Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-02-01

to such degree. as 10 make them pro-
hibitory fixtures.
Petitions this morning were presented
by Senator Cullom, OF Illinois, praying
that the internal revenue tax on these
articles may be trebled In the new tariff
law.
The resolutions denying the authority
of the Secretary of the Treasury to issue
the proposed United States bonds came
up aud Senator Allen Pop, Nebraska
took the floor to reply to the argument
OF Senator Sherman yesterday.
THE Senator from Ohio" said Sen
ator Allen, "In discussing this question
yesterday, said that this power OF the
Secretary of the Treasury to issue bonds
was a continuing power, and that IL
continued until water ceased to run
and time ends, unless Congress shall
change or modify IL by law" That law
does not permit this construction. 1t
pro Tides for single act Of redemption.
II provides that he may sell bonds for
the purpose of making the redemption
mentioned in the act. All through the
act, where the subject is referred 10, is
conveyed the idea in plain language
that 1t is single redemption that Is TO
be made In this act. When that re-
demptlon was made the power to issue
bonds ceased with it. Whenever this
government called in the excess OF
three hundred million OF outstanding
treasury notes and redemmed or de-
stroyed them, the power to issue bonds
ceased"
Does not the duty OF retiring the
three hundred millions continue the
same as before, inquired Senator Platt,
Of Connecticut. "Is not the Secretary
of the Treasury Just as much bound TO
redeem treasury notes presented now as
before the Limitation OF the redemption
of those notes"
mo sir" replied Senator allen.
Docs the Senator hold that II
treasury note is now presented the
Treasurer is not bound to redeem it?"
"I do" replied Mr.. Allen. "He is
not under any act Of Congress DOW In
existence.
Senator Stewart (Nevada) inter-
rupted and confirmed by his views the
statement Of Senator Allen.
"Do understand the Senators from
Nebraska and Nevada to maintain" in
quired Senator Allison, (Iowa).. that
under the resumption act OF 1875, IL
was only intended TO redeem or
for redemption OF $4,000, 900 &. ~
greenbacks, and that when those $780,
OOO, 900 OF greenbacks were redeemed
at the treasury, it was the end OF the
redemption?"
That is the extent of the power
given by the law,," insisted Senator
Stewart.
81 desire to know" continued Sena-
tor Allison, "from the Senator from
Nebraska, who has the floor, II that is
his construction OF the law under the
original act?'
Before answering that question"
said Senator Alien, II desire TO ask the
Senator from Iowa a question: ls 1t
not true that the power possessed by
the Secretary of the Treasury must be
such power as is conferred upon him by
statute?"
mo doubt about that" assented SEN
ator Allison.
"Now, / am prepared TO answer the
Senator from Iowa. My construction
of the resumption act is this: That the
only power conferred By that act upon
the Secretary OF the Treasury was TO
redeem the volume OF the outstanding
legal tender treasury notes on the first
day Of January, 1879. down TO $500, ,OOO,-
600, and that his power be stopped to
redeem when they reached that point.
81 assert" maintained Senator Allen,
that under all these acts, constituting
them together, the Secretary OF
the Treasury never had
power to redeem beyond $780,
600. COO, and he does not possess that
power to-day. Any other conclusion
transfers the entire power over the
fiscal affairs OF this nation from Con-
eress where the constitution vests 1t,
to the unlimited and unchecked discre-
tion OF the Secretary OF the Treasury" ;"
Then your contention is" said Sena-
tor Allison. ''that the sos, 900. 900 OF
bonds which were sold by the Secretary
of the Treasury for the purpose OF pre-
pairing for resumption were illegally
sod-at least, over tbs excess OF $751;
600. OO0."
NOJ at dfs lcpltCh a'OhobcA Ahohf
81 have made no contention OF that
kind. may after awhile"
THE plain meaning OF the act Of
1878, as conceive it," said Senator
Harris (Tennessee), sis that every note
when presented shall be redeemed, but
not that they must be redeemed-they
may continue in circulation.
"The law of 1875" said Senator ALI
son, affected only SAC, 600, 900 Of green
backs. The law OF 1875 is interpreted,
and was understood at the time by
those who framed IL, that the $780,
600. 900 under that original act
would be reissued from time 20 time
when redeemed. The only effect the
act of 1878 was to make TIE act OF 1875
more clear and TO establish the limit. "
This understanding OF Senators OF
this law does not give II any force among
the people, or with the coordinate de-
uartments OF The government" retorted
Senator Allen,
.aThe reserve Of 500, ,0O0,0O IS lying
there now" said Senator Allison, ''for
the purposApf redeeming these green
PACKS and no other purpose"
"The rys fund," said SenstoF
Allen. "v mere caprice Of the Sec
Te tod