New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-14
GOLD AND SILVER VIEWS.
MR. ALLISON DEFENDS AND MR.. JONES,
OF NEVADA, ATTACKS THE SEN
ATE CURRENCY BILL.
Icy TELEGRAPH TO THE TRrBUNE,l

TRY TELEGRAPH TO THE TRIBUNE.l
,-.hing+oa Feb 13-Senators Allison of
- and Jones. of Nevada, the two members
- Finance Committee Of longest service and
:. --latest familiarity with the vicissitudes of
ao,cisI legislation in that branch of Congress
- the early seventies, continued to-day the
.oba.A On the Currency bill. TO which some be-
,.e5 vitality given yesterday by the
oa.bes of Senators Wolcott and Elkins. Sena-
= Allison speaks infrequently the topics OF
enonce tariff and fiscal legislation. on which he
= so eminently qualified to shape the Senate's
no,cv and when he talks his colleagues pay him
commitment OF sincere and ungrudging at
tention
His speech to-day was a spirited defence of
.he nending measure from the charge that it
s,s+grbed or challenged existing conditions in
she Treasury or would lead TO any radical dis
,,rbance OF the monetary system to which the
country has gradually accustomed itself since
she legislation OF 1873. Mr.. Jones INDUCED in
one OF his usual interesting and instructive ex-
nositions OF the theory Of money, which left
largely In the air the practical questions faced
snd settled In the pending measure. AS usual,
also MI Jones had appreciative and atten-
tive audience.
Tomorrow the Senate will begin consideration
Of the bill and amendments under the ten min
ute rule.
SENATOR ALLISON'S SPEECH.
Mr. Allison said he did not propose to enter upon
general discussion of the financial questions that
mad been considered in the last twenty-five years
BY the pending measure it was proposed deal
with the currency question IN a large and general
xay Mr.. Allison referred to the Senate substitute
for House bill, and said there was no proposi-
ton TO change the existing currency-gold and Sill
yer certificates. greenbacks, Treasury notes and
National bank notes. After careful consideration,
with the pending question in accordance with the
provisions Of the Senate measure than by the
House bill.
Mr. Allison asserting that he never had supposed
there was any doubt in the minds of anybody that
this country was on gold standard, Mr. Teller
inquired If IN 1873 the gold dollar was made the
standard OF value
Mr.. Allison replied that the dollar was made the
unit by the OF 1873.
Then l VIII ask the Senator if we were on a
silver standard from 1892 to 1892" said Mr. Teller
We were not" emphatically replied Mr. Allison
The STANDARD Of value was not proclaimed in the
sct OF 1882 That act provided that the two metals
silver and gold. should hold relative value of
fifteen ounces Of silver to one ounce Of gold We
fheIefore had q double standard of value" The ,n
tent of the lawmakers he added was that gold
and silver coins should travel side bv side on tha
basis OF their commercial value. Since the enact
ment Of the law Of 1873 there had NOT r..es.5 80
rent single dollar OF any Kind of United sites
money mar as lot on absolute parity with tha
gold dollar. nc
Clo@ing this portion Of MS remarks Mr. .utso,
sad: y assert that in passing this bill we ire t+
re-eHaoting practically the provisions OF III. lou, 80
Ios. We are reiterating the existing law The
present Dill makes the greenbacks absolutely re-
oeeInab4e IN GOLD coin In no sense does the bill
provide for the elimination Of greenbacks from our
currency L want TO reiterste that there is not q
provision in the first section Of the Senate s,b-
sutute that IS not a part of the law or thar r.
has not been the practice the Government since
1879"
Nj Tillman inquired If Mr.. Allison had not sup
I'd President Clevelands efforts 10 secure the
repeal OF the Sherman law in 1893
Mr. Allison SAID he had assisted Nj Cleveland
20 that extent, but he had taken occasion also to
crincise the Democratic party for its attitude on
the money question
Wei. mercy interposed my remarks said Mr..
TSllTnan. IN order TO get the Senator 70 absolve
the Democratic party from all responsibility for
Grover Cleveland He never was Democrat"
y VIII absove the Democratic party from re-
sponsibility for Mr. Cleveland" replied Mr. ALI
s9a suavely. and at the time. will absove
Mr.. Cleveland from responsibility for the Demo-
crate party. I know that he does not care to
accept such a responsibility" Q-aughter)
MI lindsay inquired whether in case there should
be defcit the gold obtained from the sale Of
bonds under the bill could be used 10 pay current
expenses Of the Government.
no FEAR OF BOND ISSUES
Under the provisions of the Senate substitute to
which 7 am directing my remarks replied Mr..
Allison these bonds for obtaining gold be sold
only when the reserve falls below 100000; and
want here and now TO express my firm conviction
and belief that IL will in the circumstances and
under the provisions OF this measure, never be
essary to sell bonds for that purpose"
put under the provisions Of this bill" persisted
Mr Lindsay. will not the ultimate result be the
retirement Of the greenhacks?'
Under this BILL replied Mr.. Allison, ''the green
backs cannot be retired. 1 want 10 say that the
retirement Of the greenbacks or any other part OF
money should never be attempted without the
most careful scrutiny and the wisest consideration
Of the legislation providing for it II S3460o0OO0 Of
Erssnbacks were 10 be retired. equal amount OF
some other currency ought 70 be provided to take
their place that tiaaid people would not be
ightened by the ghost Of currency contraction.
In response to another question by Mr. Lindsay,
Mr. Allison said that the green backs under the
provisions Of the pending bill practically would be
gold certificates, and he added: 1T is now"
Mr. Allison said that the bill did not provide for
the exchange Of silver notes for gold, because the
committee did not deem il necessary. The faith Of