New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-19
FOR A 8 PER CENT ISSUE.
THE SHERMAN BOND AMENDMENT TO THE
SUNDRY CIVIL BILL ADOPTED.
TT GIVES THE SECRETARY OF THE TREASURY
THE RIGHT TO ISSUE PER CENT FIVE
YEAR BoNDs-A LONG DISCUSSION.
Icy TELEGRAPH TO THE TRIBUNE.

ley TELEGRAPH TO THE TRrBUNEJ
Washington. Feb. 1S.-Tfe Senate adopted 10 u'y .he
Sherman amendment TO the Sundry civil Appropri'"o"
bill which gives the Secretary OF The Treasury 'he
r4sht To issue hereafter al discretion. five year per
cent bonds for the redemption of the grecnpack
CURRENCY under the terms OF the Resumption act or
1875 Mr. Brce, OF Ohio, sought TO enlarge SINE
what the scope Of the amendment by declaring 'he
object OF such bond Issues 10 be the maintenance
of the parity between all kinds Of United states
notes. silver certificates gold certificates. greenbacKs
and Treasury notes. But this proposition brought on
n fierce discussion unntellgibe I'm the MAN, among
the various students OF money" in the Senate, ana
Mr. Brce finally withdrew his amendment In order
not to embarrass the success OF Mr. Sherinans pam
and simple modification OF existing law.
Mr. Stewart and Mr.. Teller led the fight against
the Brice scheme as the accomplished students"
on the silver side, while Mr. Villas contributed several
bursts Of elsquence to the discussion from 'he
anti silver students point Of view. The opponents
Of the amendment beaten nearly two to one on
tho vote, which stood 80 10 1G
The pending question was Mr.. MISS amcndmeht
to the Sherman 3 per cent bond issue amendment
Ito strike out the words after five years from thelr
da,e' The amendment was defeated without a
division.
The Vice President than put the question on Mr..
sherman's amendment, and announced that II was
agreed 10.
But Mr.. Stewart then realized what was being DONE
and said that he and the Senate had been taken BY
surprise, and that he desired TO address the senate
on the Sherman amendment. At the suggestion OF
Mr. Hoar, both amendments considered as still
OPEN and MI. Stewart spoke at length.
Mr.. Stewart closed by moving TO amend the amend
ment by adding TO 1t these words, land the bonds
issued under the provisions Of this act shall not be
used security for the Issuance Of National bank
currency"
MIR. Sherman, referring to his statement Yesterday
that he would have objection to shortening the
period Of the duration Of the bonds to throe years,
that since then he had consulted with Senators
ana found that majority Of them believed that that
would take away from the bonds material valpe.
lie therefore withdrew what he had said on that
point and concurred In the opinion that fve-year
bond would be preferable to q three year bond.
Mr.. Mills's amendment was rejected without
division, and Mr. Stewards amendment also
jected-yeas, 81 nays, 81.
Mr.. Broe offered amendment requiring all issues
Of United States issued and circulating cur
rency to be maintained at parity and interchangeable
at their nominal par value.
Mr.. Sherman stated that not only had he no OBJ
lection TO his colleagues amendment but he believed
that that the law Of tho land.
Mr.. Teller-Do you include silver certificates?
MIR. sherman-silver Ger idca'es, gold certificates.
Treasury notes and all the paper money issued by the
Government
Mr.. Teer-It seems 10 that that legislation
will result in placing great burden the Treasury
Department. These silver certificates cir
In practice, In gold, and do not any necessity
for redeeming them in gold
Mr.. Mcpherson argued against the Brice amendment.
The Treasury, he said would be required TO issue
bonds for the redemption Of silver certificates, and
their gold would have to be cartcd in at end Of
the Treasury only be carried out at the other end
Mr.. Sherman, in reply to q statement by Mr.. Nc
Phsrson said that bullion certificates were not IN
Guided, and that the difference between notes and
certificates was very marked.
Mr. Bnoe modified his amendment 50 as TO make
IL read; "And also - maintain, at parity aud inter
ohangeabe at their nominal par all and every series
Of notes OF the United Statos issued and circulating
any time as currency, including Treasury notes, gold
certificates, silver certificates currency certificates
and Treasury notes Of 1880, or hereafter out
standing"
Mr.. Allison said that while he would not have
offered the amendment offered by Mr.. Brice, he would
vote for It, because 1t only made clear what all Sell
ators intended 10 do. He believed that the power TO
keep the greenbacks at par would give the Secretary
Of the Treasury complete power to keep all the paper
money issued by the United States Government at
par with gold and silver. If 1t not clear that
silver certificates included in Mr. Brces
amendment, he wanted it modified that there would
be no doubt about 1t.
Mr.. Brice replied to some Of Mr.. McPhersons
points, and reminded him OF the fact that every
Of the silver certificates was, II not redeemable in
gold, at least available in the payment of taxes
the Government 10 the amount OF lis annual revenue
Of $1,000 900, and he said that that fact kept
these certificates at parity
Mr. Villas advocated the Sherman amendment, and
said that II parity not maintained among all
kinds OF currency. comm rcsl disaster would follow
Mr.. Teller opposed the Brice amendment. the
ground that the plain English Of 1t that the
country was to be placed on the single gold standard
Mr.. Brice said that. In Difference u the judgment
Of his seniors in the Senate no would withdraw his
amendment.
Mr.. HOssr said that he would have renewed the
Brioe amendment but for the fact that it clear to
his mind, that It would not have changed the law OF
1880. The Sherman amendment merely
affirmation OF existing law and Of the purpose Of
Congress to make every coined dollar equal TO every
other.
The discussion finally closed and the vote was
taken on the sherman amendment. II agreed
year 80. nays 10. II IS In these terms:
To cnsblo the Secretary Treasury provide for
and maintain the redemption OF United States notes
according the provisions Of the act approved January
H. 1875, entitled AN Act TO provide for the resumption
specie payments $50 Oo and at the discretion Of the
Secretary he Is authorized issue sell and dispose Of
less than par coin either OF the description Of
bonds authorized in said bonds of the United States
bearing 10 exceed per ceatum in interest, payable
eeannusly and Ieieemabe at the pleasure of the nit1
States after five from their date with like qualities
privileges ard exemptions provided In said act for the bonds
therein authorized 70 the extent necessary to said
resumption into full effect 0nd the proceeds
thereof for the purposes provided in said act and
other.
The following Is the vote in detail
Yeas-Adrich Allison Brice Gallery, Chandler. Cuon
Davis, Dixon, Felton, Frye, German. Gray, Hale Hans.
brough, Hawlcy, Harris. Higgins, Hiscock, Hoar, |
Mcmillan Mcpherson. Morrll, Perkins Sawyer sherman
Stockbiidge Villas, Voorhees,, Wa shburn and Whe-3o.
Nays-Bate, Call, Cockrel, Coke, Geoge Cor |
don, Jones, Of Nevada; Kyle, Mitchell PETER, Power
Pugh. shoup, Stewart Teller and vest-lG.
No further action was taken the Sundry Civil |
Appropriation BILL but Mr.. Allison gave notice that he
would ask the senate 70 remain In session Monday
until the bill WAS passed.
The PANAMA INVESTIGATION.