The morning call., 1894-02-03
PUBLIC CREDIT ATTACKED.
Villas Rushes to the Defense of the
Administration,

Administration.
WASHINGTON, Feb. 2-The day in the
Senate was not an eventful one. After an
hours debate the resolution of PETER was
adopted, calling pom the Secretary of the
Treasury for the names of persons and
corporations bidding for United States
bonds, and the amount of bids and the
rate of interest. The original resolution OF
Stewart denying the authority of the Sec
retary to issue bonds was taken up and
consumed the remainder of the day, Villas
making the principal argument in opposi-
tion 10 the resolution.
Quay presented an anne ndment embody-
ing several new sections in the tariff bill
These sections provide for the free coinage
of silver and for the purchase of 145, 125
ounces of fine gold monthly and the issue
of treasury notes in payment therefor, and
the repeal of all existing laws for the issue
of bonds.
PETERS resolution calling on the Secre-
tary Of the Treasury to inform the Senate
how many bids were received for bonds,
and from whom, came up for considera-
tion. After some discussion, in which
Sherman argued that it was unusual and
not good policy to inquire into the per-
sonnel of the purchasers of bonds, and
PETER replied that he did not believe the
financial affairs of the Government were
managed by Government officers but by
spectators in New York. Sherman with
drew his opposition and the resolution
was adopted.
The resolution of Stewart DENYING the
authority of the Secretary of the Treasury
to issue United States bonds came up
with various amendments providing that
the money derived from the sale of such
bonds cannot he lawfully applied for any
other purpose than redemption"
To this Villas presented the following
amendment: Except in accordance with
such acts or appropriations by Congress as
may require the use of the same to dis
charge such appropriations" Speaking
on the Stewart resolution, Villas COM
planned that its introduction had been de-
layed until the last hour, when it came as
a blow at the public credit. He argued
that the resumption act not only required
the Secretary Of the Treasury TO be ready
In the first instance to redeem greenbacks
but to be thereafter always ready to re-
deem them. The redeemability and con-
vertibiltv of greenbacks were to be
ever-continuing and never ceasing.
At 4:15 the clerk of the House appeared
with the tariff bill and Villas ceased speak
ing until it was duly reported to the Sen.
ate. By request of Voorhees, it was laid
before the Senate and referred to the FL
nance Committee, with an order that 1000
copies be printed for the use of the Senate.
Hoar followed Villas and declared that
there was nowhere entertained any prob
ability that within The next six months.
or within any reasonable time, there
would be any necessity for any more
money in the treasury for the purpose of
redemption than there was that there
would be war with the Australian possess
sions Of Great Britain. 1t was we'll known
that if any money was gained from the
sale of bonds it was the purpose to put il
in the treasury with one hand and take IT
out with the other to pay current expen ses.
The Secretary was not borrowing 1t for the
purposes of redemption, and that PROPOSE
tion was too ridiculous for discussion
The resolution, on request of Teller,
went over until Wednesday and the Senate
ad djourned until Monday