New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-18
FOR 3 PER CENT BONDS.

royc nIscUssION OF SENATOR SHERMAN'S
AMENDMENT TO THE sUNpRY CIVIL BILL
Washington Feb. lin the Senate TO-DAY the
consideration of the Sundry Civil Approprlau oi
hill was resumed and a was taken without further
discussion on the amendment relative 10 the Federal
supervision Of elections. The amendment was aereeu
N nv a strict party vote: Yeas, 81; nays. "a IL
s.rltas ont Of the House bill the words which prohpt
N. payment for warrants, arrests or prosecutions
rnder the laws relating the election OF members Oh
Congress.
All the amendments which had been reported from
the Committee on Appropriations having oeen uspose
a, tho hill was then open to general amendment.
Mr. sherman offered his per cent bond issue
amendment.
As soon as 1t was read point OF order was MADE
hv Mr. stewart against the amendment as general
legislation on appropriation DILL
Sho-norr have carefully examined the rule
and am ouite satisfied that the point OF order Is not
vol taken. The Senator from Nevada thinks that
The amendment would affect the silver quesuoh no"
Il does | cannot imagine. The only oD'e.e VI Wv
amendment Is 10 enable the Secretary OF inc iie"''
in case OF an emergency, to Issue a . per 0."'
bond redeemabIe at the pleasure OF the uh'ed 0oa'
after five years instead OF a per cent oohu ' -.
Tor thirty wears or IL per cent bona ruilhns i
fifteen wears Nv desire Is 10 give 10 inc i -
Adn,stration all the facilities possible to ehapie 1t
10 sustain the public credit and 10 sell pe' WV
bonds instead OF As or LIS or o. 4. M,
Mr. Gorman-If the emergency oid alise, 10 sscr..
fact that the authority no" eAi''' "
tary to issue As and 1-2s =
Mr. sherman-Undoubtedly
Mr. Gorman-so that the effect OF TINS anie ..,
vould be simply to the dlnerehoe IA ou,
between per cent bonds and OF IL Pe' WIZ
bonds
Mr. sherman-Exacty. s oom
Mr. Cockrell-Are not the 4 per cent Dolu9 YIN
handing now in the market premium, "ia"'e =
= 20 ,n,.r.s, received from them less '"oi "
per cent? A.. ,.s..rdnr
Mr. sherman--It may be so as 10 'no -. g.
bonds but II new per cent bonds came " "
sued do not know what the ehect on 'ne NO."
would be- Is the Senator from Missouri r.ar
,., We should issue a per cent lorV yen"
hord ~ .nv rate Of premium7 My idea Is that no
Covernment bond should 10 issued running lor any
considerable period Of time, and / am pelleo'N VI"
Ing that the proposed bonds Should Dc "'" =,
teemable in three years, or at Inc Pie'ouio ~
Cov.ruant As a matter of coarse, the Scc'e'"''
Of the Treasury would not be preciuoeo "''ue, -
amendment from issuing IL per cent u g. r
cent bond II he finds market for them' III i-"e
,,na . a.. co,soIs are worth . "a per cent; tha'
4 that bonds drawing "a per cent interest wouiu
,ommand mar II NAV be that the secretary Oh uo
Treasury will be able 10 sell a IL per oei' ''"
In this country but II never has peeh uo o.s.
Mr. s,.wsr argued IN support Of his point OF oraer
and had the rule the subject READ d. '"o ~ .no
DESK There could De no QueSN0N' " 49,,
amendment being not only general iessiH"o'''
legislation Of the most general and sweeping ''a'
scter. Coming 10 the merits OF the proPosi.'o" "
argued against it. There was no necessity =" ~
TO sell bonds and to buy coin. There was Pienes ~
eein IN the Treasury There was over @ooo'ooo'O
silver coin and silver bullion in the ire"su'S, n ,
N0sOOoOO of gold; thus making over S'oo'oo' =,
eol or OF what might be converted INTO CUM -
tvs money was good enough for the people, Z" ""'
pu enough for everybody, and there was P'e"'' "
Tie Vice President made ruling on the po'''' ~
oNs The amendment be said. made an app'op
alton TO carry out existing law. and hh''eu '"'
tuhorlty Of the Secretary Of the Treasury uhoeI ca
kune law. 1t did not. IN the opinion OF 'he C'a,
propose new legislation. The Chair therefore neu Wv
amendment 10 be In order.
Mr.. Stewart appealed from the decision hho Mr.
Hoar moved TO lay the appeal on the taoi'' in"'
motion was agreed to-yeas IS, nays 10. :" '"e
amendment was decided 10 be In order.
Mr.. Mills moved 10 strike out Of the amchume"' INV
words FIVE years after their date, so as 10 leave WV
bonds redeeemable at the pleasure OF the Govern
ment and he argued In support Of that motion
Mr.. Sherman said that II the proposition WI, ho
one to provide for an emergency he should ie'i "''
posed to accept Mr.. Nilss amendment but lie 'iio"s
mat Ii would not be wise to venture on " now NV
ud not believe that any considerable amount oil ,e d
per cent bonds would ever be issued. AT Tile sa''
nme the contingency should be provided ior' Inv
power to issue the bonds would, he thought c"aO.e