The sun., 1893-10-29

sHERNAN's SYMPATHY.
sympathy which he felt for the Senators and
peo5,lse pn,s a, Of the silver producing states He He
lieved that, after the suspension OF silver pur.
ShSsess SAY silver n wSnld rise in price There was
sIdlaIy coin, After ali, tho jeTsmiads which
Colorado and tho other silver producing States
would go on. The good people. of Colorado.
s%s to be
Ss,ysspaS$s mSS thSs
IT, s%nStry; but G%s onshs not n" s epssnrass SH e
ofthe whole people OF the United states. lie
believed IN the protection Of American indus
rensonable tSr duty 1"s ey"ry cry i industry that
could DO carried on with safety and profit. \!
fys mns s be
willing TO SOC i done lie did not want his
The Popuiists. to feel hurt because he had not
been converted 10y their long speeches. He did
had always left tho chamber when he felt
tired: ILaughtsrl But he could not IN. IN,
sneea uerS.. he peons q, hs
United states were Involved; Addressing tho
Sa he sS% Se W.Ssr se
| Eepeal bill in its present shape, would meet
the expectations OF many people who had
llo, believed that 1t was necessary to super
add other measures ever, moro vitally i'm,
| that they should be offered rs amendments to
nn renting Pill And after ,hnking !. Of i
Wise to toll insroSuee new % praSSsition; # to Tass =
| other questions on the pending bill. But 1t
WAS ahsSutSly !" have foms some leGisa fd IA
ma inte enance OF resumption. and also to have
clear conception OF that fund
JOHN sHERMAN's FUND scnFME.
tho nd o TSHs inc so
ing various authorities to show that It could
not be used except q io United
breach Of trust. He argued that the fund fund
designed And yet he was told. he said. that
ofs 9 Hf %
manifest that II that misuse OF II were contin-
uea Longer and %eEe not phrompy arrested ri @ by by
lieyed in sound money would fall The fund;
which was now reduced to $4,000. 900. would
be absolutely necessary to supplement 1t with
How Mr. Teller asked.
by the sale OF bonds. say" was Mr.. sher-
MIR Cockrel To be sold .where2
Mr.. .Sherman-Io be sold to all our peope |
will wager everything in the world that within
five days after the offer OF popular loan at thre"
per cent. running only three years. the people
OF this country. the men who have doubts
about The safety Of banks. viii seize upon these
gerly as the French people did when their coun-
try was invaded.
serve gold in the Treasury has become neces.
snry to maintain the parity between gold and
silver. would not The Secretary OF the Treasury
have the right to use it
Mr.. Sherman-This, reserve fund was set
aside in pursuance OF the resumption act IN
1875. ana no subsequent law has changed
that act.
Mr. Vest i agree with the Senator from Ohio
reserve was specifically marked out. and Dc
not believe that the clause in the act OF 1880
cconstructively repealed any part OF the act OF
NO AUTHORITY NOW TO ISSUE BONDS.
Mr.. Sherman-That Is the construction that
put upon it. There ia another quest on which
h or Is wReer " hs tSe
the Treasury can now sell any Of the bonds
provided for in the relundinG law for any pur::
United States notes at par with gold. On that
have very siea. OPINION Suppose II, the sec,
serve. for In stance, how could he do iti Whore |
r. she Of
bonds is the law Of 1878: and 1t tspeeifes them
per cent tnns 9Cad; Ss - csn gs
ten-year bonds. They are to be issued for the
specific Of o,s h.s
alteration Of that law. would like any lawyer
here to tell me whether by any act passed
that can be construed into authority to tho
Secretary OF the Treasury to sell these bonds,
noes TO you esys he 9t
the present condition OF affairs. unarmed with
authority to borrow money on the credit OF the
United States. you neglect your public duty. |
when 1t is plainly called to your attention.
Under existing law there is no power to sell
having gold enough to redeem United States
notes. and no Secretary OF the Treasury will
even ii the law permitted him to do it.
Mr. Blackburn DEM. Ky.l-Is It not true
nu T" e
Treasury Department has authority to sell
Mr. sherman-I think not, Ihave not seen
:, Mr.. .Blackhurn-l, is generally understood
Fosters administration. that tho Secretary
had the power to sell these bonds;
ssse thas power Not sSse a' one those
bonds has been sold except for the purpose
Tor which they were authorized.
he Senator from Ohio deny that Under OK.
sting law. the Secretary OF the Treasury has
whether in the admlnistration OF Secretary
Foster. the Attorney General did not hold that
he power to sell these bonds existed.
THE TREASURY SITUATION.
Mr. Sherman-That cannot answer Here
u the chamber that there is no power in the
|
,onda. Even II he had the power. what Secre-
ary would issue now athirty year bond at four
,er cent when he can borrow money easily at
hree per cent?. II he attempted to sell
,onds at "a premium. nobody but capital
sta would be able to purchase them. They
oud not be distributed among the people.
,ecausc the people could not use them at ali.
NhereHR. II they were to run only for three |
ears. the people would buy thom. and. after a
while purchase homes. lhat Is the difficulty.
have seen talk In the newspapers about the
resident OF tho United States doing this
hing or that thing in reference, to financial
natters. The PRESIDENT Of the United States
as 10 more power over tho financial question !
han any othe, citizen o. the United States.
he power to deal with money has always
een given to tho Secretary OF the Treasury.
Mr.. bntler Dem. 5. Giles the present
hority which he ought to have in regard to
he issue OF bonds?
Mr.. Sherman iheBitating)-l would not like =
o answer that question. AFTER n pausel l '
an say that he does not ask 1t now.
Mr.. Butler.lf no has done 80. 1t should be q
natter Of public record.
Mr.. Sherman-I do not know Of any record