Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1900-02-13
OBJECT. TO THE BILL.
Criticism In the Senate Repub.
lican Ranks.
ELKISs AND W0LC0TT THE MEN.
Both Made Speeches rlisins Don't Like
the Debt Reminding Feature woieot,
Not Quite In Line ON Banks Issuing
More Paper Money.

WASHINGTON, Feb. 13.-During the
debate ON the financial bill. in the SEN
ate, Mr. Ell1ins rep, w. Va said he
would vote for the bill, but there were
some features he did not like. He was
opposed to mixing the refunding of the
public debt in with bill establishing
the monetary standard. He said IN part,
The bill undertakes too much; IL not only
defines and establishes the monetary standard
but sets out q scheme to fund the public debt
three years before any of our bonds mature
and in order TO make this scheme SUCCESS il
provides that the national banks sinai be the
most important factors in it's execution. In
my Judgment, the public debt should be funded
without any reference whatever to tho ma.
tional banks Let the seheme of funding stand
ON it's own merits and by itself. Let the gov.
eminent 80 forward when the time comes and
borrow money for funding purposes at as low
a rate of interest as ii can, making such rate
as will insure the bonds being maintained at
par, without depending on national banks OF
any outside agency, and without giving
grounds for the impression that public debt
is to be encouraged and fostered in order td
provide a safe currency.
Mr.. Wolcott Rep, COLI referring to
the first section of the senate bill deelar.
ing the gold dollar should continue to
stand as the standard of value, said i'll
part:
OF course it will, and It would so continue il
this section were eliminated from the bill. We
might as well gravely pass a law providing that
a yard shall continue to be three feet in length
Its re-enactment changes in no single respect
existing law. The section has been the law
since 1878 and il hardly worth discussing now
The provision requiring the payment of the
principal and interest of the new bonds in gold
represents, think, a mistaken view as TO our
national credit / cannot but express my re,
greet that the committee felt that the exigen-
cies of the money market required a departure
from the terms heretofore used in government
obligations.
Adyerting to national banks and to
the provisions of the bill which affords
them opportunity to increase their cir
culation to the par value Of all govern
ment bonds deposited, Mr.. Wolcott said
in part:
1t is estimated that within the next few
months at least $2O0,000,000 of additional ma
tional bank circulation will follow the passage
of the bill. There is no department of human
industry today in the United States, and in the
rest of the world as well that is not suffering
because of an insufficient volume of money and
which would not be benefited by a legitimate
enlargement of the currency. Under our ex-
listing gold standard there seems to be no other
available method of giving us this greatly
needed increase than the one favored by this
bill
Looking to the currency problems Of the
whole world, all legislation of the character
contemplated by this bill is, to those who be-
heve IN the principles of bimetallsm. unwise,
because under the benefcienl working Of the
bimetallic system it would be unnecessary. 1t
is but one more step to be eventually retraced.
But the enactment of this measure into law
without at the same time accompanying IL
with a reatfirmanee of the position of the Re
publican party respecting international BIZ
metallsm would be an apparent abandonment
Of the principles and policy OF the party and
the amendment reported by the committee
conveys positive assurance to the world that
this country able to hold its own among the
nations of the earth, with gold as its standard,
il still ready to meet and treat with the other
leading commercial countries looking to an in
ternational agreement to open the minis OF the
world to silver as wei as gold.