St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-20


Mr.. Harris asked: "WiH the senator
HIale) name the number of hours the
opponents of this bill will require to
state their views? The friends of the
measure do not desire time, so that if
we can learn the time desired by the
opposition an agreement for the vote
may be reached"
'TThat is hardly a real, pertinent, fair
and square question" answered Mr..
Hale. How can 1 tell in advance how
long / will desire to discuss the bill, or
what time others may require?"
"Will the senator answer this ques-
tion," said Mr.. Jones, "WilI any amount
of talk for moment change the re-
sult?"
Probably not" responded Mr.. Hale.
"But think the friends of the bill had
better so on without these suggestions
of dilatory tactics"
ct needs no mere intimation," said
Mr.. Jones.
Mr.. Aldrich urged that a bill Of this
Importance should not be rushed
through without debate. There would
probably be numerous amendments Of
fered requiring explanation and discus
sion. 1t should be recognized also that
whatever the senate did, the bill could
not get the approval of the coordinate
branches of the government.
Mr. Jones said it was not for the gov
eminent to consider what the executive
branch of the government would do. A
majority in the senate desired a vote.
LAS there appears to be no DISPOSE
tion," concluded Mr.. Jones, "to agree
upon time for a vote, L will ask the
senate to remain in session tonight un-
til a vote is taken.''
This closed the efforts towards agree
ment on a time for a VOTE and in
augurated what appeared to be a con-
test of endurance
VILAS'S GREAT DEFENSE
Mr.. Villas then addressed the senate
He spoke of the presidents several
messages to congress and his constant
appeals, with words solemn and almost
pathetic in their earnestness, to deal
with the financial conditions. But there
had been absolute impotency in con-
gress to meet the perils of the country
Mr.. Villas then took up the events
leading to the recent bond contract.
He said action was necessary to avert
the calamity of a gold suspension
Few men have known" he said,
the imminence of the disaster to
which the treasury came before action
was taken to avert the disaster" He
proceeded to show that the withdraw
ais of gold were so great in January
that it became obvious to the treas
ury that a systematic run was being
made on it's gold"
After reviewing the run on the treas
ury prior to the execution of the con-
tract for the sale of bonds and the
consequent importation of gold from
Europe, Mr.. Villas took up the present
condition of the treasury and showed
how q great crisis had been averted.
He said that the greater part of the
gold left in the treasury when the run
ceased was in bullion and unavailable
for redemption purposes, and stated
that if the run had continued the mints
would have been unable to produce
the coin with sufficient rapidity to
meet the demand. 'If the drain had
not been checked by the announce
ment of a contract" he said, I'VE
should have been thrown to
A SILVER BASIS
or to the suspension of specie pay
ments," and he declared that the
president had been doubtful whether
he would be able to hold on for an
other day. Few persons had been
aware of the peril but there were some
who appreciated it, and he read the
following telegram from Mr.. Buchan-
an, the United States minister to Ar
Itch,
bankers understood the situation:
Buenos Ayres, Feb. 4, 1S95.-Gresham,
Washington: The London and River
bank, the largest in South America,
under orders from London, today re-
fused all classes of American exchange.
Are you acquainted with this fact?
BUCHANAN.
Commenting on the telegram, he as
serted that the condition of affairs
which cropped out in far-off Argentine
would have made itself manifest in all
the European financial capitals. Mr..
Villas then turned his attention to the
remedy available to meet this serious
condition.
'It is your fault" he said, that the
treasury condition was so critical that
the delays incident to a popular loan
would have brought on a suspension of
specie payments in three days. The
Judgment of financial authorities would
in time approve, if, indeed, it had not
already approved, the action of the
government in bringing a vast supply
Of gold from abroad"
A sharp colloquy occurred between
Mr.. Aldrich and Mr.. Villas, during the
1,.ia coli ff1a
recend bonus 'oulu have been sold at
10 per cent above what they brought.
eff the senator had stood at one end
of a cable, as the secretary of the treas
ury stood" said Mr.. Villas, "and had
for days solicited all the great money
! centers of the world for their terms on
our bonds, he would not make such a
statement"
Mr.. Aldrich said that if he had the
resources available in the treasury
and yet had to pay per cent premium
on bonds he would "go out of busi-
ness"
'It is singular fact" said Mr. Villas,
addressing Mr.. Aldrich, that the
ablest men are not the ones employed
to discharge the great transactions of
the government"
THERE WAS A LAUGH
at Mr.. Aldrich's expense, in which he
| joined Mr. Villas proceeded:
$50 imminent was the danger to the
treasury that from the black thunder
cloud that lightning was almost ready
to descend. Was the secretary to de-
lay for fraction of cent? There are
times in the history of nations = in
Deace rs well as in War-When great
consequences depend on quick action,
and he whose arm is palsied or whose
! foot falters is not worthy of the
trust"
Mr.. Villas took up personal charges
that had been made against the ad-
| ministration. One of these was that
Continued on Fourth Page.