New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-13
GOLD STANDARD UPHELD.
SENATOR woLCoTT SPEAKS FOR THE
PENDING SENATE BILL.
THE REFUNDTNG PROVISION CRITICISED
By MR.. ELKINS-MR. BUTLER FOR
FIAT MONEY
FIAT MONEY.
IBY TELEGRAPH TO THE rR1zrSr. !

debate
some show Of animation and interest. For
over a month the Finance Committees substi-
tute for the House Currency bill has been daily
shunted aside for the discussion Of all sorts
Of futile and academic declarations Of consritu-
uonal policy or frnpromptu demands for mean
ingless Congressional Investigations. Senator
Aldrich made an able and instructive argument
IN favor Of the passage OF the pending bill early
in January. Since then. until to-day there have
been no really notable contributions to what-on
the theory that questions Of finance and
reucy have any vitality left in them-should
have proved the most absorbing parliamentary
struggle Of the present session. But If addi-
uonal proof were needed OF the hopelessness Of
the silver question al issue in current poll
tics, that proof is furnished in the ridiculous
breakdown Of Democratic opposition in Con
gress 10 piece Of legislation which frankly
outrases the most cherished OF present-day
Democratic doctrines coinage OF silver a.
any fixed parity with gold.
The two speeches to-day which brought the
debate on the Financial bill back 10 a more
spirited and crsditabIe level were delivered by
Two Republican Senators. who based their gen
eral support Of its provisions on widely DIFF
ferent premises. Nj wolcott of Colorado for
many years champion in the Senate Of uncon-
ditional free silver coinage, announced his sup
port Of the pending measure because It simply
recognized the force OF existing conditions and
left the way as open ever 10 q possible
future recurrence TO bimetallism through inter-
national agreement The greater part Of MI
Wolcotts speech was devoted to an eloquent
defence Of this programme OF acquiescence in
the inevitable against the unreasonable criticism
Of the silver irreconciIables IN and out Of Con
gress, who, falling 10 commit the United States
70 independent free coinage, have rallied and
jeered at every effort 20 increase the worlds
use Of silver by International agreement. The
Colorado Senator. always one of the most enec-
tive and finished OF Congressional orators fully
maintained his vogue through to-day's effort
which served, moreover, TO mark his return 10
complete and practical sympathy with Republi-
can financial policies.
REFUNDING PROVISION CRITICISED
Nj Elkins's speech was an equally emphatic
Endorsement OF these features Of the pending
bill which recognize and perpetuate the single
gold standard Of value. The West Virginia
Senator questioned, however, pointedIy the ex-
pediency Of combining with the present meas
ure a wholly unrelated scheme FOR refunding
the Nations Indebtedness. In his view the sec
ton in the bill which provides for a refundtng
Of the National debt is neither necessary nor
advisable, and the measure would undoubtedly
be stronger for its elimination Mr.. EIkins
! heartily indorses the opinion so often advanced
/
a standard Of value should not be confused in
/ one bill with the other an entirely different
question Of refuuding the Governments bonded
DEBT, three years before any OF the outstanding
bonds mature. The West Virginia Senator's
argument was directed chiefly against the re-
funding features OF the Senate committees
measure, and complete presentation Of
the reasons which led him 10 favor simplifed
single standard bill. The problem Of reminding
he Ia
was ripe for II, and the conditions under which
new issues Of bonds were TO be foated became
clearer and more ineligible. Mr. Elkins's
speech was heard with marked attention and
the mastery II showed Of financial ms and outs
easily established its author as one Of the most
capable debaters Of financial topics in the up
per house"
Mr.. Butler. the PopuIist Senator from North
Carolina, closed the debate for the day. advo-
eating the adoption Of his amendment providing
for an issue Of paper currency by the Govern
ment. The financial debate VIII continue to-
morrow with speeches by Mr.. Allison and Mr.
Jones Of Nevada
Referring to the first section OF the Senate bill
declaring the gold dollar should continue TO stand
as the standard unit Of value, Mr. WoIcott said:
Of course It willard it would 50 continue /: this
secuon were eliminated from the bill We might
as vel gravely pass a law providing that yard
snail continue 70 be three feet in length It's re
law. The section has been the law since 1873 and
during the payment Of ne T prncPa and interest
Of The new bonds in gold I think a mistaken view
as 10 our National credit cannot but express my
regret that the committee felt that the exigencies
or The money market required departure from the
terms heretofore used in Government obligations.
Abiding 10 National banks and TO the provision
of the bill which allows them increase their cir
culation 10 the par value OF all Government bonds
deposited. Mr.. Wocott said:
Succeeding years have only more firmly implanted
tneL7 as an integral part OF our financial system not
to be uprooted without a more radical change Of
R 20 em 4P y 05 tBst Wn "q 26e
Few months at least 500 1000 OF additional bank
IS no department OF human Industry to-day in the
United States, and in the OF the world well.
a ieeiti1nate enlargement of he Currency T7Gder
existing gold standard there seems 70 be no
other available method Of giving US this greatly
needed Increase than the one favored by this bin
Looking 70 The currency DrOblen1s nj whole
world, all legislation Of The character contemplated
by this bill is Il those who believe in the prin-
ciples Of bimetallisn unwise because under the
benefcent working Of the Dtmetac system IL would
be unnecessary Il is but one more step to be
But the enactment Of this measure into law with
at the same time accompanying II with 4 re-
attrmanee OF me position Of the Republican party
apparent aDahdo'nleft OF me principles ana pollcy
OF the party, and the amendment reported by L.
,-,-i5 -bs- mis- ~c,7,+-z, sbis - boI5 a.
10 the WorlC lAal TINS country 14Ie 20 hoiQ IFS
own among the nations OF the earth with gold as
the other lee ding commercial countries looking 10
an international agreement 70 open the mints OF
n world silver well gold.
realize that these seem un9rOpitious days for
US VINO cherish BELIEF in bir1etallilr, and faith
in its dnal triumph. These are prosperous times.
Inc m {o1 contjHned But the experience Of
sion and stagnatiOn follow periods Of prosperity
as inevitably as the night follows the day
BRYAN FOE TO BIMETALLIsM
In this country bfmetaIIisn has received its great