The times. [volume] (Richmond, Va.) 1890-1903, 1894-03-13

bridge Teller. Villas, and Wolcott-SS.
Nays: AlCrich Allen. Bate, Berry
Gail. Coke Daniel. Davis. Dolph. Dubois
Frye. George. Hansbrough Hoar. Kyle.
Mills. Mitchell (Ore). Pener, Perkins Pet
tgrew. Platt. Power, Pugh, Roach, Ste
wart. Turpie. and Voorhees-H.
Mr.. George Dem. Miss), explained
why he had vot 4 I'm the negative.
That vote. he said. was not 20 be taken
as indicating any belief or suspicion on
his part that any senator had been guilty
Of the offence charged. IL simply express
ed his conviction that a fair and full
investigation would show the groundless-
ness Of the charges. and thus tend to
suppress such insinuations In the future.
NIr. Villas on seenioragc.
The seigniorage bill was then taken up
and Mr.. Villas continued the speech
against IT, which he begun last Friday.
The objects and motives OF the bill
would be best gathered. he said. by
consideration of who its author was and
what were his purposes. From that
point Of view it was that while TO its
friends the measure was a promise. 20
him IL was a. menace. lie believed that
every man who inclined to favor the
bill for the reason that it seemed a
harmless measure, or a measure OF little
harm, was mistaken. The BILL az he had
said the other day, adds some 20O.0O0010
of silver certificates TO the currency Of
the country. lie did not oppose it be-
cause IL was TO coin the seigniorage.
He did not oppose 1t merely because il
was 10 transform the silver bars in the
Treasury into silver dollars. He did not
oppose II because IL would increase the
circulation. He did not oppose ii because
any Of the Sherman notes might be re-
voked. Every one Of these objects might
be IN n proper way accomplished. and
good be the result-certainly little OF
evil. But he thought it would be seen
| (and it would not be disavoweO that
the reason why the bill was sought
! TO be put into the form of law, was
because it was a step-probably efiica-
cious-to bring about the substitution OF
the silver standard I'm the money of the
country. II not completely effective TO
that end. II would dangerously approach
| IT, ana for that reason ne thought that
the Senate ought TO stand against H.
Mr.. Villas called attention to the in
| creasing ratio Of silver certificates paid
for customs dues. and the corresponding
decrease Of gold, and continued Now
II Is. Mr.. President am calling the at
tention Of the SeEate to the present con-
| dition, with silver certificates amount
| ING 10 only one-hfth OF our circulation.
| think will be the condition when silver
| certificates shall. by the passage of this
| bill, hear the relation Of one-thrd TO the
| entire circulation. These silver certih-
| Gates are now being cast off as an infe-
| rior currency. Put 200.00OO00 more on top
| Of them and what will be the rcsuIt2
| The gold supply will be cat of from the
| Treasury. The experiment recently made
| by the Secretary in appealing to the
| bankers Of New York cannot be repeated.
| That might as well be declared plainly
| and openly.
The Secretary cannot go against the act
| OF 1915, and borrow gold i'm New York,
unless he pays the interest which the act
of 1875 authorized We have reached the
point where all supply OF gold 20 the
Treasury is cut off. II this bill becomes
law. And there stands the reason for
| the apprehension which ! feel in regard
to this legislation. There is the menace.
and a frightful menace in my understand
ing It is, to the peace and welfare Of
the country. We have to-day SiO6O00.eo0
of free gold, And we have in round num-
| bers %00,wo0o0 OF paper. which can de-
mand that gold Place before the financial
men of the United States the proposition
that the gold supply I'm the Federal Treas
ury is cut OF, and how long will that
$lO6,0O0,OoO Of gold last?
Mr.. Allison Advocates His Motion.
Mr. Allison Rep., Iowa. addressed the
| Senate. He said that he had made the
motion 10 reconsider for the purpose of
having cured what he considered manifest
defects i'm the bill He agreed largely
with those who said that the silver bull
lion in the Treasury in its present form,
was not available for any purpose save
one, and that was for sale. It could not
be used for the redemption Of any of the
/ paper obligations Of the Government.
IL could not be made available for the
| redemption of those obligations, except
| by being coined or sold. And he had yet
| 10 hear any senator or aLy committee
suggest that IL was the purpose, either
| present or remote. Of Congress 10 au-
thorize The sale Of silver bullion, and
without such authority such sale was
| impossible. lt was, therefore. clear that
at some time the Senate would be obliged
20 deal with the question If il did not
do so now, and he was willing 10 deal
with il now. But he did not believe that
| the method Of dealing with the question
| as proposed i'm the bin was "a wise method.
The Secretary Of the Treasury Mr. Ali
son declared, had now authority, under
the act Of 1880, If be chose 10 exercise 1t,
to coin every dollar Of the bullion in the
| Treasury for the purpose Of redeeming
! the outstanding Treasury notes. The Sec
retary did not propose To exercise It,
nor did there seem 10 be- at this moment,
any necessity for its exercise.
In response TO questions, Mr. Allison
said he had no doubt that the Treasury
notes cannot be redeemed and retired
! i'm any other way than by silver. Whcf
! the Secretary reiecms these notes IN
silver he is bound 10 retire them; bu
| when he redeems them in gOlC
he can REISSUE them. and h,
supposed that he has reissued them.
Mr. Allison went on 10 argue agains
that provision I'm the bin which authorizes
the issue OF silver certificates, cOntendin;
that the fair construction Of IL woul'
be that $55.g0O 900 Of certificates could b.
ISSUED i'm addition 70 the coinage OF tn
s55 600 OF silver. These certificates. h
said. having nothing behind them, woul'
be practically fiat money. II that was no
| the object and purpose Of the secon
| section of the bill that section shOul'
be struck out, as h could not be operative
for eighteen months or two years. IN
coinage Of the silver dollars could no
exceed three millions a month, so ina
II would require that time 20 enect th'
coinage. He was IN favor Of the genera
nurposes Of the bill. but he would con
senf TO give IL his vote for the issue ol
az O00 900 OF Treasury notes, WIN no Sc
ourftv behind IL. There was no need ioi
haste in regard 10 the second section oi
tbe bill When the bill was hrst intro
duced there had been some necessity ioi
n. II il had been law then the heces
sitv would have been avoided OF Dor
rowing 100000 but now there WAS nc
s,cb necessity. The silver bullion wa'
t,to,ine, fn thf. Treasury, and II could