The Portland daily press., 1899-12-12


by the mfnss In ten pears ~ the mists
had bean opened 10 silvs. ''rn other
words" ssid he, "ws have dsne for you
In thres PEARS more than ron could nays
done for yourselves. Why doa't ysu yet
out Of the road and lst the main process
sion move onr' (Laughtsr.l
Mr.. Deliver recalled Mr.. Hrysn's
prophecy shat tbs gold standard could
not be enacted without universal fall Of
prices "Is there . man In this chamber, :"
he asked, "who will rise In his place and
say that Mr.. Bryan knew what be was
talking aboutf"
Not Q Democrat rose. Mr.. Dollivsr
paused, reiterated his question and thsn
resumed. "rs is then confessed that In
question which goes 10 tbs heart Of this
controversy, Mr.. Bryan lacked WELDON.
He also called attention to Mr.. Bryan's
prediction that wages would fall and men
would b thrswn out Of employment.
Yet, ct the end Of three years Of kepubli-
can administration under the gold stand
ard there was not an industrious man In
she country without employment Those
tutoc yCoTb baAa % hRt uf1stAFoa WV Asse
fears of the Republican party a. to the
wisdom Of snaeting gold legislation. IL
could nos have been done two years nor
one year ago, but today the unanimous
voice OF the Republican party was backed
mp by She experience of the business
world.
Mr.. Dolliver said: ''Here as the Ameri-
can people stand upon
THE EDGE OF A NEW ERA
we propose to equip our business world
with the bess tool OF exchange known to
modern commerce. We want 10 under
stood In Europe and America, In Africa.
In Asia, and In the islands Of the sea
that there is no longer doubt in tie
United States rs to what is the standard
dollar Of the American people. We are
going to write In the laws Of this country
what already 10 the practice OF our gov
eminent that every obligation of the
United States shall be paid In gold.''
Mr.. Dolliver expressed the belief that
the bill, II enacted, would maintain the
gold standard and the just equality of all
coins of the United Statss.-( Applause on
the Republican side.)
Mr.. Mcclellan Of New York. opposed
the bill. 81 do not wish 1t to be under
Stood" said he, "that 1 advocate the
present system Of bank note currency. The
first direct consequence Of the enactment
of this bill. will be very great rise In
the mar ket price Of government bonds.
Let me illustrate by one class OF bonds:
The 1925 four and half per cents. The
bond syndioate assumed under the terms
1f thsir offer that four per cent ooin
bond at 104 1.2 10 equal in value to
three per cent gold bond at par. The en-
actment OF this bill win make all our
coin bonds gold bonds so that by the rsa-
soning Of the BOND syndicate four per
cent ccin bond at 104 l-3 will BE- equal In
value to four per cent gold bond at
1873 I-3.
The bonds are now In the market at 134
80 that by this reasoning the substitution
Of the word "goid" for the word ''ooin'
must increaie their market price to III or
"a As re. cent. The substitution Of the
word "goId" Tor the word icoin" would
result In
AN UNEARNED BONUS
OF over sixty millions to the holders Of
the loan Of 1898 alone.
Mr.. Mcclellan said that the enactment
Of the bill would result in the extinction
81 the present bank note currency. He
argued that the inapounding OF the treas
ury notes and the United States notss IN
the terms of the bill wouh result In a
contra elton of the currency amounting to
over S265, 000. 900 ana require an issue OF
bonds to that amount, at an annual cost
Of 5000, 600 or q total contraction Of the
currency of nearly $50. 600 0e0 and re-
duction Of the per capita to $l9.al. Ha
appealed to the sound money Democrats
not to vote for the bill. "Sound money
Democrats" seid he, "this bill does not
aid the GAUSS of sound money. Ask Jour
selves II the passage Of this bill viii not
forever prevent u proper and just reform
Of the currency; ask yourselves II this
bill Is not the ssverest blow that has beer
ever aimed at a sound financial system.
And II, as telisve you will, you destds
that this 10 o bad blu, help to cast q
united Democratic vote against one Of the
worst pieces of legislation ever submitted
t, Congress. democratic applauss.)
MI. LIZ Almond Of Missouri, followed
in opposition to the bill. Replying to
Mr.. Dolliver, he said the Democrats had
not been overhorne In '95 In the contiic,
Of reason, but the Republican party had
won by summoning to their aid the Ger
rups and tremendous power OF money
and corporations. He charged the hepub-
leans with dsceiving the people in 1898.
They were bi-netaIlists.
II they were honest then they -aust b.
dishonest now; If honest now. dishonest
then. The change OF the bonds from eoir
to gold bonds. he said. would make fres
gift Of 500, 600 coo to the bondholdsrs.
The bill would create bank trust. H.
predicted that this measure would over
whelmingly defeat the Republican party
In 1900 When the peoples victory WA
won next fall, said he in conclusion, 4