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

Mr. lbaniel oil virginia addressed thi
Senate On the subject of the Currency bill
at the close of the morning hour yesterday
speaking in opposition to the measure. H,
began by referring to the great and grow
ing prosperity of the United States. Will
the national Treasury overlowing and will
our army and navy sustaining their tradi-
tional honor on two continents.
above ALL he said, "the American peo.
pie have all stood together in battle. ant
something of their old-fashioned fraternity
has come to them again with a genial feel
ing and public sentiment TO which the
President of the United States has largely
contributed. There are shadows to this
picture. but shall not pause now to notice
them. There are dangers ahead which we
carnot, as wise people, forego to notice;
and one OF the great dangers which now
threaten us is the passage of this pending
bill"
Mr.. Daniel then went on TO criticise the
various provisions OF the bill. He denied
that this was, as claimed in the bill, a
gold standard country. and he mentioned
six facts TO prove that denial No respect
able lawyer or judge. he said, would advise
his client or the people that this country is
now on single gold standard. II he did
so be would do IL in the teeth OF all the Of
fetal agencies of the Government. of a
statute of the United States. and of the
habitual practice of the Government and
the people.
Let II be observed" he said. that by
the act of February IL. 1873, the gold
dollar piece. the actual physical one dollar
IN gold coin, was made the unit of value.
And now, let anyone turn to the ret of
September %. 1890. entitled An act to dis
continue the coinage of three-dollar and
one-dcllar gold pieces" and he will find
an implied, and then a direct, repeal of
the goid-dollar piece as n unit Of value
He went on TO say that the bill attempted
to continue a thing that was dead, dead,
dead
Fnisc Prctenses Unnecessary.
This country" he said "can take up
the gold standard If it wants to, but It is
not necessary to sneak into IL by false pre-
tences. / have before me the names of
those Senators who voted for the discon-
finuance OF the gold-dollar piece. and 10
the name of my honorable friend from
Rhode Island tMr. Aldrich). leads all the
rest
That act he said. 'refuted the pre-
tensions of the pending bill that the coun-
try Is now on a gold standad II recog-
nized that the gold unit had been dis
placed. And mark its phraseology," he
exclaimed, cit does not promise to bring
about. out to continue. the use of both
gold and silver standard money. Con-
tinne, that is The word" Looking behind
law 10 equity, Mr.. Daniel said that
The equities were all in favor of silver,
aud that creditors should be satisfied and
glad TO have tehir debts paid in that metal
lie said that the American people had
always favored bimetailism, and that the
Democratic party had been its most pro-
nounced and consistent advocate Never
had silver dolls; of the United States
depended upon anything but itself for its
value. Seif-supporting and self-reliant, it
had worked its way and worked (up TO
dste) its own salvation. Never vet mad
any silver dollar been redeemed at the
Treasury OF the United States or been
offered fer redemption.
THE dollar continued Mr Daniel
whether OF silver or gold is not, in itself.
thing 10 be redef med. IL is a redeemer. /
Redemption, in finance. implies promise,
The standard specie silver dollar OF tine ,
United States is not a promise. There is
nothing in ii 10 which the attribute OF
redemption might be fitly applied"
MI. Daniel quoted from the platforms Of
parties in 1892. in which the three parties
were distinctly placed on the double stand
ard, and said: Il object To this bill in that
IL declares. in its first section that which
is not true. either as a matter of fact or as
a matter OF law. II we want to 20 on the /
gold standard, we have the power TO do It
but let US not 90 to the gold standard in
false Disguise
The Gold Reserve Fund.
He objected to the bill, also. because it
perpetuated. enlarged and threatened the
endless chain" The gold reserve fund
now was hundred million dollars. Under
this bill it would be a hundred and fifty
millions. and to that would be added the
Treasury notes given for silver bullion
These were now specifically payable in sill
yer. but the bill would make them payable
in gold. And so the endless chain
would again be set in motion. II would be
continually wound up and run out. and IL
might pile up on the people any amount Of
debt.
The retiring of obligations, Mr. Daniel
said had been contemplated but had been
postponed till a more convenient season.
Il would not do 10 undertake that project
pending Presidential election. Another
objection which he had to the bill was that
il annexed this country TO the single gold
thus making their system a part OF the
American system and placing this country
on The most perilous and unstable stand
ard OF money that the wit OF man could
invent.
Another objection which he had to the
hill was its exclusion OF silver: and who,
asked, could foreteli the p-ssible calam-
y which that might bring upon the world
nd upon the human race. There was near
as much silver money in the world as |
,old. This bill thrusts a blow at it that
would be felt in all the civilized world
I would knock the bottom out of that |
immense mass of silver. He would be
wise man who could forctell what woI.d
asppea; but certainly the tendency would
loi be such as TO ensure the financial con-
iition or continue the prosperity of the
world. He declared that there is no bi-
metallisrn in the bill, that IL merely pre-
sented she dwarfed, humpbacked, lame. !
halt. and blind spectre OF bmetallism. /
Bineialism WAS the recognition of equal
rights in the two Tneta,s-eaual legal ten
Those features in silver had been already
mutilated and marred. and now, under
this bill. they we're to be erased
Mr.. Aldrich, Chairman OF the Finance
Committee, asserted that there was moth
ing in the Senate substitute that affected
the legal tender quality Of silver.
Mr.. Stewart replied: You propose TO
fund the entire debt in bonds and TO make
those bonds payable in gold"
Mr.. Aldrich: -Ail the obligations that
are now tby coniract made payable in
either silver or gold are not to be affected
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