New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-13
MENACE TO NATIONAL CREDIT
MIR Villas so CHARAcTERIZEs THE
VACUUM BILL"

Irr prrADs FOR HONEST MONEY-MR. ALLISON
po,vrs OFT THE DEFECTS OF THE BILL
AND ASKS TO HAVE IT AMENDED.
v,osb,rg.on. March i2-When the Sesniorage
hll was taken up in the Senate to-day MT. WAS
UDero. WIS., continued the speech against IL "hich
~, h,gap last Friday. The objects and motives OF
tho hill would be best gathered. he sad' oy con-
sid ration Of who its author was and what "er Ms
,,.aos.s From that point Of view, II was that
Will. TO its friends the measure was PROMISE 70
hin, u was a menace He believed that every man
ubo inclined to favor the bill for the reason that IL
seemed harmless measure. or measure OF i'''ie
harm. was mistaken w.t.. ~,
Ion., discussion ensued between Mr.. Villas Mr..
Dan co,) and other Senators to the rela-
,,,. "a. Of gold silver greenbacks and silver GER
,,acates IN the payment OF customs duties iro'i
January lS79-when specie payments were re'u"i.u
down 10 the present time. IL the course OF the
discuss on Mr.. Villas said
.1 an, calling the attention Of the Senate to the
nrese Mt condition. with silver certihcates amount
inc. n only one-ffth of circulation; ana let me
I. ,,,, friends what they think will be the cond-
zion whom silver certificates shabby ;he passage
~ this blll-bear the relation OF one-'hru " VIC "
trio circulation? These silver cert'hca'e' aie IL ~.
heng cas. off as an Inferior currency tut 9-V'V'o
900 more on top Of Them and what VIII DE 'ne iu''
The gold supply will be cut of from the irsa'u'
The experiment recently MADE by the oe0ie'e-'' "
annealine TO bankers Of New-York cannot oe re-
p.a 1h, nigh, "a well BE- declared. plainly
and openly. The Secretary cannot SO aga" u',oe.
,h 40, Of 1875 and borrow gold in New-fork uhiess
he NAYS The interest which ths act OF lS'o
We have reached the point where all 'he S-Pp' u
gold 10 the Treasury Is cut or II th'S "''' '
a law And there stands the reason LOT inc app
n nsion which feel in regard 70 thS 49,
,rh &c the menace-and frightful mehace, III my
10 peace
the country. -, s a
"Wc have to-day siOs00o0Co Of free go!d' ana we
hay, in round number siN0c0Vo OF pap, VIM"
can demand thai gold. Place Delors inc
MO, Of the United States the proposition that t!le
gold supply in The Federal Treasury De ou' "a ,
how long Will that $l0S 100000 or goid 'as,' no D
,oea,s 70 take away the s.rsng;h from the Govern
,nent to maintain the parity Of currtncy IL me-,
- hrir, us 70 n. dollar Of 4l2is grains OF s'ahoaru
suvsr I'm place Of the dollar OF % $40 graips oi gnu
7, means TO strike down the credit OF the Govern
ment and to throw us again mo hha"c.o' 49,
sons In a few days hop" TO see the o'ha'- p
form an act Of ong-delayei justice 10 'he Peop'e "
this country-the turning back from mat speo'e' ~
l.gsra,ion which lays burdens on the many lot the
benefit Of the few. .,o
Mr. Allison (Rep Iowa. sail that he had mace
rho motion to reconsider for the purpose OF ha'iS
cured what he considered manifest de'ec'S i" ''e
BIZ lie agreed largely with those VINO SNu s'1'.
