The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-01-31
SENATORS ARE ALL AT SEA
THE FINANCE COMMITTEE CAN'T
AGREE ON A RELIEF BILL.


Senator Vest Comes out FIat-FOOted
Against the Plan Proposed by the
President-senator sherman As
serts That the senate would Do
Wen TO Discharge the Finance
COMMITTEES From Farther ConsId-
erafIOn OF the Subject.
1 Washington. Jan. Sa--If there had been
any hope left that the finance committee
of the Senate would be able to agree upon
some measure OF financial relief at the
present session, such hope was definitely
dispelled in the course Of the discussion
which broke out Immediately after the
reading OF the journal to-day. one Of the
1 leading democratic members Of that COM
mittee. Mr.. Vest Of Missouri, I'm presenting
/ the resolutions CT the ST. Louis Merch-
ants Exchange favoring legislation on
1 the lines OF the Presidents recent mes
sage, took firm stand against any such
legislation, and expressed the opinion that
the Merchants Exchange had not given
proper consideration to the subject. and
did not represent the intelligent opinion
of a majority Of the people of Missouri
lie declared that he would never vote
to issue one bond for the purpose of Sc
curing gold, in order that the country
might remain on u single gold standard.
And, he replied to a question as to
whether the finance committee would
agree upon a plan. that there was not the
slightest possibility Of it's doing so.
A leading republican of the same com
/ mittee Mr.. Sherman Of Ohio, expressed
/ the same opinion saying that the COM
mittee on finance was utterly helpless to
| deal with the question and that the best
thing that the Senate could do would be
/ TO discharge the committee from It's
further consideration, take up the ques-
tion itself and give the necessary relief to
4 the country.
After the subject was dropped the
Senate proceeded to the consideration OF
executive business and having ratified
the Japanese treaty, adjourned at 4:05
o'clock.
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. President-I have very great
respect for the ST. Louis Merchants Ex-
change, and for the opinions and wishes
of the gentleman who constitute that
body, but ] am unable to meet their views
in regard to the recommendations in the
Presidents message. / do not think that
the Merchants Exchange Of ST. Louis
represents the intelligent opinion Of the
majority of the people of Missouri. do
not think that it's members have given
proper consideration to the legitimate
effect of the recommendations which his
excellency has made to congress.
81 do not believe that a majority of
tI,o Of Hfuanupf ar of ba
of the United States, favor the retirement
of $500, 900 of non-interest bearing
treasury notes, and the substitution in
| place of them of no currency at all. l do
not believe that they propose to retire
these notes by substituting a gold obli-
CATION, running for fifty years, with in
terest in gold payable every year, to
the amount of SIS, 100000. and with ag
gregate amount of interest at the end
| of fifty years Of $3.50 900. coo in gold 1t is
a selfish suggestion that the principal or
a large part of it is to be paid by pos
terity.
The obligations on this Senate in re-
| gard to posterty are as binding as they
are in reference to the present genera
tion. We legslate not for ourselves alone
| but for those to come after us. And IL
might Just as well be said that we can
| ignore the autonomy of the government
| as to future ages and leave to our descend
| ants problems 10 De HtAlleu WnlCn might
| involve the country in all sorts of diff
culties, as to say las the President sug-
! gests) that we must look alone to the
present and let the future take care of
itself.
And yet the impression is made on
| the country that unless congress gives
additional legislation, power is taken
away from the executive and the country
will be involved in common ruin. Mr.
President nudsr the resumption act so
| called, the President of the United States
has the power to issue Az per cent. osnds
or per cent bonds, the latter to run
| thirty years. These bonds can be made
the basis of national bank circulation.
And the President, therefore, has in his
hands to-day all the power necessary to
secure all the gold that he may think
should be put in the treasury of the
country Every intelligent man knows
! that a 4 per cent. bond running thirty
years would be the ideal bond for the
national banks. Every one knows that
the national banks are interested ex-
| ceedingly in a single gold standard and
| in the perpetuation of their power for
| the issue of circulation. The President
of the United States wishes to force us
| to be accessory to the single gold stand
| ard. 1 wish to say for one that never.
never, in time OF profound peace, will
| I vote to issue any bond Of this govern
| ment for the purpose of securing gold
| in order that the country may remain
| on a single gold standard"
| Mr.. CulIom-I would like to hear from
| the senator whether the finance commit
/ tee is likely to arrive at the adoption Of my
/ policy, which would produce more money
/ for the use of the treasury?
Mr. Vest--It would be proper that the
/ chairman of the committee should an
swer that question, but in his absence
venture to remark that I do not think
there is the slightest possibility of the
/ finance committee Of the Senate agree
ing upon any bill to be reported to this
body. AS to legislation to meet defel-
/ encies, that question is not now lin view
of the statement Of the Secretary of the
Treasury one OF any Importance. The
Secretary of the Treasury stated to me
the day before yesterday that he needs
no legislation to meet any deficiencies,
and that no deficiencies exist.
"Mr. President. with great respect to
the ST. Louis Merchants Exchange, I
deny their faculty as soothsayers in re-