Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1886-07-30
FORTY-NINTH CONGRESS-.
WASHINGTON, July 30, 1886.

fund of 100000 He criticised the
financial policy of the administration. The
| House resolution condemned the financial
policy of the administration, but the Senate
| Committee on Finance sugar coated this
condemnation; still that policy would stand
condemned before the country.
| Mr.. Mcpherson challenged Mr.. Allison to
point out anything in the Democratic plat
form OF 1884 that gave countenance to such
resolution as had come from the House.
| The platform was in the opposite direction
Mr.. Allison declined to be drawn into a
political debate.
Mr.. Beck addressed the Senate. He said
| the Senate amendments made no practical
change in the resolution and were merely to
| say to the country that the Democratic
| House was not to be trusted. Believing the
resolution just he should vote for it. The
| Secretary had held money. beyond what was
! needed, but he believed this was because
| combinations of men who did not want
bonds called in had alarmed the administra-
| ton.
| Mr.. Mcpherson declared that if the Re-
| publican party was entitled to commenda-
| ton at all it was for its faithful guardian
| ship Of the public faith and maintenance of
| the public credit. The Democratic msiori-
| ty proposed to rob the treasury of it's gold
| reserve by continuing to coin silver dollars
| (worth seventy-three cents) at the rate of
| two and half millions a month, If the
House resolution was passed the country
would at once be on silver basis. With
| many misgivings he would vote for the SEN
ate amendment
| Mr.. Plumb advocated the resolution as it
came from the House. He believed re-
serve of fifty millions would be sufficient.
A conference was here ordered on the def
cheney bill.
Mr.. Vest spoke in favor of the surplus res
olution as it came from the House. There
was nothing polit cal in the question.
faOo no 1ufin
amended. The whole financial system of the
government rested on the fulcrum of solid
coin and would be affected by any tamper-
ing. Coin was the basis of all banking and
no government ought to do banking without
all the conservative principles of banks If
it did some 'Black Friday" or unforeseen
event would dissipate the whole financial
system and make it sink in ruin. He would
give to the Democratic administration of the
Treasury department such a working balance
as would enable it to meet all possible con-
tingenciss, neither more nor less He would
let that fud of 100000 stand as long as
the pyramids stand, as the basis for the re-
demption of $343, 100000 in greenbacks
The effects of the resolution as it passed the
House would Though not SO intended to
contract the national bank circulation to the
amount of 100000, 600.
Mr.. Jones, of Nevada, suggested that half
dozen millionaires in New York could get
up the extraordinary emergency" which
would justify the Secretary in suspending
calls.
Mr.. shermar-If our credit is SO weak
and poor as that we had better remedy it.
Mr.. Jones-Did they not do it last sum-
mer?
Mr.. sherman-No, sir. They frightened
somebody.
Mr.. Jones-They frightened the Secretary
of the Treasury.
Mr.. Sherman-Nothing will disturb the
Nv of oia1C 1nla 1,o
the settled conviction and belief on the part |
of the people that Congress determined to |
change the standard money of the |
country and bring us down to single stand |
ard, silver.
Mr.. Teller advocated the resolution as it |
paid the public debt, he said, |
without disturbing the credit of the |
government it should be paid, so that |
it came to the question whether the treasury |
had the means to meet the demand of the |
House resolution. AS it was amended by |
the Committee on Finance it was practically |
settling a part $120,000,00 never to be |
used, but to be forever kept in the treasury |
for the purpose, las was said) of strengthen
ing the national credit. The principal OBJ
lection that he had to the resolution was
that it recognized the necessity of maintain
ing and keeping at all times in the treasury
800, 600, 900, conspiracy for the purpose |
of increasing the value of the dollar and of |
decreasing the value of mans productions |
everywhere in the world.
Mr.. Edmunds-What is the present rate
of INTEREST,"
Mr.. Teller-The interest is not high.
Mr. Edmunds-I am a neophyte in the |
business and am seeking information. Does
not the Senate know Tor does he) that in Col
orado, New York, Vermont, Mississippi and
people can borrow money on rea-
sonable and fair security at less rates than he
could at any time within the last hundred
yearss
Mr.. TelIer-That is true the world over
If man owns government bond he Dor
rows money-on money for that is what it
means) cheaper than he could at any time in |
the history of the world, but if he wants to
borrow money on mandatory or mill or
farm he cannot do so as cheaply as he could
fifteen syears ago. That is where the
trouble is And as to the talk about a sew |
enty- four cent dollar. I assert that that dol |
ar will to-day buy more Of what a man eats, |
thinks and wears than it would fifty years
.go.
Mr.. George-Has the Senator from Colora-
10 any feasible plan by which he can make
hose who have money put it into circula-
Jon?
Mr. TelIer-I have not.
Mr.. JONES' of Nevada, said that he would
answer the question and thereupon he made |
long speech in which he laid down his the
'ries as to political economy, but gave no an
,wer to Mr.. George in any condensed form.
He did. however, assert his belief that a
shrinking volume of money had inflicted
more evil. more suffering, more penalties on
he people than they had ever suffered from
var, pestilence and famine. What
he people wanted was money, not
gold, not silver, but dollars that
would liquidate debt and keep the red flag of
5he sheriff away from the window. If the
Secretary of the Treasury would exercise the
discretion given him by the silver bill of
1878 and coin up the maximum-$4, 900, 900
month, no evils of contraction would be
:elt. In conclusion he said that the question
was one sided. He had not intended to say
word about it and he almost felt as though
an apology was necessary to those who had |
,he next session of Congress he should
be glad to take part in a.
discussion when certain propositions would
be placed before the Senate and debated, not |
BY set speeches, but by answering questions
that should be asked and some of which
questions he now suggested.
After speaking for nearly two hours he
yielded for a motion which was carried to go
INTO secret session. At 5:45 p. m. the doors
we're reopened and the Senate adjourned.
HoUsE-The House Immediately after as
sembling went into Committee of the Whole
upon the Senate amendment of the general !
deficiency bill.
AIR. Thomas called up the veto on the Dill
20 pension Mary Anderson. Mr.. Reagan de-
sired to call up the inter State commerce bill
and the House refused to consider the veto
message.
Mr.. Sawyer, of New York, then called up
The vetoed pension case of Andrew J. Wilson,
put the House also refused to consider it.
But the track was not clear for the inter
State commerce bill and for while obstruc-
ions in the shape of vetoed pension bills
we're put in the way of it. Finally it was
agreed that the pension on the calendar
De taken up and then the Interstate COM
nerce bill should be considered. The bill
granting pension to Andrew j. Wilson was
hen taken up and the House by vote of 105
yeas, SO nays refused to pass it over the
veto.
The House then at Sis took recess until
o'clock. The evening session is to be for
,he consideration of private bills.
At the evening session about twenty-five
pension bills were passed and at II O'Clock
he House adjourned.
THE CABINET OF THE TORIES.
New Names Efvau Ont For Some of