Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1900-02-13
OBJECT TO TNE BILL.
Criticism In the Senate Repub-
lican Ranks.
ELKIys AND wOLCOTT THE MEN.
Doth Made Speeches Eikins Don't Like
tho Debt Refnnding Feature -woicott
Not Quite In Line on Banks Issuing
More Paper Money.

WASHINGTON, Feb. l3.---During the
debate on the financial bill. in the sem
ate, Mr.. Elldns 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 in with q bill establishing
the monetary standard. He said in part:
Tho bill undertakes too much 1t not only
defines and establishes the monetary standard,
but sets ont scheme to FIND the public debt
three years before any Of our bonds mature,
and in order to make this scheme Giccess 1t
provides that the national banks shall bo the
most important factors in its execution. In
my judgment the public debt should be funded
without any reference whatever to the no.
tional hanks Let the scheme of funding stand
on its own merits and by itself. Lot the gov
e'nnnont 60 forward when the time comes and
borrow moncJ for funding purposes at az low
rate OF interest as IL can, making such rate
as will insure the bonds being maintained at
pnr, without depending on national banks or
any outside agency, md 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, referring TO
the first section of the senate bill doclnr-
ing the gold dollar should continue tn
stand as the standard Of value, said in
part:
Or course it will, and 1t would so continue If
3his section were eliminated from the bill. We
might as well grayely pnss q law providing that
syard shall continue to be three feet in length.
Its re-cnnctment changes in no single respect
existing law. The section has bccn 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, mistaken view as to our
national credit. | cannot but express my re-
gret that the committee felt thnt the eAigen-
cies Of tho 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 oppoI tunity to increase their cir
culation TO the rar value of all govern
ment bonds deposited, Mr.. Wolcott said
| in part;
II is estimated that within the next few
| months at least S200000000 of additional ma
| tionnl bank circulation will follow the passage
| of tho bill. There is No 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 benefited by legitimate
enlargement OF tho currency, Under our ex'
isting gold standard thora seems to be no other
available method Of giving us this greatly
needed increase than the one favored by this
bill
Lco'sing to tho currency problems Of tht
whole world. all legislation Of the character
contemplated by this bill is, to those who be-
ievc IN the principles OF bmetallism. unwise
bernuso under the bcnefrienl working of the
bimetaliic system II would be unnecessary. II
Is but one moro step to be eventually retracei
But the enactment OF this measure into lsw
without at tie, samc time accompanying II
with n rcni.lrmancc Of the position Of the Re
publican party respecting international b
motaIsm would he an apparent abandonment
Of the principles and policy Of the party and
the amendment reported by the committee
conveys positive assurance to tho world that
this country. able to hold its own among the
nations Of the earth, with gold as its standard
IL still ready to meet and treat with the othe,
leading commercial countries looking to an in
ternational agreement to open the mints Of tn,
world to silver as well as gold.