The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1900-02-16
OBJECT TO
THE BILL.
Criticism In the Senate Repub-
lican Ranks.
AND wOLCOTT THE MEN.
Both Made Speeches EllSins Don't Like
the Debt Refunding Feature-wolcott
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.. Elkins (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 i'll with bill establishing
the monetary standard. He said in part:
The bill undertakes too much; it not only
defines and establishes the monetary standard,
but sets out scheme to fund the public debt
three years before any Of our bonds mature,
snd in order TO make this scheme a success it
provides that the national banks shall be the
most important factors in its execution. In
my Judgment, the public debt should be funded
without any reference whatever to the ma
tional banks. Let the scheme Of funding stand
on its own merits and by itself, Let the gov
ernment go forward when the time comes and
borrow money for funding purposes at as low
rate OF interest as 1t can, making such rate
as will insure the bonds being maintained at
par, without depending on national banks or
any outside agency, and without giving
grounds for the impression that public debt
is to be encouraged and fostered in order to
provide n safe currency.
Mr.. Wolcott (Rep., COLI J, referring to
the first section Of the senate bill declar-
ing the gold dollar should continue to
stand as the standard of value, said in
part:
OF course IL will and it would so continue IL
| this section were eliminated from the bill. We
| might as well gravely pass law providing that
a yard shall continue to be three feet in length.
It's re-enactment changes in no single respect
existing law. The section has been the law
since 1873 and is hardly worth discussing now.
The provision requiring the payment Of the
| principal and interest Of the new bonds in gold
| represents think, q mistaken view as to our
a1 L 1,,,ts
| gret that the committee felt that the exigen-
| cies Of the money market required departure
| from the terms heretofore used in government
| obligations.
! Adverting to national banks and to
| the provisions Of the bill which affords
! them opportunity to increase their cir
/ culation to the Tar value of all govern
| ment bonds deposited, Mr.. Wolcott said
| in part:
1t is estimated that within the next few
, months at least $1,000 900 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 we'll, that is not suffering
| because Of an insufficient volume Of money and
| which would not be benefited by legitimate
| enlargement of the currency. Under our eX-
| isting 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-
lieve IN the principles Of bimetallism, unwise,
because under the benehcienl working of the
bmetalic 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 it
with reafirmance of the position of the Re
publican party respecting international bi-
metallism would be an apparent abandonment
Of the principles and policy of the party; and
conveys a positive assurance to the world that
this country, able to hold its own among Il ,
nations Of the earth, with gold as its standard
is still ready to meet and treat with the other
leading commercial countries looking to an in
ternational agreement to open the mints Of the
| world to silver as well rs gold.