The Washington weekly post. (Washington, D.C.) 1878-1916, 1900-03-06
IT WILL PROVE DISASTROUS
Senator Teller's Prediction Regard
inc the Gold Standard Law.
He AreHes Against Its Adoption, While
Senator Fairbanks says that the
Proposed LEGISLATION VIII
BE Blessing.

The conference report on the gold stan
dad Dill was discussed in the Senate yes
terday By Senator's Teller. Fairbanks, and
Butler the first and last named opposing
the proposed legislation, and Mr.. Fair
banks supporting II.
- believe" said Senator Teller. that
this legislation viii be disastrous 20 the
country. hope the time may come when
the good sense Of the people will reverse
the action now about to be eliminated.
The passage Of this bill is the elimination
OF an effort begun soon after the civil war,
70 make money deaTer by the destruction
Of one-half OF the metallic money OF the
world"
Ar. Teller believed that the effect Of the
pending bill would not be ruiuous, al
though it would be. il his opinion. disas-
trous. The rich would become richer, he
saia, great fortunes would be built I'D but
the aftiiction would come By the making
Of the poor poorer. Referring to the con-
dlhlns in his own State, Mr.. Teller said:
we are to-day producing more gold than
any other part Of the world EXCEPT South
Africa Last year We produced $1,000 900:
undoubtedly this year the production OF
gold in Colorado will be S40OOO.O00: and my
belief is that it viii soon surpass the
greatest annual production Of California.
1T Is not on account of Colorado that
am protesting against this bill. We can
stand the gold standard better than otoer
parts Of the country. With our great nat
ural resources we need not be cast down.
If New England. with its great manufac-
turing enterprises and large Iaboring pop
uiation can stand il, Colorado can stand
it, too and grow rich under it.
I believe this is the greatest calamity.
however ever afflicted upon the country
an afflictiOn greater than that of the civil
war. II the gold output should continue.
the time Of the disaster will be postponed.
but that output probably will not continue.
and when it falls off the disaster will be
upon our people,
Senator Fairbanks said he regarded tI,s
measure as large and intelligent step
forward in the monetary history OF he
country Its enactment" said he evil
put at rest the monetary question i'm the
United states for years 10 come, for it is
Incredible that the financial wisdom which
me people have acquired during the past
few years can be soon forgotten. The vast
industrial and commercial interests will
nave a period Of repose. secure against
Ni4N - -iAfiNS u AAltIitidIA uOtITlDaIfGE.
10 issue between the two parties is
shdlPiy defined. The one adheres to tire
gold standard and the consequent use of a
large nut limited volume of silver and pa
per currency, its fun equivalent in effect
ing the exchanges of the people, while the
other IS for the maintenance Of the single
silver standard. with gold expelled from
the channels of trade.
The maintenance of the gold standard
with silver circulating as currency as a
parity with gold, is the only bimetallism
possible with so vast a difference exist
ing between the value Of the two metals
IN the markets. 1t is rot inconsistent with
me use OF silver as currency. In fact, it in
sliTes Its very large use and upon terms
OF pracucal equality with gold itself. So
long as silver currency is maintained AZ
parity with gold the people will accent II
IN the payment Of their gold Obligations
without doubt or question, and in every
respect as freely and willingly as they will
accept gold itself"
Referring to the refunding provision of
the pending bill, Mr.. Fairbanks said: at
is doubtful If any government in tha world
has ever been able TO borrow such a ire
mendous sum of money at so low a rate
Of interest. No such conversion could be
effected with an annual saving to the gov
ernTSent OF nearly S16,odO,0O0 with the coun-
LIy uDOI I'M SILVER SJdil1dFu, or II we were
to incorporate in the pending measure free
silver coinage as proposed by the oppose
ton"
Mr.. Butler, Of North Carolina, followed
with brief general discussion of the
financial question. He particularly at
tackled the power which he said was con-
ferred upon the national banks bv the
pending bill. He declared that under the
provisions of the bin the banks could in
fate the currency, of the country $4,000
0CG. This was a dangerous power TO put
into the hands Of a few men. He main
tanned that the currency should be issued
by the government, and not by the banks.
and every dollar should be government
paper.