The times. [volume] (Richmond, Va.) 1890-1903, 1894-03-09

said. TO have more than two or three mill
lions of silver coined monthly. and there
was now some S00Oo,0oO Of silver dollars
on hand. And yet, without waiting unth
there was a demand for that silver for
the purpose of circulation. IL was proposed
to issue silver certificates on the faith OF
the silver bullion 10 the amount OF SS,Do-
O00 And yet IL seemed 10 him that the
suggestion OF the senator from Nebraska
CMr Mandersonl was clear and unques-
tionable 1t was perfectly clear that the
S55.O0O.0O0 could be doubled. If the excess
of the first S5,000000 was demanded by
the needs of the Treasury. He said that
the proposed issue Of S55.e0OO0 OF paper
money was based on money stolen from
the fund pledged to redeem Treasury
notes without any sanction Whatever 20
far from doing such a thing, he would be
willing TO borrow money, at any rate oil
interest. rather than endanger the whole
financial system OF the Government by
such a large increase OF paper money
without any backing.
In the further course OF his argument
Mr. sherman declared that there had not
been a dollar gained by the Government
I'm the purchase OF silver bullion There
never had been any foundation for seigni-
orage. The old word "seigniorage' was
one which ought not 10 be engrafted on
the laws Of the United States. IL repre-
sented the power of lord or king 10 seize
a portion of the bullion brought 10 the
mint by its owner 20 be coined. II meant
toll IL was "a word offensive 20 every
American mind But there could be no
seigniorage in this case. because there mad
been no profit I'm the transaction. The
cost Of the silver bullion in the Treasury
was Si2j 10000. while its coined value was
$4,000 900. and that difference was the
seigniorage for which the bill provided.
The fact was. however. that the present
market value Of the silver bullion In the
Treasury was only Ssi.00.0oo, go that there
had been loss on the transaction OF
sil o0O,0O
Mr. Dolph. At the market rate to-
day?
Mr.. Sherman. At the market rate to-
day-59 cents an ounce.
Arguments against the bill were also
made by Senators Lodge Hep., Mass)
and Higgins Gep.. Del) The latter
characterizng 1t as most obnoxious
and unfortunate measure.
Discussion Continued.
The question being on Mr. Allison's
motion % reconsider the vote ordering
the engrossmcnt and third reading of the
bill. a motion 10 lay that motion on
the table was made by Mr Faulkner
Dem. " NaJ. but as that motion would
shut Off debate. and as Messrs Allison
and Villas slguhed their wish To address
the Senate Mr.. Faulkner withdrew the
motion TO lay on the table.
Mr. Hoar demonstrated against such
violation of the practice of the Senate
in rushing the bin yesterday 10 MS third
reading: and Aldrich also criticised the
H.fHfI
which. he said. he had never seen equailed
i'm the DISPOSITION OF an important meas
urc.
Mr.. Faulkner. who had occupied the
chair when those proceedings took place,
insisted that they had been, on ms part
characterized by extreme caution--so ek-
treme that. having ascertained that the
bill had never been read 10 the senate
in full he had ordered that To be done
lIa was not responsible, he SAID. Tor the
NEGLIGENCE of senator's.
Mr.. Harris expressed his determination
TO resist any reconsideration. ana any
amendment Of the bill, on the sround
If the bin had to DE sent back 10 the
House. the chances against action on II
there would be nine to one
Finally il was arranged that Mr.. nl-
lisou would have the floor tomorrow 20
sneak In favor OF his motion, and then,
al 450 the Senate. after a short exc
cutive session. adjourned I'LL tomorrow.
The President VIII Veto the Bill.
The statement is made by one OF the
most prominent men in public life that
President Cleveland viii veto the Bland
seipniorage bill IL it passes the Senate
This gentleman talked with the Presi-
dent Yesterday regarding the matter, and
the reason given Is that the bill would
be destructive Of the repose which now
surrounds the financial condition Of the
country. and further that IL would tend
to weaken our credit abroad.
Secretary Carlisle is known 10 be un-
favorable to the bill. and be IS UNDER
stood 10 have represented 20 the Presi-
dent that the money that would result
from the coinage OF the seieniorage IS
not needed. and that il Is his intention
whatever bonds may be- necessary 20 sup
plv the deficiency OF the National Treas
ury. and this, without any regard TO
the contention raised that this money
ought only TO be used IN compliance with
| the terms OF the resumption act
Appropriation Hni- in fhe House.
WASHINGTON. March 8.-Under unani
nous consent, several bills passed th'
| House Immediately after the reading O
| the Journal. Among them was the Senate
| bin extending for a period Of ten years
the act OF March ?, 1885, for the protection
Of the fisheries Of the Potomac river.
7 The Committee on Ciyl Service was
authorized to sit during the sessions o
the House.
Mr.. sayers presented the conference re
port on the urgent deficiency bill, and d
was agreed 10.
Mr.. Richardson Dem, Tenn called NJ
| the bill reported by the Dockery com
| mittee, abolishing the offices OF commits
| soner and deputy commissioner Of Gus
toms. and asked It's consideration as
| privileged matter.
| Mr.. Reed asked how its prlyleged char
| acter had been retained after being ~
| ported.
An examination Of the record showed
that the Speaker had stated when th
bill was introduced this would be done.
| Mr.. Reed. Could that bee done, eAcep
| of unanimous consent The Speaker doe
NOT seem to have asked the House for II
! HumorouslD / withdraw objections Il
nresent consideration. Exhibitions Of ~
! rannv are not unpleasant 10 me t"hered
| the Speaker could not restrain a snlllel
A letter from Secretary Carlisle, recon-
I wending the passage of the biu a. tend
| ino, 10 a better and more accurate ac
| counting I'm the department ana the re
mort OF the committee explaining the de
! STABILITY and scope OF the operations o
the bill. were read. The report claimed
! that S30, $50 would be annually saved u
expenses by the passage Of the bill. and Z
more speedy and accurate accounting oO
tained. The bill Was passed after bfie
| discussion.
The House then went into committe'
OF the whole on the District of columoli
appropriation bill. AS reported, the Oh