The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-14

of the law or that has not been the prac-
tice of the government since 1s7e.''
TILLMAN WIELDS HIS PITCHF0RK.
Mr.. TilIrnan inquired if Mr.. Allison had
not supported President Cleveland's eff
forts to secure the repeal of the Sherman
law in 1898.
Mr. Allison said he had assisted Mr..
Cleveland to that extent, but he had taken
occasion also to criticise the Democratic
party for it's attitude on the money ques-
| tion since.
''well, merely interposed my remarks"
said Mr.. Tillman, lin order to get the sem
ator to absolve the Democratic party from
all responsibility for Grover Cleveland. He
never was Democrat"
'T will absolve the Democratic party
| from responsibility for Mr. Cleveland" re-
| piled Mr.. Allison, suavely. ''and at the
same time I viii absolve Mr.. Cleveland
| from responsibility for the Democratic
party. know that he does not care to ac-
cept such responsibility" Laughter
| Mr.. Lindsay inquired whether. in case
| there should be deficit, the gold obtained
| from the sale of bonds, under the bill.
should be used to pay current expenses of
| the government.
Under the provisions of the Senate sub
stitute, to which 1 am directing my re-
marks" replied Mr.. Allison, these bonds
| for obtaining gold can be sold only when
| the reserve falls below s50, ,000, 900, and
| want here and now to express my firm
conviction and belief that it will never be
| necessary under the bill to sell bonds for
| that purpose"
"But." persisted Mr. Lindsay. twill not
the ultimate result be the retirement of the
| greenbacks?"
Under this BILL replied Mr.. Allison,
"the greenbacks cannot be retired 1 want
| to say that the retirement of the green
| backs or any other part of our money
snould never be attempted without the
most careful scrutiny and the wisest con-
sideration of the legislation providing for
| it"
In RESPONSE to another question by Mr.
Lindsay Mr.. Allison said that the green
backs, under the provisions of the pending
bill. practically would be gold certificate
and he added, cit is so now
| Mr.. Allison said that the bill did not pro-
| vide for the exchange of silver notes for
gold because the committee did not deem It
| necessary. The faith of the government
| had been pledged to maintain them at a
| parity and that pledge had not been brok-
| en-. We would never disgrace and degrade
| ourselves by allowing them to go to a dis
count.
"Is the silver dollar dollar, or is it a
promise to pay a gold dollar?' asked Mr..
1lllman.
1T is dollar" replied Mr.. Allison. 'The
4 oh
But how will silver dollar be kept at
par with gold unless you will redeem it in
| gold?"
WILL KEEP 1T AT PAR.
How do We know the sun will shine to-
morrow" replied Mr.. Allison. lone of the
reasons is because it shone yesterday. We
will keep silver ct par because we have so
kept it for twesr,-tcso years. But. in adj
dition, we will strengthen the situation.
France and Germany keep a great mass of
silver in circulation, but 1t is not redeem
able in gold. The United States is the
| only country that redeems fractional sill
yer. The provision for the issue of silver
| certificates of so and under, he said. had
been placed in the bill owing to the popular
demand for small bills.
Suppose next summer Democratic
President were elected" interrupted Mr..
| Tillman. az know you think that impossi-
BILE, but miracles have happened; suppose
Democratic President should take it
into his head to discriminate against gold.
how could silver dollars be maintained at
parity if they not redeemable in gold ?''
"You must catch your hare before you
can eat him." replied Mr.. Allison amid
laughter
This scheme of finance then rests upon
the continued supremacy of the party In
power?"
mot at ALL" replied Mr.. Allison. 'I am
speaking of silver certificates, not of the
probability of the election Of a Democratic
President"
Mr.. Allen interposed to say that his OBJ
lection to the bill was that the whole
power to issue money would be turned over
to the national banks. Mr.. Allison replied
that under the bill every dollar of our cur
rency must, and would. remain in circula-
tion. The tail could not wag the dog
Mr.. Allison, turning to the refundinG
features of the bill, said 1t was propitious
time to redeem the bonds due in 1904-07
and 1909. The findings should proceed grad
ually in order that there might be no fric-
ton in money market We could save SO
100000 per annum by funding the bonds
now. We could not be charged with favor
ing national banks when we compelled
them to deposit per cent. bonds instead
of or per cent.
In conclusion, Mr.. Allison said: There
is no concealment. no prevarication in this
BILL 1t contains nothing that is not plain
/ L..
the provision of this bill will maintain in
good times and in bad times our standards
of value. 1 say now, as my firm conviction
of its truth that the man who fails to come
to it's support. either because he is in favor
of free coinage of silver or for some other
reason, will fail of his duty to his constitu.
ents and to the country"
SENATOR JONES'S SPEECH.
At the conclusion of Mr.. Allison's speech
Mr.. Jones, of Nevada, continued the de-
bate in a speech strongly antagonizing the
provisions Of the pending bill. This meas.
ure." said he, lis the climax of efforts that
have been made since 1869 to abolish the
use of silver. 1t is certain there will be
additional legislation presented at some
subsequent date 10 retire the $346, ,0O0. 900 OF
greenbacks. The gold standard advocates
know that it would not do to attempt t.
carry through all of their plans at once
That would be a shock to the American