The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-09
THE BOND ISSUE AGAIN.
Mr stewards Resolution Precipitates
Dssuitory Discussion.

sherman presented in the Senate to-day
a memorial Of the wool growers against
outt,nq wool on the free list, and asked
- the wool growers had been refused
y hearing bv the Finance Committee),
that the memorial be printed. II was so
ordered.
Memorials of the San Francisco ChaIn-
her OF Commerce, praying for the anneHa-
ton OF Hawaii, the laying OF capie
from the United States TO Hawah, ana 10,
the completion Of the Nicaragua canal
under Government control, were prese.'t-
ed by Mr.. Perkins. of California.
A Joint resolution providing constitu-
tional amendment for woman suIrase'
Was presented by Mr.. Wolcott uhep.'
COLI. and was referred to the Committee
of Woman Suffrage
on motion of Mr. VOORHEES,, II was
ordered that when the Senate adjourned
to-day ii be to meet on Monday next
The Bond Issue Discussed.
THE resolution heretofore offered by
MIR. Stewart, declaring IL 10 be the sense
Of the Senate that the Secretary OF the
Treasury has no authority TO issue bonds
except under the resumption act, and
that the money derived from the sale of
bonds issued under that act cannot be
applied 10 any other purpose than as
specified in the resumption act, was laid
before the Senate. Mr.. Stewart modified
the resolution by adding TO 1t the follow
ing clause:
THAT, in the opinion Of the Senate,
there IS no present necessity for the sale
Of bonds for the purpose specified in the
resumption act.
Mr.. Butler Is. O. moved to refer the
resolution to the Committee on the Judi
ciary.
Mr.. Sherman favored such reference.
Mr.. Quay said that the reference pro-
posed would simply be giving the resolu-
tion a decent burial. and that il would
be a justification Of what the senator
from Ohio knew 10 be an Illegal act.
Mr.. Morrill, opposed all the PROPOSE
tions He understood that gold was be-
ing drawn out of the Treasury by the
presentation of United States notes; and
one Of the propositions would forbid the
Secretary using United States notes. Yet
there was a positive statute that United
States notes cannot be cancelled and
must be re-issued.
Senator Teller Very Emphatic.
In the course Of a desultory discus
sion Mr. Teller Rep., Colo) said that
he wanted 10 know what the American
Congress was going TO do with the ques-
llttl Ol urlllfu|ls iSNtt ''AN htt'Nf h'
said. that no more per cent. bonds on
per cent. basis could be sold II
was morally certain to-day that IL an
other fifty million issue We're offered 10
would be a failure. And the Congress
was met. he said, face 10 face with the
question whether there was TO be con-
tinued deficiency, with an unknown In
crease of debt. or whether there should
be some effort made TO meet the de
hciency, by some sound system Of finance.
The credit of the country was now
threatened; and the men who had been
loudest in the denunciation of the double
standard of money admitted now that
they had not the skill or the will TO
devise a way out Of this disastrous and
| disgraceful condition
The Finance Committee had been en-
| tirely silent on the question. although
| Congress had been in session, practically,
| since the eth of August last. The domi-
nant party had been silent. The execu-
| tive department was silent, except 10 sug-
eest that the spendthrift system Of run
| ming in debt be continued. lie thought
| himself that the Secretary knew now
| from the condition Of things, that he
would not be able 20 sell bonds under
| that power: and he CfelleD wanted Con-
eress TO determine once for all, directly
| ar sDeedily whether IL was 10 adopt some
system OF revenue gathering that would
| bring revenues enough 10 the Treasury tt
maintain the credit of the Government
and 10 pay current expenses. or whether
| II WAS TO enter on system of running
| In debt 10 the amount OF 800
600 900 or S5oo0O2,00o. II the run
Ming debt was to be continued
without any attempt 10 increase the reve
nues. the debt would be increased by 4
thousand millions before it stopped. H'
concluded with the declaration that If thu
dominant party did not act in the matte
| IL was the duty OF the minority 10 insis
| that the majority should not.
The Resolution Goes Over.
Mr.. German moved to refer the resolu
ton 10 the Committee on Finance.
Pending action on that motion, TN
morning hour expired. and the resolution
went over till tomorrow.
At 3 =. NJ the House resolutions ol
the death Of Representative Mutchler o
| Penusylvania. were laid before the Senate
and MIR. Quay (Rep., Pa offered tn
usual resolutions of coincidence and re
spect. Eulogies OF the life and characte
OF Mr.. Mutchier were pronounced b,
| Messrs. Quay, Mitchell (Dem.. Wis.,, ant
Hansbrough. The resolutions were agree,
20. and the Senate. AT S:20 o'clock, ad
iourned till Monday next