The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-01
THE FINANCIAL MEASURE
Mr.. Berry Discusses the Currency
Bill in the Senate.
A Dangerous Power Lodged I'm the
Hands oJ the Secretary of Tho
Follow Gold Standard Legislation
"A Depression of Prices Inevitable.

Al the conclusion of the routine business
yesterday the regular order was taken up
being consideration Of the House Currency
bill
Mr.. Berry obtained the floor and ad-
dressed the Senate, in part, as follows:
Mr.. President. before refer to the pro-
visions OF the bill. l should like to ask
that the Senator's who support it Will tell
the Senate and tell the country what is
the necessity for the passage OF such
measure. Every Republican member who
spoke on behalf of this finance measure in
the House OF Representatives said that
universal prosperity prevails in the cou:s-
try. that trade had never been SO good,
that capital was seeking labor, and that
This prosperity existed to an extent which
has not existed for years, II that be
true under the present law. I would ash
the Senator from Iowa (Mr. Allison) to tell
me why il is necessary at this time to so
radically change the present law, pariicu-
larly. If no good is 10 be brought 10 the
country by it?
IF. in 1899, when the Sherman law was
passed, you had passed Jaw for the free
coinage OF silver at the ratio OF l6 TO !,
and thereby brought into circulation the
same amount of money of final redemp-
tion which gold alone brings in today.
that prosperity. which you claim has now
come would have come in 1891, and we
should have been saved all the distress
which has followed by reason of an in
sufficient amount of money and the con-
sequent reduction of prices. Those prices
began 10 go down during the latter years
of Harrison's Administration. and the de-
cline continued during all the years OF
Cleveland's Administration. ] say. if this
increased production of gold has increased
prices. then if both gold and silver had
been coined. the silver money would have
increased the circulation. 10 about the
same amount which the gold has today,
and prosperity would have come in 1891
instead Of 1899. But if it be true that this
increased production of gold has increased
prosperity and someShat improved busi-
ness prospects. if we viii also coin silver
today at the ratio provided by law. that
prosperity will be increased many fold
over that which now exists.
Then, Mr.. President, as ] said, If i; he
true THAI prosperity is general throughout
the country. ] would ask the Senator from
Rhode Island (Mr. Aldrich) why he brings
this bill here today? You can net make
81 better, and do you not fear you will make
1t worse? If the House bill takes cut OF
circulation 4S2, 600 900 silver dollars and
1886. 600, geo OF United States Treasury
notes, known as greenbacks. and ties them
up In the Treasury, do you not believe that
il will tend to depress prices throughout
the country and to destroy this additional
prosperity which you say has Gomez"
Referring to the provisions of the bill,
Mr.. Berry said:
I'm the past tie Congress of the United
States kept the control of the issuance OF
bonds in time Of peace within their own
power, and they alone had the right to de-
termine how rnssnr and what bonds should
be issued; yet il proposed law says that
The Secretary o. the Treasury may issue
as many bonds as, in his Judgment, he
may deem proper liz order to maintain
che gold reserve.
why should this great power be con-
ferred upon any individual, / would ask.
Mr.. President? You may say that the
power will not he abused. ] answer that
the Secretary of the Treasury can abuse
it. ] answer that you turn over to an in
dividual power which the Constitution
left in Congress itself to determine as TO
the amount OF debt this Government
should become involved in. Under this
section, il the Secretary of The Treasury
sees proper, he may issue bonds payable
in gold, which will be binding on the honor
of the country and on the generations TO
come.
MIR. President, / ask the Republicans
who live in the western portion of our
country II they are willing TO confer power
upon the Secretary of the Treasury to take
out of circulation all the silver dollars and
all the greenbacks, because the bill says
he may exchange them for any money is
sued or coined which includes both, TO be
covered into the Treasury and not TO be
paid out except for gold coin? Are you
willing TO go to your constituents on
record of that kind.
Take the bill altogether, and what does
1t provide? That gold, and gold alone,
shall be the standard money; that all
bonds of the Government which by the
Law and on their face are payable in either
gold or silver at the option OF the Govern
ment, shall hereafter be payable in gold.
Not only this hut it provides also that all
private contracts shall be payable in gold.
IT authorizes the national banks to issue
bank notes to the full amount of bonds
placed on deposit with the Treasury, and
TO expand or contract the currency of the
country at their will; 1t reduces the tax
20 be paid by the national banks on their
circulation by one-half; IL authorizes the
Secretary Of the Treasury, at his own op-
ZION. IeSDOUSlDit 10 no man. VIII no dp-
peal from his judgment, TO issue interest
Bearing gold bonds. without any limit
TO amount, save and except such as in his
judgment he shall think proper. 1T also
authorizes the Secretary OF the Treasury
10 redeem all outstanding silver dollars
and United States Treasury notes, COM
monty called greenbacks, and the Sherman
notes named in the law Of 1890 in gold and
TO tie them up and keep them in the Treas
ury, thereby reducing the circulation some
thing over $500, 100000
There is not one word or sentence in
this bill for the benefit OF the great body
OF our people who are engaged in agricul-
ture There is not one letter or one sen
sence in the bill which would tend TO in
crease the price OF labor or make the bur-
dens of our laboring people less heavy than
they now are. There is not one word or
sentence IN this bill which could be OF any
benefit 20 any class of citizens of the
United States save and except the two
classes I have named. The holders Of
United States bonds and the national banks
are by the provisions of this bill TO be the
sole benefciaries. j repeat that you can