The evening times., 1900-02-07
THE FINANCIAL DEBATE.
MIR. Turner Addresses the Senate on
the Currency Bill.

routine business today. He spoke IN part
as follows:
I'VE have before us for consideration,
both the original bill as it passed the
House Of Representatives. and the subst-
tute drafted by the majority Of the Finance
Committee of this body and reported to
us by the latter in lieu Of the original
bill. The provisions OF both measures are
identical in their. essence. and are intend
ed to effectuate precisely the same OBJ
jects. The only difference is that the
language Of the substitute is a little more
subtle than that Of the original bill, and
accomplishes by the indirection Of neces-
sary but veiled construction some Of the
objects which the House bill openly and
candidly avows.
4 think I shall show tle essential
agreement Of the two measures before
conclude my remarks, and since the House
bill may in the end prevail against the
Senate substitute. think it safer to ad-
dress my remarks to both measures rath-
er than 10 the Senate substitute alone
The first and most important object
OF this legislation. as / read il, is 10 fix
and fasten on the American people forever.
the single gold standard. and, by remov-
ing from the arena OF contention the only
naticn whose voice in favor Of silver
might compel the respect Of other nations.
: to fasten that standard on the world
/ forever
/ The next great Joject is 10 establish
| in favor OF the National banks of the
/ country a monopoly in the issue and con-
/ troll Of all money save gold. and thereby
to establish the great trust Of trusts.
around which all others shall revOlve
] ma viz hOu n in irua of ri
/ ty and drawing substance and support
/ from it in the hour OF adveTsity and
/ threatened disaster.
] These are the two s-eat primary OBJ
! jects Of both the House and the Senate
! bill. In devising the machinery to ac-
/ cOmplish them j, has been thought proper
! to decree several other results which in
| the light Of the primary ends sought may
be called subsidiary. Int which are SO
| startlingly brazen in their disregard Of
| the rights Of the people, th0t If they stood
I alone they would command amazed and
l indignant attention from every lover Of
| his country and his kind. For instance,
it has been thought proper 10 strike down
I and reduce 20 the condition of token
money the six hundred million dollars Of
! silver money in the count-- now coined
I and in circulation, thus changing by
| stroke Of the pen an asset OF six hundred
! million dollars belonging 10 the United
| States and its people. into an indebted
ness due from them for that stupendous
sum.
Another subsidiary result decreed is The
| increase by a quarter Of a billion Of dol
lars Of the market value OF the interest
! bearing obligations Of the Government in
{ the hands Of their individual holders This
IS to be done. not by legitima-ely appro-
priating the credit Of the Government. and
I thereby benefting the holders Of our Sc
{ .r,r- .r.-.
I But Il Is to be done by giving up and sur
rendering a valuable option declared in our
[ favor by the almost unanimr US voice Of
the Government TO exist as early as the
year 1873 and which the Government ex-
pressly declined 10 surrender Al the time
Z OF one Of our later bond issues. althO irh
| then offered SIG GOO 600 TO give up the op-
! tion in connection with that bond issue.
Another subsidiary object decreed is the
/ contraction of the circulating medium Of
I the country TO the extent OF more than
I $500 0O0 G00. until such time as the national
banks may have increased Their cspi,aIiza-
ton sufficiently to enable them 10 supply
he deficit. thus incUrring the certainty Cf
great loss aud Inconvenience and the very
great risk of improbable disaster.
! Another most remarkable means to the
accomplishment Of the ends sought is the
vesting in the Secretary Of the Treasury Il
the power in executing the main purposes
of the law, to issue az will and ad libitum
the interest-bearing bonds Cf the nation
The people Of the country will not so n
] forget the extraordinary cours. rcsorted to
| by Mr.. Cleveland 10 eXtricate lis Admins
tration from its financial difficulties. when,
| instead of using the $500 0O0. 600 Of full le-
J gai-tender silver money then lying in The
Treasury. he increased the interest-tear-
ing debt Of the country 10 the extent OF
more than $3.50. .0GO. 0OO by Borrowing that
/ of in lx
bonds OF the Government therefor
With the same amount OF silver money
still in the Treasury, IL is now gravely
proposed TO confer on the Secretary OF the
/ Treasury, as an ordinary. everyday pre-
rogative, and for the very purpose OF de-
stroying the debtpsying quality OF that
| silver, the power which Mr. Cleveland eX-
ercised in the last resort and as a des-
perate expedient, and all this in the face
OF record OF Republican clamor and
! abuse and ObjurgatiOn against MT. Cleve-
land only six years ago in both branches
| Of Congress and in the public press and
Of protestation in favor OF silver and Of
| denunciation against those who would de-
base and disgrace il. which ought to estop
and conclude any political party from pro-
ceeding in the same dir -ctiOn now. and
which would conclude and estop any party
not callOused to criticism by a reliance on
the power of wealth for its success rather
than on the intelligent voice Of the COM
mon people of he land"
| Mr.. Turner then sought to show by an
analysis Of the House and Senate Cur
rency bills that the foregoing general
summary of their purpose and effect is
well within the limit OF their provisions
and that the two bills are in effect one
and the same measure. In conclusion Mr..
Turner said:
P''.'LI - -. = -. 49,. g
|
who can say how long this increased
output Of gold is TO continue? And when
IT ceases. as it must do. sooner or later.
! what barrier are we to then interpOse
against the renewed appreciation Of money
and the renewed depr sciation Of all other
forms Of property When that process
shall again commence and proceed as far
and as rapidly as il did from 1873 TO 1900.
| our farmers Will be serfs. our mechanics
bondmen, and our laborers slaves. With
the immediate past behind them and its
lessons craven Oh their minds: with the
] prospective future before them. and its
consequences so clearly pointed out. TO as
sumo that the silver question is dead so
long as the masses OF our people have
votes TO give, is TO say that they do not
deserve to be free and that they ought to
be slaves
At the close OF Mr.. Turne~'s speech. Mr..
Bates addressed the Senate in opposition 10
the bin under consideration.
INTEREST-BEARI NOTES.
Mr. Vest PropoSes nm AmendD,ort 4,