough gold in the word to do the
business of the worlu. The imports Of
gold to pay for the surplus crops ex.
ported to supply the failure of crops
abroad. Mr.. Cochran claimed hat
quickened trade and had produced tins
prosperity Of which the republica~ =.
boasted to-day. He warned the renub
rcans that when the stock of gold de
cllned the prosperity of to-day woult
crumble like a house Of cards. In th
course of his speech. when Mr.. Cochran
reiterated Mr.. Bryan's famous dec'ara
ton concerning the crown Of thorn
and cross of gold, the republican
jeered derisively.
Mr.. Simpson, in opposition, said I'm
der the existing prosperity wages di
not average more than 10 per cen
above the panic level, while the pric
of manufactured goods had increase
100 per cent.
Mr.. briggs of New York was the frs
democrat to speak in favor of the bill
When he rose. many of the republican
left their seats and went over to tn
deYnocra tic side to listen. He said tha