The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-08
THE CURRENCY DEBATE
Mr.. Turner'S Prophecy That the
House Bill VIII Prevail.
He Charges the Republicans With
InfdeIity to'Formcr Professions
Mr. Bate Sees i'm the Measure n
Triumph for Gold standard De-
mocrnc,-Mr. Allen Rcscnts n Joke.

The Senate resumed consideration of tn
Currency bill at o'clock yesterday. an
Mr.. Turner of Washington was the first t
be recognized for a speech on the measure
Mr.. Turner opposed both the House bill
and the Senate substitute, which, he de
clared, is essentially the same. and sal
that as it was his belief that the forme
would prevail in the end. he would addres
his remarks to both measures rather thai
to the Senate substitute alone. After thi
statement as to the subject of his re
marks, Mr. Turner said:
"The first and most important objec
Of this legislation, as / read it, is to fiji
and fasten on the American people forever
the single gold standard, and, by remov
ing from the arena of contention the onl!
nation whose voice in favor of silver
might compel the respect of other nations
to fasten that standard on the world
forever
THE next great object is TO establish
in favor of the national banks of th'
country monopoly in the issue and con
troll OF all money save gold and thereb
10 establish the great trust OF trusts
around which ali others shall revolve
paying homage to it in time of prospect
ty and drawing substance and supper
from it in the hour of adversely am
threatened disaster.
These are the two great primary OBJ
1ects OF both the House and the Senate
bill. In devising the machinery to ac'
complish them it has been thought proper
n dapraa cav1ra1 nfbar rnCr1fC which ir
the light of the primary ends sought MAJ
be called subsidiary. but which are sc
startlingly brazen In their disregard oi
the rights OF the people. that If they stood
alone they would command amazed and
indignant attention from every lover ol
his country and his kind
Mr.. Turner charged Republicans with
inidelity to their former professions OF
faith in favor of the double standard. and
predicted that, with all other liars, they
would have their place in the lake of fire
and birthstone. So certain were his Bepub-
lican friends that the silver question was
dead that. he said. they had already begun
to quarrel as to who should dig its grave.
Referring to the Democratic National
Convention of 1896. he praised its. plat
form, and said that il chose leader who
was himself an inspiration and "A plat
form. He spoke of his party as the noble,
inspired, and God-like Democracy" and
said that the fight would be renewed ''on
the same line and under the same leader
ship
who could doubt" he exclaimed, in
conclusion. that the enlightened con-
science of the nation will advance over the
tremendous forces of fraud and corrup-
tion which before stood in its way and
which VIII be again opposed to its just
and humane demend?"
At the conclusion o. Mr.. Turner'S S eech
Mr.. Bate of Tennessee addressed the SEN
ate in opposition to the Currency hill. The
legislation involved in the House Finan-
cial bill. " said Mr.. Bate, land in the Sem
ate substitute. as well as that whi-h may
be the outcome OF conference Of the tao
houses, is, 1t seems to me, after all that
has been said. the naked triumph Of that
Democratic faction which, in 1896. polled
only 133.554 votes for the gold standa rd
while over 000 OF votes we4e cast for
bimetallism. Instead of this measure be-
ing legislation for the people, il is Iegis,a-
tiOn against every expression Of tie public
VIII. There has been no expression of the
public opinion in this regard since that
voiced in 1896, at the Presidential poll.
Then over six and q half millions Of Dem
ocratic voters declared Tor independent
himetallism; at the same time about seven
millions Of Republicans declared for inter-
national bimetallism. and a beggarly l33,-
000 gold Democrats voted amid the derision
OF the people for gold monometallism.
The stone which the builders rejected
with scorn, this Congress makes the cor
nerstone OF our financial superstructure,
and that faction which. because OF utter in
Significance as a poll ical factor. would
have passed into absolute forgetfulness. has
been exalted into the directing force which
has brought the Republican party 10 ahan-
don bimetallism and establish the standsrd
of gold fnonometallism, with all its at
Tendant evil and depressing influence. on
the energies. the industries, the property,
and the indebtedness of the people of these
States.
AIR. Bate at this point compared the pro-
visions of the House bill with those OF the
Senate substitute. and said that the bill
that will finally be voted upon will be for
Inulated by the conference, and will be en-
tirely different from both of the original
measures In conclusion, Mr.. Bate declared
himself in favor of State banks and of re-
pealing the 10 per cent tax on their issue
of notes. Il believe in local self-govern-
ment.T he added, and national banks are
not local self government"
At the conclusion of Mr.. Bates remarks
Mr. Alien took the floor in opposition to
the Currency bill. He said that he for one
WAS unable TO find in the bill anything
that commended it to his judgment He
believed that the money question is the
most important subject before the Ameri-
can people today, and that IL will continue
TO be until it is solved on a sound. hon
est. and scientific basis. He declared him
self an adherent Of silver and gold at
the ratio of 1s to /, and said that If any
one had receded from that doctrine he
had not
He alluded 10 Mr. Aldrich as having ad-
nitted in the financial debate in 1897.
that legislation could affect prices; and
he asked that Senator IL he still admitted
that.
Mr.. Aldrich Tin low tone)-Yes.
Il wonder" said Mr.. Allen, "if the Senax
tor has spoken loud enough 10 be heard?"
II never expressed any other opinion
here or elsewhere" Mr.. Aldrich remarked.
1T was argued on the Republican side
in 1s93,' Mr.. Allen continued. that there
was no power in legislation TO affect or
create value
That is another thing" Mr.. spooner
interposcd.
Mr.. Allen--I beg your pardon, but it is
not.
Mr. Spooner-The power TO destroy does
not involve the power TO create. A potato
bug may destroy a potato, but il cannot
create one. iLaughter.l
Mr. Allen. plainly offended, said he did
rot like TO be made the butt OF a Jest OF
that kind. And then he went on with his
argument against the bill-the principal
point OF il being that the bill came within
the constitutional inhibition OF impairment
of contracts-every obligation now payable
ih coin" being required, under IT, to be
paid in gold" what was that. he de-
mande8. but spoliation and confiscation.
Its proper designation, he declared, would