The Elk Mountain pilot., 1900-03-06

are given fully In the subjoined speech,
which will be concluded in next weeks
issue.
Mr.. President, the provisions of the bill
under consideration have no direct rela-
ton to the question of bimetallism, and
in no respect AFFECT It's present aspect or
Nevertheless in the public mind all cur
rency measures. because of recent party
issues, assume political hue and are
popularly supposed to have some bearing
upon, what is known as he silver queso
an opportune time, in addition to a few
words respecting the scheme and pur-
1y. some views upon the general principles
of bimetallism. especially as affected by
of the two political parties in this coun-
try upon this important and far-reaching
The bill as it came to us is radically
changed and modified, and substitute ute
debate. and until the bill. If 1t passes,
shall return from conference, argument
when the measure leaves this chamber it
will undoubtedly bear upon IL the stamp
that bill alone is under practical consid-
The Senator from Rhode Island tMr.
AldrichI, chairman of the finance &c com, n,
speech OF remarkable lqeidty the plan
and scope of the bill. With much that
a sd he Wa S Gh TINS
er conclusions some of us can not share.
For instance, the nrst section tne Dill,
is. as every senator must know, surplus
age and wholly needless. ! refer to the
proysonr, reeting the contents of sbaI ahe
continue to be the standard unit of val
ue. OF course IL will and 1t would SO
from the bin we might as well grayely
pas, law providing that q, yard EsIS,b shall all
that in the future, as in the past, an
acre of land should contain l6o square
single respect existing law, and Its pres.
ence in the bill can only be accounted
men are like children and need to be FIRE,
quently res ssured that everything is all
primitive communities that the people
slept better If they were aroused az mid MD;
and informing them that L was II o'clock
and that all was well Y7, The & seeu9n r1,,y has
worth discussing now; 80, .
The following section of the Bill In
preventing for. the future the ability OF
the banks and Individuals TO draw out
the endless chain of the greenbacks.
now reissued soon as received, is, IN
my opinion an excellent provision vision. and and
pletion of the gold in the treasury IN
which periodicaily overtake the country;
and 1t should assist in avoiding the ne
cessity of Issuing additional bonds to pro-
The silver and silver certificates; as
provided for in the bill. rest upon loot
other metallic money in the treasury.
Their legai-tender quality Is left to them; mem;
them. not necessarily a discrimination
against them. The terms of redemption
changed; but to make them more In de-
mand it is provided that hereafter no
the national banks or by, the goyernment
and the burden Of al AZ the snail nall 6,lis naE,9 Sf
Gates. There is no objection to that
provision. II does not injure or AFFECT in
inc cIte hi he
legal-tender qualities, or the value. or
the standing, of the silver certificates.
specting them that the committee within
the next few months or year VIII, r,,ny IN my
There are now outstanding in small bills
of all characters by the government, IN
low that denomination, some 1891, Ooo0oo,
as compute it.. II the increase comes
must come under the provisions OF this
bill, there will have to be some legisia-
ing either for some addition to the silver
fund out of which further silver certih-
compelling the issue OF small bills apph-
cable to some otner notes OF Issue or
The provision requiring the payment of
the principal and interest Of the new
taken view as to. our national credit;
From the point of view of bimetallsm
an ie apparent discrimination in. favor OF
the one metal and against the lawful
v.
tnbiishment of a bimetallic basis It can
rf,akc difference as to the terms em-
pioyed or the metal nan named In In the, the bond,
able. 1t is true that the government Is
but following fashion which has pre-
vailed in this country for nearly score
of years Four-ffths of our railroad
bonds. aggregating a far greater SUN syn,
bill the bonds of almost every industrial
and manufacturing company, municipal
and county loans all over the land and
countless mortgages made by tndiNiduals
are. by their terms, specifically payable
that bv the insertion of this clause the
bonds can be foated at lower rate of
ed 1t may be so. My home is some
what west of the money-lending belt.
committee felt that the exigencies of the
money market required a departure from
the terms heretofore used in government
ii. must. however, be a great source Of
Phafeyer PIhiaef Se party he may belong to realize
the fact that these United states can go
their securities at par at a lower rate of
interest than can any other government
Seares 0e eitheT and her eonsos no% selling
nearly at par pay ~ Per b cent these 4n9 bonds u
are issued at a time when money is in
greater demand all over the world than
before WheFe se fnea sne5e
is the demand for money that her Prus-
sian bonds drsw9E ecrty rne sa in PEI the markets
al IS or less and the new Saxony bonds.
also drawing three per cent, and an
equally good bond. were marketed at IS.
Ii must be admitted that in the ability
to place the new two-per-cent. bonds a
par we are greatly aided by the provi-
sions of the bill making them attractive
to the national banks of the country;
but that can accomplish 1t under any
circums tances is gratifying indication
of popular confidence In our institutions
and our nnancial integrity.
The other important feature of the bill
is the one providing for the exchange of
the bonds for those now outstanding and
permitting more favorable terms for their
use by the national banks Of the country
as a basis for national-bank circulation.
The national banks had their rise
when this government needed support In