The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-12
DEBATE ON CURRENCY BILL
REPUBLICAN MEASURE TO FIX A
GOLD STANDARD.


whIrI with SiIver-McCIeIIan ana
DeArmond Opposed the Measure.
Washington Dec 1.-THE feature of the
opening day of the debate on the currency
bin in the House was the speech of Mr..
Dolllver of Iowa. II was characterized by
all the wit and eloquenee for which the
Iowan is noted and held the members,
without regard TO party, for over an hour.
Mr.. Dollver declared that the last doubt
in the Republican party as TO the wisdom
of enacting the gold standard into law
had been dissolved by the experience OF
the business world during the past three
years.
MIR. DeArmond of Missouri was the
heavy gun of the Democratic side. He
warned the Republicans from the West
that they could not deceive their constitu-
ents in the coming congressional elections
by claiming that they had yielded to the
wisdom of their colleagues In caucus.
Mr.. overstreet of Indiana opened The de-
bate in support of the bill and Mr.. Maddox
of Georgia replied to him. Mr. Mcclellan
of New York was the only other speaker
to-day. He appealed 20 those of his DEM
ocraic colleagues from New York, who.
II is reported, intend TO vote for the b'll,
not to do So
Mr.. Overstreet's speech was an elabor-
ate defense and exposit on of the proposed
currency bill. He said in conclusion:
"The advocates of currency reform firm
ly declare that the financial operations of
the government are upon the gold sland-
ard, but that the honest fears engendered
Infa a1.t4
coinage and the persistent attack upon
the standard of value, fully justify the
legislation asked. To firmly fix gold as the
standard Of value, in unequal terms, made
fully operative by all proper safeguards,
is the central idea of the law proposed. 1t
is confidently believed that the country
demands 1t and that our aciion Will be rat
flied by the people. Democrats of courage
| and conviction have nobly dared to break
from party lines and suffer, unhlnchingly.
the sting of the party whip, In honest and
patriotic effort 10 uphold the integrity of
the national credit to make secure the
foundation of the vast and expanding bus
| mess of our people. The American yeo-
manry in the great agricultural fields of
| the country are fully awake to the Inn
| portance of the subject, and appreciate
the wisdom of the legisla ton. Nearly all
of those who wavered in 1896 corrected
their error In 1900"
VAR. MnduOx In OppoSttlOns
| Mr.. Maddox, Democrat, Of Georgia, was
| the first speaker in opposition to the bill.
| He said if he had analyzed the bill cor
| rectly, no measure had been presented TO
| Congress in half a century fraught with
| so much importance to the country. He
referred to former Speaker Reeds New
! York speech in which he advised the inn
mediate enactment of gold standard legls-
| lation before some branch of the govern
aarafe nat from
"The faithful" said he, understand
| that this legislation must be enacted at
| once or not at all"
| Mr.. Maddox then proceeded with a de-
tailed analysis of the bill. The enactment
of gold standard legisla ton, he declared,
| had never been an issue before the peo-
pie. If gold was now the existing stand
ard" he contended, 1t was so by the un-
/ lawful usurpatlon of the executive officers
of the government. Facility for raiding
| the treasury under TIE bill, he said, had
| never been hitherto eaualled. 1t would
| convert every obligation of the treasury
into a gold obligation, and would compel
| the government to sell millions of gold
| bonds to the amount of % per cent. Of all
the outstanding notes of whatever char
/ acter.
| He argued that under the bill banks with
$l000,900 capitet now required to deposit
| bonds equal to Il third of their capital In
] the treasury, We're only required to de-
post $50 600 in bonds, enabling the banks,
| he declared, to contract or expand the
| currency at will. He took up the Repub-
lican platform of 1896 to show that every
| Republican who now advocated the gold
| standard was an apostate. He had read
at the clerks desk the speeches of some
| of the Republican leaders in 1897 declar-
| ing that the Republicans were for inter-
| national bimetalism.
| How MIR. DolIiver Saw 1t.
At the conclusion of Mr. Maddox's re-
marks, Mr.. Doliver of Iowa took the floor.
There is something about the pursuit
| OF the science of money ne said, that
| enables every one of its students to COM
| prehend his own ideas without being very
| hospitable toward the ideas of Others"
| CQJaughter)
This was bill to set at rest all doubt
| as to the standard In this country. 1T
should be presented 10 the business men
Of the country as Christmas gift.
| Mr.. Dollver said he did not want his
record and past follies to be brought up
against him. He had voted for the Sher-
man act in 1890 an act which ne now re-
| garded as piece of unutterable stupidity.
In 1896 the. cry of Bryan, he said. was
for more money. Money was scarce. 1t
was boarded. The day after the election
II came out from its hiding.
Are you willing now" Interrupted Mr..
| Sims of Tennessee, that the mints should
be opened to silver, If an international
| agreement could be obtained?"
mo. sir" repleI Mr.. Dolliver. 'I
| have had my last whirl with silver.
| have been humbugged for the last time"
Mr. Doliver recalled Mr.. Bryan's
prophecy that the gold standard could not
be enacted without universal fall of
prices.
"Is there a man In this chamber" he
asked "who will rise in his place and
say that Mr.. Bryan knew what he was
| taking about?'
| Not Democrat arose. Mr.. DolIiver
paused, reiterated his question, and then
/ resumed:
ut Is then confessed that In a question
which goes to the heart of the controversy
Mr.. Bryan lacked wisdom"
Two of the BIII's Opponents.
Mr.. Mcclellan Of New Yo;k opposed the
| bill. Il do not wish II understood" said
he, that / advocate the present system
OF bank note currency. The first direct
1 ,ef f4a saF