Savannah morning news. [volume] (Savannah) 1868-1887, 1886-07-30

] y
ton or an embarrassment to the Treasury
department, was anything which wise
administration would want, because 1T
turned the responsibility upon Congress,
whose agent the Secretary OF the Treasury
| was.
Mr.. Mcpherson, member of the FL
nance Committee, said he had intended
10 address the Senate at length on the
subject, but owing to the lateness of the
session and the tullness and clearness OF
Mr.. Alllsons statement, he would fOrego
that intention.
| REPUBLICAN FINANCIERING.
lie declared, however, that if there was
one thing for which the Republican party
was entitled to all cOmmendatiOn it was
for its faithful guardianship Of the public
talth and the maintenance of the public
credit. 1t seemed, however, as if
the Democratic minority in Congress
had begun to fear that the small remnant
Of the public debt furnished them the
only chance left to show that they, too,
mad financial policy, and in eager haste
they wanted to demonstrate it. They
proposed to deal with the surplus in the
| treasury In such a manner as must need
trench on the reserve, or to pay the per
cent. bonds in silver dollars.
THE ADMINISTRATIONS OPPOSITION.
To both of these propositions the Demo-
SA~IiS l. lSSiACHb anu IuG beIuOCEdJlC C6C-
retary OF the Treasury were unalterably
opposed. The Democratic majority in
Congress proposed to rob the Treasury OF
Its gold reserve by continuing to COIN sill
yer dollars worth 73c.) at the rate of
2,50O,00O month. Ii the House resolu-
ton were passed, then the coun-
try would be at once on Sill
yer basis. 1t would be a notice to
the Treasury that it could no
longer maintain purity between the coins,
and the public would have to take care of
Itself. He was astontshed that any SEN
ator faV0ring continued coinage OF the
silver dollar tolerated such a scheme as
this joint resolution. Their safety in
bi-metalism was found in other directions.
For these reasons he should oppose the
House resolution, and it was only with
many misgivings that he would vote for
! the Senate amendment.
PLUMB ADVOCATES THE RESOLUTION.
Mr.. Plumb, also a member of the FL
nance Committee, advocated the resolu-
ton as it came from the House.
The discussion was Interrupted, and
conference was ordered on the deficiency
bill. Messrs. Allison, Hale and Beck
were appointed conferees.
Tbs discussion of the surplus" resolu-
tion was then resumed, and Mr.. Vest ad-
dressed the Senate in favor Of the Joint
resolution as 1t came from the House.
There was nothing political in the ques-
ton. He said the Senator from Kansas
! Mr.. Plumb) was a most emphatic Re-
publican, and he Mr.. Vest) was quite as
bad Democrat, but yet their views were
entirely in union on this subject.
FALSE IMPRESSIONS.
There had been glamor thrown over
1t under the idea that the business prin.
ciples which applied to the government
| hjftarnH from fhoaA fhat TO
nary business. That was siEaply mon
strous absurdity and relic of barbarism.
| The same principles applied to the gOy-
ernment and to individuals. But what,
he asked, would be thought OF a business
man who would keep 100000
idle in his vault while he had
| Sl00,000 of per cent. notes OUTSTANDING
Every mercantile exchange in the coun-
try would denounce him as a lunatic. He
! quoted from the London Economist to
show how small, prOp0rtiOnately, were
! the government reserves abroad, giving
them as $31, 600, 900 in England, $29, ,000, 900
in France and Sll,000,000 in Germany.
A SECTIONAL STRUGGLE.
In conclusion, he said that the fight
was one between gold and silver, between
| gold and greenbacks, between men who
wanted to make money dear and scarce
| and high, and between men who bor-
rowed money, and unless this trouble
was terminated on equitable and fair
| grounds it would result in a sectional
struggle between the East and the West
! That was the plain meaning of the whole
thing.
SHERMAN's ADVOCACY.
Mr.. Sherman addressed the Senate in
| favor of the joint resolution as amended
! by the Committee on Finance. He con-
| sldered it not as q political but as busi-
ness proposition. Mr.. Sherman was sur
| prised at Mr.. Vests statement in regard
TO the reserves of England, France and
| Germany, and from the latest number OF
! the London Economist be showed that the
reserve in the Bank Ot England was equal
! to 80 per cent. in coin and in the Bank of
! France 40 per cent. being a larger percent
| age than " as proposed here. Mr. Sher-
man said the effect Of the resolution as it
! passed the House though not intsnded)
| would be 10 contract the national bank
circulation to The amount Of 100000, 900.
CAPITALS ALLEGEDsCoNsPIRACY.
Mr.. Teller advocated the resolution as
! it came from the House. In the course
OF his remarks Mr.. Teller referred to the
! conspiracy of capital against labor all
over the world to make money dearer to
| the borrower.
Mr.. George asked Mr.. Teller if he had a
| feasible plan by which he could make
! those who have money put 1t into clrcula-
! ton.
Mr.. Teller replied that he had not.
Mr.. Jones, Of Nevada, interposed re-
mark t6at he had such plan, ana he
! spoke for two hours, Iayins down his
theories upon political economy, but
! giving no answer to Mr.. Georges Ques-
tion. He did, however, assert his belief
that shrinking the volume OF money had
| inflicted more evil, more suffering, more
! penalties on the American people than
they had ever suffered from war, pestI-
leEee and famine.
WHAT THE PEOPLE WANT.
! What the people wanted was money
not gold, nor silver, but dollars that
! would liquldate debts aud keep the red
| flag OF the Sheriff away from the window.
! II the Secretary of the Treasury would
exercise the discretion given him by the
! silver bill Of 1878, and coin up TO the
maximum-$40 00O, 600 IA mUnth-no evils Of
! contraction would be felt.
| Mr.. Jones yielded for motion to go
! into secret session, which the Senate did
! ut 40 O'Clock after agreeing to n confer
eDce on the Northern Pacific land bill. At
! 6:05 O'Clock the doors were reopened and
the Senate adjourned.
SaVannah's Federal Building.