Belding banner. (Belding, Mich.) 1889-1918, 1899-12-21
THE CURRENCY DEBATE.
What Some of Our Michigan Congress
men Said In R.ference Thereto.

/ ~
who was replied to by Maddox, Of Geor-
yia The distinguished Iowaian Dolli-
yer, made the principal speech, bring
ing into play his sharp wit and elo-
quence, and receiving the undivided
attention of the Democrats as well as
Of his own party associates.
Mr.. Dolliver said that the cry had
been for more money. In three years
Of Republican administration $500, OOO,-
900 had been added to the volume OF
the currency, more money than could
have been coined by the mints in 10
years if the minis had been opened to
silver.
In other words" said he 1--WE have
done for You in three years more than
you could have done for yourselves.
Why don't you get out of the road and
let the main procession move on?'
Mr. Dolliver recalled Mr. Bryan's
prophecy that the gold standard could
not be enacted without universal
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.. Dolliver
paused. reiterated his question and
then resumed. 1T is confessed that in
a question which goes to the heart of
the controversy, Mr.. Bryan lacked wis
dom" He also called attention to Mr..
Bryan's prediction that wages would
fall and men would be thrown out of
employment Yet at the end of three
years of Republican administration
under the gold standard there was not
an industrious man in the country
without employment. Those three
| years said he, had resolved the last
fears of the Republican party as to the
wisdom of enacting gold legislation.
| On the second day of the debate VIM.
A. Smith, of Michigan, participated,
reading his address. Among other
things he said: THE steady and rapid
growth in circulation of money in the
! United States gives the lie to the pre-
diction of free coinage advocates, while
in the month of November just passed,
our money in circulation increased 500
! PA, SIG, or over 100000 every working
month, day in the and every dollar of this
money. whether gold. silver or paper,
is the equal of every other dollar in the
hands of the richest or poorest man in
the republic What "a splendid achieve
ment in three and one-half years. Is
it any wonder that scores of honest
voters tempted by the silver panacea
should now desert their cause and
come to the support of President Nc
| Kinley? Even prominent men, high in
the councils of the silver party, some
of whom occupy seats on the other side
of this chamber, are now advising that
it would be useless to make silver the
issue in another presidential contest.
as people have their eyes opened and
will not be led blindly by reckless
leaders. 1t was stated by our oppon-
ents that If gold standard prevailed.
coinage or silver would be suspended,
| that our minis would be closed down.
no more silver would be coined, and
many well intentioned voters were led
! to believe that our party stood for gold
recommendation.
The address of Hamilton, of Michi-
gan, was classic as these excerpts show:
shakespeare makes Jack Cade prom
| Use Dick the butcher, Best the tanner
Smith the weaver, and his other follow
ers that seven halfpenny loaves should
be sold for penny: that all lands
should be held in common; that the
educated and wealthy should be de
graded, poverty abolished, and that all
lawyers should be killed. Speaking of
one VIM. Lowndes in the reign of
William Ill, Macaulay says: He SER
iously believed. incredible as it may
seem, that if an ounce of silver were
divided into seven shillings instead of
FIVE, foreign nations would sell us wines
and their silks for a smaller number of
ounces. He had a considerable follow
ing composed partly of shrewd men
who were perfectly willing to be au-
thorized to pay e100 with ESQ. OF our
own condition in 1856, McMaster says
that there were those who thought IA
state could, by merely calling bundle
| of old rags el00, 900, really add e1OO.-
| 600 to the wealth of the community.
] So there are men now who believe that
our government can by calling half a
| dollar n dollar add to our national
wealth. 1t is singular how history re-
peats itself. There are still those who
purpose to make a half equal to whole;
to regulate value by legislation; to
compel seven halfpenny loaves to be
sold for penny; that lands ought to
be held in common, and that man
with dollar ahead ought TO be disci-
pinned
The debate on the 18th was tame
affair. Among the brilliant speeches in
addition to those already referred to was
that made by Grosvenor, of Ohio. He
was replied to by Newlands, of Nevada,
who traced the history of the country
through the period of depression com
| mencing in 1893, contending. that the
panic was not caused by the coinage of
silver under the Sherman act. He said
the increase of prosperity during the
past two years demonstrates the cor
rectness of the theory entertained by
bimetallists, viz, that all other things
being equal, prices will depend upon
the quantity of money in circulation:
that an increase of the money volume
meant high prices and diminution of
the money volume meant lower prices.