The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-14
A CONTROVERSY ON CURRENCY
Representative Hill Would Cancel
Greenbacks When Redeemed.


During the discussion in the House of
Representatives yesterday OF the bill to
reduce war taxes, Mr.. Hill addressed the
Chair in advocacy of the immediate pas
sage Of bill in accordance with the rec
ommendation of President Mckinley in his
last annual message that there be legis-
lation Ito ensure the continued parity
unier all conditions between our two
forms of metallic money, silver and gold -
Mr.. Hill quoted the Secretary of the
| Treasury to the effect that the gold
standard law needs reinforcement in
some important particulars" and. in part
said:
This language is advisory and recon-
mandatory: but on November last the
| american people, who make Presidents
| and Secretaries and Congressman in my
| judgment. issued a peremptory ordsr that
the gold standard should be SO firmly and
definitely established that 1t could not
| be overthrown either by the negligence
/ or willful act of any man or Administra
| ton. but that it should continue as the
| basis of our financial system until the
people themselves should declare for
| reversal of the policy just as cmphatically
| as they have twice declared for its ,nau-
| gurat ton.
| NO higher duty devolves upon us than
to heed that order and obey it now when
| the prosperity of the country and Treas
ury conditions make it possible.
Until this is done the many and de-
| serving projects for. the development of
| our banking system, the upbuilding of
our commerce and the ACKNOWLEDGEMENT of
| the nation can well afford TO wait. for
tenn is firmly laid all of Ties H Gatsl things
VIII be but ilimsy structures built on
shifting sand.
Il propose, as briefly as possible to call
! attention to the defects in the act of
March A. 1900. entitled An act to define
, and fix the standard OF value and to main
tain the parity Of all forms OF money is
sued or coined by the United States. and
to attempt to show what changes are nee
essary to perfect the measure so that it
will do the thing which its title indicates.
When the bill went from the House ii
made every obligation for the payment of
money in the United States, both public
and private, payable in gold or in con-
formity with the gold dollar as the stand
ard unit Of value. When it came back to
the House this was wholly eliminated the
silver dollar was continued as legal tend
er, and gold redemption was only pro-
vided for United States notes and certain
bonds, provision for the issue of which
was made in the bill itself wing all |
other outstanding obligations, both public |
and private, and all future contracts not |
specifically drawn as payable in gold de- |
pendent wholly upon the parity clause o. |
the act, but prescribing no method and |
providing no means by which such parity |
of gold and silver could be maintained.
las the law stands today we have two
classes of Government obligations. one
payable in gold and one In coin, and all
private obligations solvable by legal ten
der, PAYABLE in either in paper promises
TO pay gold, in the shape of United States
notes.
las the law stands today. we have two
forms OF money, one gold and promises to
pay gold, the other legal tender silver, re-
deemabe in itself, exchangeable at the de-
mand of the holder in nothing. dependent
for its parity with gold upon Its use BY
the people and its receiyability at the |
custom houses: in other words nearly six
hundred millions of silver promises to pay
money good emily for domestic use and de-
pendent for their value here upon the con-
:inued prosperity of the people and the
in power Of a political party
which will not increase the quantity, and
thus destroy their usefulness as stable
medium of exchange.
Il submit that it is unworthy of this
great nation that it is beneath the dig
nifty of 100000 of the richest. the most
intelligent. and Progressive people on
Garth 10 permit the issue of n single dollar
Of full legal tender money which is not
on demand at any time for
any other legal tender dollar which it may
coin or issue. and declare my firm belief
that the rank and standing of this nation
rs world Power among the other Powers
Of the world is more clearly marked and
fixed by the character of the money by
which its commerce is carried on at home
md abroad than 1t Is by the size of its
armies and the strength of its fleets
Mr.. Fleming asked:
II understand the gentleman holds
hat some additional legislation is ncces
sary?'
Mr.. Hill think the gentleman from
Georgia will understand that is the pur-
pose Of my remarks before | get through.
Mr. Fleming-What will the gentleman
say with reference to this declaration in
the Republican platform rs adopted at
on which the Republican
party in November achieved IA victory be-
'ore the people?
Mr.. Hill think the gentleman from
Georgia will not need any, answer TO that
question when l get through.
Mr. Flemins-But will the gentleman /
listen to question?
Mr.. Hill will if il is business ques-
ion and not a political one.
Mr.. Fleming-i will read from the Re-
,ub'ican platform
Mr. Hill-Oh, am talking business, and
lot politics.
Mr.. Fleming-Well. am talking both.
Mr.. Hill do not care to enter into any
olitical discussion at this time.
Mr. Cd aliuc for tho | /