The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-12

Admission, rs cents.
commended by four presidents and FIVE sec
retaries OF the treasury, and bills contain.
ing such provision have been introduces
In congress and supported by mempers OF
both political parties It is enureiy y, sun-
The same reasons which Justify the issue
of 90 per cent of the bonds VIII JUSTLY - an
issue to the par value OF the no rr, , ine
Of demagogic attacks generally upon pahns,
Is that 1t permits too large an increase OF
the volume Of circulation ana threatens
an imitation. But 1t Is unfair 10 compare
the amount possible under the proposed
bill with the amount Of bank notes now IN
circulation. The lack OF profit upon BANK
note circulation Is far below the amount
ever expected, ana such a reduction can
credtabiy be charged to contraction
which was equally unexpected. The proper
under the present law and the amount pos
sible under the proposed amendment,
which would be but 40 per cent increase;
an an bs wsen of ca the DC and ut
lied In as many different money centers
as there are national banks. The repeal OF
the tax upon national bank notes ana Inc
as measured by their capital, surplus ana
undivided profits. are proposed n spirit
Of fairness and for just di ,rgs nar %
smaller banks, while the amount of reve-
nue. will be practically unchanged"
In conclusion Mr.. Overstreet said:
THE advocates Of currency reform de-
clare that the financial operations OF the
government are upon. the gold standard.
but that the honest fears engendered by
doubtful legislation relative to silver coin
st ss ara Of fe value fully JUSTIFY the esis
lation asked. To firmly fix gold as the
standard Of value. the unequivocal terms
made. fully operative by all proper safe
guards, is the central idea of the law pro-
posed. 1t Is confidently believed that the
country demands II and that our action
will be rat.ned by the people. The sup
to the Republican party, nor to the So
called money scenters. Democrats OF cour-
age and conviction have nobly dared to
f1nchingly 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 ex-
pand.ng business Of our people. The Amer
lean yeomanry in the great agricultural
fields Of the country are fully awake to
ciate the wisdom of the legislation Near
ly all of those who wavered in 1896 cor
rected their error in 1898.
While the question is economic and
should be separated from partisan debate.
yet the Republican party will not attempt
to escape from responsibility for the legis-
lation. believing that It Is wise for the
harmony with the institutions of the ma
ton"
No Contraction of the Currency.
In the course of his speech Shafroth in
terrupted to ask II the bill would not result
in contracting the currency to the extent
of the s4so.0Ooo0O silver impounded.
ut would not" replied Overstreet, "be-
into the treasury a gold dollar will go out
in circulation" CRepublican applause.)
Maddox Opposes the Bill.
Maddox (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 gov
eminent gets away from the Republican
party. he sad:
lation must be enacted at once or not at
ALL"
The enactment of gold standard Iegisla-
ton, he declared, had never been an issue
before the people. If gold was now the
existing Standard" as contended, it was
so by the unlawful usurpation of the exec
utive officers of the government The
treasury. under the bill, he predicted.
would be raided. The bill would convert
every obligation Of the treasury into a gold
obligation, and would impel the govern
ment to sell millions of gold to the amount
OF 20 per cent. of all the outstanding notes
of whatever character. He urged that I'M
der the bill banks with 100000 capital
now required to deposit bonds equal to
third of their capital in the treasury, were
required to deposit only $4,000 In bonds,
enabling them to contract or expand the
currency at will. He then assailed Re-
publican advocates of the gold standard
for apostasy. and particularly attacked
Messrs. Hepburn, Dingley and Grosvenor.
h. al I'LL,
international agreement in 1897
Maddox summed up his argument by de-
claring the measure to be bill to legalize
the authority used by the treasury depart
ment to put the country on a gold basis,
to demonetize one-half the final money Of
redemption, to alter the obligations of the
people without their consent into gold obli-
cations, to contract the currency at the
will of the banks, and to create a gigan-
tic bank trust for the benefit of few thou
sand people.
DoIIfver Has Learned Something.
Dollver the next speaker, read from tho
speech of Gov. Altgeld to the effect that
the Republican congress would obey orders
and enact gold legislation. For himself.
he said he was proud to say that he was
obeying orders-the orders of the people
of his district. trying to put the laws in
harmony with their opinions. The pend
ing bill was a compromise representing 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 being very hostile toward the ideas
of others" This was bill to set at rest
all doubt as to the standard in this coun-
try. 1t should be presented to the busi-
ness men of the country as a Christmas
gift He CDo,liver) did not want his rec
ord and past follies TO be brought up
against him. He had voted for the Sher-
man act In $780, an act which he now re-
garded as piece of unutterab.e stupidity
In 1893. when the act came to be re-
pealed, Dolliver said he was very much
perplexed. He saw Senator Sherman one
evening sitting outside his house like
Abraham sitting outside his tent. do
you trouble yourself about the failure of
your predictions regarding silver?" said the
senator. Every prophecy made about it
has turned out exactly the opposite"
Iaughter.)