Los Angeles daily herald., 1888-04-05
NATIONAL CAPITAL.
The Senate Considers Mon.
etary Matters.
JOHN SHERMAN HAS HIS SAY
Time-Killers of the House,
Hitch on Technicalities-All
Night Session.
Associated Press Dispatches to the HERALD

Secretary OF the Treasury to repor
what precautions have been taken tc
prevent the importation of lead ant
other ores from Mexico and Canada il
violation of the revenue laws, ant
what legislation is necessary to pre-.
vent the smuggling OF ores.
Some time ago Senator Walthall in
troduced bill for the withdrawal ol
public lands in Mississippi from sale
at ordinary private entry. The Pub
lie Lands Committee, after considera-
ton of the matter concluded to report
the bill covering all public lands, and
this morning Walthall, by direction
of the Committee reported the follow
ing substitute for his bill: "Resolped
That from and after the passage ol
this act the public lands of the United
States, now subject to private entry,
. shall be disposed of under and ac-
cording to the provisions of the homo
stead law only"
Cockrell gave notice that he would
oppose the passage Of the bill.
The Senate then briefly discussed
the bill to REIN burse the creditors of
the Freedmen's Savings and Trust
Company, after which the bond
purchase bill was taken up, the pend
ing question being on Beck's amend
ment.
Teller criticised the statement OF
Mcpherson as to the the country be-
ing within sixty days ON silver ba-
sis, with gold at premium, il the
amendment should become law.
He declared there was nothing in the
financial experience of the country,
or OF the world, that wou Id
Justify statement that if $3.50, :
,000, 900 of silver coin were
put on the market, any diff
ference would be made in the rela-
tive value of silver dollars and silver
bullion. He denied there was any
intrinsic value in money, whether
gold, silver or paper. 1t had simply
a value corresponding with its ability
to 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 under the Beck amendment
would be insignificant, and would
have little or no influence
in the value OF silver, hut it would
tell the world that the great silver pro-
ducing country of the world was sat
isfied it did not make mistake when
it partially remonetized silver. and
that step by step it proposed to go on
until there was acomplete recognition
of silver as money metal in all res
poets with gold. The question was
taken on the Beck amendment, and il
was agreed to by 81 to 13.
Reagan offered an amendment
directing the purchase and cancella-
tions of bonds with The $1,000, 900 of
gold in the Treasury, for the resump-
tion Of legal tender notes.
Farwell asked if he pretended to
say that legal tender notes was not a
debt as shown upon their face.
Reagan said technically they were
q debt, but practically, they were
money; the easiest way to reduce the
surplus and relieve taxation was by
the adoption of his amendment.
Later Reagan withdrew the amend
ment on the assurance OF Beck that
he would have an opportunity to offer
it with another bill.
Sherman moved to amend Beck
amendment by substituting silver bull
lion for silver coin, over the two mil
lions monthly, but the presiding
officer ru,d it out of order.
Sherman said that he knew his
amendment was not in order, but he
wanted to show the Senate the effor
to force upon the body, matter which
has not been carefully examined by
the committee. The Senator from
Texas had spoken of there being
great distress in the country Sher.
man attributed this distress tc
the fact that the administration
had not ex ecuted the law giving i
full power to use the surplus in tn,
purchase of bonds. The Democratic
House had also refused to pass the
Senate bill allowing National bank
currency to be issued to the full
amount OF the bonds deposited. The
effect of this policy is that, since the
present administration came into
power, National bank currency has
been reduced by $170,000,000, anG
that was not all. When th,
banks commenced to reduce
the only way they p could do il
was by depositing United States
notes in the treasury, and that they
had done to the extent Of 1902 900 900
That $102 100000 of United States
notes was now tied up as the result o
the fault in the action OF the House
So the result Of that policy of ,ht
Democratic party was to make double
contraction Of currency. The distres;
could easily be relieved by continuing
the efficient national banking system
and by removing the present restric
tions on the issue of national banking
currency.
Sherman spoke OF the overthrow O
the national banks as something thai
would be "a feather in the cap" OF tht
Democratic party, and yet the nation
al bank currency was the best tha
ever existed. He stood there to de
fend the national banking system
which was insidiously sought to bt
overthrown by the various PROPOSE
tions submitted with the bill. There
had been an effort to undermine il
ever since the Democrat C party came
into power. He would notsay that oi
the Executive head Of the Admins
tration. but by representatives who
came mainly from the Southern
States.
After opposing the silver bullior
proposition in the pending measure
Sherman said he. never had beer
against silver. If the policy which hs
had always advocated had beer
adopted and acted upon, silver woulG
never have deprecated in marke
value as it has done. The mainte.
nance of silver on a par with gold wa
wise act Of public policy, and If i
could not be brought up to that stand
ard, an approach to it could be made