Morning journal and courier., 1881-03-29
News by Telegraph FROM ALL QUARTERS. MAHONE'S DRPRNCE, His Alliance With the Re- pnblicans Explained. The Democratic ssnators Silent. l Crowds of Visitors in the Senate Chamber.
 .
A NEW FINANCIAL POLICY.
A Wide Departure From
 Sherman's Methods. T.
THE NATIONAL CAPITAL.

Mahone's Explanation-A Crowd i'm the Senate Chamber-The Virginia Senator Gives Account of His Faith-No Reply From the Democrats Both Sides Still Firm on the Election Question The New Administration's Financial Policy to Be Made Known-Other Matt ters.
 WASHINGTON, March 28.-In the Senate to- day every seat was taken before II o'clock and hundreds were turned away. The diplo- I matic galleries were crowded Sir Edward Thornton and others of the British legation were present. The extra seats were all occu- pied Mir. Mahone entered while the journal was being read and took the seat of MT. Ed munds He held a lemon in his hand, which when he rose to speak he laid on the desk. He began by an apology for coming before the Senate in so conspicuous position. He said he was driven to it. He had been elect ed to do the will of the people of Virginia. He felt that the spirit of the people of that State inspired him to repel the attempt to in- struct one of its Senators how and when he should vote. He took up the speech of MT. Johnston, and denied the points made against himself in that speech MT. Riddleberger sat
  called for quotations he handed them from 8 file of documents on the desk MT. Malone said he knew of no consideration that could
 have induced him to accept seat in the Sem ate or any office at the hands of bourbon Democrats of Virginia. The readjusters
 stood and stand on platform of their own
 making. In conclusion he said: ''Mr. Presi-
 dent, am here to assert that Virginia, the
 mother of the Union. renews her faith and
 sons aided to construct, and in fur
 therance thereof I propose to give
 my best ability and exert my
 every energy. The conclusion of Mr.,
 Mahone's speech was immediately fol
 lowed by motion by Mir. Harris to proceed
 to the consideration of executive business.
 This and several dilatory motions were lost,
 including one or two for adjournment until
 an early hour tomorrow. At p. m.. on
 motion of Senator Dawes, the Senate ad-
 journed until 12 o'clock tomorrow.
 Considerable disappointment is manifested
 that no reply to MT. Mahone's speech was
 made by the other side. The Republican
 Senators were warm in congratulation of MT.
 Mahone's effort and his speech is generally
 commended especially as personal explana-
 ton and exponent of the readjuster platform.
 The Democrats determined to take no notice
 of the speech to-day, but it is said that MT.
 Voorhees,, of Indiana, will make an answer to
 some of it's points in the near future. Both sides still adhere to their determination to endure on the question of the election of off, cers and it is hoped some speeches will be made tomorrow to vary the monotony of dilatory motions and balloting.
 The bureau of statistics has furnished the Secretary of the Treasury the eighth monthly statement for the current fiscal year, which shows that the excess of exports of merchan- disc was as follows: Month ending February 2S, 1881, $19, 300, 295; month ending Febru- ary 29, 1880, $4, 3O9, POP; for eight months ending February 2S, 1881, 2,1l0 3s7 ,4O5 eight months ending February 29, 1880, $152, SIS, ,3O5; twelve months ending Februa- ry 28, 1881, 1925, 453, ,O12; twelve months ending February 29, 1880, $212, BOG, ,044. The excess of imports of gold and silver coin and bullion was as follows: For the month ending February 2S, 1881, excess of exports $+65, 5,073; month ending February 29, 1880, excess of imports $279, 762 eight months 1 ending February 28, 1881, excess of imports S77, 7,175, S66; eight months ending February 29, 18SO excess of imports $75, ,464, S92 :; | twelve months ending February 29, 1881, ex- cess of imports $72, ,6O2, ,365; twelve months l ending February 29, 1880, excess of imports 1 $68, 795, ,266.
 It is expected that the Secretary of the l Treasury will within day or SO make public | the financial policy of the new administra- 1 tion. It is well known that this matter has l been under discussion for the past two or l three Cabinet sessions, and it has been an oc- | casion of several conferences between the | President and Secretary. The points under | discussion have all been stated in these dis | patches. The great success achieved by MT. l Sherman in his administration of the depart | ment very naturally causes his successor to | move cautiously in establishing 8 new policy | ico oh al kIa conditions under which Sherman operated l being very different from those which con- | front the new administration. Mir. | Windom moves very slowly indeed. | It is fair to presume that when | he enunciates his policy it will meet the | cessful Should he decide to sell the remain ing bonds authorized by the funding act he | will, it is believed, sell the 44's. His right | to sell 44's is unquestionable It is understood | that in addition to the question of | selling bonds the administration is considering the advisabi1ity of borrowing money on Treasury certificates of deposit It | is also understood that this proposition finds little favor for the reason that the law fixing the amount of outstanding legal tenders is thought to bar the way. One other proposi- tion under consideration is whether or not to use any portion of the reserve fund as au- thorized by section of the sundry civil | bill for the redemption of bonds It is probable that this last proposi- ton will be decided in the affirmative | and that at least 1925, ,O0O, 900 of this fund 1 will be used, which, added to the surplus revenues, estimated at $75, ,OOO, 600, and the sum derived from the sale of the balance | of bonds authorized by the refunding act, | will enable the Secretary to take care of the indebtedness of the government until Con- gress meets in December and passes the re- funding bill.
 The Secretary of the Treasury has directed to discontinue the coinage of the five cent nickel coin. The supply of such coins at the United States mint in Philadelphia is exhaust ed and their issue at the cost of the mint for | as heretofore shall be discon- tinued until it shall be deemed advisa- ble to resume their coinage. The treas urer any assistantareasurer of the United | States will pay out over his counter for legal l tender notes received any minor coins held by him and not needed for the current busi- ! ness of his office. Persons who are not situ- ated in Q city where there is an assistant | treasurer can obtain coin through their city