Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-12
TllLMAN JEERS ALLEN
Charges Him With Chasing a
Spectre.
Sharp Colloquy Over Proposed Gath.
ering or statistics on Trusts-Mr.
Stewart On Finance.


ton. the shadows of which already darken
the hopes of the confiding victims of Wall
street. 1t is so utterly contradictory of the
st. Louis platform of the republican party
tnat II Will astonish the country. The adj
mission or Senator Aldrich that it is neces-
sary not only to violate the platform of the
republican party, but to enact into law the
usurpatfons Of the Treasury Department in
discriminating against silver in the pay
ment of debts shows that the facts and law
OF the case are against the contention of
the advocates of gold, and that they are
under the necessity to use the legislative
power OF Congress to silence just criticism
The enactment into law of the policy of
the Treasury Department. which is in pail
pabie violation of the statutes of the United
States, would condone the sale of bonds
by the Cleveland Administered. on, whet eby
somebody mot the government pocketed
about s3O,00000O.''
Senator Stewards Remarks.
A large part of Senator Stewards speech
was devoted to discussion of the prop
critics of money and the monetary history
of the country. Coming down to current
topics he commented as follows on the re-
ply Of Secretary Gage sent to Congress
Wednesday,:
The Secretary of the Treasury is not
SO absolutely ignorant of monetary science
as his contention that the value of gold
his reply to the resolution of the two
houses of Congress respecting his trans
actions with certain New York banks he
gives as a reason for depositing the money
or the government in national banks that
II IS necessary to do SO to avoid contract
Ing the circulation and that to keep it in
the treasury would disturb the business Of
the country.
1t seems a little strange that the Secre-
tary can understand that locking up money
IN me treasury vaults disturbs business and
al the same time thinks it is necessary to
use only the commodity gold upon which to
stamp money, although every foreign finan-
cial trouble takes gold out of the country
and deposits 1t in foreign vaults. He con-
tends that money, to be good money, must
be made of the same material that all
other nations use for that purpose and he
can see no inconvenience in its withdrawal
+; ON circulation in this country by for
eigners, while he understands that hoard
ing money in the treasury is injurious to
business.
I'm his lectures on gold he confines his
arguments in favor of the exclusive use Of
that metal to its peculiar qualities, claiming
that it possesses intrinsic value while in
administering the treasury he regards the
volume of money in circulation as of para
mount Importance and deposits the surplus
OF the treasury in banks to keep it in use
and prevent contraction. Still. he contends
that no matter how much gold or how lit
tie gold is produced its volume, when used
as money, does not affect its purchasing
power.
1T is passing strange that business men
shape their transactions in view of the
probable supply Of money, but when they
discuss the money question they follow
the example of the Secretary and assert
that the quality of the material used as
money Is the only question of importance
without regard to the volume in CIrcula-
ton. Is it not singular that people cannot
see the abSurdity of the intrinsic value
theory, while In every kind Of business, in
dustrial as well speculative, they act
on the cumulative theory of money? In
their business they have in view the sup
ply of money, but many of them in their
arguments follow the teachings of the
tIeVelands and the Harrisons and maintain
that all they want is intrinsic value in the
money In circulation, no matter whether
the volume is large or small"
In conclusion Mr. Stewart said. "rhe
passage Of this bill, whatever NAV have
oeen the intention of its authors, will
brlng THIS question Squarely before the
American people. If this bill should become
a law there will be no lodging the issue
1t must be met, and that issue will be be-
tween government by colossal and impe-
rial concentration of capital, welding the
sovereign power of the United States TO
create, contract and expand the volume Of
money, and an honest measure of value
consisting Of the legal tender money of the
United States
AT the conclusion of Mr.. Stewards speech
Mr.. Allison asked to have printed in the
Record a table giving the figures of the
coinage of both gold and silver by the
I iIttu States SillCt tIit passage OF the acl
of 1873.
Mr.. Aldrch in charge of the financial
bill asked to have some arrangement made
regarding that measure. He asked If any
other senator desired to speak upon it.
No Democrats Ready.
Mr.. Jones (Ark.) replied that no democrat
was ready to speak on the bill. but he as
sured Mr.. Aldrich there was no disposition
to unduly delay it.
Mr.. Aldrich said the bill had been before
the Senate for three weeks-an ample time
in which to prepare for its discussion.
Therefore he had a right he said, to insist
that the bill should be disposed of as soon
as possible
Mr.. Teller asked If there We're to be no
speeches in support of the measure.
To this Mr.. Aldrich said he unable to
reply. Republicans, he thought, We're pre-
pared to vote upon ii.
Mr.. Teller regarded 1t as remarkable that
a measure OF such importance should go to
vote without discussion from all sides.
The House bill, to which many desired TO
address themselves, was caucus measure
hot a measure, he said, of the republican
party, but the product of some intermed-
ding person on the outside.
Mr.. Aldrich replied that he had not de-
Tended the bill because it needed a defense.
II spoke for itself. He had merely explain
ed its provisions.
AT the request of Mr. Aldrich the finan-
cial measure was postponed until o'clock
Monday next.
The Senate then agreed that when it adj
journ it be until Monday.
The Census Bill.
Considerable of the census measure, con-
ferring additional authority upon the di-
rector of the census was then begun, Mr..
IIoar withdra wing amendment he had
offered.
Mr.. Pettigrew offered an amendment di-
recting the director of the census to collect
statistics in regard to the distribution of
wealth, in regard to the extent to which
machinery has displaced manual labor and
in regard to private and corporation in
debtedness. The amendment was defeated.
Mr.. Allen tNeb.) pre- posed an amendment
providing for the collection of statistics re-
lating to trusts. and that, too, was defeated
by viva vote, .-r,
Mr.. Allen demanded the yeas and nays,
and wanted to know of Mr.. Carter if he
proposed to deny this information to the
people.
Mr. Carter replied that the amendment
simply a proposition that a S3-a-day
enumerator or a 5000 clerk should deter
mine what institutions, in official docu-
ment. criminal. He held that these in