the silver bullion in the Ireasury IN 80 ave one
form was not available for any pu'po7 81 FOR the
and .h,t was for sale. II could not De useu ip ~ -
re- eInyon OF any OF the paper sahle for he
,;oycrn,ne1t Il -0uld not b. mace aVdsoi o haIn1
rcicnition OF those obligations. except ~ ssra
r,ia,d or sold Ard ne had yet 70 near any he nur
.,. VI ',hsr ore ent or remote, OF Congress, 10
a,;thor!ye the sale OF silver bullion; mn Y, Was
80 ,',,horfv such sale UlpOsso ir ~
Fere5r clear that time the senate ,,I not
b, Obliged to deal with ,aS rH Ia'' to deal with Il
now; Bnt he lid not b.eve that the IN Me ~ Mi
dealing YIN n onI The Secretary OF the Treas
ury Air Nilsson declared had now H. to COIN
c~'ry dollar Of the bullion In tie Irea'my 40 no,es
purpose OF rcIeeninS Outstanding aerci.,' Il, nor
n ,nr s"rin 70 be at this moment any necessity
Mr A ,h ecrr:ary OF he Treasury had nov the
rgat. under the act OF $780, 10 oo''' VIC
U Aye Millions TnBs Of Of It, ~ Has he any
rg' 20 tST the rcempon OF Treasury notes
MIR Alilson-Proba5y not without So'"e
'eS N- Teiicr-r think he has ,,,sr o, fact
Mr. SUR . LIZ Of the Treasury redeem these
Trasry no.es Unless Tits bll Is passel can
Mr ', ,ss na,es out OF any money that ne mas
,r rsio,nution II Is 50 expressly proVIdd'r.
roomntI5n is in the discretion Of the treasury
Mr Lindsay Dem Ky)rnder the management art no,ns
OF tnG s Gnlv redeemed so 10 be retired un-
less they have been redeemed in silver -, c,rro,
be M and rerd any other wP Sss than no, By
IN silver he bound TO retire them b nem and
redccrns them in gold he can reissue ,he'h' anu
w ,utson vent on TO argue against the provision
In The mn which authorizes the issue OF sl1Nv -,
,Sa nj 6e tnat Is o Of cerncaies could be
s'cI IN addition 10 the coinage Of the SSeoUS OF
silver These certificates he said having no."i'ii;
SnSnd them Would be practically fla, money mo, ycopf
hat was not the object and purpose 81 .n s,r,cken
ut AS # could not be operative for eShteen M
or two years The cSinsSe I month 50 that il
vnu1 re0uire that time to effect the colnase' III
Mas n w fayST not of tSs give FOR the
ssue OF sjoeo Of treasury No. no., ,,nSergone the
crurile Of debate in any place in the United states
The liver bullion was slumbering in the Treasury
and e. could sumber there unt!l some sensible
method Of dealing VIII It'll, mas wis" pocv to sell
- and therefore IL would have to be coined sooner
or later He was IN favor OF 'on ,1gc thai the
bulion might lie in the Treasury for a rev Years
longer until It could he seen whe'"yT G bod the be-
lief that when silver was resSred ns PAR VI Would
words mG"e 6e in rn fq % %sS not s be the
ratio OF IL to l. but the ratio or me w9r.s prs
G9 .o AZ was already out in the form OF Treasury
notes lie tinted states could afford TO walt for a
f period as r respr Is ' Fe cqia se abost It
lie believed that the passage or the o MIInou'
while the gradual coinage or %oWW" Oh sil'eF
would have serious enect It'll, :. >.,,
Mr. Wocott (Rcp, COLI said that while II woulu
va agreeable to some have the suggested amend
mems offered to the bill still It's friends had right
10 see II pass without such amendments Nhen II
came over from the House those who now op-
posed It voted against its reference to the FINANCE
4, committee. baca they wanted to use IL as
hufyrr aga inst the Tariff bill II secret that
their purpose and understanding had been that
the Seigniorage bill should be Kept before me
Senate so as to oppose and resist any attempt TO
reach a consideration Of the Tariff bill. In view
of that fact ne did not think 1t was mistake that
the bill should pass just II was, in order that "
might serve AZ an example and warning IL had
no particular value 10 those who adhered 70 the
doctrine OF bi-metasm II was roughly drawn,
was very coudcd. and was open to scores OF OBJ
coming the great mass OF silver bullion now in the
Treasury That would be better than 10 borrow
money and pay interest on IT, The bill was crude
and imperfect. but yet. in friendly hands. II was
not difficult to construe. and II could not be tort
ured into a construction that II authorized the
OF S55O00O0 Of Treasury notes In addition 10
the 100000 Of silver dollars.