The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-02-14
n MAX OF CURRENCY DEBATE.
ALLISON FOR AND JONES AGAINST
THE MEASURE.

present Bill simply Reaffirms the
act of 1S-3-Tilt With TiIlman
over Cleveland and on the cues
ton of the Parity. of SiIver-Bin
denounced by Jones as the Climax
nj Efforts Against Silver.
Washington, Feb 1S.-The financial de-
h,te in the Senate reached its climax to-
day.
Two great speeches, one in favor of the
narding Senate substitute measure, and
tbe other in opposition to it, were delivered
ond both were listened to by senators with
close attention.
The first was delivered by Mr.. Allison of
Iowa. the ranking member of the Finance
Committee He presented his answers to
the points raised against the pending Sen
ate bin. Mr. AHison's explanation of the
provisions of the bill was frank and his
response TO many pointed inquiries was
characteristically keen and forceful
Nc Jones, who declared the bill was
vicious and unwarranted, comforting too
great power upon national banks and fas-
tening the country TO gold currency,
discussed the question from historical
and philosophical view point. His address
was replete with valuable information.
Tomorrow the Senate will begin the
consideration of the bill and amendments
under the ten-minute rule.
A bill to authorize the establishment. at
some point in North Carolina, of a station
for the investigation of problems connect
ed with marine fishery interests of the
Middle and South Atlantic coast, was
passed.
Senator AlIisOa's Views.
The financial bill was then laid before
the Senate. Mr.. Allison referred to the
Senate substitute for the House bill and
said there was no proposition to change
the existing currency-gold and silver GER
tidcates, greenbacks, treasury notes and
national bank notes.
Mr. Allison, beginning a discussion of
the two bills, said he had not supposed
until he had heard the speeches delivered
during the past few days that there was
any doubt in the minds of anybody that
this country was on a gold standard basis.
He said that since the enactment of the
law of 1878 there had not passed current
a single dollar of any kind of United
parity with the gold dollar, and the pend
ing measure as practically a re-enactment
of the law of 1873 Federation of the eX-
listing law. The present bill makes the
greenbacks absolutely redeemable in gold
coin. In no sense does the bill provide for
the elimination of greenbacks from our
currency.
Mr.. Allison became involved in an
amusing colloquy with Mr.. Tilman of
South Carolina.
The South Carolina Senator inquired if
Mr.. Allison had not supported President
Cleveland's efforts to secure the repeal
of the Sherman law in 1893
Mr.. Allison said he had assisted Mr..
Cleveland to that extent, but he had taxi
en- occasion also to criticise the Demo-
cratic party for its attitude on the money
question since.
''Well, I merely interposed my re-
marks,'' said Mr.. Tillman. 'in order to
get the Senator to absolve the Demo-
cratic party from all responsibility for
Grover Cleveland. He never was a DEM
oc-at."
Il will absolve the Democratic party
from responsibility for Mr.. Cleveland"
replied Mr.. Allison, suavely, land at the
same time l will absolve Mr.. Cleveland
from responsibility for the Democratic
party. l know that he does not care 10
accept such a responsibility. Naughter)
Mr.. Lindsay of Kentucky inquired
whether in case there should be a deficit
the gold obtained from the sale of bonds
under the bin could be used to pay cur
rent expenses of the government.
Under the provisions of the Senate SUBJ
stitute to which 1 am directing my re-
marks" replied Mr.. Allison, these bonds
for obtaining gold can only be sold when
the reserve falls below $4,000, 900; and I
nd tn my
conviction and belief that it will in the
circumstances and under the provisions
of this measure, never be necessary to
sell bonds for that purpose"
But under the provisions of this bill"
persisted Mr.. Lindsay, will not the ulti-
ate result be the retirement of the green
backs?"
Under this BILL" replied Mr.. Allison,
'the greenbacks cannot be retired
He said -ttaat If $346, 900, 900 of greenbacks
were to be retired, an equal amount OF
some other currency ought TO be provid-
ed to take their place so that timid peo-
PIE would not be frightened by the ghost
OF currency contraction.
Mr.. Allison said that the bill did not
provide for the exchange of silver notes
Tor gold, because the committee did not
deem 1t necessary. The faith of the gov.
eminent had been pledged TO maintain
them at a parity and that pledge had not
bFNH DTOkGi II was one tHluS 10 AiidHi-
tain them at a parity and another to make
them exchangeable. They had not been
degraded as the senator from South Car
DINA had affirmed. We would never dis
grace and degrade ourselves by allowing
Them to go to a discount.
As to the Parity of silver.
How will a silver dollar" asked Mr.
Tiilman, "be kept at a par with gold I'M
less you viii redeem il in gold?'
Because" replied MIR. Allison, I'VE have
so kept it for twenty-five years. But in
addition. we will strengthen the situation
The United States is the only country that
redeems fractional silver
Suppose next summer Democratic
President were elected" interrupted Mr.
Titlman u know you think that impossi-
bic, but miracles have happened-suppose
a Democratic President should take il into
his head to discriminate against gold. how
could silver dollars be maintained al par
ny If they are not redeemable in gold?"
You must catch your hare before you
can eat him." replied MIR. Allison, amid