The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-13

national credit, and when ii comes it will
come to bless mankind"
Mr.. Butler of North Carolina then I'D
dressed the Senate. He spoke in favor of
his amendment providing that money be
of gold, silver, and paper, and that there
be unlimited coinage of gold and silver
except in the case of minor coins.
Everything used as medium Of ex-
change is money" said Mr.. Butler. 1T Is
created in two ways by law and by COM
mon consent. Money is domestic in char
acter. and for the sole use of the people
making il. There are no limitations on
the power of Congress as to what money
shall be made of. The money made in the
United States is for the people OF the
United States There is no such thing as
the money of the world There is money
of the United States. of Great Britain, OF
France, just SO far as the bounds OF their
territories. Money is domestic. and II
performs its functions within territorial
limits.
There is but one question TO be con-
sidered That is, How much money is
wanted?' 1t is not the question as TO
what it shall be made out of. You can
make money out of anything-out of dia-
monds, If you will. The gold man wants
gold because 1t is scarce. II that metal
were plentiful he would desert it. II sill
yer were scarce, the gold man would be
for silver. Is it wise to make our money
out of a metal which, while scarce this
year, may be still more so the next? The
country viii prosper if Congress will in
crease the volume of money, no matter
what it be made out Of
Money is a manufactured article, manu-
factured by the Government alone. 1t is
for the purpose Of paying debts and for the
transaction of business. Each nation now
fixes the rate at which gold shall be coined
free of charge. Can 1t be doubted that II
they sought TO do so, the price OF gold
could be made to fall? If the mints should
be opened to silver under the act of 1887.
can 1t be doubted that silver would be
S1.29 an ounce?"
Against the Funding Plan.
Mr.. Elkins of West Virginia, who made
the first speech on the financial bill yes
terday, took a stand against the funding
plan proposed in the measure. His primary
objection. he said, was that the rate of
interest was too low to be safe. He did
not want a lower rate than was ever at
tempted by the Government to be defin-
nitely written down in the laws. He cited
the case of the 3 per cent bonds Of Eng
land, which had not touched par more than
four times in one hundred years.
Anothe. objection to the lowering the
rate of interest, he said, lay in the proba-
bility that In the long run 1t would make
low prices for commodities with cores
ponding reduction in wages. One of the
glories of the Republic was that American
labor was the best paid in the world and
this should be maintained If possible. Tho
Government at least, should do nothing
that would have a tendency to reduce
wages. The loss to the wage-earners and
the country at large would be greater than
the gain to the Government.
In conclusion Mr.. Elkins said: ITO
my mind gold certificates with reason
able amount of silver certificates is
sued under proper restrictions will be the
money of the future. This would leave
with the Government the sole power OF IS
suing money. Therefore / conclude that
IL is not needful to fund the public debt be-
fore our bonds mature by offering induce
ments to national banks TO take a low rate
bond and putting out a bond that cannot
be redeemed under thirty years.
'If the law is not already clear, make It
clear that any person in the United States
in our new possessions or elsewhere, hav-
ing gold dollars or gold bullion can de-
posit the same in the Treasury OF the
United States and get certificate redeem
able in gold. Such certificate would then
pass as current money throughout the
world
At the close of Mr.. Buffers speech, the
Senate proceeded to executive business,
and, at $40 O'Clock. adjourned until today.