The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1900-02-13

10 come, that somehow don't come.
We are getting a gllmmerlng shadow
Of the idea that We want friendship
and prosperous communities and capt
tai FOR our marvellous resources.
1T is my sincere conviction that In
our lay and believe soon. a gcnu-
Inc and united effort win be- sought by
the leading commercial nations TO re-
store the blmetallIc system. The
amendment before the senate Informs
the world that We are ready 10 CO.
operate. II II is accomplished. IL can
only b. through the aid In this coun-
try OF the republican party.
Elkins then addressed the senate. His
opening sentences We're in reference To-
the speech delivered on Saturday by
Chandler, He said that II was a speech
which would be distributed By hun.
dreds of thousands, not by his own po-
Iitical associates, but by his political
enemies He commended the general
provisions Of the bill. but criticised the
sixth section. which provides for the
funding Of the public debt. Upon this
provision he said In part:
The refundlng OF the public debt is
not necessarily part OF the bill. Why
mix the establishing and defining
.of the monetary standard and strength.
cnlng the pubic credit with which must,
.at best. under the provisions OF the bill.
be an experiment. and which II We
should fail, would prove hurtful to the
general purposes and policy of the
measure and the public interest? The
refundlng OF the public debt is purely
Ia practical and administrative ques-
tlon. II should have no place In our
politics or be connected In any wise
with political questions or measures.
The refunding Of the public debt should
be made the subject Of q separate bill.
to be considered and passed when our
bonds mature and monetary conditions
may be entirely different.
THE bill undertakes too much. IL
not only defines and establishes the
monetary standard, but sets out a
scheme to fund the public debt three
years before any OF our bonds ma
ture, and In order to make this scheme
a success, 1t provides that the national
banks shall be the most important fac
tors In It's execution.
I'm my judgment the public debt
should be refunded without any refer.
cnce whatever 10 the national banks.
Let the scheme Of funding stand on
It's own merits, and by itself. Let the
government go forward when the time
comes and borrow money for funding
purposes at as low a rate OF interest
as IL can, making such a rate as will
insure the bonds being maintained al
par, without depending on national
banks or any outside agency and with
out giving grounds for the impression
that public debt Is to be encouraged
and fostered in order to provide safe
currency"
Moreover, 1t seems to me we should
reach conclusions and leglslate from
the standpoint Of vision or the highest
wave OF prosperity the country has ever
had. The conditions which surround us
In the financial and commercial world
are extraordinary. Present favorabl,
conditions vii be followed naturally by
a reaction which will bring new ex-
perlerces, and these viii, enable us
with present experiences, to Judge bet
ter than now, what may be done in
the matter Of funding the public debt
V When our bonds mature"
The senator then suggested that the
government might find 1t difficult some
time in the future to keep the pro-
posed two per cent bonds at par, and
asked II II would not be better and I'M
the public interest to make the rate OF
interest higher and offer no induce
ments TO the national banks. II may
turn out, he said, that the inducements
and advantages offered the banks may
cost the government more than the
saving in interest that will result from
funding the debt at two per cent.
TT seems to me" said Senator FL
kins, "a safer course would be to allow
a margin Of discretion to the secretary
Of the treasury in the matter Of refund
ing the public debt when the time
comes; for instance, give him author