The Indianapolis journal., 1893-02-19
VOTED TO ISSUE NEW BONDS
Sherman's Amendment to the Snndry
Civil Appropriation Bill Adopted.
The Subject Debated All Day in the Senate
silysfites Stewart and Teller Bitter Against
It-Mr. Brice's Proposition.


ditious method of Vice President Morton
the Senate almost escaped the long debate
on the thre-per-cent bond issue amend
bill. which subsequently lasted for five or
six hours. As soon as the bill was taken up
Dir. Morton put the question on Mr.. Mills's
amendment to make the bonds redeemable
at the pleasure of the United States. and
declared it lost; aud then. with equal celer-
ity, he put the question on the Sherman
amendment, and declared it carried. Mr.
Stewart soon realized the situation. and.
at his suggestion. the whole ques-
tion was reopened. Some hours later,
when the vote was about to be taken
again, an additional subject of controversy
was supplied in an amendment offered by
Mr.. Brice, and the debate upon 1t went on
almost up to the point OF adjournment
when Mr.. Brice withdrew it. The Sherman
amendment was then agreed to-yeas. 30;
nays. 16. The bill went over without final
action.
During the debate Mr.. Stewart de-
nounced the Sherman amendment as the
most wicked. revolutionary scheme ever
invented by man to lay the rude hand OF
legislation OF the accumulated precious
than an hour Mr.. Stewart said he felt
most deeply the outrage proposed to be
perpetrated on civilization by violent
and wicked revolution. which contem-
plated the destruction OF all the silver
money of the world the hands of the
masses, reduction of the masses of the peo-
pie TO penury and want. and the building
MP of q gold arIstocracy to rule the United
States and Europe. He moved to amend
the amendment Dy adding to it these
words: "And the bonds issued under the
provisions of this act shall not be used as
security for the issuance of national bank
currency
Mr. Palmer advocated the Sherman
amendment and related an anecdote of
which he was reminded by the speech Of
she Senator from Nevada. The son Of q
pious mother said to her one day,
Mother i wish there was no hell"
Why. my boyp
"I cannot do a thing but you tell me if I
do it will 60 to hell and be, burned in
everlasting fire and birthstone"
At this point of the story, Dir. Stewart
broke in with the inquiry: "Do you not
appreciate the danger nowp Laughter.
mo sir.n said Mr.. Palmer, this pIoposI-
tion. which | supposed was one of mere
business. involving no principle, present.
ing nothing new. seems to have stirred up
the Senator from Nevada so that we are
threatened with the most serious conse-
auences if it be adopted" Mr. Palmer
argued briefly in defense of the Sherman
amendment as pure, plain business propo-
sition.
WILDCAT MONEY REJECTED.
Mr. Vance moved to amend the Sherman
amendment by adding to it q proviso re-
pealing the tax on State bank circulation.
Mr.. German moved to lay Mr.. Vance's mo-
tion on the table. Agreed to-yeas. 40;
nsys, 10.
Mr. Brice offered an amendment requir-
and circulating as currency to be main-
tanned n n DaritV and INTERCHANGEABLE AT
their nominal par.
Mr. Sherman stated that not only had he
no objection to his colleagues amendment,
but he would vote for it with great pleas
ure.
Mr.. Teller-Do you include silver certif-
catesf
Mr.. Sherman-Silver certificates, gold
certificates treasury notes and all the paper
money issued by the government.
MIR. Teller-Then. it Is proposed no W that
in addition to the S346. .000. 900 of greenbacks
that are payable in gold. and. In addition
to the Sl30 OOO. 600 oftreasury notes, the S527.-
000, 600 of silver certificates are to be in.
cluded. 1t seems to me that that legisls-
tion would eyentuate in placing q very
great burden on the Treasury Department..
These silver certificates are now circulat-
ing as money. aud are not redeemable iby
Jaw or in practicel in gold, and i 90 not
see any necessity for redeeming them in
gold.
MT. Sherman, in reply to q statement by
tihcates were not included; anu SAID that
the difference between notes and certiti-
Gates was very marked. He read from q
silver certificate the legend There has
United States one dollar in silver payable
TO bearer on demand and said: THAT is
q certificate. and not q note in q sense.
Therefore. think that my colleagues
than declaration of public policy that all
these notes shall be ct all times maintained
at the parity.
Mr. Brice said that if his amendment did
not now cover every kind of paper used as
currency. and for which gold should be
held as O margin. so az to keep them inter-
changeable at par. he would offer q modif-
cation of it. And he subsequently, modified
his amendment SO as TO made it resd And
also to maintain. at q parity and inter-
Manageable at their normal par, all and
every series of notes of the United States
Issued and circulating at any time az cur
reney. including treasury notes. gold cer-
titfcates. silver certificates, currency cer-
titcates and treasury notes of 1890, now or
hereafter outstanding"
Mr.. Allison said that while he would not
have offered the amendment offered by
Dir. Bricc. he would vote for it, because 1t
only made clear What all Senators intended
TO do. He believed that the power to keep
the greenbacks at par would give to the
Secretary of the Treasury complete power
10 keep ell the paper money Issued by the
United States government at par with
gold and silver. he would never by any
vote of his undertake to give one kind of
money to the people in Wall street and in
the great markets of trade and another
kind of money to the people IN Iowa, which
money was now almost wholly in the form
of silver certificates. If it were not clear
that silver certificates were included in
Mr.. Brices amendment. he wanted 1t so
modified that there would be no doubt
about It.
Mr.. Villas advocated the Sherman amend
ment.
TELLER WAKES wROTH.
Mr. Teller opposed the Brice amendment
on the ground that the PLAIN English of it
was that the country was to be placed on
the single gold standard. 1t had been, be
said, favorite falsehood uttered and re
uttered in the public press, tnat the silver
dollar circulation was owing to the fact
that the government of the United States
redeemed it in gold. He asserted, and was
prepared TO prove. that since the first silver
certificate was issued, In 1878, there never
had been one eiiver dollar exchanged for
gold In the treasury-not one. He declared
the amendment was intended to bring about
ar extra session of Congress. The absurd
proposition" he said. lis to put us to the
spring, perhaps or else waving our Obec.
tions TO it, Do the friends of this measure
believe that the opponents of the gold
standard IN this country are so craven. are
30 anxious. for their personal ease, that
they will permit this kind of legislation to
become law. without due process. no mat
ter What labor incOuyenieQce may be