The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-03-02
NATIONAL CAPITAL.
Senate Recedes from the Sherman
Bond Amendment.
THE ANTI-OPTIONs BILL VIRTUAL
LY DEFEATED In THE HOUSE.
Brilliant Reception by the Outgoing to
the Incoming Vice President-Maine
Pensions--Pnblic Debt Statement
Presidential Nominations.

Pensions-Pnb1ic Debt Statement
Presidential Nominations.
WASHINGTON, March 1.-Soon after
meeting, the Senate, on motion
of Mr.. Sherman, went into executive
session without any opposition from
the Democrats. The doors were closed
for about half an hour, and when they
were reopened the routine morning bust
ness was proceeded with.
The post Office appropriation bill was
reported and placed on the calendar.
The conference report on the District of
Columbia appropriation bill was taken
up for action. After brief explanation
of some points by Mr.. Allison of Iowa,
Rep, the report was agreed to.
A conference was ordered on the naval
appropriation bill, and Messrs. III lie, AL
lison and German were appointed con-
ferees on the part of the Senate.
Mr.. Teller asked unanimous consent
to take up for consideration the McGar-
rahan bill
Mr.. Morrill, objected, and said that the
bill would certainly take more time than
any private claim.
MI. Teller then moved to take up the
bill. The mntion was agreed to, yeas, s,54,
nays S.
The bill being before the Senate, Mr..
Morrill, made an argument against it,
declaring that the difference between the
pending bill and the one that was vetoed
was the difference between tweedle dunn
and tweedle dee. He proposed to offer
amendments authorizing the govern
ment to employ competent counsel, and
also pay for witnesses, to the amount of
SIC, 1000. One objection to the bill was
that there had been two or more stock
corporations formed, which had still,
perhaps, an interest in the claim. He
mentioned the names of half dozen
stockholders in one of them, including
that of Senator Wilson of Iowa.
Mr.. Wilson Indignantly denied the
suggestion that he had now, or had ever
had, any interest, directly or Indirectly,
in the McGarraham claim. Any one, he
said, who asserted that, chad uttered a
positive and'unqualifed falsehood of the
worst character.
A long. wrangle took place over the
Hudson river bridge bill, which finally
lost its right of way, the conference re-
port on sundry civil appropriation bill
being ruled as privileged matter.
Mr.. Allison made an explanation of
the conference report and stated in re-
lation to the Sherman bond amendment
that he would, 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
| had read that clause of the resumption
| actwhich authorized the Secretary of
| the Treasury to maintain specie pay
| ment; also description of bonds then
| authorized. 1t was apparent, Mr.. Sher-
man said, that the Secretary of the
| Treasury had imposed upon him by that
| legislation the duty of providing for re-
sumption nf specie payment and mainte-
nance of the specie standard of gold and
silver coin. The Secretary of the Treas
ury was authorized by a subsequent act
to retain at least a hundred millions of
gold in the nature of redemption fund.
The secretary was authorized, in his
discretion, whenever it was necessary, to
issue four per cent bonds
running 15 years, or five per cent bonds
running ten years. 1t has been recently
feared, he said, though he did not see
the occasion for fear that the secretary
could not maintain the necessary re-
sumption fund and would have to resort
to issue and sale of bonds. When he
(Sherman) came to examine the ques-
ton, and see whether the resumption act
of 1875 was applicable to the condition
of affairs in 1898, it was plain to him
that the Secretary of the Treasury would
not be justified in issuing bonds bearing
five, four and a half or four per cent
interest.
There is some doubt whether five per
cent, or four and a half per cent
bonds could be issued, the term for
which they were originally to be issued
having expired. 1t is manifest that if
government could borrow money on a 3
per cent bond running five years, it would
save a.vast sum to the people to have
such an issue rather than issue per
cent bonds, having now IA years to run.
Understanding all these difficulties he
felt it his duty to propose an amendment
giving the necessary authority to the
secretary of the treasury.
The amendment was submitted to the
incoming secretary of the treasury, who
had gone before the finance committee
and stated reasons why in his judgement
it might become important for him to
have power to issue bonds cheaper than
4 per cent bonds. Mr.. Carlisle then ex-
pressed the hope and belief, in which he
tMf. DneTman) was lnc1neu TO concur
that it might not be necessary to issue
any bonds. Mr.. Sherman gave the his
tory of the Sherman act of July, 1890,
claiming his action in regard to
that law was intended to prevent the
threatened free coinage of silver. The
secretary of the treasury was bound by
that law and that declaration to use all
the power he possessed to maintain the
parity of the. two metals. There was now
in the vaults of the treasury great mass
of silver bullion. If coined it would I'M
doubtedly disturb the parity and bring
about a panic.
Mr.. Sherman's speech was replied to
by Messrs. Stewart, Wolcott and Teller
Mr.. German stated it was possible the
sundry civil appropriation bill would be
defeated if the amendment was insisted