The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-02-16
SENATE.

its climax today. Tive great speeches,
one in favor of the pending senate sub
stitute measure and the other in oppo-
sition to it, were delivered and both
were listenerd to by senators with close
attention. The first was delivered by
Senator Allison; of Iowa, the ranking
member of the finance committee. He
presented his answers TO the points
raised against the pending senate bill.
Senator Allison's explanation of the
provisions of the bill was frank. and
his responses to many pointed inquiries
Were enthusiastically keen and force
full.
senator Jones, who declared that the
bill was vicious and u~nwarranted, con-
ferring too great power upon national
banks and fastening the country to a
gold currency, discussed the question
from an historical and philosophic view
point. His address was replete with
valuable information.
Tomorrow the senate will. begin the
consideration of the bill and amend
ments under the Commute rule. &.
A bill to authorize the establishment
at some point in North Carolina of a
station for the investigation of prob
lens connected with marine fishery in
terests of the middle and south Allan
tic coast was passed.
The financial bill was then laid be-
fore the senate. Senator Allison re-
ferred to the enate substitute for the
house bill and said there was no prop
osition to change the existing currency
gold and silver certificates, green
backs, treasury notes and national
bank notes.
Senator Allison, in beginning a dis
rccfo ~ ~ fHro n ..I ~ l~I
not supposed until he had heard the
speeches delivered during the past few
days that there was any doubt in the
minds of anybody hat his country
was on a gold standard. He said that
since the enactment of the law of 1873
there had not passed current q single
dollar of any kind of United States
money that was not on absolute parity
with the gold dollar and the pending
measure was practically a
ment of the law of 1878, a reiteration of
the existing law The present bill
makes the ~greenbacks absolutely re-
deemeable in gold coin. In no sense
does the bill provide for the elimina-
ton of greenbacks from our currency.
Senator Allison became involved in
an amusing colloquy with enator Till
man, of South Carolina.
The South Carolina senator enquired
if Senator Allison had not supported
President Cleveland'S efforts to secure
the repeal of the Sherman law in 1893.
Senator Allison said he had assisted
Mr.. Cleveland to that extent, but he
had taken occa sion also to c~riticise the
democratic party for it's attitude on the
money question since.
wei I merely i~nterposed remarks"
said Senator Tillman, lin order to get
the Senator to absolve the democratic
party from all responsibility for Gro
Uar rlpya1an6 He never was a demo-
crat."
Il will absolve the democratic party
from responsibility for Mr.. Cleveland,
replied Senator Allison, suavely, "and
at the same time, l will absolve Mr..
Cleveland from responsibility for the
democratic party. I know tina he does
not care to accept such a responsible
ty' Laughter.)
Senator Lindsay, of Kentucky, in
quired whether in case there should be
a deficit, the gold obtained from the
sale of bonds under the bill could be
used to pay current expenses of the
government.
Under the provisions of the senate
substitute to which I am directing my
remarks replied Senator Allison,
these bonds for obtaining gold can
only be sold when the reserve falls be-
low $50, 900, 900; and I want here and
now to express my firm conviction and
belief that it will, in the circumstances
and under the provisions of this meas
ure, never be necessary to sell bonds
for that purpose"
But under the provisions of this bill,
persisted Senator Lindsay, will not
the ultimate result be the retirement
of the g~reenbacks."
Under this BILL" replied Senator AL
lison, 1.-The greenbacks cannot be retlr-
ed"
Senator Allison said that the bill did
not provide for the exchange of silver
notes for gold because the mint
did not deem it necessary. The faith
of the government a been pledged
to maintain them at a parity and that
pledge had not been roken 1t was
one hin to maintain them at a parity
and another to make them exchange
able. They had not been degraded as
the senator from South Carolina had
affirmed. w would never disgrace
and degrade ourselves by allowing
them to go to a discount" said he.
How will a silver dollar" asked
Senator Tillman, 'be kept at a par
with gold unless you will redeem 1t in
gold?"
Because" replied Senator Allison,
Eve have so kept it for twenty-five
years; but, in addition, we strengthen
the situation. ThesUnited States is the
only COUNTRY that redeems fractional
silver
Suppose next summer a democratic
president were elected" interrupted
Senator Tillman. Il know you think
that impossible, but miracles have hap
pened; suppose a democratic president
should take it into his head to dlscrim-
mate against gold, how could silver
dollars be maintained at parity If they
are not redeemable in geld?'
You must catch your hare before
you can eat him., replied Senator AL
lison amid laughter.
This scheme of finance then rests
upon the confined supremacy OF the
party in power?"
Not at ALL" replied Senator Allison,
81 am speaking of silver certificates,
not of the probability of the election
of a democratic president"
Discussing the refunding provisions,
Senator Allison said the funding should
not be postponed until there is an un-
favorable money market, and that $22,-
OO0, 900 per annum could be saved by
funding the bonds now.