The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-02-12
BY BLACKMAIL,
Senator WOlcOtt Says That Is
the Plan
Of Mr.. Bryan For Establishing
BimetalliSm.
FAVORS AMENDMENT
TO the Senate Financial Bill
Which Declares
That Republican Party Is Still
True to Silver.

Washington, Feb. 12.-More than US
ual interest was manifested today in
the senate debate on the financial bill.
1t was known that the opening day of
the last week of the financial discussion
was to be marked by the delivery of at
least three speeches. by Mr.. Wolcott
| (Col); Mr.. Butler On. C.) and Mr.. Ell
kins CIV. Va.) and in addition to large
| attendance of senators the public gal
leries were we'll filed.
Mr.. Aliens resolution introduced last
Saturday expressing sympathy with
the Beers went over without losing its
place. The financial bill was then call
ed up and Mr.. Elkins addressed the sem
ate His opening sentences were a ref
| erence to the speech delivered on Sat
urday by Mr.. Chandler. He said that
was a speech which would be distribu-
ted by hundreds of thousands not by his
own political associates, but by his po-
| litical enemies.
| When Mr.. Elkins had concluded bills
on the general calendar were taken up
and the following passed:
To construct road to national GEM
etery at Dover, Tenn, to cost $11 500.
To carry into effect two resolutions of
the continental congress directing mon
| d4AACAlo " OS SI6ClGQ 10 Lie 11GIuOIy VI
Gen. Francis Nash and Vim. l. David
son, of North Carolina. appropriating
$50O,00 for each.
To amend the river and harbor act of
1899, relating to the Galveston ship
channel and Buffalo bayou. Tex.
Appropriate 100000 for the establish
ment of joint lighthouses and fog signal
| stations on the Alaskan coast.
Appropriate $SOOOO to provide for the
construction of an additional light ship
| for use on the coast of California, Ore
| gon. Washington or Alaska, as exigen-
cies may determine.
To pay $15,731 to Robert J. Spotts-
wood and heirs of Vim. G. Mcclellan
for excess of work done in carrying
mails in Colorado.
Appropriating $4,000 for the purchase.
or construction of a launch for the Gus
| toms service at and in the vicinity Of
| Astoria Ore.
To pay the University of Kansas $40,
600 In payment of a claim transferred
| to it for the destruction of the Free
State hotel in Lawrence, Kan.
At o'clock consideration of the cur
-rency bill was resumed and Mr.. VOL
| colt addressed the senate.
WOLCOTTS REMARKS.
Referring to the first section of the
senate bill declaring the gold dollar
should continue to stand as the stand
ard unit of value Mr.. Wolcott said:
VI COQISC, II VIII anu IL WOulQ SO
continue if this section were eliminated
from the bill. We might as well grave
| ly pass law providing that a yard
| shall continue to be three feet in length.
| Its reenactment changes in no single
respect the existing law. The section
has been the law since 1873 and is hard
| ly worth discussing now.
THE provision requiring the payment
of the principal and interest of the new
bonds in gold represents, think, a mis-
taken view as to our national credit 1
cannot but express my regret that the
committee felt the exigencies of the
money market required a departure
from the terms heretofore used in gov
ernment obligations"
Adverting 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.. Wocott said: L:
Succeeding years have only more
firmly implanted them as an integral
part of our financial system, not to be
uprooted without a more radical change
of policy than any party or admins
tratiOn would care to attempt.
ut is estimated that within the next
few months at least 5000 000, 900 addi-
tional of bank circulation will follow
the passage of the bill. There is nc
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 ben
Gifted by a legitimate enlargement OF
the currency. Under our existing 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 believe in the principles
of bimetallism unwise. because under
the beneficent workings of the bimetal-
lie system it would be unnecessary. L
is but one more step to be eventually
retraced.
But the enactment of this measure
into law without at the same time ac-
companying it with a reaffirmation oi
the position of the Republican party re
specting international bimetallism
would be an apparent abandonment o1
the principles and policy of the party
and the amendment reported by the
finance committee conveys a, positive
assurance to the world that this coun-
try, able to hold its own among the ma
tionS of the earth, with gold as its
standard. is still ready to meet anc
treat with the other leading commercial
countries leading to an internationa
. agreement to open the mints of the
world to silver as we'll as gold re
aIize that these seem unpropitious days
, for US who cherish a belief in bimetal
lism and faith in it's final triumph.
These are prosperous times. The
prosperity is real is universal. and
trust may be long continued. But tht
experiences of generations have taugh
US that cycles of depression and stag
nation follow periods of prosperity a,
Z inevitably as the night follows the day
In this country bimetallism has re
ceived its greatest injury and suffered
its seVerest blow at the hands of tn
Bryan Democracy. In close alliance
with the Populist party, whicl
still demands an irredeemabIe and in
fated paper currency, clamoring 70
free silver at 16 to ! by the Unitet