The record-union., 1899-12-12

perience of the Business World
the Past Three Years Had Shown
the Wisdom of Enacting the
Gold Standard Into Law.
WASHINGTON, Dec 1.-THE feat
ure of the opening day of the debate on
the currency bill in the House was the
speech of Dolliver OF Iowa 1t was
characterized by all the wit and eio-
quence for which the Iowan is noted,
and held the members. without regard
to party, for more than an hour. Dolll-
yer declared that the last doubt in the
Republican party as to the wisdom OF
enacting the gold standard into law h1d
been removed by the experience Of the
business world during the past three
years. He scored Bryan, and generally
ridiculed the alleged false prophecies
of the Democrats in 1896.
De Almond was the heavy gun on the
Democratic side. He warned the Re-
publicans from the West that they
could not deceive their constituents IN
the elections coming that they had
yielded to the wisdom of their coll
leagues in caucus.
Overstreet of Indiana opened the de-
bate in support of the bill, and Maddox
Of Georgia replied to him.
Mcclellan of New York was the only
other speaker to-day. He announced
his opposition to the bill on the ground
that it would contract the currency, ex-
tinguish the bank notes and enhance
the value of coin bonds. He appealed
to those of his Democratic collea CUES
from New York who, it is reported, in
tend TO vote for the bill, not to do so.
There was only a fair attendance in
the galleries to witness the opening of
the debate on the bill. Immediately
after the reading of the journal, the
House, under the special order, went in
to Committee of the Whole, Hepbu. Of
Iowa in the chair, and entered upon
the consideration of the bill. Over
street of Indiana, who is to be in charge
Of the measure on the floor, opened the
general debate with a set speech.
Representative Overstreet. in open
ing, said:
Mr. Speaker: This country presents
the anomalous situation of being the
absolute and unchallenged leader in al
most every field of advanced thought,
whether in science or literature; GER
tainly the most advanced in material
development and the control of trade;
by far the superior in manufactures
and growth of markets: and yet it IS
the field of great controversy upon the
subject of standard of value, and the
proper medium of exchange
No nation has devoted more time to
public discussion and legislative consid-
Grafton of the question of finance than
the United States Notwithstanding
there have been occasions when serious
doubt clouded the sun and produced
grave fears lest the entire fabric of our
monetary system might be seriously
shaken, yet it is to the great credit of
the Government that every dollar OF
our money in circulation is absolutely
sound and unquestioned. This condi-
ton has led many people into the err
roneous belief that there was no need
for legislation, and that the best the
Government could do would be to let
the subject alone Such people are not
familiar with the frequent pledges OF
the Government to maintain the parity
of our money. declaring by Congress
Government to faithfully and surely
guarantee the full parity of all money
in circulation. The present parity de-
ponds entirely upon such declarations
and guarantees, but it's maintenance
and enforcement rests With the Judg-
ment or caprice of the Secretary of the
Treasury, who, by single order di-
recting the use of silver in the dis
charge of our obligations, may com
pletely destroy the parity and shift the
standard to the metal so used. 1t seems
far better to attempt a proper regula l.
ton of the question by clear and per-
manent statute. rather than depend up
on occasional declarations by the Gov
eminent of its intention. 1t is far pet
ter to end the matter by public law
which shall be plain and unequlVocai'
rather than rely upon proposals OF what
may or shall be done at some future
date. or leave so dangerous an option
within the control of one man, Whetner
he be the President or his financial ad-
wiser"
After describing the various KINDS OF
money in use in the United States,
Cyerstreet said:
1.-The history of Government efforts 10
force legal tender money into clrcuia-
ton irrespective of it's intrinsic value
and without the Government pledge, Is
a record of failures, without single
execution. All of the various kinds OF
money in the United States are oaseo
npon a common standard of value, IN
which each can be measured. The pres
ent standard of value i'm this country Is
gold. and has been so recognized III
practice for more than half century.
He then proceeded with an elaporatr
argument against double standaro
and a general review of our monetary
legislation
THE tremendous increase of silver
coin under the operation of the laws OF
1873 and 1S9O,"sh continued, created
a doubt as to the ability of the Govern
ment 20 maintain the parity of all It's
money. Prior to 1873, when the gold
standard was adopted, there had been
issued by the Government only S,03l,-
23S silver dollars. From February IL
1873. when the recoinage of the silver
dollar was authorized, to November l.
1893, when such coinage was discon-
tinued, there were coined by the Gov
eminent 4S2, 357,376 silver dollars. Up