Morning journal and courier., 1893-03-02
THEIR LEGISLATORS DENOUNCED.
SENATOR'S REURDE.

Sherman Amendment After a VERY
Lengthy Debate in Which Senator
sherman Gives an Explanation.
WAsH1NaroN, March 1.-The discussion
on the postoface appropriation bill was in
terrupted in the senate o-day in order &c
have the conference report on the sundry
civil appropriation bill acted upon. Mr..
Allison asked unanimous consent to pre-.
sent the report, and objection Was made by
Mr.. Hiscock, bis object being to have the
report taken up con motion" which would
have displaced the Hudson river bridge
bill. The occupant of the chair, however,
(Mr. Hsrrie) interposed with the remark
that conference report was privileged
and required no motion.
The report having been read Mr.. Allison
asked unanimous consent that the senate
proceed to its consideration. This gave
Mr.. Hiscock another opportunity of object
iHg, and he availed himself of It, This
forced Mr.. Allison to move that the report
be now considered. The motion was agreed
to, and this had the effect of depriving the
bridge bill of its right of way.
Mr.. Allison made an explanation of the
report; aud stated that, in relation OF the
Sherman bond amendment, he would Tin
order to test the sense of the senate upon
it move to recede from it.
Mr.. Sherman addressed the senate On the
subject of the bond amendment. He re-
minded the senate that no vote upon 1t had
ion of that body had not been made known.
Ha <hourhf ~ 6ua %o thu 70 and tn tho
committee on finance that the exact history
of that amendment be stated 80 that its
Importance might be judged by the senate.
He sent to the clerks desk and had read
the clause of the resumption act which
authorized the secretary of the treasury to
maintain specie payments; also a descrip-
ton of thsabonds then authorized
It was apparent, Mr.. Sherman said, that
the secretary of the treasury had imposed
upon him by that legislation the duty of
providing for the resumption of specie
payment and the maintenance of the spe-
Gle standard gold and silver coin. The
Reoretary of the treasury had been author
lied by a subsequent act to retain at least
500, 000, 900 of gold in the nature of re-
demption fund. The secretary ives author
lied, In his discretion, whenever 1t was
necessary, to issue Per cent. bonds run
ming thirty years, At Per cent. bonds run
ming fifteen years, or 5 Fer cent. bonds
feared, he said, though he did not see
that there was occasion for the fear that
the secretary could not maintsin the neces-
sary resumption fund, and that he would
have to reeort to the issue and sale of bonds
When he (Sherman) came to examine the
question and to say whether the resump-
ton act of 1876 was applicable to the CON
dition of affairs In 1893. It was plain to
him that the secretary of the treasury
would not be justified In Issuing bonds
bearing 5, At or 4 per cent. interest. There
was, in fact, doubt whether Al per cent.
bonds could be issued, the terms for which
they we're originally issued having expired.
TWAS manifest that If the govern ment
could borrow money on per cent. bond
running five years, 1t would save vast
sum to the people to have such an Issue
rather than an issue of Per cent. bonds
Outstanding all these difficulties he had
felt it his duty to propose an amendment,
giving the necessary authority to the secrs-
tary.
The amendment had been submitted to
Mr.. Carlisle. the incoming secretary. Mr..
Carlisle had expressed a hope and belief
in which he (Ir. Shermsn) was inclined
to concur, that 1t might not be
necessary to issue any bonds. Mr.. Sher-
man paid compliment to Mr.. Carlisle. The
object of the committee had been simply
to enable the secretary to sell bonds at q
low rate of interest and with only d short
period to run and in that way save the
people large sum of money.
Sherman act of July, 1890, claiming that
III ookfAy, tn aroy1 70 khaf 1oD In
tended to prevent the threatened free coin
age of silver.
The conference report which resulted In
that act had provided that instead Of
monthly purchases of silver to the amount
of 4, SOC, 900 there should be another hall
million ounces of bullion purchased. The
secretary was bound by the law and by the
declaration made to use all the power he
possessed to maintain the parity Of the two
metals. If congress now denied to The
secretary the power to sell bonds
1t would cripple the government, ani
those whose fault 1t was would b.
responsible to the people. There was nov
in the vaults of the treasury great mas
would undoubtedly disturb parity ant
bring about panic. He had heard goot
deal about bankers, plutocrats and golt
bugs, but there were no greater gold bug
than the owners of silver mines. In proc
of that he read from Nevada paper q nc
| toe of an assessment of IS cents per share
payable Immediately in United State
gold CON-"
Mr.. Sherman's speech was replied to b
Measrs. Stewart, Wolcott and Teller, HI
Teller expressing his bslief that no bond
| would be issued by the incoming score
| tary.
| Mr.. German stated that the bond amend
ment had been reported after consultatio
with the president.
The vote was then taken, and the sens'
without division reoeded from the She