The Anaconda standard., 1899-12-12
DEFENDS THE GOLD BILL
Delivers Speech Was the Fea-
ture Of the Day.
TREASURY TO BE RAIDED
De Almond. Maddox and Mcclellan
Puncture Republican Sophistries.
1t Creates Gigantic
Bank Trust

Bank Trust
Washington, Dec. 1.-THE feature of
the opening day of the debate on the
currency bill in the house was the
speech of Mr.. Dolliver of Iowa 1t was
characterized by all the wit and elo-
quence for which the Iowan is noted
and held the members without regard
to party for more than an hour Mr..
Dolliver declared that the last doubt
in the republican party as to the wis
dom of enacting the gold standard law
had been removed by the experience of
the business world during the past
three years. He scored Mr.. Bryan and
generally ridiculed the alleged false
prophecies of the democrats in 1896
Mr.. DeArmond of Missouri was the
heavy gun on the democratic side. He
warned the republicans from the West
that they could not deceive their con-
stituents in the coming congressional
elections by claiming that they had
yielded to the wisdom of their col
leagues in caucus.
Mr.. Overstreet of Indiana opened the
debate in support Of the bill and Mr.,
MdduoA VI IeOISld IeQJleu TO nlIl.
Mr. Mcclellan of New York was the
only other speaker to-day. He announc-
ed his opposition to the bill on the
ground that 1T would contract the cur
rency, extingush the bank notes and
enhance the value of coin bonds. He
appealed to those of his democratic col
leagues from New York who, it is re-
ported, intend to vote for the bill, not
to do so.
Immediately after the reading of the
journal the house, under the special
order, went into committee of the
whole. Mr.. Hepburn of Iowa in the
chair. and entered upon the considera-
ton of the bill
Mr. Overstreet of Indiana, in charge
of the measure on the floor, opened
the general debate with a set speech.
In the course of his speech, Mr.. Sha-
froth, republican. of Colorado, inter-
rupted to ask if the bill would not re-
suit in contracting the currency to the
extent of the $4S0,000, 900 in silver i'm
pounded.
"It would not" replied Mr.. Over
street, because for every silver dolla~
which goes into the treasury goli
dollar will go out iii circulation" IRE
publican applause)
Mr.. Maddox, democrat. of Georgia
was the first speaker in opposition TO
the bill. Referring to former Speaker
Reeds New York speech advising the
enactment of the gold standard legisla-
tion before some branch of the govern
ment got away from the republican
party, he said:
THE faithful understand that the leg
islation must be enacted at once or not
at ALL
The enactment of gold standard leg
islation, he declared had never been an
issue before the people, If gold was
he CT Jn,.
tended, it was so by the unlawful
usurpation of the executive officers of
the government. The treasury under
the bill he predicted. would be raid
eo. The bill would convert every obl'-
cation of the treasury into a gold ohli-
cation and would impel the government
to sell millions of gold to the amount
of 25 per cent of all the outstanding
notes of whatever character. IIe urged
that under the bill banks WITH 81 ,GOG, 900
capital now required to deposit bonds
equal to a third of their capital in the
treasury, We're required to deposit only
$4,000 in bonds. enabling them 20 con-
tract or expand the currency at will.
He then assailed republican advocates
of the gold standard for apostacy and
particularly attacked Messrs. Hepburn
of Iowa, Dingley of Maine and Grosve-
nor of Ohio, who he said advocated sill
yer coinage by International agreement
in 1897.
Mr. Maddox summed up his argument
by declaring the measure to be bill
to legalize the authority used by the
treasury ito put the country on gold
basis, to demonetize one-half the final
money of redemption. to alter the OBJ
legations of the people without their
consent into gold obligations, to con-
tract the currency at will of the banks
and to create a gigantic bank trust for
the benefit of a few thousand people.
Mr. bolivar, Iowa, the next speaker,
read from the speech of Governor Alt
geld 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 obey
ing orders-the orders of the people of
his district-trying to put the laws Of
the country into harmony with their
opinions. The pending bill was a COM
promise representing the united wis
dom of all.
There is something about the pur-
suit Of the science of money" said he,
that enables every one of it's students
to comprehend his own ideas without
being very hostile toward the ideas of
Others"
This was a bill to set at rest all
doubt as to the standard in this coun-
try. 1t should be presented to the
business men of the country as
Christmas gift. He (Dolliver) did not
want his record and past follies
brought against him. He voted for the
Sherman act in 1890. an act which he
now regarded as piece of unutterable
stupidity.
In 1898, when the act came to be re-
pealed, Mr.. Dolliver said he was very
much perplexed. He saw Senator Sher-
man one evening. sitting outside his
house like Abraham outside his tent.
Don't trouble yourself about the
failure of your predictions regarding
silver" said the senator. Every
prophecy 1 made about it has turned
out exactly the opposite" (Laughter)
Just as yours will now,' interject-
ed Mr.. Cox, of Tennessee, amid re-
newed laughter.
Continuing, Mr.. Dolliver said he be-
lieved that the result of the campaign
of 1896 settled the silver issue. A prop
osition which received a black eye in
Iowa and Massachusetts at the same
time, in his opinion, had no future in
the intellectual life of the American
people.
In 1896 the cry of Bryan, he said,
was for more money. Money was
scarce 1t was boarded. The day after