The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-02-03
IN THE SENATE.
PETER. Sherman and Villas Discu the
Issue of Bonds.

PETER, Sherman and Villas Discuss the
Issue of Bonds.
WAsHfNGToN CITY, Feb. 2-The day in
the senate was an uneventful one. After
an hours debate the resolution of Peffer,
calling upon the secretary of the treasury
for the names of persons and corporations
bidding for United States bonds and the
amount bid and the rate Of interest, was
adopted. The original resolution of
Stewart. denying the authority of the Sec
retary of the treasury TO issue bonds.
was then taken up and consumed the re-
mainder Of the day, Villas making the
principal argument in opposition to the
resolution.
Quay presented aniamendment embody-
ing several new sections of the tariff bill.
They provide for free coinage of silver
and for the purchase of las. $50 ounces of
fine gold monthly and the issue of treas
ury notes in payment for them, and the
repeal of all existing laws for the issue of
bonds.
Peffer's resolution callinglon the secre-
tary of the treasury to inform the senate
how many bids were received for bonds,
and from whom. came up for considera-
ton. After some discussion, in which
not good public policy TO inquire into the
personnel Of purchasers OF bonds, PETER
replying tha. he did not believe the finan-
cial affairs of the government were man.
aged by government officers. but by specu-
lators in New York, Sherman withdrew
his opposition and the resolution was
adopted.
The resolution of Stewart, denying the
-
to issue United States bonds. came up
with various amendments. providing that
"the money derived from the sale OF such
bonds can not lawfully pe applied for any
other purpose than REDEEM ption." To this
Villas presented the following addition.
except in accordance with such acts of
appropriation by congress as may require
use OF the same to discharge such appro-
priations."
Speaking on the Stewart resolution
Villa. complained thar its introduction had
been delayed until the last hour. when IL
came as blow at the public credit He
argued that the resumption act not only
required the secretary of the treasury 10
be ready in the first instance to redeem
creenbacks, but TO be thereafter always
ready TO redeem them. The redeemability
and convertibility of greenbacks was to be
eyer-coniinuing and neyer-ceasing.
At4:i5 the clerk OF the house appeared
with the tariff bill, aud Villas suspended
his address until il was duly reported TO
the senate BY request of Voorhees, il vas
laid before the senate and referred TO the
finance commiite. with an order that
900 copies be printed for the use
of the senate Hoar followed Villas,
and declared there was nowhere
en- .ertaiued any more probability that
within the next SIX month or within any
reasonable time there will be any neces-
si,y Tor any more money IN the treasury
for the purpose OF redemption than there
- that there will be war with the Austria
Ian possessions Of Great Britain. liz IS
we'll known that when money IS gained
from the sale of bonds il Is the purpose 20
put il into the treasury win one hand and
take IL oat with the other 20 pay current
expenses. The secretary IS not borrowing
il tor redemption. and that proposition IS
TOO ridiculous for discussion. The resolu-
ton, at the request OF Teller. went over
until Wednesday, and tbs senate
adjourned until Monday.