The times. [volume] (Richmond, Va.) 1890-1903, 1894-01-19
SENATOR DANIELS VIEWS.
He Strongly Opposes the Policy Of lsu-
Ing New Bends.
SHOULD NOT INCREASE qRE DEBT.
Messrs. swanson, Marshail. and Jones Take
Somewhat the Same Position-Amoy
Consulship May be Given to Va.
TnsTs BUREAU. RAPLgY BUILDING, /,
WASHINGTON. January is, 1894. J

schedule, as this furnishes fcruie topic
Of debate and allows all Of the demo-
cogues and professional farmers friends
to rattle of lot OF rubbish about the
'iong-suffering and patient toilers Of
the son.' and the ragged army OF the
patriotic unemployed" In the mean
time, the farmer is busy cutting winter
wood and attending TO the farm require
ments. safe IN the knowledge that the
Democratic party will protect his inter-
ests and give him the best results Whlcn
his labor can bring.
la the Senate the Federal election laws
remains a thorn IN the flesh OF the Re-
publican partis0ns who now are bitterly
. complaining OF the refusal OF the Demo-
Gratis TO be drawn into sectional and
partisan arguments. The bill is under the
charge OF Senator Gray, and the policy
Is 10 allow the Republicans TO speak TO
their hearts content and then demand
"A vote. without using any time at all
by addresses from the Democratic ranks
This is a wise policy and one that is
exceedingly exasperating TO the Frye,
Hoar Lodge, and Chandler contingent,
who daily talk and taunt in vain, while
the senators on the Democratic side OF
the chamber talk pleasantly together, or
read the papers, apparently unconsci-
Gus OF the thrusts Of the radicals across
the hall.
The New Bond Issue.
The issue by Senator Carlisle. Of an
invitation for bids for $5OOO0,0oO worth OF
bonds has been the leading feature Of
the capitol gossip to-day. The facts are
about like this: The treasury reserve,
which is by law placed at 800 00,000, has
been reduced TO about TO0Q,0OO by the
payment OF the current government ex-
ponses There Is no question that the
Secretary has the right, under the law Of
1915. 10 Issue bonds TO maintain this gold
reserve The Treasury balance was grow
ing lower day by day, and Mr. Carlisle,
knowing that he could sell the bonds inn
mediately has issued them rather than
await any legislative action looking 10
the coinage Of the silver bullion In the
Treasury, which was the only other pos
slble way OF securing relief with reason
able quickness.
There IS a great diversity of opinion
upon this subject. but as general thing
the former silver advocates are opposed
10 the issue OF bonds. preferring the coin
ace of the silver seignOrage, and those
who strongly advocated the uncondi-
tional repeal of the Sherman law con-
slider the method of Secretary Carlisle
the wisest and best.
senator Daniels Views.
In speaking Of the subject this morning
Senator John W. Daniel said:
it would be unfortunate for the Demo
cratic party 20 lead on by Increasing the
public debt. They should first use the
Treasury assets ard coin the silver sels-
niorage on hand 20 cover the dencit OIL
the current year. IL would take put
rart Of IT. ard we own II ana should use
"a. The small amount OF increased cur
rencv would be absorbed immediately IL
d ~
But the beginning of increased bonded
indebtedness IS q serious matter, and IS
Nvarrantable only as "a last resort
che deficit Of the cGrr, nt year should
not be perpetuated or eXterded to sue
cecding years. for tnil would involve us IN
continuous increase Of public Indebtedness
Better meet the difficulty at the door,
and. instead off putting coal on the free
list. levy on 10 and other articles a revenue |
tariff We cannot eat our cake and keep |
30 too If we take all tax off of the coal |
and other articles we proGuce, create |
dedcit aud issue interest-bearing bonds |
10 cover fhe deficit thus created, where |
are the people benefited? They simply |
Tcb one pocket 10 fll another, and pay |
Interest on the trarsaction.
The Democratic platform on which this |
administration came into power furnishes |
e. Jun resolvent Of our difficulties and |
lAAL ftahlh cll sIpuiQ De dlplltu.
Mr swanson Opposes 1t.
Upon the matter. Hon. Claude A. Swan
son said: IL DO not approve OF il, as the
deficiency should have been made up by |
the coinage OF the bullion in the Treasury, |
the seigniorage OF when is about Saz,OUOUO,
Just about the amount of the proposed
bond issue. By this method, in addition
TO relieving the Treasury. il would have
increased the currency TO that extent
4 bond issue 20 the extent that IL creates
surplus unused in making payments
due by the Treasury. contracts the cur
iency. A coinage OF the silver bullion IN
the Treasury would have given re-
lief equally as quickly and would not have
had this disadvantage.
An act authorizing the coinage of the
bullion would have quickly passed Con-
rcss. II the administration had urged
this method OF relief. / should have voted
against the bond issue. as l think the
failure 10 issue bonds would have secured
the coinage OF the bullion. Mr.. Bland has
Introduced a bill providing for the coinage
OF this bullion. which 1 shall earnestly
support"
Continuing. Mr.. Swanson said:
BESIDES the issuance OF these bonds
.hows the unwlsdom OF putting coal and
ron ore on the free list and TO that ex-
cnt creating a deficiency of revenue TO
le met by an ISSUANCE Of bonds. This is |
l0 saving 20 the people, as these bonds,
ailh accruing interest, must be paid by
lNatiOn. i am more convinced than be-
ore that the wise course Is 20 put upon |
ron and coal revenue tariff. which Is
he principle Of the Democratic platform"
How Mr. Mar hail Regards a.
Congressman Marshall, when asked his
'pinion OF the proposed action OF the
'ecretary Of the Treasury, said:
The proposed issue OF bonds TO in
? ease the interest bearing debt Of this
alton Is utterly indefensble, inexcusable.
ma Mfpu' We have a large seigniorage !
ow in the Treasury vaults. and IL can
afelF. wisely ana rightly be coined at {
AIS time. France has 500. 100000 OF silver | ,
ma We nave many millions less. and I'm ,
nls emergency we could. with perfectly
ound financial result coin this seicnior.
90, which is the property OF an the :
e0ple Of this country II seems mat =
he sweat Of honest toll Is 10 be con-
iantly coined into pearls 10 deck those i
ho neither labor nor spin-neyer do any =
hing 10 increase the wealth eof the ma
on.
Mr Jones, Likewise.
Congressman W. A. Jones says on the
lbject: II am opposed 10 the proposed 1
'Ad issue and DO not think the Secre- '
ay Of the Treasury Is authorized 10 q
slc bonds for the purpose he intends a
flns them. 4 do not think II wise or q
iudent 10 increase the interest-bearing Y
loebiedness Of this country, when the
a