Omaha daily bee., 1899-12-12
Characterised by All the Wit and Elcquence
Of the Iowan.
7DlCULtS BRYANS FALSE PROPHECIES
De Almond of Missouri the Heavy Gun on
The Democratic Side.
MCCLELLAN OF NEW YORK OPPOSES BILL
Appeals to sound Money Democrats
in the House Not to Vote for
the Dill, but Vote
for Party.

WASHINGTON, De-. 1.-THE feature of
thu opening day o, tho debate on the cur
rency bill In the house was tho speech of
Dollive; Ci Iowa. |. wal characterized by
all the wi; and eloquence for which the
lowan is noted and held the members with
out regard to party for more than an hour
DollEer declared that the last doubt OF the
republican party al to the wisdom OF en-
acting the gold standard into law had been
resolved by the experience of the business
during thu past three years. He scored
Bryan and generally ridiculed tho false
prophecies o, Tho democrats in 1896
De Almond of Missouri was the heavy gun
on tho democratic side. He warned the re-
pubicani from thu west that they could
not deceive their constituents in congress
sional electioni by claiming that they had
yielded to the wishes of their colleagues in
caucus.
overstree: c! Indiana opened thu debate
in support of the bill and Maddox of Georgia
replied to him.
Mcclellan of New York was the only other
speaker today. He announced his opposi-
tion to tho bill on tho ground that 1t would
contrac: tha currency, extinguish tho bank
notes and enhance the value of coin bonds.
II, appeled tu those OF HE democratic col
leagues from New York, who, 1t is reported
intend ia vote for tho bill, not to do so.
Representative Overstreet, in opening,
said
Mr.. Speaker This country presents the
anomalous situation of being the absolute and
unchalenged leader in almost every field OF
advanced thought whether in science or lit
erature; certainly the most advanced in ma
terial development and the control of trade;
by far the superior in manufactures and
growth of markets, and yet 1t is the field OF
great controversy upon the subject OF the
standard of value and the proper media OF
exchange.
Notwithstanding there have been oc-
casions when serious doubt clouded the sit
uation 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 condition has
led many people into the erroneous belef
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 congressional acts the
honest purpose of the government to falth-
fully and surely guarantee the full parity OF
all money III clTCulallOn. lue pleseul PAL NY
depends entirely upon such declarations and
guarantees, but its maintenance and enforce
ment rest with the Judgment or caprice of
the secretary of the treasury, who, by a
single order. directing the use of silver in
the discharge of our obligations, may com
pletely destroy the parity, and shift the
standard to the metal so used
He then proceeded with an elaborate argu-
ment against double standard and a gem
erai review of our monetary legislation.
'The tremendous increase of silver coin
under the operation of the laws of 1873 and
$780," he continued, created a doubt as to
the ability of the government to maintain the
parity of all it's money"
increasing Bank Circulation.
After an elaborate exposition of the fea-
lures of the bill and the method of their
operation, which followed the line of his
report on the measure heretofore printed,
Mr.. Overstreet said:
THE proposition to allow national banks
to issue circulation to the par value of the
bonds deposited for their security is neither
new nor partisan 1t has been raised by
four presidents and five secretaries of the
treasury and bills containing such pro-
vision have been introduced in congress and
supported by members of both political
parties. 1t is entirely consistent with the
present banking system. The same reasons
which justify the issue of 80 per cent OF
the bonds will justify an issue to the par
value of the bonds. The only objection ad-
vanced, aside from that of demagogic at
tack generally, upon banks, is that 1t per
mts too large an increase of the volume OF
circulation and threatens an imitation. But
It is unfair to compare the amount possible
under the proposed bill with the amount OF
bou pirpulatiOn The nrOnt
upon bank note circulation because OF the
tax has reduced such circulation far below
the amount ever expected, and such reduc-
tion can be Creditaby charged to a con-
traction which was equally unexpected
The proper comparison is between the
amount possible under the present law and
the amount possible under the proposed
amendment, which would be but a 10 per
cent increase, an amount which can be
easily absorbed by the business of the
country and utilized in as many different
money eenters as there are national banks
The repeal of the tax on national bank notes
and the substitution of tax upon bank
franchises as measured by their capital
surplus and undivided profits are proposed
in a spirit of fairness and for just distri-
button OF the burden of the tax. The
larger banks will pay the tax In the same
degree as the smaller banks while the
amount OF revenue will be practically un-
changed"
Country Demands 1t,
In conclusion, Mr. overstreet said: THE
advocates of currency reform firmly declare
that the financial operations of the govern
ment are upon the gold standard, but that
the honest fears engendered by doubtful
legislation relative to silver 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 unequivocal terms, made fully operative
by all proper safeguards, is the central idea
OF the law proposed, 1t is confidently be-
lieyed that the country demands 1t and thai
our action will be ratified by the people
The supporters of the proposition are not
confined to the republican party nor to tht
so-called money centers, Democrats o
courage and conviction have nobly dared tC