The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-14

Testimony of Tuesday Showed Free
Use of Money in Campaign Work
in Montana-One Witness Who
Received Present of a Check for
Five Thousand DoHars-Cabinet
Discusses Philippine Commission.
WASHINGTON, Feb. 13.-The finance
bill consideration continued all day.
Two speeches were made, one in favor
and the other against. The first was deliv-
cred by Senator Allison Qo), chairman
of the finance committee. The other
was delivered by Senator Jones (Nev).
He declared the bill was vicious and un-
warranted, comforting too great power
upon national banks and fastening the
country to a gold currency He discuss
ed the question from a historical and
philosophfc viewpoint.
During the debate Mr. Tillman (S CO.
inquired If Mr. Allison had not support
ed President Cleveland's efforts to Sc
cure the repeal Of the Sherman law in
1893.
Mr.. Allison said he assisted Mr.. Cleve-
land to that extent, but he had taken
OOOSNoAOAA
cratic party for It's attitude on the
money question since.
well, I merely interposed my re-
marks" said Mr.. Till1nan, 'in order to
get the senator to absolve the Demo-
cratic party from all responsibility for
Grover Cleveland. He never was Dem
ocrat"
II will absolve the Democratic party
for responsibility for Mr.. Cleveland,@ re-
piled Mr.. Allison, suavely, "and at the
same time I will absolve Mr.. Cleveland
from responsibility for the Democratic
party. 1 know that he does not care to
accept such a responsibility" Gaugh-
ter.)
Mr.. Lindsay Ry) inquired whether
In case there should be deficit, the gold
obtained from the sale of bonds under
the bill could be used to pay current ex-
penses of the government
F=~"Under the provisions of the senate
substitute, to- which 1 am directing my
remarks replied Mr. Allison, these
bonds for obtaining gold can be sold only
when the reserve falls below $50, 600;
and 1 want here and now to express my
firm conviction that it will never be nee
essary, under the bill, to sell bonds for
that purpose
But" persisted Mr. Lindsay "will not
the ultimate result be the retirement of
the greenbacks?"
Under this BILL" replied Mr.. Allison.
''the greenbacks cannot be retired.
want to say that the retirement of the
greenbacks or any part of our money
should never be attempted without the
most careful scrutiny and the wisest
consideration of the legislation providing
for it,
STATUS OF GREENBACKS.
In response to another question by Mr.
Lindsay Mr.. Allison said that the green.
backs, under the provisions of the pend.
Ing bill, practically would be gold GER
tfcate and, he added, "it is so now"
Mr.. Allison said that the bill did not
provide for the exchange of silver note.
for gold because the committee did not
consider it necessary. The faith of the
government had been pledged to main
tain them at parity, and that pledge
mad not been broken. - We would never
disgrace and degrade ourselves by allow
ing them to go to a discount
rs the silver dollar a dollar, or is 1t
promise to pay a gold dollar?" asked
Mr.. Tillman.
1T is a dollar" replied Mr.. Allison.
THE senator and I agree about that.
But how will a silver dollar be kept
at par with gold unless you will redeem
1t in gold?"
How do we know the sun will shine
tomorrow" replied Mr.. Allison zone
OF the reasons is because 1t shone yes,
terday. We will keep silver at par be-
cause we have so kept 1t for twenty,
two years. But In addition we will
strengthen the situation. France and
Germany keep great mass of silver In
circulation. but 1t is not redeemable in
gold. The United States Is the only
country that redeems fractional silver
The provisions for the issue of silver
certificates of $40 and under he said.
had been placed in the bill owing to the
popular demand for small bills
SOME SHARP REPARTEE.
Suppose next summer a Democratic
president were elected?' interrupted Mr.
Tillman. II know you think that impos
sibe, but miracles like that have hap
pened; suppose Democratic president
should take 1t into his head to discrim-
mate against gold, how could silver dol
lars be maintained as parity If they are
you must catch your hare before Won
can eat him." replied Allison, amid laugh
ter
This scheme of finance then rests upon
the continued supremacy Of the party in
power?"
mot at ALL" replied Mr.. Allison. ~
am speaking Of silver certificates. not of
the probability Of the election of Dem
ocratic president"
Mr. Allan NAH ;otorDoroS =.
his objection 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 currency must and would
remain in circulation. The tail could
not wag the dog.
Mr.. Allison, turning to the refundine
features of the bill, said 1t was a pro-
pitious time to redeem the bonds due In
1904, 1907 and 1909. The funding should pro-
ceed gradually in order that there might
be no friction in the money market.
We could save S22,000,000 per annum by
funding the bonds now. We could not
be charged with favoring national banks
when We compelled them to deposit per
cent bonds instead of 8 or per cent. In
conclusion, Mr.. Allison said:
There Is no c0Ticeaimenti no prevari-
cation in this bill It contains nothing
that Is not plainly written on Its face.
We maintain that the provision Of this
bill will maintain in good times and in
bad times our standard of value. l say
now as my firm conviction of it's truth
that the man who fails to come to its
support, either because he Is in favor of
free coinage of silver or for some other