New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-12
shall remain firm throughout the vicissi'uoeS VI
competitive trade.


After an elaborate exposition OF the FEATURES %
the hill and the method Of their operation "'
followed the line Of his report on 'he measure
heretofore printed. Mr.. Overstreet SAID
TIL. nronos,ton TO allow National banks to issue
,rc,,IsPop "a the par value of the bonds depos'eId
Tor their their sesnTy ID by four Presidents and Ave
Secretaries OF the Sssn nr @SG in Congress
and supported by members OF hotn peseSt banking
It enTe rely ssms reasons Which Justify the Issue
Of 90 per Of the bonds VII 1uS v objection ad
v ,ne aside from that Of demsgogc attack sTse gam
orally upon banks Is n M ercuetion and threatens
an indation But 1t is unfair 10 SG con Win The
amour possible under nd tine in circulation lack
Of profit upon banknote circulation tr below the
tax mas over expected and such reduction can oe
creditaby charged to ccoTnparison is be-
% the amount possible under the pressenr end
and the amount possible under yne cent increase
meni %n1fn WHICH TH can be easily absorbed by he
business Of the country ano re are National banks
The reneai 6f the tax upon National pam FnnhIses
dmf the substitution OF TAX upon bank mnd
vded profits are proposed N t spe Of the tax.
ah ba iI larger banks will pay the tax IN me of
degree as the smaller banks WINE tl6re ede
revenue will be practically uic"@i'eVN
In conclusion Mr.. Overstreet said: ,..,.ro
The advocates of currency reform firmly oetia are
,har the financial operations OF the cars
sil-
sngendered by doubtful egiSia,o s;ttscf upon the
yer coinage and the persisten, 1eSdslstion asked.
TO Ak gold firmly as the standard OF Ns'aHT M
equvocal terms. made tuy , 90 he law proposed
10 is heeved that the country demands IT, T,ba sun
our action WI 6eo raeG are moi confined TO the
Republican party nor TO the so-cSleo ,ctjon have
Tres" Democrats OF courage ana con va suffer
noblv dared to break from party INES am honest
mnfinchingly the sting Of me Party ngritv of the
sn1 p pal credit and make the foundation S S
The vast and expanding business o. 0 ItIral fields
~ he country are fully awake TO me Po ~ the
the subject and 2p6 pr ose who S wayeTed in 1896
Corrected their error In lssS - cho,,1d he
The rom guS SsT9ah deSSts yet epuSssn
party VIII not attemPt escaPS rpm is wise for the
country safe for the people and IN peiie'' "o'
with the institutions OF the Nation
Mr.. shafroth (slverite COLI interrupted MT ove.-
street 10 ask if the bill would not result IN contrast
o. ,ho currency 10 the extent Of the $3.50 100000 in
silver impounded. .cAo.orsa
ct would not" replied Mr.. Overstreet' BECAUSE
for every silver dollar which goes into the Treasury
a gold dollar will go out into circulation 'nepu0"-
can applause)
Mr.. MADDOX IN OPPOSITION
Mr.. Maddox Dem. Ga) was the first speaker IN
oppositon TO the bill He said that II he had aha'
ia Tho bm correctly no measure had been pre-
scented TO Congress in half a century fraught win
So much Importance 20 the country. he relelieu
20 ex-Speaker Reeds New-York speech IN ""i0"
no advised the immediate enactment of gold stand
ord legislation before some branch OF the Govern
ment got away from the Republican party. the
faithful" said he. understand that this egslauoh
must be enacted at once or not at all
Mr. Maddox then proceeded with detailed an
alysis of the bill The enactment OF gold stahuaIu
legislation he declared had never been an issue
before the people If gold was the existing
standard" as was contended. II was so by the I'M
lawful usurpation OF the executive oinces OF the
Government Facility for raiding the treasury
under the bill. he said, had never beer hitherto
eoualled. 1t would convert every Obligation OF inc
Treasury into a gold obligation, 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 unoer the
bill banks with 100000 capital. now required 10
deposit bonds equal to a third of their capitai IN
the Treasury were only required to deposit $VV"
in bonds, enabling the banks. he declared TO con-
tract or expand the currency at will. He took up
the Republican platform OF 1896 to show that every
Republican who now advocated the gold STANDARD
was an apostate. He had read at the clerks desk
the speeches OF some OF the Republican leaders In
1887 declaring that the Republicans were for In
ternationaI bimetasm. The speeches. he declared
were made In support OF the bill for the creation
OF the Commission which went abroad in the In
terest OF international bimetallsm, by Messrs Hep
burn Dingey and Grosvenor. Mr. Maddox summed
up his argument by declaring the measure to be a
designed
the Secretary Of the Treasury TO put the country
on gold basis to demonetize half the final money
Of redemption alter the obligations Of the people
without their consent into gold obligations, to
contract the currency at the will OF the banks.
and to create a gigantic bank trust for the benefit
of a few thousand people.
MR. DoLLIvER SPEAKS FOR THE BILL
At the close OF Mr. Madcox's remarks Mr. Dolli-
yer Rep., Iowa. took the floor. In opening he
okad S,p he asking
additional period for incubating speeches on the
gold and silver question. There was a Time he
said. when he had figures and authorities on the
financial question at his finger tips Now he was
called upon to speak with most OF his figures at
home and his authorities out OF reach. Still. ne
recognized the fact that at this stage Of the con-
troversy 10 hold to ones figures meant TO lose
ones audience daughter and applause)
Proceeding Mr.. Doiliver read from a speech of
Ex-Governor Altged to the effect that the Repub-
lcan Congress would obey orders and enact gold
standard legislation For himself. he said he
proud to say that he was obeying orders-the or
ders OF the people Of his district-trying TO put
the laws OF the country into harmony with their
opinions The pending bill a compromise rep
resenting the united wisdom OF all There IS
something about the pursuit of the science OF
money said he. that enables every one OF its
students TO comprehend his own ideas without be-
ing very hospitable toward the ideas OF others "
(Iaughter) This a bill 10 at rest all doubt
as TO the standard in this country. 1t should be
presented to the business men Of the country a
Christmas gift. Mr.. Dolliver said he did not want
his record OF past follies to be brought against
him. He had voted for the Sherman act in 1Sso-ar
act which he now regarded a piece of unutter-
able stupidity. In 1893 when the act came to be
repealed Mr.. Dolliver said. he was much perplexed
He saw Senator Sherman one evening sitting out
side his house like Abraham outside his tent
Don't trouble yourself about the failure OF your
There's a greater demand made the strength oil
than az 9th f;pa