Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-02-13
ALLISON ON FINANCE
Addresses His Associates at Length
on the Senate Bill.
ATTITUDE TOWARD TEE GRBENBACl
House Adjourns on Account of
Mr.. Chickering'S Death.
COMMITTEE APPOINTED

Soon after the Senate convened today a
bill appropriating s15O,OOO for the enlarge
ment Of the public building at Portland.
Ore, was passed.
A House bill relating to lights on steam
pilot vessels was also passed
| A bill to authorize the establishment at
some point In North Carolina of a station
Tor the investigation of problems connected
with marine fishery interests of the middle
and south Atlantic coast was also passed.
The financial bill was then laid before the
Senate, and Mr.. Allison Qowa), the ranking
republican member of the finance commit
tee, addressed the Senate on the measure.
He was accorded unusual attention, as it
was fully realized that he represented the
attitude of the republican side of the cham
ber.
Mr.. Allison said he did not propose to
enter upon a general discussion of the
financial questions that had been more or
less considered during the past twenty-five
| years. By the pending measure it was
| proposed to deal with the currency question
in large and general way. Mr.. Allison
| referred to the Senate substitute for the
House bill and said there was no PROPOSE
| tion 10 change the existing currency-gold
| and silver certificates, greenbacks, treasury
| notes and national bank notes.
| He said that after careful considerat ton
| the Senate committee had regarded it wiser
10 deal with the pending question in ac-
cordance with the provisions of the Senate
| bill ~ ~
| Mr. Allison, beginning discussion of the
| Two plils, said he had not supposed until he
| nad heard the speeches delivered during the
| past few days there was any doubt in the
| minds of anybody that this country was on
gold standard. He was proceeding to
1 int l.,
rupted by Mr.. Teller, who inquired if in
] of value. "
| Mr.. Allison replied that the dollar WAS
| maze the unit by that act of 1873
| Mr. Teller-"Then l will ask the senator
| to 1872" VIM i''-
| We were not" emphatically replied Mr.
| Ailson The standard of value was not
proclaimed in the act of 1892 That act
| provlded that the two metals, silver and
| gold should hold a relative value of fifteen
ounces of silver to one ounce of gold. We
| therefore. had double standard of vaIue
He admitted that no gold dollar was pro-
Video Tor in the act of 1892, but that la NV
mag mage zen units one eagle and five units a
1t was perfectly evident that the intent
OF tne lawmakers was that gold ard silver
COINS should travel side by side on the
pasls or their commercial value
He said that since the enactment of tho
law OF 1873 there had not passed current n
single dollar Of any kind of United States
money that was not on an absolute parity
w. Mi.h tae golo dollar Concluding this por-
ton OF his remarks. Mr.. Allison said: "I
assert that in passing this BILL we are but
re-enacting practically the provisions of the
iaW or 1873; We are reiterating the exist
is but reaffirmatfon of what has been tbe
law since 1873, when we provided for pay-
ments IN gold in 1879.
Inc present bill makes the greenbacks
n ~,
sense does the bill provide for the elimina-
t'en OF greenbacks from our currency"
speaking OF the gold reserve to be main
ta talned under the bill s15O,O0O,OOO - he
thousht 1t ought to be, and under the bilI
was ample to meet the demands upon 1t
- want to reiterate," said Mr. Allison
tnat there Is not a provision in the first
section OF the Senate Substitute that is moi
now part of the law or that has NOT haen
the practice OF the government since 1879"
ColIoquy With TilIman,
Mr.. Allison became involved in an anus
ing colloGuy with Mr. Tillman Is. C1.
Inc south Carolina senator incurred n
Mr.. Allison had not supported President
Cleveland's efforts to secure the renea, ~
the Sherman law in 1893,
Mr. Allison said he had assisted Mr.
Cleveland to that extent but he had taken
occasion also to criticize the democratic
party for Its attitude on the money oues-
ton since.
well. 1 merely interposed my remarks"
sald Mr. Ifllman, 'in order to get the sem
aIor TO absolve the democratic party for
all responsibility for Grover Cleveland He
never was democrat"
i vii! absolve the democratic party for
responsibility for Mr. Cleveland" repIied
Mr. Allison, suavely land at the same tive
VIII apsolVe Mr.. Cleveland from respon-
sibiiity for the democratic party. l know
snan snanse. ne goes not care to accept such re-
III
moment later Mr.. TiEman again inter-
rupted Mr.. Allison with statement about
me issue of bonds, and was interrupted by
the chair, who inquired of Mr.. Allison r.
he yielded for the remarks -
Uh' yes, replied the Iowa senator "I
yieia because the remarks would be en-
'ireiy pertinent If they were true"
Mr. Lindsay Ky.) inquired whether in
ease tnere should be deficit, the gold OBJ
tanned from the sale of bonds under the hill
couio De used to pay current expenses of
the government.
Under the provisions of the Senate sub-
stltute to which 1 am directing INV re-
marks, replied Mr.. Allison, these bonds
ior oneain1ng gold can only be sold when the
mere ana now to express my firm conyfc-
ton and belief that it WILL in the circum-
stances and under the provisions of this
for that purpose"
But under the provisions of this bill"
persisted Mr. Lindsay, will not the ulti-
backs?" ~
Under this bill." replied Mr. Allison, "the
greenbacks cannot be retired. want to
say that the retirement of the greenba cks
or any other part of our money should
never be attempted without the most care
lui scrutiny and the wisest consideration
OF the legislation providing for it,"
He said that If $346, 100000 of greenbacks
were to be retired, an equal amount of
some other currency ought to be provided
to take their place, so that timid peonJe
would not be frightened 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 a gold certificate.
and he added, 1T is so now"
THE HOUSE.
The members Of the New York delegation
held meeting as soon as they were an
prised Of Representative Chickering's death
and appropriate resolutions were draftad