St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-29
ill meet the expectations of many peo-

will meet the expectations of many PEG
pie.
II believe that it is necessary to S,
peradd to this measure other measure:
more important than this. After think
ing of it fully, believe it would not bt
wise to offer any propos ition of new
character raising questions of doubt anC
dispute OF this bill. 1t is absolutely
necessary. in my judgment, to have
;some legislation in respect to
THE FUND ON HAND
for the maintenance of resumption.
believe that the fund OF 500, 900 in
gold at this moment is used contrary to
the provisions of the existing law. I'm
der the law. that fund must remain in
the treasury, and cannot be taken for
any purpose whatever without breach
OF law; and yet am told that this fund
Is now being used to pay the ordinary
current expenses of the government.
1t ought to be at once supplemented by
gold"
| Mr.. Teller-How?
Mr.. Sherman-By the sale of bonds.
Mr.. Cockrell-Sell them where?
Mr.. Sherman-To our people.
MIR. Vest-Suppose that the use of
this reserve gold, as 1t Is called in the
treasury, should become necessary to
yer, wouldn't the secretary of the treas
ury have the right to use it?
Mr.. Sherman-I say that the law of
1875, which provided for the fund, has
not been changed by subsequent laws
There is no subsequent law that has
any reference to it whatever, except the
| one of 1882. There is another ones
ton that has arisen in re-
gard to the construction of the
law by which the secretary of the
treasury car sell now any of the bonds
provided for in the refunding law for
any purpose whatever except the main
tenance of United States notes at par
with gold. | would like any lawyer
here to tell me whether by any act
that has passed since that time
there has been the slightest provis.
ion made that can be construed into
authority to sell bonds except to main
tain the parity of United States
notes. Therefore. if you leave tine
secretary in the present condition of
affairs, unarmed with authority to
borrow money. upon the credit
of the United States, you neg
lect your public duty when it Is
plainly called to your attention / say
myself, as a lawyer, that under existing
law there is no power to sell the 4 per
VIM 1CoI DuHuS VI GuC ~ p6T
cent ffteen-year bonds, or the per
cent ten-year except for the purpose of
HAVING GOLD ENOUGH
to redeem the United States notes, and
no secretary would dare TO issue either
of these bonds even if the law permitted
him to do it.
Mr.. German Oem., Md followed Mr..
Sherman. Commenting on Mr.. Sher-
mans speech, he said: l am sur
prlsed that he should bring in party
questions and attempt to take party ad-
vantage of delays or mistakes. If there
have been mistakes, or now, in the clos
Ing hours of this great struggle, that
that distinguished leader should tell US
and tell the country that the measure
itself will be lmpOtent. that 1t elimi-
mates silver or its further use for the mo-
ment.
L would not to relieve myself, or for |
any other purpose in the world, violate |
the condolences or repeat conversations |
that have occurred, but have the right |
To say that we have been most unfortu-
nate If we were not understood to say |
that proper bill and the bonds could |
be passed without any trouble.
The senator. as thought, in his re-
marks on the 18th of October, and to-
day, Willingly or unwittingly, tried to
place the responsibility of any future
failure or the failure of this act
to give relief, upon this side
Of the chamber. 1t does not belong here.
Probably it may work out the wisest
thing that this bill shall pass as it came
from the committee. That there is to
be further trouble with our financial
affairs everybody who has watched the
operations of the treasury knows.
MIR. President, we have come into
power when we have inherited load of
sin and iniqulty, piled on US by another
party; the treasury bankrupt, as the
senator from Ohio says: sit was bank
rupt when we accepted it. Who is !
responsible for it? 1t is not our fault |
as party on this side of the chamber.
Seek as you may to make capital out of |
t, but the honest men of the country |
will know what the facts are"
MIR. SHERMAN REMARKED
hat the last house of representatives
was strongly Democratic and that all |
appropriations for the support of the |
originated there. He |
thought that both parties shared in the |
responsibility for excess of appropria- |
lions.
MIR. Gorman-It is true that the last |
house was Democratic. 1t is true that |
the Republican party has had posses
olOli VI tUC CA6CutlNG DTdLCH ana I0lS.
1t is true that the expenditures could |
not be cut down unless we had |
all branches of the government,
and now we have them. We hope |
to cut them down as rapidly as
possible. But, Mr.. President, we have
Inherited another thing-contracts that
have been made by law. All l COM
plain of now is that senators on the
other side of the chamber at the end
Of a great crisis in this body
and hope at the end, almost,of a great
financial panic-should bring these
questions up here for the purpose of
gaining party advantage.
MI. Harris Oem.. Tenn.)-If the sem
ator from Indiana should hereafter re-
port any one of those propositions
which he can approve today his allies
over there ON the other side will have
gone.
Mr.. Voorhees, said at this late hour
he, however much he might approve any
would not feel at liberty
to support it in connection with this
bill.
You will admit that this is a per-
nicious law" Mr.. Voorhees, proceeded.
"Even its distinguished author, with
mdnliness that does him honor, admits
that the experiment failed which he
had hoped might have succeeded. All
that have undertaken is to clear the
deck for action.