The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-03-09

contract between the citizens of the
United States and the United States at
large. say that this is a breach of pub
nc falth which ought to stamp out this
measure in the condemnation of ev-
cry man who has any regard for the obli-
cations of contracts"
Senator MandersOn called the attention
OF Senator Sherman, and Of the Senate,
TO the act that under the languageOf the
selgnlorage bill, not only might S55, 900, 900
of silver dollars be coined, but an addi-
tlonal S5j,OOO,OOO of treasury notes might
DO issued.
THE ENGLISH OF IT." SAYS MANDERsoN
Senator Aldrich inquired satirically,
whether that was not the intention of the
trainers of the bill. Senator Manderson
could not imagine that that was what was
desired by those who framed the bill, but
he thought there was no question of that
being the English of it. 1T cannot be
Interpreted in any other way" said Sen
ator Aldrich. 81 do not see how, ," Senator
Manderson assented, "and, therefore, /
appeal to the senator from Tennessee
(Harris), whether this ambiguity of ex-
preston, to treat IL very mildly, should
not be remcdied before this bill passes the
Senate
Senator Sherman continued his argu-
ment against the bill. IL was impossible
he said, to have more than two or three
millions of silver coined monthly. and
there was now some 10000, 900 of silver
dollars on hand. And yet without wait
ing until there was a demand for that
silver for the purpose of circulation, it
was proposed toissue silver certificates on
the faith of the silver bullion TO the
amount of S55, 900, 600. And vet it
seemed to him that the suggestion
of the senator from Nebraska MAN
dersou) was clear and unquestiona-
BILE 1t was perfectly clear that the
$4,000 900 could be doubled if the excess
of the first S55,OOO,OO0 was demanded by
the needs of the treasury He said that
the proposed issue of 500, 900, 900 of paper
money, was based on money stolen from
the fund pledged to redeem treasury
notes, without any sanction whatever
SO far from doing such a thing, he would
be willing to borrow money at any rate of
interest, rather than endanger the whole
financial system of the government by
such large increase of paper money,
without any backing.
sHERMAN's IDEA OF ''sEIGNIoRAGE."
In the further course Of his argement
Mr.. Sherman declared that there had not
been a dollar gained by the govern
mcnt in the purchase Of silver
bullion. There never had been
any foundation for seigniorage
The old word "seigniorage" was
one which ought not to be engrafted
on the laws Of the United States. 1t rep
resented the power of a lord or king to
seize a portion of the bullion brought to
the mint by its owner to be coined. 1t
meant toll. 1t was a word offensive to
every American mind But there could
be no seigniorago in this case, because
there had been no profit on the
transaction The cost Of the silver
bullion in the treasury, was 1928 0OO.00J,
while It's coinage value was SlSOOO0 900,
! and that the difference was the seignior-
age, for which the bill provided. The
fact was, however that the market value
of the silver bullion in the treasury was
only Ss4 600, 600, 50 that there had been a
loss on the transaction Of s4l 900 coo
Senator Dolph-At the market rate of
to-dayl
Senator Sherman-At the market rate
to-day, 80 cents an ounce.
Arguments against the bill were also
made by Senators Lodge, rep, Of Mas
seChusCtts, and Higgins, rep, Of Della
ware-the latter senator characterizing
ii as a most obnoxious and unfortunate
measure.
The question being on Senator Allison's
motion to reconsider the vote ordering
lIe CuRIOSSiutuJ ana bulru feaulug OF lne
bill, a motion 10 lay that motion on the
table was made by Senator Faulkner.
dem, of West Virginia. but, as that
motion would shit OF debate, and as
Senators Allison and Villas signihed their
wish 10 address the Senate Senator
Faulkner Withdrew the motion to lay on
the table.
Senator Hoar demonstrated against
sucn a violation of the practice Of the
Senate in rushing the bill yesterday to its
| third reading; and Senator Aldrich also
criticised the "celerity' of yesterday
proceedings which he said he had never
seen equalled in the disposition of an inn
pOrtant measure.
Senator Faulkner. who had occupied
the chair when these proceedings took
place, insisted that they had been, on his
part characterized by extreme caution,
so extreme that, having ascertained that
the bill had not been read to the Senate
in full. ne had ordered that to be done.
He was not responsible, he said, for the
'negligence' of senator's.
Senator Harris expressed his determin-
alton TO resist any reconsideration and
any amendment Of the bill, on the ground
that if the bill had to be sent TO the
House the chances against action on it
there would be nine to one. Finally it
was arranged that Senator Allison would
have the floor tomorrow TO speak in
favor of his motion, and then at 1850
0 clock the Senate, after a short execu-