The morning call., 1895-02-19

we received
Sherman read the law of 1869, solemnly
pledging the faith of the Government to
pay in coin. What coin, he asked, was
existing at that time, and what coin was
meant by the lawmakers? 1t was gold,
which at that time was the only standard
coin. Silver was not then a standard coin.
Gold was the only possible "coin'' in con-
temptation at that time Sherman took
up the four and half per cent bonds
issued by Secretary of the Treasury Nor
rill and read the language that the pro-
ceeds from them were to "be paid in gold. :"
The same provisions were made as to the
bonds issued by him (Sherman) while Sec
rotary of the Treasury. To say that such
bonds, for which gold was received, should
not be paid in gold was not honest.
"And let me say to Senator's" declared
Sherman earnestly ''these bonds will
never be worth less than their value when
they were sold. We received gold for
them; we will pay gold for them. The
people of the United States will resent any
dishonor on the United States in seeking
to pay our obligations in money of less
value than that which we received"
Sherman turned his attention to the
President and Secretary of the Treasury.
"The Senator from Delaware" (Mr. Gray,
said Sherman, ''seeks to defend the Presi-
dent. But why should this be necessary
The President has no power over bonds.
He has no business with them. The Sec
rotary of the Treasury is the one author
lied to issue the bonds or to conduct nego-
tiations. The President has no more
power as to bonds than he has to sit in the
Senator's seat in the Senate cham ber'
Referring to the recent bond contract
Sherman said: 81 must say do not like
to say It. for have the highest personal
regard for the integrity of the President
and the Secretary of the Treasury, but 1
must say that this last contract was most
faulty for the United States.
$50 deliver the bonds at the rate given
was at least improvident. Within the next
thirty years we would be able to redeem
these bonds at one-half the rate of interest
we had bound ourselves to pay. The Sen
ator from Delaware (Mr. Gray had been
solicitous as to the President getting gold.
Why" said Sherman. ''there was no diff
Guilty in getting gold from London or
Berlin
land how" asked Gray, sis gold to be
got except by bidding for it with bonds"
Sherman said the manner of getting it
was to get full value for our bonds. There
had been no trouble over previous con-
tracts. Then the executive officers followed
the usual rule and got full value fo1 our
bonds. But the singular feature of the last
transaction was that bonds should sell at
1919 when they were worth in comparison
with our other bonds 100.
HAS the Senator any market reports
showing these quotations?" asked Gray.
mo" said Sherman, ''but does the SEN
ator know thirty years bonds are worth
much more than those previously on the
market?"
Then" said Gray, ''the Senator is in
dulging in estimates and general specula-
ton. He has no market reports to es-
tablish the rates he quotes"
Sherman said the bond contract, while
improvident, would not ruin or break the
United States If a reasonable proposition
had been made to our own people, they
would have found the gold to pay for
them. We have the men in New York
Boston, Philadelphia and Chicago, who,
being applied to, could convert such bonds
into gold at their full valre We have no
need to look abroad.
Sherman closed by saying that he had
not intended any personal criticism of the
President or the Secretary of the Treasury
"They have made bad bargain, that
is all, " said he, "but being bargain, we
must live up to it,
The agricultural appropriation bill was
then taken up, and long debate occurred
on the committee amendments striking
out the $4,000 for irrigating purposes.
After a sharp debate the amendment was
defeated.
Allen (Pop.) OF Nebraska offered an
amendment appropriating 100000 for
seed, materials, etc., for the drought sui
ferers throughout the country, particularly
in the Dakotas, Nebraska, Colorado and
Kansas. He said the suffering and loss
were more severe than was generally
known.
Pascoe CD of Florida amended by in
Guiding "frost" sufferers.
Henderson (R. of Nebraska resented the
odium of his colleague, Allen, in offering
an amendment which placed Nebraska in
the position of a pauper and beggar to he
Government. Nebraska could look after
her own sufferers,
Allen in turn warmly resented these at
tempts of his Nebraska colleague.
On an aye and no vote all the amend
ments to help drought. fire and frost suf-
ferers were held to be out of order
The agricultural appropriation bill was
then passed, after which there was an eff
fort to get recognition from every side of
the chair. 1t was clearly fight between
the silver bill, the appropriation bills and
the pooling bill. Jones of Arkansas, in
charge of the silver bill, succeeded in get
ting first recognition and moved to take up
the silver bill. The effect of this, if
adopted, was to displace the bankruptcy
bill and all other measures and bring the
silver bill to the front for struggle over a
vote.
Hale of Maine moved to adjourn. There
was an aye and no vote, the friends of the
silver bill voting against adjournment.
The motion to adjourn was defeated by II
to So, signal victory for the silver men.
German then made a move to get the
appropriation bills ahead of the silver bill.
He urged that the Indian appropriation
bill be taken I'D, Call having made a mo-