, 1888-04-05
GENERAL NEWS.
Great Debate in the Senate..
Silver on Top.
Sherman Threatens Another
Black Friday.
Beck. Teller, and Allison Defend
the Peoples Money.
SPEAKER CARLISLE CoRNERED BY GRos-
vENOR, OF OHIO.
INATE.

PUBLIC LANDS FOR HoMESTEADs ONLY.
WAsHINetON, April Some time ago
Senator Walthall introduced a bill tor the
Withdraw wal of the public lands in Mississ-
i,pp, rom sale at ordinary entry. The pub.
lie lands committee, after consideration of
the matter, concluded To report bill GOV.
erng all pubic lands and this morning
Walthall, by direction of the co nimittee, re-
ported the following substitute for his bill
Resolved, That from and after the passage
of this act, the public lands of the United
States no " subject to private entry shall be
disposed OF under and according to the pro.
visions of the homestead laws only. :"
Cockrell gave notice that he would oppose
the passage Of the bill
The senate then briefly discussed the bill
to reimburse the creditors OF the Freed.
mans Savings Il Trust company, after
which the bond purchase bill was taken up
Stewart offered resolution which was
agreed to directing the secretary of the
treasury To report what precautions have
been taken to prevent the importation of
lead and lead ores from Mexico and Canada
in violation OF the revenue laws, and what
legislation is necessary to prevent the
smuggling OF lead and lead ores.
The senate resumed the consideration of
the bond bill, the pending question being
Beck's amendment. Teller criticised the
statement of MCPHERSON as to the country's
being within sixty days on a silver basis,
should become law. He declared that
there was nothing in the financial expert
ence OF the country or world that would
justify the statement that il $3.50, 600 COO
OF silver coin were put on the market any
difference would be made in the relative
value of the silver dollar and silver bull
lion. He denied that there was any in
trinsic value in money whether gold, sill
yer, or paper. Ii had SIMPLY value cor
responding with its abiityto absorb things.
The silver question, he said did not cut any
particular figure in the pending bill. The
amount Of silver that would be coined I'M
der Beck's amendment would be insignifi-
cant and would have little or no influence
ON the value of silver, but it would tell
that the great silver producing country of
the world was satisfied that 1t did not make
u mistake when it partially renionetzed
silver, and that step by step it proposed TO
go ON until there was complete recognition
of silver as money metal equal in all re-
spects with gold.
The question was taken on Seeks
amendment and 1t was agreed to. Yeas 81,
nays 13.
Reagan offered an amendment directing
the purchase and cancellation of bonds
with the ten million OF gold in the treasury
for the redemption of legal tender notes.
Farwell asked IL he pretended to say that
legal tender notes We're not debt as
shown upon their face. Reagan said that
technically they were money.
The easiest way to reduce the surplus and
relieve taxation was by the adoption of his
amend mt mt Later Reagan withdrew the
amendment on assurance that he would
have al opportunity to offer IL to another
bill.
Sherman moved to amend Beck's amend
ment by substituting silver bullion for sill
yer coin, over the two millions monthly,
but the presiding officer ruled it out of or.
der. Sherman said he knew his amend.
lInt Gn4 M in Ian l.nt I,A
show the senate that the Diatter has not
been carefully examined by the comnitte
The senator from Texas had spoken ofthere
| beiag great distress in the country. Sher.
man attributed this distress to the fact that
| the administration had not executed the
law giving II full power to use the surplus
in the purchase OF bonds. A Democratic
| house had also refused TO pass the senate
| bill allowing national bank currency to be
| issued to the iull amount of the bonds
| deposited, The effect OF this policy was
| that since the administration came into
| power the national bank currency had
| been reduced by $4,000, 900, and that
was not all When the banks commenced
to reduce, the only way theyIcould was 10y
| depositing United States notes in the treas
ury, and that they had done to the extent
| OF SlO2, 100000. That $lO2, ,OOO, 900 of Uni.
| ted States notes was tied up rs the result oil
the faulty action of the house. So the re-
| suit of that policy oil the democratic party
| was to make double contraction OF the
currency. Distress could easily be relieved
| by continuing an efficient National bank.
| ing system and removing the present re.
strictiun ON the issue of National banking
| currency.
| Sherman spoke of the overthrow of the
| National banks us something that would BE-
"leather in the cap" Of the democratic
party and yet the National bank curren cy
| was the best THAT nas ever existed He
/ Stnnd there N 1atpnH tha National hn b i,,u
| system, which was insidiously sought to be
| Overthrown by various pro positions submit
ted to the bill. There had been an effort to
underaiine it ever since the democratic
party came into power. He would not say
| that of the executive head Of the admins
tratlon, but OF the representatives who came
from southern states.
Alter opposing the silver bullion propo
stlon in the pending measure, Sherman
said he had never been against silver. i
the policy which he had al
| ways advocated had been adopted
and acted upon, silver wonld never have
deprecated in its market value as it hao
done. The maintenance of silver at pal
| with gold was "a wise act of public policy
| and II it could not be brought up to tba
standard, an approach to it could be mad,
end then by convention Of the European
nations u new ratio might possibly be es
tablished and gold and silver placed side 10y
side as in the past. But while gold anl
silver were differently rated in the marke 8
no single power in the world could brin,
them together and If the United States
tempted it it would reach finally asingI
silver basis. He had no objection what
ever to the issue of silver certificates on ths
bullian in the treasury of its market value
The United States should have done as tn,
Latin nations did--not coin more silve
than necessary for ordinary transac
tions.
On balances of silver bullion certificate