The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-14
THE CREDITORS FAVORED
Mr.. Jones of Nevada Opposes the
Currency Bill.
lie Calls Ii Vicious From BcginnipE
10 End. md Says IL is the Climax
of the Struggle Made for the Gold
Stnndard-Mr. Allison Has a Live
Iy Tilt with senator Tillman.

Senator Jones of Nevada, long known as
an earnest and consistent champion of sill
yer. made an extended speech against the
Currency bill yesterday afternoon. Clear
and logical he was given the most respect
full attention from the Republican Sena-
tors, who often find the pleasures OF the
cloakroom more alluring than listening
TO a recital of the crime" committed by
the party in "demonetizing" the white
metal Mr.. Jones spoke until almost 9
O'Clock. and he gave an exhaustive treat
ment of the bill from the standpoint of his
opposition. He said, in part:
This bill, by whatever title it may be
known. is, in effect, the last section OF
bill of which the first section was passed
in 1869. That first section was entitled
An act TO strengthen the public credit,
although il should have been entitled, An
act to strengthen the bank account of the
holders of United States bonds The bond
holders have at all times been distrustfui
of the honor and honesty of the people OF
the United States. They we're distrusnul
of the people in 1870 and that, although
they had secured the pledge OF payment oil
both principal and interest OF their bonds
in coin, they did not propose 10 take any
chances with reference to the interpreta-
ton which might be placed on the word
coin. and so they determined that the
standard of coin should be nominated III
the bond and ii was SO 'nominated-thc
standard of July II. 1870.
THAT standard meant either gold dol
lars of 25.S grains. nine-tenths fine, or sill
yer dollars of i12 1-2 grains. nine-tenths
fine. At that time the Secretary OF the
Treasury wanted 10 insert in the bonds the
word gold instead of coin, and addressed
letter to the Attorney General of the
United States asking his opinion OF the
lawfulness OF the proposed change. The
Attorney General replied to him that 1t
would be unlawful TO make such change.
and in effect, that ii would invalidate the
bonds il they were made payable in gold
Both houses of Congress had passed
what was known as The Stanley Mat
thews Resolution which received the
votes Of an overwhelming majority of the
members of the Senate and House of Rep
resentatives. declaring the Interpretation
OF Congress to be that the bonds were pay
able in either gold or silver. For years
the bondholders and creditors struggled
by all sorts of secret moves, 10 get through
Congress a bill TO demcnetize silver, and
when they finally did get 1t demonetized.
it had to be done by revising silver out of
existence through a new compilation of the
statutes OF the United States.
The Climax of the Struggle.
THE measure now before the Senate is
the climax in thes estruggles OF thirty
years. 1t makes the obligations of the
United States payable in gold alone. IS
the final step IL the progress OF the cfedi
tors resigns. it goes at once 10 the gold
standard. IL simply carries into effect the
intention revealed in the bill OF March
Is, 1869. That intention was that in the
progress of time the sovereign powers OF
the United States, conferred by the Gem
sttrti0n upor Congress alone, should be
reiegated TO the national bsnks-the power
to regulate all that portion of the money
which was made redeemable in gold and
silver. The bill places in the hands OF
the national banks the control Of the bond
ed debt of the country. Whenever the
banks see ft they can reduce the gold
reserve below the limit and force an is
suance of bonds, and this process can go
or indefinitely.
"sll this is in the interest of the credi-
tor. in the interest OF the bondholder. and
grieyously AGAINST the interests Of the
masses of the people OF this country. 1t
Is all done in the name of honor and honest
money. The history of the past thirty
years. during which the bondholders AID
public creditors have been leading up 10
the present movement, shows that when
patriotism and plunder become synonymous
terms IL is easy TO make converts among
the benenciaries. The legislation OF those
thirty years. in the attempt to reach the
gold standard. have resulted in plunder-
fpu ha t.poInassua r1acgnc Of ha ITnftaT
States out OF thousands OF millions OF dol
lars.
One would not suppose that. with so
acute a class OF men as the bond-hold-
ing class, it would be at all Necessary
10 advise them as 10 the Interpretation Of
any law providing for the payment of their
bonds. No class OF people are better
able TO understand the meaning OF plain
English engraved across the body OF their
bonds. One would not suppose It TO be
necessary to provide supplemental enact
ments to relieve them from doubts which
they did not entertain as TO the kind
of money in which their bonds should be
paid.
Transmitted Into Gold.
However. by successive steps they
transmitted lawful money bonds-bonds for
which they paid in paper monsy-lnto coin
DohNSs anu AAOoV NoAA bNhN9 aiN hOH " DE
transmitted into gold bonds. No man can
suppose that the public creditors of the
United States were in any manner deceived
upon taking the bonds, to the money
in which they should be paid. The laws of
Congress were perfectly explicit and the
wording of the bonds was absolutely un-
mistakable. The laws were OF their own
securing, and were worded in accordance
with their wishes, but the agents of the
people of the United States, the persons
entrusted with the execution of the laws
always interpreted those laws against the
interests of the people in order to gain the
meretricious applause OF the bond hold
ing and creditor classes TO the enormous
pecuniary loss and disadvantage of the
producing classes of the country. When
gold was rising in value, as 1t was after
1865, and when the French people. after
1878. first limited and finally ceased the
free coinage of silver had this Government
then taken silver, in which they had
right TO pay their obligations, a right both
in law and in equity, what enormous sums
Of money would have been saved TO the
taxpayers of this country.
.sThe determination of tho exefs,tfva nf