The evening times., 1900-01-11

Ihe FINANCE Dali was taken UP IN lhe
Senate this afternoon at 3 o'clock Mr.
Stewart OF Nevada was the first speaker.
He began his remarks by saying:
Il am surprised at the proposed leg
islation. the shadows Of which already
darken the hopes Of the confdiGg victims
Of Wall Street. It is so utterly cOntradic-
tory OF the st. Louis platform OF the Re
publican party that it will astonish the
country"
The Senator then took up Mr.. Aldrich's
explanation Of the bill going over it in
detail and making frequent criticisms
The Senator from Rhode Island" said
Mr.. Stewart did not proclaim in so many
words that the object Of the Senate sub
stitute bill was 10 destroy the silver dol
lar In fact. casual listener might have
understood that he intended to leave the
silver dollar untouched His mode OF at
tack on the silver dollar is very artful
The Senate substitute provides for the
Issuance OF an unlimited quantity Of 3 per
cent gold bonds priacipaI and interest
payable in gold. and also Tor the refunding
OF the entire national debt into gold bonds
When that is done. silver will be deprived
OF us debt-paying power. II will be Grip
pied IN the same way that the greenback
was crippled in 1862. through the machi-
nations Of Wall Street by depriving * Of
the functions OF paying customs dues and
interest on the public debt.
Gold Hoard Organized.
That wicked legislation was carried over
the solemn protest Of Thaddeus Stevens.
the great cOmmoner from Pennsylvania,
who declared that such action would cost
the United States more than a thousand
million dollars Upon the Gripping Of the
greenback a gold board was organized in
Wall Street 70 make war On our armies ia
the rear while they were fighting the enc
my In front Depriving the greenback Of
its full legal-tender power did more harm
than any financial legislation in the United
States previous 10 the clandestine scheme
OF 1873 demOnetiZing silver
The contention that national bank notes
are better money than standard silver ccln
or legll-tendeT paper issued directly by tie
Government caEnCt be maintained Why
docs II make money better to issue IL 10
national banks and guarantee its redemp-
ton than TO issue II directly b. the Gov
cTnmeat and cover il into the Treasury. 10
be paid out in lieu o. money obtained from
taxpayers. Il IS very easy 10 see how the
conversion OF q thousand millions OF ncn-
Understanding money. consisting Of
Treasury notes, into money bearing inter
est, payable 10 the banks would be bene-
hclsl % the banks, but in what way the
Government or the people are to be
belehted / an unable to understand.
The whole scheme is in violation Of
the fundamental principles Of monetary
science, There has been much cruel legis-
lation on the money question 20 reach a
metallic basis consisting OF both gold end
ct before in the history OF
an attempt been made 10
olume OF money by the ac-
elton OF gold alone the
is Jhe-mOs uncertain and
metals, whether precious
hen entered upon a discas-
sIOH Ut the power OF the Government 10
create money. the decentralization Of sill
yer. and the increase in The production Of
gold. Continuing. he SAID.
The silver Circulation.
The bill under consideration deprives
the Government Of all the benefits result
ing from the exercise Of its sovereign pow
er TO create leeal-tender money.
There are now in circulation $563. goo OCG
in silver dollars and silver certificates rep
resenting silver dollars; Sss4 0OO. 600 OF
United States notes or gTeenbacks. and
S2l coo, GOO Of currency certificates issued
under the act OF June s, 1872. MAILING to-
tai Of $3.50 900 600 Of paper and silver coin
doing duty as money under authority OF
law upon which the Government pays no
interest.
The House bill cOntempIates the re-
tireInent Of this $3.50 O0O, 600 OF circulation
anu the substitution therefor, so far as
the banking syndicate may deem it profit
able, Of national bank circulation. upon
which the people will be compelled 10 pay
pe- cent interest. II is true the people
do Tot pay interest on the bank notes as
such, but they do what amounts to the
saTGe thing. pay to the banks per cent
on bonds which cost the banks nothing.
because the banks get their money back
which they paid for the bonds when thev
receive their circulation. This 3 per cent
is practically a subsidy. or rather a gratui-
y tc the banks for doing what II is the
solemn duty Of the Government TO do
The nominal tax of / mill on the dollar
OF capital stock Of the banks is a very trih-
ing internal revenue tax which the banks
VIII manage to collect from the people
The subsidy will however. not stop al
~, goo OO9, lecause the growth OF the coun-
try Will require more circulation. and the
banks Will receive more subsidies. This
subsidy is a very small part Of the voluu-
tsry contribution which this bill makes 90
the banking trust.
1T gives that trust the power to increase
or decrease the amount OF circulation.
which means the power 10 absorb wealth
as fast as the toiling masses can produce
H. The money syndicate can at pleasure
make money scarce, destroy values then
go long on property everywhere, put out
more money and make il plentiful. boom
prices. unload; then again contract the
currency, go short ruin everybody that
booming prices had induced 10 20 in debt.
start anew 20 take in property at a nomi-
nal price, and boom and sell again.
This process can be repeated every year
by the syndicate which the House bill or
ganizes. The scheme Of he House bill,
which the Senate bill honey coats a little.
seems to be based upon the theory that the
people have no rights which the powers
that control the Government are bound to
respect"
A Reference to Mr.. Gage.
Referring to Secretary Gage, Mr.. Stew
art said:
"The Secretary of the Treasuary is not so
absolutely ignorant of monetary science as
his contention that the valuz OF gold never
changes would seem to indicate. 'In his
reply 10 the resolution Of the two houses
Of Congress, respe, llg his transactions
with certain New York banks, he gives as
a reason for depositing the money of the
Government in national banks that it IS
necessary to do so to avoid contracting TIE
circulation, and that to keep il in the
Treasury would disturb the business Of the
country.
1T seems little strange that the Secre-
tary can understand that locking up