Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-10-26
A SHERMAN ALARM.
BONDS MUST DC ISSUED TO PROTECT
THE GOLD RESERVE.
Silver Repeal Demecsass Fear the Enecs
Of This on Their Biii-Ths Ohioan
Mercifuiiy Rebuts.
fRr ,al.srapn % tho pi.p.tch.,


WASHINGTON. October 25.- II Is re-
ported that towards the close OF an In
formal meeting Of the Senate Com
mittee on Finance this morning. MT.
Sherman called the attention OIL
his Democratic colleagues to the.
as he termed 1t. alarming condition
OF the Treasury. He referred to the fact
that the gold reserve had been trenched
upon to the extent of sls,ooo,ooo, the money
being used for current expenses. and not
redemption purposes. az was required py
law, and asked the Democratic senator's
what they proposed TO do to remedy this
condition of affairs.
Mr.. Sherman asserted that the only
thing that could be done was 10 issue
bonds. for therein was the only means
presented to the government 70 re-
plenish the exhausted gold reserve. He
emphasized the necessity for this course,
and when he pressed his associates for
an answer. he learned that there was
disposition on their part to permit
the repeal bill 10 pass as IL was reported
to the Senate. Mr. Sherman Is said 10
have then told the Democrats that there
must be bonds, and that sooner or later
the members must come to It, He sug-
gested that there be issued a total OF
t2DO,0O0,000 worth, redeemable at the op-
tion of the government after five years,
and to draw not more than per cent
Fifty millions OF this issue he would put
out in denominations of $50 or multipies
OF that
ISSUE ALREADY AUTHORIZED.
The Democratic members and some OF
the Republicans maintained that the au-
thority was already given. the Secretary
of the Treasury to issue bonds under
the act OF 1876. but Mr.. Sherman TOOK
issue II is said. and asserted that ne
very much doubted the authority OF the
Secretary to sell these bonds, and espe-
ciaily to sell them TO purchase gold to
meet the deficiency that now stares MIN
In the face. IL the Democrats did not
intend TO protect the gold reserve. MIR.
Sherman said he Mould introduce the
amendment himself, as he considered 1t
a matter Of the most vital Importance.
This statement naturally filed the re-
peal men with the gravest apprehen-
sions for the success of the repeal DILL
and they besought Mr.. Sherman not 10
take the step he had intimated, Tor the
reason that IL would precipitate another
outbreak on the part of senator's from
the South, and endanger the ultimate
repeal of the bill itself.
Mr.. Sherman finally consented not 10
take the initiative. but warned his col
leagues that they must do something 10
protect the gold reserve from further
encroachments.
SHERMAN UNDECIDED.
At 450 this afternoon senator's Gray,
voorhees,, and Sherman emerged from the
room of the Finance Committee. where
they had been in conference. When asked
whether 1t was true that he intended
Offering an amendment to the bill pro-
viding for an Issue OF bonds, Mr.. Sher-
man said that he was still undecided
He would think over the matter until to-
morrow and then would act as his judg-
ment and the circumstances suggested.
IL believe" said Mr.. Sherman, that
there should be an Issue Of bonds, but do
not desire TO give my reasons now. IL
should conclude to offer this amendment
will give my reasons; II l do not offer 1t,
there Is no need OF saying anything
THE PRESIDENT SEEN.
About 8 o'clock Mr.. Gray went alone ia
the formers room. and after short
talk came out and taking carriage,
drove at once uptown. 1t Is said that he
went 10 the White House. He had hardly
got out OF sight when Mr.. voorhees,
came out hurrledly. and taking a carriage
was rapidly driven In the same direction
| Both senator's are supposed to have seen
the President, and both Of them were back
within an hour.
A prominent member OF the Finance
Committee said 1t looked odd to see a
member of the Finance Committee offer
ing an amendment TO the bill when he
had the opportunity while 1t was being
discussed in the Senate. instead Of walt
| ing until this late day.
VOORHEES, ON THE SCARE.
When asked II he would say anything
about the proposed bond amendment OF
Mr.. Sherman. Mr.. Voorhees, replied thai
/ he expected to pass the bill as II had beer
/ reported by him. 1T is a bill for tht
unconditional repeal OF the act, and will
be passed unhampered by any amendment
l can only add that any amendment that
may be offered by any senator will be ar
indication OF his unfriendliness to the bill.
The Treasury gold reserve is showine
a tendency to increase, standing to-day a.
$50 GO Co.,