The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-02-14
Two Great Speeches Delivered
on Financial Bill.
ARGUMENT BY ALLISON
EE ENDORSES TIE SUBSTITUTE
FOR HOUSE MEASURE.
Jones of Nevada Declares the Bill to
Be Vicious and UnwaTranted, Con-
ferring Too Great Power on Ma
tional Banks and Fastening the
Country to Gold Standard.

Washington. Feb. 1s.-The financial
debate in the senate reached its climax
today. Two great speeches, one in IA I
vor of the pending senate substitute /
measure, and the other in opposition TO /
it, were delivered. and both were lis /
tened 20 by senators with close atten- /
tion.
The first was delivered by Mr.. Ali /
son Ia), the ranking member OF the /
finance committee. He had been an at I
tentive listener to the speeches deliver I
ed on the other side Of the chamber, and /
in the course Of his arguments he pre-
scented his answers to the points raised /
against SEe pending senate bill
Mr.. Jones OF Nevada declared that
the bill was vicious and unWarranted, I
comforting too great power upon ma
tional banks and fastening the country
to a gold standard. he traced the his
torica, and philosophic view point. To-
morrow the senate viii begin the con-
sideration of the bill and amendments
under the ten-minute rule.
Mr.. Allison Speaks.
Mr.. Allison DAD, the ranking Repub-
lican member of the finance committee,
addressed the senate. He said he did
not propose to enter upon general
discussion of the financial questions
which had been more or less considered /
during the last i've years. In the pend
ing measure it was proposed to deal
with the currency question in large
and general way.
Mr.. Allison referred to the senate
substitute for the house bin and said
there was no proposition to change the
existing currency, gold and silver GER
tificateS. greenDacks, treasury notes
and national bank notes. He said that
after careful consideration the senate
committee had regarded it wiser to deal
with the pending questions IN accord
a1ce with the provisions Of the senate
measure than in accordance with the
house bill
Mr.. Allison asserted that he never
had supposed there was any doubt in
the minds of anybody that this country
was on a gold standard.
Mr. Teller inquired if, in 1873, the
gold dollar was made the standard Of
value.
The Act of 1873.
Mr.. Allison replied that the dollar
was made the unit by the act Of 1878.
Mr.. TeIIer-Then I viii ask the sena-
/ tor if we were on a silver standard
! from 1872 to 1873?
We were not emphaticllly replied
4. 4
/ was not proclaimed in the acJ Of 1872.
/ That act provided that the two metals,
silver and gold. should hold a relative
value Of fifteen ounces of silver to one
ounce Of gold. We therefore had a
double standard Of value"
He said that since the enactment Of
/ the law of 1873 there had not passed
current a single dollar of any kind of
/ United States money that was not an
absolute parity with the gold dollar
J Concluding this portion Of his remarks
! Mr.. Allison said:
/ I assert that in passing this bill
we are but re-enacting practically the
| provisions Of the law Of 1873. We are
! reiterating the existing law.
Reasonable in Gold Coin.
'The present bill makes the green
! backs absolutely redeemable in gold
! coin. In Nc. sense does the bill provide
for the elimination OF gTeenbackS from
! our currency.
/ II want TO Teiterate,' said Mr. ALI
son. that there is not a provision n
/ the first section Of the senate substi-
ture that is not now part Of the law
( or that has not been the practice Of the
/ government since 1873"
MI Lindsay CKyD inquired whether.
/ in case there should be a deficit, the
/ gold obtained from the sale of bonds
under the bill, could be used 10 pay
/ current expenses of the government
Under the provisions Of the senate
/ substitute to which / am directing my
! remarks replied Mr.. Allison, these
bonds for obtaining gold can be sold
only when the reserve falls below 500,
900 G0O and I want here and now to ex-
press my firm conviction and belief
that il win never be necessary under
the bill to sell bonds for the purpose
7 fr-.- mil
not the ultimate result be the retire
ment Of the greenbacks2"
! Under the bill replied Mr.. ALI
son, the gTeenbacks cannot be retired.
Iwant to say that the retirement OF the
greenbacks or any other part of our
money should never be attempted with
out the most careful scrutiny and the
wisest consideration Of the legislation
providing for it."
Would Be Gold Certificate.
In response to another question by
Mr.. Lindsay. Mr.. Allison said the
greenbacks, under the provisions of the
pending bill practically would be a gold
certificate and he added. 1t is so now
Mr.. Allison said the bill did not pro
vide for the exchange Of silver notes
for gold because the committee did not
deem it necessary The faith Of the
government had been pledged TO MAIN
tain them at a parity and that pledge
had not been broken We would never
disgrace and degrade ourselves by al
lowing them to go to a discount
rs the silver dollar dollar or is it
a promise to pay a sold dOllar?' asked
Mr.. Tillman-
1T is g dollar" replied Mr.. Allison.
THE senator and agree about that"
But, how VIII a silver dollar be kept
at par with sold unless you redeem 1t
in gold?''
How do you know the sun viii shine
( tomorrow replied Mr.. Allison. "One Of
the reasons is because it shone yester-
day. We viii keep silver at par because
we have kept it for twenty-five years.
But IN addition we viii strengthen the
situation. France and Germany kept a
great mass of silver in circulation. but
it is not redeemable in gold. The
United States is the only country that
redeems fractional silver"
The provisions for the issue Of silver
certificates OF $40 and under, he said.
had been placed in the bin owing TO the
popular demand for small bills
Power Of National Banks.
Mr.. Allen CNeb.) interposed to say
his objection TO the bill was that the
whole power to issue money would be
turned over to the national banks.
Mr.. Allison replied that under the
: bill every dollar of our currency would
remain in circulation. Mr.. Allison.
turning to the refunding features OF
the bill. said it was a propitous time
TO redeem the bones due in 1904. 1907
Z and 1909. The funding should proceed
gradually. in order that there might
! be no friction in the money market.
We coulG save s22 100000 per annum BY
funding the bonds now. We could not
be charged with favoring national
, banks when we compelled them to de-