The Elbert County tribune., 1900-03-01

DILL The reasons why be supported u
ere given fully In the subioIucd speech,
which Will be concluded In next weeks
issue.
Mr.. President. tho provisions cf the bill
tion to the question Of birnetallsm. and
II no respect nrecf Its present aspect or
the possibiIlues q It's future nttntnment.
Ncvcrthelrsr- In the public mind all cur
issues. assume n political hue and are
upon whit is known as the Silver aues-
ton. For this reason q seems 70 me
Mor1n e h 70 and 20 pr
" some views upon The general principles
recent European action, md the attitude
Of the two political parties in this cQun-
try upon this important and far-reaehing
Tho bill as II came TO Us is radically
changed and modified. and substitute
S nYr The p Il ea ,ns
Is alone applicable 10 tho Senate Bill. for
will undoubtedly benr upon II the stamp
and inprcss which the. finance committee
q The , Senate hay. placed upon, upon e snd
crntfon here.
The Senator from Rhode Island fMr.
Aldrichl chairman OF the finance COM
a speech ol remarkable lucidity the plan
nnd rcope OF the bill with much TINT
sf ssd nnen5y every sepsor S1 this S s,9e
er conclusions some Of us can not share
For Instance. the first section OF the bill,
age and wholly needless. j refer 10 the
pr9yls,on 1 do rcei,ing& & the contents or mn, tn1
sonnns @ 70 Se Snd the sandrd 'n unit Of Sai
continue 4 this section were eliminated 4
cont Continue % 70 ots pc tSres feet sa' IL lehs.h. or
seas " u nsd should es contain me is5 a SQUARE
rods. Its ro-cnactment chnngca In no
single respect ssisting law. and us pres,
for by nssuming that the Committee think
men arc like children nnd need to be FIRE,
right. as the Idea formerly prcvailed in
primitive communities that the people
slept better II they were aroused at mid,
and informing them that Il was IL o'clock
hnd and that al was well Tho sesti9n raiy haS
worth discussing now.
The following section OF tho bill In
creasing the gold reserve and enectunily
for The fp,nre the S6y o, 81
the endless chnln OF the greenbaeks
my my" opinion, an IN eseeIlsnt provision ana
one of value In precluding the future de-
BIeiion q the roa In The treasury rc n
which periodically ovcrtakc the country;
and II should assist IN avoiding the ne
roasity OF Issuing additional bonds to pro-
tect the reserve.
The silver and silver certificates, ns
provided for in the bill. rest upon foot
rn5reg e Money gnn IN " phe treaaury o ss
There Is Discrimination concerning
ngainst them. The terms OF redemption
upon which they were, issued are not
but TO sse hst n ds NO
bills under $40 shall be issued by any of
the, national banks or by the goyernment
the country shall fall upon these certh.
cntcs. There ~ no objection to that
The standing. OF the silver certificates.
speeding them that. the committee within
the next few months or year Will IN my
9pinion hnve to iegtis,ate t, rsnpe,ethnIIEI sp, hIII;
of al characters by the government, In
Guiding the silver certificates now out be-
az compute It. n the Increase comes
To the nationnl-bank circulation that
must come under the provisions , Of this
tion within the next few months proyid-
Ing either for some addition 70 tho silver
Gates shall be Issued or some provision
compelling the issue OF small bills eppli-
oihes e FUND 0i%sT now IN e Il
The provision requiring the payment Of
bonds in gold represents, i think. nils
1om ,he xew point 30 o view 81
the provision 4 serious o,nly In that 1ara It y
the one one metal and against tho lawful
money OF the country. Upon the .re-es-
of bimetallic basis Il can
pioyed or the metal named in the bond.
FOR the two metals will be Interchange
SS, II rSe rashon a me wSss Sas pres
OF years. Four-fiffhs OF our railroad
than the amount contemplated in this
bill, the bonds Of almost every Industrial
ana ana county count loans M " all over the land. and
countless mortgages made by individuals
are: hy their terms; speefisaligg 4, payable
that by the Insertion OF this clause the
bonds can be Iloated a lower ratio OF
ed. II may be 10. My home is some
whnt west OF the money-iending belt,
but ! can but express my regret that the
money market required n departure from
tho terms heretofore used In government
obligations.
pride to every citizen in this land. to
ths iast that these riptSa 'S States i Gan la, s.
Interest inter- % than can IN any any other scvernment
nearest. ne est and her ,.rs consois. now selling
nearly a, par pay sM peSr psS een,; these AND hnnas y
are issued at n time when money Is In
greater demand all over the world than
ever before. In Germany. .whero there
Is Is the d dsmsDd % for ~ money that her breas..
sian bonds. drawing three per cent, an
sspr rs ,s sei y the SGnSs
saSally ssS 'as SSod bcna ss were @ marketed a. S.
to place place the new two,pcr-esnt. bonds at
par We are greatly aided by the proyi-
but that we can accomplish It under any
circumstances y gratifying indication
of popular confidence In our Institutions
md our nnnncial integrity.
The other important feature OF the bill
4 the one proyiding for the exchange OF
the bends Tor those now outstanding and
use by the national banks OF the country
MS a basis for national-bank circulation.
The. national banks had their rise
carrying out the resumption of specie
payments; BY mcaus OF them we sue
yeas SnSs ens more more
hrmly implanted them us nm integral part
Of our financial system, not. TO be up
would care TO attempt. The whole ar
gumcnt Ia too ancient and threadbare
FOR mo to enter into here II this gov
ernment were new and were to outline its
policy. most of us. I take II,
would favor some plan akin to that fol-
lowed by the. leading countries OF Eu-
ropc.. or the Issue Of all Its money d.
rect by the government. but the national
bank system has become so intrIcately
nterwoven into our financial fabric that
there seems no way but to accept them
and utilize them. We provide that here
after circulation muy issue to the par OF
Ihus at once giving us some $50, 60o, 600 OF
additional circulation. We favor the ex-
change of old into new bonds by levyinR
but half tho tax on them that Is Imposed
where the other bonds are deposited and
~ this meana II Is believed the exchange
Under these favorable terms II IN esti-
mated that within the next few months
II least 500. oOO. 900 OF additional national
,enk eirGulation Will follow the. passage