The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-09
PLAIN TALK BY Mr.. ALLEN
He Sees a Decadence in the Stan
dard of Craftsmanship.
The Nebraska Senator Speaks on the
Currency BiII-A Grcnt Army of In
dustrial scrfs Predicted b.. Him
MIR. Cockrcii Treats of the Re-
dcmption of the silver Certificates.

Mr. Allen Of Nebraska. at the close Of
the routine business in the Senate, yester-
day. resumed his speech in opposition 20
the Currency bill. He began by citing the
provisions Of the Republican platforms Of
1883, 1892. and 1896. and the utterances of
the President. showing that both the
party and its present representative were
at one time in favor OF bimetallism. He
quoted from speeches made by Mr.. Mckin-
ley, in which he had said that he would
give silver credit and honor with gold, and
that he wanted the double standard.
Il am not prepared" continued Mr..
Allen, TO say that the honest conviction
of the President is not now in favor of
the single gold standard, but l do say that
he has said nothing and has given no rea-
son for this remarkable change. Mr..
President. there have been more panies.
more financial disasters. more lockouts,
more strikes, more depression, and more
wrong during the existence of the
gold standard in this country than in all
the eighty-one years OF domestic bimetal-
lisn. 1t is said that the American people
cen stand anything, and, in a general
sense, | think that is true. for | know of
nc people who could stand the direful con-
sequences which must flow from the en-
forcement of the provisions of this bill if
it becomes a law
THE back OF labor must be bent little
lower; the lines of care must be driven
little more sharply in the features OF those
who toll for their livelihood; their condi-
tions of civilization will be lowered rather
than raised; we are to raise up great
army of Industrial and agricultural serTs
TO dig out of the soil and carve out OF
wood and iron by their daily toll the money
to pay the idle and indulent class of bond
holders. Why do you not return to the
first principle of finance Why do you not
permit the power to issue money to rest
in Congress, where the Constitution places
it? Why do you want to turn this power
over to less than four thousand corpora
tions of the country Why do you want to
place in the hands of a mere executive Of
fcer the power to increase the indebted
ness of this nation without limitation?
These questions are unanswered, and will
remain so.
Mr.. President. there was time in the
history Of this country when there was
some craftsmanship in Congress, when al
least there was an attempt TO enact laws
in the interest Of all the people. But there
has been a decadence in that respect. We
have reached that time in the history Of
our country when members Of Congress. to
preserve their own political fortunes. re-
frain from voting against measures that
ought to be spurned from its doors"
At the close of Mr.. Aliens speech Mr.
Cockrell of Missouri addressed the Senate
In opposition to the financial measures.
He first took up the House bill and dis
.ussed it briefly in detail Referring to the
'cdemption of silver certificates, Mr.. Cock
-ell said,
1T is no answer to say that all silver
certificates presented for redemption shall
be redeemed in accordance with existing
aw If this House bill passes. then it be-
comes the existing law But let us ad-
nit, for the sake of argument. that these
bonds will be redeemed in silver dollars:
then the silver dollars are coined by the
Government. and TO maintain their parity
and equal value with gold they must, ac-
,ording 10 all gold standard authorities |
De redeemed In gold. and the Secretary of |
he Treasury Is expressly required to us,
aid reserve fund in maintaining "a. sill /
lines the parity and equal value of every |
lollar issued or coined by the Government; /
md il at any time the Secretary OF the 4
Treasury deem ii necessary in oreer to 7
nainsain the parity and equal value OF the 1
he may at his discretion ox- I
hange gold coin for any other monev'is- /
ued or coined by the United States.
This is express authority in the very
angusgc of the bill which l have quoted /
{ clinches the fact beyond controversy. for
he is not expressly required to redeem
liver certificates or silver dollars e'ol Of /
he gold reserve. he has discretion spe-
ideally given him TO exchange gold coin I
or them or for either q them
Does any sae.e man suppose for a mo- I
nef pslaI tho Secretary of the Treasury 1
would hesitate a second to exchange gold |
DIN for silver certificates OF silver dollars |
ipon the request Of the National City Bank |
v New York. or of any member OF the |
iold Standard Trust, the father and mother |
if al trusts?
"Will the Secretary of the Treasury. |
ifter having exchanged gold coin |
or these notes and certificates. |
AXE them around. hawk them about. |
rying TO get some benevolently con-
jtituted gold standard friend to exchange |
lis gold coin for them? Never, No. never, /
Anathema to him who would suspect, much |
ess charge. the Secretary OF the Treasury |
With such unbecomihg gold standard con-
luct, Then. there in the vaults they world |
cmain- retired from circulation. and gold 1
,onds would be issued and sold to replace |
he gold coin so exchanged for them. The 1
'rocess would lie repeated. like an endless |
hahn. until the immediate desire for |
lnited States bonds was fully satisfied"
.