The Washington herald., 1909-02-22
SPECIAL HONORs FOR ALLISON
Speaker Cannon and Minority Lead
er Clark Join Members of Iowa
Delegation in Speaking Words of
Praise for the Senator from That
State-Estimate of Associates.

Many OF the SedLS were ulleu Win lieiA-
bers Of both the Senate and House, who
listened intentIy to the words OF praise
spoken in memory Of their late colleagues.
The eulogies lasted until late IN the after
noon. but until the close Of the cere-
monies the friends Of the dead statesmen
remained to pay their last tributes
Representative Walter J. Smith was
Speaker pro tempore while the eUIogies
we're in progress.
Tribute to Allison.
All the Iowa members OF the House
spoke words OF praise for the late Senator
from that State, Champ Clark. leader Of
the minority. and Speaker Cannon also
eulogized the life Of the Iowan-
Representative Dawson. for six years
the private secretary Of Senator Allison.
was the principal speaker in memory OF
his old-time chief Mr.. Dawson recalled
the fact that Senator Allison was the
author Of the widely discussed tin plate
schedule in the Mckinley bin.
7 need not discuss the fierce political
battles that ragged in two Presidential
campaigns over the money question. II Is
enough 10 say that when the Iamented
President Mckinley, on March L. 1900.
affixed his signature TO the gOld-standard
act and made il a law be wrote -dnis' 10
the liveliest and most exciting chapter in
the monetary history Of the United States.
Senator Allison had large part IN writ
Ing tha; law, and its successful operation
up 10 this time IS known to al.
Less familiarity exists, however. with
one feature Of that law, a provision which
marks a new epoch N the history OF gov
ernmentai financiering. The refunding
provision Of that law, which vas drafted
by Senator Allison. not only uplifted the
standard Of our national credit. but actU-
ally saved 70 the government the enOT-
nous sum OF sl6,50000o. The Allison re-
funding plan has demonstrated the abil-
ity Of this government 70 float a per
cent bond AZ par and 10 reduce the inter-
est rate on more than One-half Of its
bonded Indebtedness from 5. 1, and Per
cent TO per cent
Rainbow Chasing.
When the Allison refunding amend
ment 10 the gold standard act was pre-
sented It was characterized by not a few
prominent members Of Congress as rain
bow chasing and the skepticism ex-
tended even 10 the then Secretary Of the
Treasury. II was attempting the unat-
tainabIe, they said, 70 ask holders OF gov
srnment bonds 10 surrender 4 and per
cent interest and accept > instead: and
we're not al that moment EnglaDd's s
choicest % per cent bonds and Germany's
imperial 8 per cent? selling below par?
Some even characterized the proposition
as visionary, but its author persevered
and the amendment became 8 part Of the
law.
IN theory the plan seemed 10 be IN
workable: IN practice Il demonstrated
that American credit is the highest in
The world Under that amendment $50
25Gl50 Of the public debt was refunded
into . per cent bonds at q net profit 70
the government Of S1s,551, ,09Z54 Up 20
this time more than one-half Of the public
debt has been converted from an average
of per cent interest 10 2 per cent, and
Il you viii examine the bond quotations
n the daily papers you viii note that
these Per cent bonds were quoted yes
terday above par.
This tremendous fiscal operation has
gone on without the slightest jar 10 the
money market and practically unknown
10 the public generally
a careful search OF the records will
disclose the fact that much Of the tariff
legislation written into our statute books
during the last half century was actually
penned by the hand Of Senator Allison
As an example Of his constructive ability
II this direction, ! might call attention 70
the fact that he wrote the tin-plate sched-
ule which was first embodied into law
IN the Mckinley tariff act OF 1890,
schedule around which ragged more fierce
political discussion than any in recent
times. This schedule was denounced and
defended from one end OF the country TO
the other. and there are many people who
believe that the heated dsnunciadon OF
this particular paragraph Of the Mckinley
bill, which made il q national issue, fol-
lowed as il was by the building up in our
country Of a great industry, was one Of
The most important factors in elevating
the beloved and now lamented Mckinley
10 the Presidency OF the United States.
Estimate of Associates.
The highest tribute which can be paid
70 mans service IN Congress Is the
estimate OF those with whom he associ-
ates, and in al the history OF the Senate
no man has ever attained greater infiu-
ence or higher respect and confidence Of
all his associates. without regard 10 par
For several years prior 10 his death he
was unanimously selected as chairman
Of the Republican caucus and also chair
man OF the committee on the order Of
business, commonly called the steering
committee In addition, he was empcw-
cred by the caucus TO designate the other
members Of the steering committee and
20 name the committee on committees.
The functions Of these two committees.
IN executing the will or the majority
party. IS OF the most far-reaching fmpor-
tance and consequences
AS is well known. the committee
on committees has control Of the
assignment OF Senators to commit
tee places; in short, determines the
personnel Of the standing committees
Of the Senate As 10 the steering com
mittee, no reference 70 Il is found in any
Of the government publications, and vet
IL IS one Of the most potential factors
In the whole Congressional legislative
machine. It is the safety valve the
governor. and the brakes on the wheels,
all il one. On broad lines. it determines
what legislation shall be pressed for
passage and what shall slUmber IN the
pigeonholes. It Is : shaper Of party pol
icy-the watchdog OF legislative enact
ment
Mich Power Conferred.
In trusting the selection OF these two
committees 10 Senator Allison. more pow
er over legislation could not well be con-
ferred upon one man under republican
form OF government Certainly the Unit
CEd States Senate, regarded By some as
the greatest legislative body I'll the
world, could not bestow a greater badge
of honor and confidence upon any one.
And with that consummate wisdom and
fairness did Senator Allison make uu