Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-22
EUl0C|ES IN HOUSE|RANEY MAKES REPLY
Members Respect Memory of Answers Criticism of His Re-
Late Associates cent Charges
TRIBUTES TO ALLISON NOT ATTACKING CANAL
His Great Serv Says Connected
ices in the Senate With the Enterprise.
LATIMER WILEY H0N0RED GOT EVIDENCE PANAMA
of o
Made to
Members Respect Memory of
Late Associates.
TRIBUTES TO ALLISON
Mr.. Dawson Reviews His Great Serv-
ices in the Senate.
LATIMER AND WILEY HON0RED
Many Speakers Heard in Praise of
Lives and Character of Dead
Congressmen.

At n special session OF the House OF
representatives yesterday there were eu
oyics upon the life. character and public
ervicc of three distinguished members OF
Congress- who died during the present
session--Senator William Boyd Allison OF
Iowa. Senator Asbury G. Latimer OF
Soutl Carolina and Representative Arios-
to a. Wiley Of Alabama. The attendance
o. members and visitors was larger than
at any similar memorial service in the
House In some years. Representative
Walter I. Smith of Iowa was in the chair
Speaker Cannon and Representative
Champ Clark OF Missouri, the minority
floor leader. and all the members of the
Iowa delegation In the House eulogized
the late Senator Allison.
The principal address of the day was
made by Representative Dawson of Iowa.
who for six years served as private secre-
tary TO Senator Allison.
Allison's Work for Gold Standard.
Mr.. Dawson recalled that the senator was
the author of the tin plate schedule in the
Mckinley tariff bill. In discussing the
senator's financial attitude ne said:
II need not discuss the fierce political
DdttlSS lIdl ldScu III l"o
campaigns over the money question. 1t
IS enough to say that when the lamented
President Mckinley, March IA, 1900 af-
fixed his signature to the gold-standard
act and made it a law he wrote 'finis' to
the livefiest and most exciting chapter
in the monetary history of the United
States. OSenator Allison had large part
IN writing that law. and its successful
operation up TO this time is known to
all
Less familiarity exists, however. with
one feature Of that law. provision which
marks new epoch in the history of gov
ernmental financeering. The refunding
provision OF that law, which was drafted
by Senator Allison, not only uplifted the
standard of our national credit, but actu-
ally saved to the government the enor-
nous sum of $16,5O0.O0O. The Allison re-
funding plan has demonstrated the ability
of this government to float 2 per cent
bond at par and to reduce the interest
rate on more than one-half of its bonded
Indebtedness from 3. 4 and ) per cent to
per cent.
when the Allison refunding amend
ment to the gold standard act was pre-
scented 1t was characterized by not a few
prominent members of Congress as rain
bow chasing, and the skepticism extend
ed even to the then Secretary of the
Treasury. 1t was attempting the unat-
tainable. they said, to ask holders of gov
eminent bonds to surrender and ) per
cent interest and accept instead, and
were not at that moment England's choic-
est pa per cent bonds and Germany
impartial 3 per cents selling below par?
Some even characterized the proposition
visionary, but it's author persevered.
and the amendment became a part of the
law.
Proved in Practice
I'm theory the plan seemed to be un-
workable; in practice it demonstrated
that American credit is the highest in
the world. Under that amendment s646.-
25O.10O of the public debt was refunded
into per cent bonds at net profit to
the government of $16.551 .03754. Up to
this time more than one-half of the public
debt has been converted from an average
of per cent interest to per cent. and
If You will examine the bond quotations
in the daily papers you will note that
these per cent bonds were quoted yes
terday above par.
This tremendous fiscal operation has
gone on without the slightest jar to the
money market and practically unknown
to the public generally.
Much of the tariff legislation written
into our statute books during the last
half century was actually penned by the
hand of Senator Allison.
THE highest tribute which can be paid
10 mans service In Congress Is the
ates. and In all the history of the Senate
no man has ever attained greater infiu-
ence or higher respect and confidence of
all his associates. without regard to party.
than did Senator Allison.
As q Caucus Leader.
For several years prior to his death he
was unanimously elected 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 empow-
cred by the caucus to designate the other
members of the steering committee and
TO name the committee on committees
The functions o. these two committees
in executing the will of the ma jority
party is OF the most far-reaching impor-
lance and consequences
And with consummate wisdom and
fairness did Senator Allison make IN
these powerful committees"
Representative Cousins who was an in
innate friend. paid high tribute TO the
senator's great intellectual powers
Others who spoke on Senator Allison
were Messrs. Hepburn, Huh, BirdsaIl,
Smith. Conner, Hubbard and Hamilton,
all of Iowa.
Tributes to Latimer.
Those eulogizins Senator Iatimer. who
died February 20. 1908, were Representa-
lives Finley. Johnson and Lever, all of
South Carolina. and Bennett of New York.
Representative Wiley was eulogtzed bv
Representatives Underwood. Taylor. Rich
ardson. Burnett. Helm. Craig. Hobson
and Clayton of Alabama; Gordon of Ten
nessee. Parker of New Jersey, Holliday
OF Indiana. Hull of Iowa Denby of Mich
lgdn, Williams of Mississippi. Stevens of
Minnesota. Cooper of Texas and Sher-
wood Of Ohio.
The House adjourned at J:2J pm