Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-02-18
Mr.. Sherman's Amendment Under
Discussion in the Senate.
Mr.. STEWART SPEAKS IN OPPOSITION.
He is Supported by Mr.. Vest, but
Gen. Palmer Opposes Him.
THE WHISKY INVESTIGAT
Mr.. Bynum Makes an Explanation
as to a Newspaper publication.
SENATE.

SENATE
Immediately after the routine morning bust
ness the consideration Of the sundry civil ap-
preparation bill was resumed, the pending
question being Mr.. Mills amendment to the
Sherman per cent bond issue amendment
(Mr. Mills amendment being to strike out the
words latter five years from their date.'')
The amendment was defeated without di-
| vision. The Vice President then put the
| question on Mr.. Sherman's amendment
and announced that it was agreed to.
But Mr.. Stewart New then realized
| what was being done, and said that he and the
Senate had been taken by surprise and that he
| desired to address the Senate on the Sherman
| both amendments we're considered as still open,
and MIR. Stewart proceeded to address the Sem
| ate.
MR.. STEWARDS SPEECH.
The amendment, he said, was emergency
| legislation" and the country had had already
too much financial emergency legislation.
1t was the bankers who were pro-
| claiming that the government was in
| solvent and that there was an emergency,
while, in fact, there was plenty of coin on hand,
coin which Congress had made a legal tender
for all the debts Of the government. He had
received this morning letter from the
director OF the mint. which he
sent to the clerks desk and
had read. This letter gave the coinage
value of silver bullion in the treasury on
February !, 1893, as Gin round numbers)
100000, with 1857 100000 in silver
dollars, making the total S495, 000, 900.
| 1t gave the amount Of silver certif-
Gates outstanding on the same date as 1928 600,
| 600 and Of treasury notes outstanding as Sl24,-
000, 900, in all SAT 900 000 showing an excess
Of silver over outstanding notes of 348 900. 000f
He denounced the amendment the
most wicked revolutionary scheme ever in
| vented by man-laying the rude hand of legis-
| lation On the accumulated precious metals Of
| the world.
Stewart said that he was not talking for delay,
| but that he felt most deeply the outrage
proposed to be perpetrated on civiliza-
| ton by a violent and wicked revolution
which contemplated the destruction of all the
silver money of the world in the hands of the
| masses, reduction of the masses of the people
to penury and want. and the building up Of a
gold aristocracy to rule the United States and
Europe.
He moved to amend the amendment by add
ing to it these words: 'And the bonds issued
under the provisions Of this act shall not be
used as security for the issuance OF national
bank currency"
MR.. PALMER ADVOCATES THE AMENDMENT.
Mr.. Palmer (Il) advocated the Sherman
amendment and related an anecdote Of viii Oh
he was reminded by the speech of the Senator
from Nevada. The son of pious mother said
to her one day: Mother, wish there was no
hell"
why, my boy?''
II cannot do thing but that you tell me if
do it will go to hell and be burned in everlast-
ing fire and birthstone"
At this point Of the story Mr.. Stewart broke in
with the inquiry, "Do you not appreciate that
danger now?'
GLaughterl.
ti"No sir" said Mr. Palmer. "this proposition,
which l supposed was one Of mere business, in
volving no principle, presenting nothing new.
seems to have stirred up the Senator from
Nevada, SO that we are threatened with the most
serious consequences if it be adopted
Mr.. Palmer argued briefly in defense Of the
Sherman amendment as a pure, plain, business
| sensible men. would be accepted without a mo-
ments hesitation.
MR.. VEST SUPPORTS STEWART.
Mr.. Vest (Mo.) spoke in support of Mr..
Stewards amendment With his convictions in
the subject he could not vote, he said for any
proposition that looked toward any extension of
the national banking system as now organized.
He had always supported the free coinage of
| silver, and expected to do so hereafter. II it
were proposed to strike down silver
as a money metal he should be found
the Constitution of the United States =.
and the traditions of the American people.
He declared that he never would by any vote of
his add to the existence or the power of the
| national banks. They had abused that power
when they thought they could do so, and they
| were ready to do it again.
NO OBJECTION TO SHORTENING THE TIME.
Mr.. Sherman (Ohio), referring to his state
ment yesterday that he would have no objec-
ton to shortening the period of the
duration Of the bonds to three years.
said that he had since then consulted
| with Senators and found that majority
Of them believed that that would take away
| from the bonds material value. He there
| fore withdrew what he had said on
| that point and concurred in the opinion
that fve-year bond would be prefe. able
| to three-year bond. As to Mr.. Stewards
amendment, he (Mr. Sherman) did not wish to
mix the question of banking with the pending
proposition, which intended to maintain
| the parity of the two moneys. But the fact
| that the proposed bonds would exclude them
| from use for bank circulation purposes would
| take away from their credit and strength.
AMENDMENTS REJECTED.
Mr.. Call (Fla.) argued that under existing
law the Secretary Of the Treasury might issue
bonds at rate Of interest lower than per
| cent. The discussion having closed Mr. Mills
the pleasure Of the government was rejected
without a division, and Mr.. Stewards amend
ment Chat the bonds should not be basis for
national bank circulation) was also rejected
yeas q. nays 49,
Mr.. Pugh (Ala.) moved to amend the Sher-
| man amendment by adding to it proviso that
none of the bonds should be issued and sold until
| the amount Of the "coin redemption fund should
be reduced to S25, 600 900 by the actual redemp-
ton oftreasury notes; and that no greater amount
| should be sold than would be necessary to keep
| the redemption fund equal to $50, 900, 900 in
coin. He said that his amendment embodied
the policy for which the late Senator Beck Of
Kentucky had always commended.
Mr.. Pugh's amendment was rejected-yeas,
81; nays, 81.
Mr.. Vance On. c. moved to amend the Sher-
man amendment by adding to it proviso re-
pealing the tax on state bank circulation.
Mr.. German (Md. moved to lay Mr.. Vance's
amendment on the table.
HOUSE.
Mr.. Durborow (M.) asked consent for the
| immediate consideration of Senate joint reso-