Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-29
FINANCIAL TALK
The Situation Discussed in Both
Senate and House.
Mr.. MANDERSON OFFERS RESOLUTIONS
Rep. DingIey Makes Reply to
Mr.. Wilson'S Speech.
M R. REEDS REM ARKS

MR.. REEDS REM RKS
The credentials Of Mr.. Cullom of Illinois
for the term beginning March next were
presented to the Senate today by his col
| league, Mr.. Palmer. The credentials of
William H. Sewell of New Jersey were pre-
sented by Mr.. Mcpherson, who will be sue
| ceeded by Mr.. Sewen
| Mr.. Hill On. " presented a resolution
| from the New York chamber of commerce.
passed with but one dissenting vote. hearth
| ly approving the financial course of the
| President, as given in his message yester-
| day, and urging Congress to aid in sustain
| ing the governments integrity, and in
meeting the emergency by an issue Of
| bonds, as suggested by the executive. The
| resolution adds that while monetary re-
form Is requisite, yet it should not be un-
dertaken until recommended by a thorough
Iy qualified commission.
| MIR. voorhees,, fr IN the committee on
| finance, presented q compilation OF all laws
| bearing on the issue of paper money. 1t
| was ordered printed as part of the imam
| cial literature now being prepared.
Mr.. Manderson's Financial Resolution
The financial emergency came up when
| Mr. Henderson (Neb.) presented a resoIu-
| ton on the subject. He prefaced it by
| stating that some compromise was essen
| tial. There must be an adjustment of con-
| hicting views, giving and taking. The
| country was in the throes incident TO this
| emergency. The pubic is deeply impressed
| with the critical condition. The Outflow OF
| gold continued. 1t was not time to
| blame any person or any party. The con-
dition was staring US IN the 1ace. ne
| thing to do was TO adjust differences, to
| compromise and to act.
| Like the compromise tariff bill, it sought
to reach a settlement on which there could
1 1,0 anfin Ita
| the committee on finance to prepare
measure having the following essential
| features:
First. The Secretary of the Treasury to
| maintain a reserve fund Of S2o0OVu,UoO gold
and S2O0,OOO,OOO silver.
Second. An issue of bonds payable in
either gold or silver. at the option of the
holder for the maintenance Of reserve
| Third. Outstanding legal tender notes to
be redeemed in gold or silver at the option
| of the holder and not reissued.
| Fourth For the next five years gold to
| be exchangeable for silver and silver ex-
| changeable for gold.
Fifth. National banks to be authorized
| to use the foregoing bonds as a basis for
| issuing notes, and the tax On notes 20 be
removed.
Sixth. Import duties from countries hav-
| ing the gold standard to be payable in
gold; and from countries having the silver
standard to be payable in either gold or
| silver, at the option of the importer.
Seventh. Authorize the coinage OF silver
III, d L,
pacity of the mints.
The foregoing resolution, coming from a
republican Senator, and including con-
cession to silver attracted :he closest at
tention. Mr.. Henderson asked the i'm
mediate consideration of the resolution.
| He said it might look like a financial hodge
| podge, but it was time to get together and
| to compromise, and in his opinion it made
| concessions to silver properly buttressed
and protected.
MIR. TeIler's Remarks.
| Mr.. Teller (Col) followed with some
| sarcastic suggestion that the Nebraska
| Senator was evidently not in accord with
| the Presidents message. Mr.. Teller said
| this document was rather obscured by the
| lecture the President had read to Con-
gress.
Mr. Teller did not share this executive
anxiety to keep up gold payments to the
| New York brokers as a supposed means Of
maintaining national credit. He did not
| share the idea that 1T was time to increase
| the national debt when it was the glory
| and boast of the people that this debt was
| being wiped out. If the administration
| was in the hands Of practical business
men, said Mr. Teller. there would be no
| terror over silver; no fright over the de-
mands Of New York brokers' BY resort
ing to the treasury payments in silver in
| stead of gold this fright would pass away.
emphasis, I'VE had a President who would
take twelve men in a room-twelve men
who are known and recognized in finan-
cial circleS-and say to them, Gentlemen,
the government will make it's payments in
silver; now. if you want panic, have it,
there would be panic" added Mr.. Tel
Ter. New York did not want q panic. The
run on gold would stop in an hour"
Mr.. Teller sharply criticised Mr.. Man.
derson for taking Up the cry of crisis
| and ''emergency'' and meeting them with
hodge podge." The Senator declared
there was no crisis-no emergency. This
country was not going to the dogs The
Senate could not be taken off its feet by
howl.
Mr.. Manderson's resolution was referred
to the finance committee to be considered
together with other plans.
Mr. Chandler (N.HD then took the floor
and introduced the following resolution:
Mr. ChaudIer's Resolution.
Resolved. That the interstate commerce
commission be directed to send to the Sen
ate a statement prepared from the latest
returns to the office of the commission
showing the capitalization of all and each
of the eight principal railway lines trans
porting passengers and merchandise be-
tween Chicago and the Atlantic seaboard:
showing also the proportion which such
capitalization bears to the total capt.
| talization of the railroads of the United
States; and including also for the last year
| a statement of the aggregate gross and
net income of said eight lines. also COM
pared with the gross and net income of all
| the railroads of the United States.'
Mr.. Chandler said this Information was
necessary to understand the effect of the
| bill recently reported from the committee
ON Interstate commerce. He quoted the
section Of the bill allowing pooling. and
continued:
The authority given by this paragraph
is stupendous. Under such authority all
the railroads Of the country may pool all
their gross or net earnings from all
sources. They may virtually unite Or form
one company or partnership. with a
capitalization. II equal to that exist
ing June 80, 1893. Of sl0,506 49,, 40:
the gross earnings Of which were for
the year then ending 81, DO, 75l.s74, and .ha
ret income after paying fixed charges was
Sill O5S, ,O34. They may agree to commit
the management and disposition of this
gross or net income to a managing board
of ten or seven three officers of the va
rious roads. This board be given au-
thority and discretion to pay out for the
purpose of controlling legislatures, state
or national or other public offices. or for
any other purpose, such portions as they
may see fit Of the gross or net earnings OF
this gigantic partnership. and afterward
to divide the remainder Of the net earn