The Oskaloosa herald., 1899-12-14
49,. anu ,nreatens an lnflatlon.'
Firm for Gold Standard,
luding. the Speaker said:

Concluding, the speaker said:
1.-The advocates of currency reform firm
ly declare that the financial operations of
the government are upon the gold stand
ard, but that the honest fears engendered
by doubtful legislation relative to silver
coinage and the persistent attack upon the
I standard of value fully justify the legisla-
/ tion asked. To firmly fix gold as the stand
ard of value, the unequivocal terms, made
7 fully operative by all proper safeguards
is the central idea of the law proposed.
/ 1T is confidently believed that the coun-
| try demands it. and that our action will
/ be ratified by the people. The supporters
/ of the proposition are not confined to the
republican party, nor to the so-called
I'money centers.' Democrats of courage
and conviction have nobly dared to break
/ from party lines and suffer, unfiinchingly,
/ 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 bust
| ness of our people. The American yeo-
many in the great agricultural fields of
/ the country are fully awake to the impor-
/ lance of the subject and appreciate the
wisdom of the legislation. Nearly all of
those who wavered in 1896 corrected their
error in 1898.
while the question is economic and
should be separated from partisan debate,
/ yet the republican party will not attempt
escape from responsibility for the legisla-
ton, believing that 1t 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 Mr.. Shafroth
| (silverite, COLI interrupted to ask if the
bill would not result in contracting the cur
rency to the extent of the $4S0 900, 600 in sill
yer impounded.
ut would not" replied Mr.. Overstreet
| because for every silver dollar which goes
into the treasury gold dollar will go out
into circulation" Republican applauseD
In Opposition.
Mr.. Maddox (dem., Ga.) 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 re-
publican party, he said: THE faithful I'M
derstand that this legislation must be en-
acted at once or not at ALL" The enact
ment of gold standard legislation, he de-
clared, had never been an issue before
the people. If gold was now the exist
ing standard" as contended, ii was SO by
the unlawful usurpation Of the executive
offices of the government. The treasury
under the bin, he predicted, would be raid
ed. The bin would convert every obliga-
ton of the treasury into a gold obligation
and would compel the government to sell
millions of gold to the amount of 20 per
cent. of all the outstanding notes of what
ever character. He argued that under the
bin banks with $l,000,000 capital, now re-
quired TO deposit bonds equal to third OF
their capital in the treasury were required
TO deposit only $50, 000in bonds, enabling them
to contract or expand the currency at will
He then assailed republican advocates OF
the object of the gold standard for apostacy
and particularly attacked Messrs Hepburn
Qa.), Dingley (Me.) and Grosvenor (O),
who, he said. advocated silver coinage by
international agreement in 1897. Mr. Mad
dox summed up his argument by declaring
the MEASURE to be bin designed to legalize
the authority usurped by the secretary of
the treasury to put the country or gold
basis, TO demonetize one-half the final
money OF redemption, to alter the obliga-
tons of the people without their consent
into gold obligations, to contract the cur
rency at the will of the banks and TO create
gigantic bank trust for the benefit of a
few thousand people.
MIR. DoIliyer Speaks.
The feature of the day was the speech of
Mr.. Dolliver (rep., la. 1t was character
lied by all the wit and eloquence for which
the Iowan Is noted, and held the members
without regard to party, for more than an
hour. Mr.. Dolliver declared that the last
doubt in the republican party as to the
wisdom OF enacting the gold standard into
law had been resolved by the experience
OF the business world during the past three
years. He scored Mr.. Bryan and general
ly ridiculed the alleged false prophecies of
the democrats In 1896. Mr.. Dolliver recalled
Mr.. Bryan's prophecy that the gold stand
ard could not be enacted without univer-
sal fall Of prices us there man In this
chamber" he asked. who will rise in his
place and say that Mr. Bryan knew what
he was talking about?' Not a democrat
rose. Mr.. Doiiiver paused, reiterated his
question and then resumed. ut is then con-
fessed that In question which goes to the