The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-02-06


Interesting Speech on the Financial Sit.
uation.
WASHINGTON, D. c.. Jan. Soft
there had been any lingering hope that
the -.inance Committee of the Senate
would be able to agree upon some
measure of financial relief at the pres
ent session such hope was definitely
dispelled in the course of the discussion
which broke out Immediately after the
reading Of the journal today.
One of the leading Democratic mem
bers OF that committee, Mr.. Vest, of
Missouri, in presenting the resolutions
OF the st. Louis merchants exchange
tavorlng legislation on the lines of the
PRESIDENTS s recent message took firm
stand against any such legislation and
expressed the opinion that the Mer-
chants exchange had not given proper
consideration to the subject and did
not represent the intelligent opinion
OF majority of the people of Missouri.
He said that he would never vote to
issue one bond for the purpose of Sc
curing gold, in order that the country
might remain on single gold stand
ard. He replied to a question as to
whetherth Finance Committee would
agree upon plan, that there was not
the slightest possibility of its doing so.
\ leading Republican of the same
committee-Nlr. Sherman, of Ohio
expressed the same opinion, saying
that the Committee on Finance was
utterly helpless to deal with the ques-
ton, and that the best thing the SEN
ate could do would be to discharge the
committee from its further examina- !.
ton, take up the matter itself and give
the necessary relief to the country.
After the subject was dropped the SEN
ate proceeded to consideration of exc
cutive business, and having ratified
the Japenese treaty, adjourned at ;05
p. m.
The financial debate was precipitated
upon the Senate at the very opening
of the session. After presenting the
telegram and resolutions from the St.
Louis Merchants exchange, Mr.. Vest
said:
Mr.. Presidential have very great re-
spect for the St. Louis Merchants ex-
change, and for the opinions and
wishes of the gentlemen who consti-
tute that body. But I am unable to
meet their views in regard to the re-
commentators in the Presidents
message do not think that the Mer-
chants exchange of St. Louis represent
the intelligent opinion of a majority
of the People of Missouri. I do not
think that its members have given
proper consideration to the legitimate
effect of the recommendations which
his Excellency has made to Congress. ::
I do not believe that a majority of the
people Of Missouri, OR Of the people of
the United States, favor the retirement
| of $500, ,000, 900 of non-interest bearing
treasury notes and the substitution in
place of them OF no currency -cg y at sllll.
do not believe that they propose to re-
tire these notes by substituting gold
obligation, running for fifty years,
with interest in gold payable every
year to the amount of $500, 000, 900 and
with an aggregate amount of interest
at the end Of fifty years Of $3.50, ,000,-
900 in gold. 1t is selfish suggestion
that the principal or large part of it
is to be paid by posterity. The obliga-
tons on this Senate in regard to pos
terity are as binding as they are in
reference to the present generation.
We legislate not for ourselves alone,
but for those to come after us, and it
might just as well be said that we can
ignore the autonomy of the govern
ment as to future ages and leave to our
descendants problems to be solved
| which might throw the country in all
sorts Of difficulties, (such as the Presi-
dent suggests, that we must look
alone to the present and let the future
take care of itself.
Mr. President, with great respect
to the St. Louis Merchants exchange,
| deny their faculty, as sooth-sayers In
regard to finances. This same Mer-
chants exchange telegraphed me to
vote for the unconditional repeal of
the purchasing clause of the Sherman
act and said that its repeal would
bring prosperity to the country and
that sunshine would again illuminate
the land That repeal took place, un-
conditionally, and what was the re-
suit? So far from bringing prosperity
it brought additional adversely; and
the prophecy made by the seE-consti-
tuted financiers, turned out to be a
mere illusion-'the baseless fabric of
a vision.
Mr.. President, the Congress is now
being assailed because it Will not put
this country permanently on gold
basis, and will not perpetuate the ma
| tional banks as banks of circulation.
The President OF the United States has
issueda a proclamation of war against
the silver issue of the country, and he
seeks now q do not speak of his mo-
tives, but of the results to make the
United States, who do not believe in g
single gold standard, accessory to the
destruction of silver, and to the perpet-
| uation of the system to which he is de-
voted. 1t is possible that Intelligent
men believe that the President has not
the power to secure all the gold that is
| necessary for the Treasury of the
United States even on his own theory
in regard to the finances. The Secre-
tary of the Treasury openly avows
(and the President repeats that they
need no more money to meet the cur
rent expenditures Of the Government.
There is Ito use their own language) a
comfortable balance of $63, 600, 600 in
the Treasury They openly avow
that they want gold to maintain the
single gold standard, and for no other
purpose, and yet the impression Is
made on the country that unless Con-
g-ess gives additional legislation,
power is taken away from the execu-
tive, and the country will be involved
in common ruin.
'.l1r. President, under the resump-
ton act $50 called the President of the