St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-01-31

eral Election Law.
WASHINGTON, Jan. 3o.-The senate
has finally named the day when the
final vote is to be taken on the bill re-
pealing the federal election law.
After another long colloquy today, be-
tween Senators Gray and Chandler, the
Republicans consented that general de-
bate on the measure should close next
Tuesday at p. III. After that hour
amendments may be presented and
passed upon. but the final vote must be
taken before the adjournment of the
senate on that day.
The bond question came up again in
the senate today, and after long de-
bate went over by unanimous consent
until tomorrow. The significant feat
ure of the discussion was the firm stand
taken by Senator Sherman in favor of
the authority of Secretary Carlisle to
issue the bonds. The gold reserve he
declared to be fund which should be
preserved inviolate. and ne thought it
even mandatory, rather than discretion
airy with Carlisle to sell at least suffi-
cient bonds to restore the gold reserve.
Senator Washburn, OF Minnesota, pre-
scented petition of six thousand citi-
zens of st. Louis county, Minnesota,
protesting against putting iron ore on
the free list.
E The resolution Of Senator Stewart, of
Nevada, declaring the proposed issue of
bonds to be without authority of law,
was taken up. and Mr.. Stewart ad-
hpncsnd TO in &c fau
Senator Sherman followed Mr.. Stew
art, and criticised severely the attack
upon the
CREDIT OF THE NATION
in the resolution proposed by Senator
Stewart, and also in the speech of SEN
ator Allen. He said he was surprised
that no one had arisen to sustain the
administration in its aim to maintain
the credit of the country. These at
tacks, just as the bonds were about to
he issued, were serious, and it was ap-
parent that they would either prevent
the sale of the bonds, or. if sold, compel
sale at greatly reduced rate of inter-
est
Senator Sherman said that the secre-
tary of the treasury had full authority
to issue the bonds.
THE secretary of the treasury" said
he, "has full power to sell bonds to
maintain the gold reserve. 1t is his
duty to DO so. This is the first time In
fifteen long years that any has denied
that power. 1t has never been dis
cussed before. 1t is almost unpatriotic
to question this power at time when
the revenues of the government are
insufficient TO meet the expenditures.
1t is question that should be above
partisan discussion. feel like stand
ing up for the honor of the country,a and
for the power of the secretary OF the
treasury. The power to issue bonds in
just such contingency as has now
arisen was given by law i'll the strong
est, cleareSt and most direct language
that has been nsed. That law nd the
power had stood unchallenged and I'M
ecntradicted from that day until few
days ago. when resolutions were intro
duced in this body denying the author
lty of the secretary OF the treasury at
| time when bids were about to be issued.
Senator Sherman then proceeded to
real i'll detail the provisions of the law
| on the subject in dispute, and argued
| that the Legitimate construction was
| favorable and even mandatory of the
| power now about to be exercised by the
| secretary of the treasury.
At the conclusion of Senator Sher
| mans remarks.
| SENATOR QUAY
| introduced an amendment TO the resolu-
ton, the purport of which was that the
J secretary of the treasury had no power,
| Except to provide for the redemption
| of rho ipn al fpnhar nf hn TTnifod
| States. presented at the sub-treasury in
the city of New York"
Senator Dubois (Rep., Idaho. as a
| substitute for the pending resolutions,
presented The following:
Resolved, That it is the sense of the
senate Of the United States that the
! secretary of the treasury has no author
! ity under existing law to issue and sell
the bonds of the United States, except
such as conferred upon him by the act
| approved Jan. IA, 1875, entitled IAN act
| to provide for the resumption of specie
| payments
And that the money derived from the
sale of bonds issued under that act can
not be lawfully used for any otaer pur-
pose, except for that provided therein"
| This resolution seemed to meet with
! favor.
Il approve of that resolution" said
Senator Sherman.
1.-The question of maintaining the
credit of the government" said Senator
| Teller, us not one that ought TO be
interfered with by partiSanShip. / am
as anxious to maintain the character of
! the government, with reference to its
| financial affairs, under this administra-
| Republican administration. If the re-
ports in the morning papers are true,.
| SECRETARY CARLISLE
said in New York that if the bids
! amounted to So, 000.0 900 he would accept
! the whole So, 1000, 900 and issue bonds to
that amount. He said that he would
nrst strengthen the reserve. and that
the remainder of it he would use for the
current expenses. If the bonds are
| issued we will be obliged morally and
| legally to pay for and redeem those
bonds, regardless of the use that was
made of the money. | say that if we
! have reached the point where the issue
| Of bonds is necessary for current eX-
penses, then it is necessary for congress
| to provide means and legislation for tie
| issue of such bonds.
Continuing-SenatorT Teller commented
upon the cause of the present depres-
| sion, and said he differed from Senator
| Sherman as to the cause. He did not
believe that the financial difficulties
were due to the impending tariff legisla-
ton, but to the repeal of the Sherman
act.
Docs the senator think that the
Democratic party is responsible for this
condition he has depicted?" inquired
Senator Daniel Dem., Va.).
II Think" replied Mr.. Teller. "the
Democratic party is entitled to its full
est share of the odium of this condition.
In my opinion, this difficulty began in
1873. and has been continued by the acts
of congress since that time; and the
eliminating feature of it was when this
Democratic administration insisted upon
the repeal of the Sherman law, and
putting this country once for all upon
an absolute gold basis"
Pending Senator Teller's speech, at
2 O'Clock, the election bill was taken
up. and the financial resolutions went
over. After some colloquy between
4 ~