The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1899-12-12
FINANCIAL BILL
OPENING DEBATE
Brilliant Speech by Representa- =
tive DOIlIVer In Its Favor.
BRYAN'S PROPHESY UNTRUE
The Gold Standard has Been In POrce
for Years. Yet Prices are
Rising Instead Of Failing.
BRYAN'S PROPHESY UNTRUE

.
/ turc of tho 0pu4ng day II the debate
on the currency bill In the house WAS
/ the speech " Dolhvw. OF Iowa. II
WiE characrrfz-.i by an cloluence for
which the lowun ls noted and bsid the
members w,h,u; ragard Ia party for
npN than an hour
poliiycr dcclai- a hu tn. las, doubt
81 the i"publlaiEg parry ~ 10 the wis
dom ~ tho cnHr,ing the gold stand
arI laW had br-n removed by the *.
pcrlcncy II ,hr buHn gv word during
the past ;hr, ...,rs. Hc scored Bry.
nr. and g'nually ndlculed the alleg d
false praph.1,s uf the d"mocrr,s In
/ i>'G
I p,arfnorI. of Missouri. WA the
hraNy gun on th.. drlnoc railc side He
wsin,d ,hr rpuslicyns frnm tn w,st
/ that ihcy could un, drcvive their com
/ Nlltutenis In the comihg congressional
7 elections by ,lai ming that they had
/ yielded To- ,hr .s1sdom of their col
/ league" In caucus.
/ ufvtStp"t, OF Indiana, upannd the d.
bate In support - thc bill and Maddox.
"f Georgia irpi.'-li 10 him
Z McCl,,llan. of New York. was III" only
oth'r speaker c,-i1y he announced
h. opposition 10 IN, bill on the ground
that 1t would cu,ntnct the currency
cNungulsh bank nUtS and cphlnce
The value Of coin bonds, He appealed
10 those of hs democratic oolbOgu,s
from New YorS. who II is reported. in
tend to vote or ,ls-s bill lot to do 80.
While DJlrycr ,vas speaking simms.
or Tynncssec, ask II II h. was willing
that the mins should be opened to
silver n an International agreement
could bc obtained
'>o SIR" rpl,-i Dolllver. u have
hal my last whirl with free silver. [
hy, tccn humbu sNd for the last
time
polhVrr pcall-l Bryans pNphccy
that tbs gold vaIadaId could not be
rulct-u without a. universal fall in
pr.crs lis there q, man In this cham
ter" h. aSkrl W no will use Ia his
pllce and say thL; Bryan knew what
h, NUS talking about7" Not one demo
crat rose. Doluv,,r paused. reiterated
his question and then msumed
tcprcsratdaye Dverslr.ut. who was
IN charge OF thc bll, In his speech,
among Other thing said
when certainty shall take the
place oi doub, and the integrity ct
our cNdit b. as fiNcd as the honor Of
the natina, the national debt can b.
readily refunded AT lower interest
ra;v, and new caus negcuated at low
er rates than befoINs.
The rapid development Of American
trade and It's vast expansion, bringing
our pruplc into clOSe relations with
the lyQdny nNaus II the world makes
Il imperative that the standard Of
value In which settlements are made
shall b. the best known to the highest
civilization. lnd shall safely appeal
10 intelligent and successful expert
encc.
Recent events shaped by causes be-
yond our control, bearing obligations
which national honor requires, shall
rr couragrously discharged. open new
fields for American statemanship.
Channels II mde yet unknown To
American enterprise and avenues of
commerce yet 10 welcome American
products. win Nrly result Such con-
d!tions emphasize the necessity for Il
standard of value which shall remain
firm throughout the vicIssitudes OF
competitive trade
After an elboNtts exposition VI the
features of the bill and the method Of
their operation which followed the line
Of his report on the measure, hereto-
fore printed, Mr. oveIstreet said The
proposition 10 allow national banks 10
issue circulation to the par value of
the bonds deposited for their security,
is neither new nor partisan,
1T has bem recommended by four
presidents and hve ssecrtaries uf the
treasury, and bills cortalning such
provision have been Introduced in
congress, and supported by members
Of both political parties, 1t Is entirely
consistent with the present banking
system. The san,e reasons which
Justify the issue OF go per cent OF the
bonds will Justify am issue to the par
value Of the bonds,
The only objection advanced, aside
from that of demaEogIc attack gen
orally upon banks, Is that 1t permits
too large an Increase of thb volume OF
circulation and thraatens an imitation.
But 1t is unfair to compare the amount
possible under the proposed bill with
the amount of bank notes now in cir
culation.
THE lack Of profit upon bank mute
"a, g. l. -