The sun., 1893-02-18
IIIE FIFTY-S SECOND CONGRESS
ve. sHERMiNs BOND ISSUE BILL
DISCUSSED IN THE SENATE

a., roveui,cr wns Vote of Want OF Con-
os,pce in the Party by the Pcopie-Tho
Pension Appropriation Hill Finally Passed
In the House Arter Day of Disorder.
VAsuSGroS, Feb. 1.-THE sundry Civil Ap-
prorriation bill ocoupied the exclusive atten-
lion Of tho Senate to-day. The amendment
which had been discussed on Wednesday. and
the effect OF which is to continue in force the
law for Federal supervision OF elections, was
carried by party vote Of ~ to "a.
All the committee nm endn ents having been
disposod Of and the bill being open to general
amendment. Mr. sherman tRep.. ohio) offered
his amendment authorizing the Issue OF three
per cent bonds. As soon as 1t was read
point of order was mado by Mr.. Stewart tRep.
New against 1t as general legislation on an
appropriation bill"
Il have carefully examined the rule" Mr..
Sherman said. "and am quite satisfied that
the point OF order is not we'll taken. The SEN
ator from Nevada thinks that the amendment
would affect the silver question. How 1t does
/ cannot imagine. The only object Of the
amendment Is to enable tho Seoretary OF tho
Treasury. In case OF an emergency. to issue
3 per cent. bond. redeemable at the pleasure
of tho United States after FIVE years. instead OF
4 per cent bond running for thirty years. or
q AZ per cent bond running for fifteen years.
My desire Is to give to the incoming Admins
tration all the facilities possible to enable 1t to
sustain the public credit and to sell per cent.
bonds instead Of fours or four and hall or
fiveG"
Mr.. German Dem. Md.)-If the emergency
did arise, is 1t not fact that the authority ex-
lists now for the Secretary to issue fours and
four and halfs3
Mr.. sherman Undoubtedly.
Mr., Gorman-So that tho effect OF this
amendment would be simply to save the diiier-
ence in interest between three por cent bonus
and four or four and half per cent. bondsf
Mr.. Sherman-Exactly.
Mr.. Stewart argued In support Of his point
of ordor. and had the rule on the subject read at
the clerks desk. There could be no question.
he said; as to the amendment being not only
general and sweeping character.
The Vice-President ruled that the amend
made an ths s9 sho
secretary Of the Treasury under xsting law.
1t did not, in the opinion q the Chair. propose
his appeal was tabled, 29 to 13. So the amend
nsR Mis- Mfi sef'ess + so to strike out
OF the am endment the words i've years after
their DATE 50 as to eays e The bonds redeem
in Of hqt mot0n
Feel S dis dispessd %. % to accept Mr. Mi smendment.
hut he thought that, It, would not be wise to
considerable amount Of the ), per cent bonds
would over be issued, At the same time. the
n us So sS wSad
enable the Secretary Of the Treasury to main
nr TIE ssl sd op s sSs ss
ment tecanse he thought that there was no
necessity at this time for the issue Of bonds.
He regarded the amendment as preparatory
measure to accommodate tho bankers OF Wall
M ss5 i s'H SsSosssa ssa the
selling per cent bonds the premium that
sen aom not q" 10 ss
the senate with pretepee that the amend.
ers and brokers Of New York desired that the
government should issue securities on which
Treasury asked for the proposed relietp Had
no not. on the contrary: asserted again
a aF ths hssn sale fe,A' o, bonds. A' and thas Se
I'D not propose to sell any, MI; Teller
Europe and eNpresssd Ills belief that at M least
ThiFs TSqa ne hs ss4ss
can people should be frightened. It was 2 le-
Wss sesson ear tRat % the nted saes
would not be able to meet every legitlmate de-
less through the traducing and slanderine OF
heard @ K that the increase ai the debt Of Gov;
eminent increased confidence? He looked
Pe az debe S as ' beinT calculated to Increase the
well:known and well,recoFn!zed discomfort
en the pus se e1 hs 81 hs asy and
because the people, had lost conldenee in it.
Of % distrust "' It had been laid sometimss to the
sometimes to another But at the bottom Of
#. It coula not be DISGUISED. was the feeling
people and had been paying court and atten-
fR sn to Said R "9s sent as so shs
MI; Voorhees, tDem;, 1nd.) said that he had
had anyhne nS to 'Ve Do with the s
nsr nomie e an
able that single bond would ever be issued
the aI' power we to issue them existed Would give
stability and confidence throughout the world
SS fall Of yhe nd pals
thanLful to God ior .manlteSt BLESSING
were desirous Of Promising the country and
d kesp an and # to \
their hands. The pendlng smendment, did
not look to the increase. OF the bonded debt or
the w contrary s to its SD iimnuton. to the asspr-
ance Of the stability Of the currency. and to the
security OF the finances.
Mr.. Mills Dom. Tex.l argued that there was
no necessity for the sherman amendment. 1t
would be time enough for Senators to be
stampeded II u run were made by the ag-
gregated banks q all the Northern cities, on
the hundred millions OF gold reserve. The
whole question was one OF confidence. A
run" was made when confidence was shaken
and 1t stopped when confidence was restored.
The cry for more gold came from those who
had got more gold than they had use for and
who wanted an investment Tor it. He did not
want the Government to sell bonds in order to
make an Investment fund for anybody. but he
wanted the Government to have money en- ough
to Keep up the parity between the gold dollar
and the silver betWeen sTst the gold dol
to do was to practice rigid economy. to reduce
taxation. to enlarge trade. and to diffuse pros
psIity among tha people.
Mr. Harris Dem Tenn fayored the st amend me nd
Secretary to Issue and sell onds he favored
any leTislation that extended that. that antsoTits
rate Of interest and with the shortest period
to run: and tnat was all there was In the