The times., 1899-12-16
CURRENCY TALK ENDED
Closing Speeches For and Against
the Financial Measure.

Representatives Jones Of Virginia,
Brosius of Pennsylvania, Payne Of
New York. Morris of Minnesota,
and Cooper of Texas Among the
Prominent Speakers TO Re Heard.
The last day of general debate on the
financial bill opened in the House of Rep
resentatiyes, at II O'Clock yesterday, with
/ handful of members present on either
side.
Mr.. Jones of Virginia was the first
speaker. He opposed the bill Passing by
the provisions of the bill, the speaker de-
MED that in agricultural districts had there
| been an increase of prosperity; there was
none in his district, where prices had not
/ increased in the past four years. On the
! other hand, the canning industry, former
( ly an important part of the resources OF
! his people, had been practically destroyed,
! through the action Of the tin plate trust,
/ one of the most gigantic trusts in the
/ country, which had increased the price of
1 three pound cans from 81 a hundred iG
.
/ Mr. Rhea of Kentucky, who asserted with
/ emphasis that he was tied to the political
/ fortunes of William Jennings Bryan, and
/ of the Chicago platform Of 1895; and that
! the regular Democrats cOntended that
/ there was no power in the House, under the
I fundamental law of the land, TO vest banks
/ with sovereign functions of government
| and to make them banks of issue.
Mr.. Brosius FayOrs the Bill.
Mr. Brosius of Pennsylvania, who is ex-
1 pected to be Chairman of the Committee
on Banking and Currency, supported the
/ bill in a lengthy speech, approving all i,s
! provisions. In conclusion, he said:
cone OF the first steps we took after the
war in our splendid march to the imperial
place we now hold among the nations was
| to make our paper currency the equivalent
/ OF the worlds money and equally good
| everywhere the flag foated. BY our stead
/ fast adhesion to the principle of national
currency we have maintained our national
honor and kept our money sound. Indeed,
! the wisdom of American craftsmanship
has evolved out of weakness q stupendous
marvel Of strength. The financial solidity
of the United States viii soon be the eighth
/ wonder of the world. Our financial inde-
pendenCe is practically achieved. Great
the last twenty months We paid a debt
of $40 600, 600 to Spain without a wrinkle
! on the placid face of our finances and with
out shipping a dollar Of gold. The raising
OF the Bank Of Engand's rate of discount
produces no impression here. Even Con-
gress conyenes without exciting apprehen
sion OF financial disturbance. Financial
empire is coming our way. We are ad
| yancing with leaps and bounds TO the po-
| sition OF a creditor nation. Power and do
miniou In the financial world follow the
/ course of commerce and manufactures. The
sCeDtre is passing from the Old to the New
World and New York will supplant London
in the near future American credits in
| Europe are putting q different face on the
questions of finance the world over We
/ are Ioaning money abroad by the millions
and we are very near the point where we
can hold the reins of financial power on
two continents.
Il hail the alluring prospect I indulge
the hope that the representatives of the
American people will rise 10 the level Of
the new occasion which teaches new duties.
This measure is part of the forward
movement which leads upward through the
gateway of our great opportunity. The
gates Of the East and South are open and
the immeasuTable possibilities OF world
commerce invite Us.
"A merchant marine commensurate with
our resources, power, and empire Will soon
be among our achievements. A naval
armament worthy a nation capable Of
| achievements of such unriyaled spleGd0r
on the sea as shed undying lustre on our
naval heroes in the late war should be
| among cur possessions. This Republic is
rising into prominence as q co-equal with
the great world powers. and will be q
conspicuous factor in the world problems
which loom in the twilight future"
Kentuekian's Approval
Mr.. Boreing of Kentucky spoke in favor
of the bill. He said that the State of
Kentucky was the only State which had
made the financial question an issue in a
purely State campaign, with the result that
the State declared for Mckinley and sound
money. Messrs. Berry and Wheeler. he
said were not the only Democratic Con-
gressmen in the State who were in danger
He had no idea that the guerrilla warfare
growing out of the late election between
the factions Of the Democratic party would
be transferred to this House; but, since its
appearance here would give relief to his
people at home. he was willing to see the
/ fight go on. lLaughter-l
Referring TO Mr. Wheeler's charge that
the election of Governor Taylor had been
secured by fraud and rascality. Mr. B5reing
said il came in very bad taste from Mr.
Goebel or his representative on this floor
The election was held under a law origi-
mated and secured by the Democratic can
didate himself, a law that he would plead
as set-oh against all that the minority
: had said about the rules OF the House
The charges OF fraud and rascality against
: Tayiors election were utterly unfouuded
I and untrue.
The general debate on the part of the
Democrats was concluded by Mr. Bailey o,
Texas. He commented on the inconsis-
. Jency of the Republicans Ia their treat
I ment of the financial question quoting
from the debate in the Fifty-four Con.
: gress, In which numerous Republicans pro
tested that their party would never estab-
lish the single standard.
Mr.. Bailey asserted that the Republicans
: had taken advantage Of what they believe,
. 20 be the change Of public sentiment OF
y the coinage question, 10 insert in the bill
something entirely different and not con.
. nected with the subject Even were the
. coinage proposition in the bill sound sale
= Mr.. Bailey, that did not Justify the propo
: sition Of turning over to the national bank!
solely the function of issuing notes.
y He said that no man could long holy
- relations with the Democratic party wht
voted to turn over 10 the national bank.
= the note issuing function Of Government
!, The speaker proceeded 20 a discussion u
u money supply and prices. asserting tha
= the present range Of the latter was a win
- dication Cf the claims of the Democrats il
1895 and 1896. being the result of the in
creased production OF gold ard consequen
augmentation of the volume of money