The age-herald., 1900-01-12

\OOnllnueQ frOIn f9S6 One.J pinos it would have told General Merritt to | lay the whole truth of the intentions of the United States before Aguinaldo and his associates" Had this been done, MT. Pet l tigrew believed, half the trouble might have | been averted. That we had fired the first | shell, which had precipftated hostihties mo- | body denied. Even after the fighting had | begun, he said, an effort was made by 1 Aguinaldo to secure a suspension of hostili- l ties, but he had been told oy General Otis
 that now the fighting had been begun and
 must continue to the grim end.
 "If," said MT. Pettlgrew, "I were Fiji l pino would fight until was gray against | the unholy aggression of the United States. l If this country is wrong, this countrs could | take no grander position before the na- | tions of the world than to admit that it l is wrong.
 "We have reached the turning point. We must decide whether we are to pursue course of rapacity and aggression on the l British principle, or to pursue course or | justice and right No nation long can pur- sue such course as the lmperialists have l marked out for us-a course of wrong and | treachery to friends and hope to stand well | before the nations of the world" l MT. Pettigrew was cut off by the expira- 1 tion of the morning hour.
 Currency Bill Taken Up | The currency bill was then taken up and | Mir. Stewart addressed the senate, open ing with an attack on the republican party for bringing in a measure "so utterly con- tradictory of the St. Louis platform" He entered upon a general discussion of the financial conditions of the world, and at tackled the advocates of the gold standard for denying that either the supply or the demand for the gold has any effect in es- timating the quantity of any particular commodity which a given amount or gold will buy.
 Referring to the reply of Secretary Gage to the senate, he Said
 "The secretary of the treasury is not so absolutely ignorant of mony science as his contention that the value of gold never changes would seem to indicate. "In his reply to the resolution of the two houses of congress respecting his transactions with certain New York banks he gives for a reason for depositing the money of the government in national banks that it necessary to do so to avoid contract ing the currency circulation, and that to keep at in the treasury would disturb the business of the country. It seems little strange that the secretary can understand that locking up money in the treasury vaults disturbs business and at the same time thinks it is necessary to use only com-
 
 although every foreign financial trouble takes gold out of the country and deposits it in foreign vaults.
 "lt is Passing Strange"
 "In his lecture on gold the secretary claims that 1t possesses intrinsic value while in administering the treasury he regards the volume of money in circulation as of paramount importance and deposits the surplus of the treasury in banks to keep 1t in use- and Dreyent contraction
 Tt is passing strange that business men shape their transactions in view of the probable supply of money, but when they discuss the money question they follow the example of the secretary and assert that the quality of the material used as money is the only question of importance without regard to the volume in circulation Is 1t not singular, that people cannot see the ab- surdity of the instrinsic value theory while in every kind of business, industrial as we'll as speculative, they act on the quantative theory of money?
 .In their business they have in view the supply of money, but many of them in their arguments follow the teachings of the Clevelands and the Hauisons and main tain that all they want Is instrinsic value in the money in circulation, no matter whether the volume is large or small"
 In conclusion, MT. Stewart said:
 'The passage of the bill whatever may have been the intention of its authors. will bring this question squarely before the American people. If this bill should be- come law, there will he no lodging the issue. It must be met, and that issue win be between government by a colossal and imperial conceptration of capital welding the sovereign power of the United States to create, contract and expand the volume of money and an honest measure of value