The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-14

taking care only of the present currency.
and of the present standard of money.
There was no proposition to change the
existing currency. which consisted of gold
and silver of gold and silver certificates
based on deposits and on greenbacks,
Treasury notes. and national bank notes.
Mr. Teller asked Mr.. Allison whether he
claimed that in 1873 the gold dollar was
made the unit of value.
Mr., Allison-The dollar was made unit
TO consist of twenty-five and eight-tenths
standard gold and the silver dollar was
dropped as a unit
Mr.. Teller-Were We on the silver
standard from 1872 TO 1873?
Mr.. Allison-We were not. The stand
ard OF value was not proclaimed in the
statute Of 1872. 1t provided for the coin
age OF two classes of dollars, one OF silver
and one of gold.
Mr.. Tcller-There was no gold dollar
provided for by the act of 1872.
Mr.. Allison-The dollar was made the
unit The value of the two coins was des-
;gnated by the statute of 1892. which pro-
vided that one should contain so many
grains of gold and the other so many
grains of silver. But there can be no
question that the act of 1878 provided for
the single standard of gold.
AS to Mr.. Daniels contention in his
speech last week that the act of 1890 in
dropping the gold dollar as a coin. thereby
abolished the gold standard. Mr.. Allison
spoke of it deprecatingly, as an ingenious
suggestion" but one without weight. He
argued that since 1879 twhen payment in
gold was resumed) every purchase made.
every dollar in Observation-Disclosures of sill
Yer. gold. or paper-has been on an abso-
Lutte parity with gold coin of the standard
value described in the act of 1873.
Il agree" he said. that in passing this
bill we but restore, practically, the
phraseology OF the act of 1873. We are
re!terating the existing law. This bill Is
but reafiirmation OF what has been the
law since 1873, when we provided for pay
ments in gold in 1S19.' He added that the
pending bill in reaffirming the policy of
maintaining parity. transformed that poll
cy into an actual statute binding on those
who administered the law.
RcdcemabIe in Coin.
Referring TO the question of the redemp-
ton of greenbacks. and speaking of their
being redeemable in coin, he said that the
pending bill made them absolutely redeem
able in gold coin. The bill, he said, did not
provide for the elimination of the green
backs from the currency. They were to
continue as part Of the currency; and there
ought to be a gold reserve ample for their
redemption.
There is not he declared. "a provision
in this first section of the Senate substitute
that is not now part of the law or that
has not been the practice OF the G"rern-
ment since 1879"
Mr.. Tillman interposed some remarks as
TO President Cleveland's issuing bonds in
order to obtain gold for the reserve fund.
and then using the gold for the ordinary
expenses of the Government and Mr.. Al
lison virtually sustained that action OF
President Cleveland.
II merely interposed those remarks,
said Mr.. Tillman. .'in order to get the Sem
ator to absolve the Democratic party from
responsibility for that action. He never
was a Democrat
81 will absolve the Democratic party
from any responsibility for it," said Mr..
Allison, land will absolve Mr.. Cleveland
from any responsibility for the Democratic
party as we'll.
THE Senator is too fair a man." Mr..
Tillman again broke in. mot 10 acknowl-
edge that the deficit in the Treasury dur
ing Mr.. clevelands Administration did not
come from the Democratic policy or fro...
the Wilson German tariff law"
Mr. Allison remarked, sarcastically, that
the remarks of the Senator from South
Carolina were pertinent, or would be per-
tineht, if true
At the close Of Mr.. Jones speech mes
sage was received from the House an
nouncing the death of Representative
Chickering of New York, and thereupon the
usual resolutions we're offered by Mr. Piatt
of New York, and agreed 10, and COM
mittee OF five Senators was appointed 10
Join the House committee and attend the
funeral. the Senators being Messrs. Platt
OF New York. Mason. Scott, Turner, and
Sullivan. The Senate then at 5:45 o'clock