The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-13
THE SPEECH
OF SENATOR
ELKlNS
On the Measure Substituted by the
sonate for the House Finan-
cial Bill.
SOME PROVISIONS CRITICIZED
That Are Really Forsign-The Gold
Standard Features-As to
areenbactS.

Special Dispatch to the lhtelligencer.
WASHINGTON. D. c., Feb. 1S.-sen-
ator EIkins was one OF three who to-
day discussed before the senate the
financial bill, as submitted by the
committee in substitution for the bill
adopted by the house. The senator
approved the bin In the main. but crlti-
cized the clause for the refundlng of
the public debt at per cent. He took
the ground that the legislative branch
Of the government should not decide so
important matter under conditions
50 favorable. Conditions are subject to
the changes Of time.
He said while the rate proposed might
be Suflcient now. there might come a
time when It could not be maintained.
Referring to the speech previously
made by Senator Chandler, advocating
silver money, Senator Elklns predicted
that hundreds Of thousands Of copies
Of that speech would be circulated.
not by Senator Chandler's political
friends, but by his political enemies,
and the enemies Of his party.
Of Interest to 1aboring Men.
1.-THE financial question. Senator Ell
kips said, appealed directly to the
laborinE men. in the aggregate the lar
sest users OF money in the country. His
wages are more sensitive to changes in
finance than any other element in our
country, and especially in America is 1t
true that the wage earners interest
ought to be consulted, because in CONF
parison with the laborlng classes of
the rest OF the world, he is the most
thoughtful and most intelligent"
Among those who propounded auer-
les was Senator Teller. who asked Sem
ator Ellsins IL the greenbaclS was not
Just as good as the golanCetl TO
which he replied that It was, because 1t
was redeemable In gold.
az am not objectlng to the green
backs. said Mr.. ElkinE, 'for It was
with them that the war was fought,
and the Union saved. and have great
respect for, them. AS long as the pres
rnt arrangement exists, which makes
the greenback under the pledge of the
government as good as gold, ! do not
oppose Them
Importance Of the Measure.
Mr. EIkins said further: Mr., Pres;-
dent, the bill reported by the finance
committee as substitute for the house
bill Is the most important financial
measure that has been presented to Con-
Eress since the Civil war. The chief
feature and strength Of the bill Is It's
emphatic and unequivo ocal deciafatiohia
favor of the gold standard and the COM
initial OF the United States 10 the pay
ment of its Indebtedness OF all kinds,
interest-bearing and non-interest-bear-
Ing, in gold, thereby rendering 1t impos-
In the future on the subject, or that
there should be any hope Of paying the
same In a depreciate3 currency. II the
bill becomes a law. Il will strengthen
the public credit at home and abroad,
making It the highest and safest IN the
world, The increase In the gold re-
serve provided for in the bin will help
materially to carry out Its general pro-
visions and to keep our finances on
firm basis
''The bill Is the outcome of constant
discussion and education Of the people,
through the press, in Congress. ana on
the platform, for the last thirty years.
This Is the only time during the last
quarter Of a century that the question
OF the standard OF value could be placed
beyond the possibility OF doubt and dis
cussion, as 10 90 wisely done In the SEN
ate hill.
The bill will not operate to delay or
impair the cause Of blmetallism. II
leaves that question open, and blmetal-
lists can support the bill consistently.
am not without hope that there will yet
be an International agreement by which
silver can be more largely used with
gold than now as money Of the world.
We arc using more silver than gold as
money. There are now In the treasury
COS. .6I2, 406 standard silver dollars, be,
sides silver bullion Of 1880 to the amount
OF $50, 44O.9l8, Against this silver there
are outstanding $iO6, ,36S,b04 OF silver GER
tihcates, which Is the best form In
which TO use silver money. The United
States Is using to-day nearly $500, 900
OF silver. and win use more when II can
be done with safety.
General Provisions Approved.
The general provisions Of the bill have
my approval, and II is my purpose TO
vote for II, but / venture with some hes
itailOn to express In opposition to tho
mature judgment Of the members OF the
finance committee, and more particular
iy the judgment Of its able chairman,
who Is an acknowledged authority on
the subject OF finance and political econ-
omy not only in this country but abroad.
some doubts and some apprehension
that have come into my mind, as to the
wisdom OF attempting In this bill TO
provide for the refunding OF the larger
part Of the public debt on a basis of
per cent Interest. My criticism Of the
bill Will be confined TO the sixth section,
or the scheme Of funding the public debt
az set forth In said section.
The Tefunding OF the public debt IL not
neceRsarily a part OF the bill. The bill
" for another end different purpose.
Why mix the subject Of establishing and
dehnlng the monetary standard and
strengthening the public credit with
what must at best, under the provisions
OF the bill, be an experiment, and which,
II should fall. prove hurtiul 10 the
general purposes and policy of the
measure and the public INTEREST," The
reminding Of the public debt ls purely
practical or administrative question. II
mould have no place In our politics. nor
he connected In any wise with political
Questions. n should not be n part Of
thls bill. because the question Of n mon
slaIg standard Of value has been for
fHnnkg,,,.g -, 0f..AL n.-.,N