The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-03-09
SHERMAN ON SEICNIORACE.
He Says 1t Has No Existence, Because
No Profit Has Accrued.


Bore His Name Caused a Loss of
S4l, 100000 to the Government on
It's Silver Purchases The Bill Re-
mains Where It Got Through the
CELEBRITY" Of It's Friends and the
'Negligence'' Of It's Enemies.
Washington, March s.--The Vice Prcsi-
dent laid before the Senate today q letter
from Senator White, of Louisiana, stating
that he had sent to the governor of Lou
isiana his resignation as senator, to take
effect on Monday, March l2
A Senate joint resolution for the ap-
pointment of a commission to compro-
mise, adjust and settle certain
claims and counterclaims between the
United States and the state Of Tennessee
as to the railroads and other equipment
sold to the state was reported and dis
cussed and went over till tomorrow.
The commissioners on the part of the
United States are the Attorney General,
the Secretary of War and the Secretary
of the Treasury, and on the part of the
state person to be appointed by the gov
ernor.
The calendar was then taken up in reg
ular order for bills unob ected to. The
first bill on the calendar was the one re-
ferring the McGarrahan claim to the
court of private land claims Objection
was made by Senator Morrill,, and the bill
retains its place at the head of the cal
endar.
A TILT OVER FLORIDA LANDS.
A Senate bill to open certain parts of
the Fort Jupiter military reservation in
Florida, 10 entry under the homestead
law, developed a conflict between the two
senators from that state, MIR. Pasco ad-
vocating the bill and Mr. Call opposing,
unless certain amendments which he sug-
gested and which his colleague resisted,
were adopted. The opposition Of Senator
Call was severely critici ed by Senator
DOlph, rep. of Oregon, who retortcd by
charging that Senator Dolph was repre-
senting defending syndicates of speculat-
Ors, as he always did. Finally, on obJeC-
tion. the bill went over without action.
Numerous pension bills were passed in
cluding one giving $50 a month to the
widow of Gen. Hitchcock; also the House
bill to transfer the Morris Island life saw
ing station, near Charleston, to Sullivan's
Island.
At 2:4O o'clock the Vice President laid
before the Senate the unfinished bust
ness being the Bland seignioragc act the
pending question being on Allison's
motion to reconsider the vote of yester-
day ordering the engrOssment and third
reading of the bill.
THE sEIGNIoRAGE BILL TAKEN UP.
Senator Sherman, rep, Ohio, OK
pressed the hope that the gScnate would
make no real objection to Allison 8 motion,
so as to leave the bill open to amendment.
He proposed to show the Importance of
having the bill amended He declared
that there was no disposition on his side
of the chamber to prevent action on the
bill. There was, therefore, no objection
on the part OF the ma ority TO avail itself
of the accidental position of the bill in its
having passed beyond the amendment
stage. He suggested that senator's on
bOln sides should proceed in the matter
without taking advantage of a rapid de
claration on the part of the presiding
officer that the bill had been read a third
time.
Senator Harris declared that the bill
had reached its present stage through
the regular methods of procedure in the
Senate, and he knew of no reason why
the bill should not be disposed of in thirty
minutes. Certainly he would not consent
to any reconsideration unless ma ority
of the Senate ordered it on yea and nay
vote.
Senator Sherman appealed to Senator
Harris, as a lfind-hear ed man. a man OBJ
servant of the courtesies Of the Senate.
whether it was wise TO insist upon the
result of q vote taken without the kHowl-
edge of several senators. He then went
on to argue against the bill. In his opn-
ion it was a violation of the public faith,
as declared in the act of 1890 which
pledged to the redemption of the silver
certificates the entire silver bullion Dur-
chased by them. He believed, also that
it was the beginning Of an unlimited
issue Of paI er money to meet current eX-
penditures And he believed that il
would substitute for the bi-metallic and
ard of gold and silver the monometalism
of silver only. Congress was already
threatened with the question Of the free
coinage Of silver The senator from
Nevada Stewart had been on the point
of 1cring such an amendment yesterday,
and had only withheld it until after the
pending bill had passed. II had
been said in the newspapers, he did
not know with what accuracy, that the
author of the measure (Bland) proposed
to introduce in the House OF Representa-
tlVes a bill for the free coinage Of silver
Senator Sherman proceeded To read the
provisions Of the act of 1920, and to argue
that they were entirely repugnant to the
provisions Of the pending bill. The act
of 1890, he said, meant clearly that the
silver bullion purchased under it should
be coined into dollars, as needed to re
deem the silver certificates.
sEIGNIoRAGE NOT YET IN EXISTENCE.
Senator Sherman quoted from the act
of 1870 this pg Ssage And the gain, or
scigniOraGe, arising from such coinage
shall be accounted for and paid into the
treasury - and said: This seigniorage
did not arise until after this bullion was
coined: and there ore this provision about
the gain or scigniorage did not operate or
come into existence, according TO the de
cisiOn of two secretaries Of the treasury,
one democratic and the other republi-
can"
After further remarks on this point,
Senator Sherman said 81 his bill is
plain and palpable violation of the public
faith-as plain as if you should refuse TO
pay United States nOtes-that this bullion
so purchased for treasury notes shall
remain intact in the treasury, only
10 be used for the purpose Of
the redemption Of treasury notes.
The bill before US, strange 10 say,
provides for taking So, 100000 Of the bull
hon thus pledged to the redemption Of
the treasury notes. II takes IL from the
vaults of the treasury department, whore
it is pledged, as sacred as a NOR gage
upon land, or as any other obligation Of
public faith. And what docs IL propose