The Portland daily press., 1894-01-31
THE BOND ISSUE.
Mr.. Sherman on the Secretary's Power
and Its Limitations.

Mr.. Sherman on the Secretary's Power
and Its Limitations.
Washington, January 30-In the Senate
today, Mr. Aldrich, Repu blican of Rhode
Island, presented petition from the
representatives of GOO woolen goods man
ufactories in twenty-sx states and one
territory, representing that the passage
of the Wilson tariff bill would be detri-
mental to the interests of the country
and disastrous to their particular in
dustry.
Mr.. Stewards resolution declaring the
proposed issue Of bonds without authors
tv of law was laid before the Senate and
Mr.. Stewart spoke in support of it.
Mr.. Sherman made a strong speech
| in support of the Secretary's power and
duty to issue and sell bonds. He ex-
pressed regret that anybody should be
| found now to question that authority.
| The power proposed to be exercised by
| the Secretary, he contened, was given by
| law in the strongest clearest and most
direct language. 1t had stood unchal-
| lenged until few days since, when
| Senator Allen offered resolution deny
| ing the authority of the Secretary. Mr..
| Sherman said he did not believe it was
| the duty of the Secretary of the Treasury,
| or that it was within his power to apply
the money from the sale of bonds to any
other purpose than the redemption of
| legal tender notes. He had no right to
apply it to current expenses, and there
| fore his friends on the other side would
have to supply the deficiency in some
other way than by tampering with the
gold obtained from the bonds. The otner
side could not diminish the revenues,
as they are proposing to do by the new
tariff measure, without providing some
means of meeting the deficiency. The
pending resolution should be voted
down. The Senate ought to vote affirma-
lively that the Secretary of tine treasury
has unquestionable power to issue bonds
to maintain the gold reserve IN Ine
treasury ON which all the credit OF tne
government and all of its money rested
Mr.. Quay, Republican of Pennsylvania,
offered an amendment to the resolution
limiting the use of the money to pe re-
ceived from the bonds to the redemption
of legal tender notes presented at the
New York sub-treasury.
Mr.. Du bois, Repu blican of Iowa, offered
as substitute the resolution reported In
the House.
The latter, Mr.. Sherman said, had his
approval.
MIR. Teller, Republican of Colorado,
made a speech taking much the same
position as Mr. Sherman, that the Secre-
tary of the Treasury had the power to
issue bonds to provide for the redemption
of green backs and for no other purpose.
Mr.. Teller did not finish his speech and
the matter went over.
The bill to repeal the federal election
laws was taken up, and it was agreed
that general debate on the bill should
cease at p. N. Tuesday, wnen debate
should proceed under the five minute
rule uutil the bill is disposed Of Mr.
Chandler, Republican of New Hamp-
shire, offered TWO amenments to the Dill
The first provides that the flag of the
United States and the words Tor repre-
sentative in Congress" shall be stamped
on every box for congressionals ballots iii
elections in the states, and providing Il
penalty of 500 fine or thirty days inn
prisonment, or both, for violation OF this
provision. The second amendment re-
quires election judges to make up and
publicly declare the result of a congress
sional election in precinct Immediately
after the close of the polls.