Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-07-19
It is Concurred in-Other Amend
ments Not Agreed to.
FINANCEIN THE SENATE
Mr.. Sherman's Remarks on Mr..
Morgan's Resolution.
THE SENATE.

mittee on finance to report a bill to give to all
paper money issued by the United States a
legal tender for debts and to all standard silver
dollars the full legal tender given by law to
coins of gold. and addressed the Senate In ex-
PLANTATION and advocacy Of It, There were. he
said, Scotch and English agencies in the state
OF Alabama which loaned money on contracts
requiring payment in gold coin. He wns seek
ing remedy for that evil. He wanted to make
uniform the power of legal tender money in
| the payment of debts.
He gave the figures of the paper money
which the government is bound TO redeem in
gold, il demand at S702 900 900. and of the gold
| In the treasury wherewith TO redeem such
paper money at s125 600. 900. and said that a
demanded on the treasury, which would for one
moment prove the inability Of the governments
to meet its contracts, would destroy faith in the
government and would injure If not ruin its
credit. The danger Of the situation
could not be exaggerated. and it came
! from the power that was put in the hands OF the
moneyed class to make contracts payable in
gold as the only legal tender. He had Just re-
ceived anote stating land correctly he believed)
that the net amount of gold in the treasury was
Sill ,0o0, 000-the lowest point reached In nine
years, and thnt was all that the people Of the
United States had got to rely on for the re-
demption Of all the vast volume Of outstanding
paper money. He called for the yeas and nays
on the adoption Of the resolution.
Mr.. sHERMANs NOTION.
Mr.. Sherman moved that the resolution be
referred to the committee on finance. He as
sumed that SO experienced Senator rs the
Senator from Alabama would not ask the Sem
ate to vote on q proposition involving the
gravest questions. There was not q single prop
osition In the preamble to tho resolution that was
not disputed. and o. to the resolution itself 1T
directed the finance committee without In
quiry and without any opportunity for investi-
DatiOno tn raport n hill 6aclaripU That fba
pie Of the United States shall have no right to
contract with each other as to the mode and
payment Of debts.
II the resolution were referred to the com.
mittee on finance that committee would give
the fullest attention to the subject. Mr.. Sher-
man read one by one the several statements in
the preamble and pointed out wherein they
were not borne out by the facts.
NOT MILLION PAID IN GOLD.
In the course OF his remarks he said that not
million dollars in United States bonds had
ever been paid in gold. They had been paid as
all other government debts were paid, in
checks or in paper money, or in gold or silver
coin.
Mr.. Carlisle asked Mr. Sherman whether the
different footing from any official of the United
States, and whether the one did not receive
payment for his bond just as the other received
payment for his salary.
Mr.. Sherman replied that the person who
presented his bond to the treasury for pay
ment was treated as any other person having q
claim upon the treasury.
Mr.. Cockrell remarked that there was this
difference: The bondholder could require paw
ment in coin, whereas the individual debtor had
not that right.
Mr.: sherman admitted that, but said that
practically the bondholder was precisely like
any other public creditor.
WON'T LISTEN TO MR.. MORGAN.
MIR. Morgan wished to inte-pose q remark,
but Mr.. Sherman declined to yield the floor,
saying that it seemed he could never speak on
tine subject Of finance without stirring M the
Senator from Alabama.
The retort on the part OF Mr. Morgan was
that if the Senator from Ohio would stick to
the truth in his statements nobody would be
stirred up.
That remark, Mr. Sherman said, showed the
Senator's want of courtesy; and yet much of
what the Senator had said today was not true
was not correct.
Mr.. Sherman denied Mr.. Morgan's assertion
that the treasury only held ell 600 900 of gold
coin and said that the treasury held dollar for
dollar with some millions to spsre) for the gold
certificates-Sl66,O 600 900.
Every dollar of these gold certificates YVES
supported by gold in the treasury That gold
was not counted as part Of the Sill. 600 900
60 that instead Of there being only sIlI,-
was s27o,ooo,00O odd The debtor classes
(Mr. Sherman went on to saw
were not in the thralls. as the Senator from
Alabama represented, Of the creditor classes
The debtor classes dominated in the business of
the country. There was scarcely a man en-
gagged in large business who was not q debtor
And now it was proposed to deny to the people
Of the United States the right to contract how
debt shall be paid, whether in silver or gold or
Nh. NoRdANs RESPONSIBILITY.
The Senator from Alabama (Mr. Sherman
declared with much emphasis) had done more
than any thousand men in the United States to
create distrust In regard to the present financial
condition. He had done much 70 excite alarm
and to induce careful people to convert their
contracts into gold contracts.
Mr.. Allison also opposed Mr.. Morgan's resolu-
ton.
|. The resolution went over without action and
at pm the anti-option bill was laid before
the Senate.
THE HOUSE.
An order was made for the printing of the
evidence taken by the subcommittee Of the
committee on the Judiciary investigating the
Homestead troubles.
rules, reported the Fitch resolution for the sp-
pOAutLAcus VI bpCClul COmmltVco OF uve MEM
bers to inquire into the supervision and admin
istration' Of election laws by officers of the
United States within the city and county of
New York SO far as the same relate to the cleo
ton of members Of Congress. The committee
Is authorized to sit during the recess Of Con-
gress.
Mr.. Catchings demanded the previous ques-
| ton.
TO TAKE IN ALBANY AND TROY
Mr.. Burrows (Mich.) requested that the de-
mnnd be withdrawn long enough to permit him
to offer anamendment extending the inquiry to
the cities Of Albany and Troy. He wished, he
said, to make the Investigation q thorough one.
Mr.. Catchfngs insisted on his demand and
the republicans declined TO vote
The object Of the resolution, as stated by its
author. e TO put check upon the supervisors
in New York and especially upon John L Dav-
export. II the committee should find that fraud
or improper methods are used under the pres
ent federal election laws the report Of the COM
mittee VIII form Foundation upon which can
be constructed an amendment TO those lava
The republicans say that they have no OBJ
lection 70 the proposed Investigation, but wish
Il broadened 80 - TO include the cities Of
Albany and Troy, where, they claim, many
frauds are perpetrated
The preysou: question was ordsrsd---ysas.
lS!; nays, O and tbs resolution was sgrssd 70.
AL the Senate amendments to the general
dedciency bill wore non-concurred and in con-