Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-27
Senator Hill Raises Quite a Breeze
by His Resolution.
COLLCQUY BETWEEN Him And TELLER
The Bond Bill Debate Begun in
the House.
MIR. DINGLEY'S OPENING

lation of yesterday might have a sequel in
the upper chamber
Mr.. Burrows (Mich) made early reference
to the tariff. In presenting a bill he ex-
plained that under the Wilson tariff bill
many articles were placed on the free list.
The House bill passed yesterday had raised
duties.on articles already or the dutiable
list, but had not reached those on the free
list, except in a few instances. The bill he
now introduced placed sixty per cent of the
duty. under the law of 1880, on those ar
ucles placed on the free list under the
present law.
Mr.. Sherman (Ohio) suggested that it
was contrary to precedents for a revenue
bill to originate In the Senate. 1t could be
Considered only as an amendment, not
bill.
Mr.. Burrows accordingly offered the
measure as an amendment and 1t was re-
ferred to the finance committee
To Accept the Katnhdin.
Mr.. Hale Me) offered resolution direct
ing the Secretary of the Navy to accent
| the ram Katahdin and place her on the
| naval rolls.
Mr.. Hale explained that the ram was
built under an ironclad agreement as to
speed. The ram had not made the required
speed because craft of this nature could
rot be made to attain such speed The
eCretary of the Navy recommended ac-
ceptance, although the law would not per-
NIT him to make the acceptance.
Mr.. Pettigrew is. d. urged that this
proposition tended toward bad precedent.
These ships were given every advantage on
speed trials and If they failed to come up
TO requirements, 1t was but just that they
be rejected. After some discussion as TO the
merits of war ships, Mr.. Pettigrew with
drew the objection but Mr.. Allen (Neb.)
renewed it, whereupon the measure went
over Later in the day the objection was
withdrawn, and the resolution adopted
Mr.. Quay Pa.) briefly explained the ma
lure OF bill he introduced for increasing
the duty on leaf tobacco.
The bill making Palm Beach, Fla a SUBJ
! port of entry and delivery was passed.
The fatality at Chicago, when an army
ammunition wagon exploded in the streets,
was recalled by bill offered by Mr.. Cullom
OF Illinois, cempenSating the families of
those killed.
Mr.. HilI's Bond Resolution.
The bond question made its appearance
when Mr.. Hill of New York introduced the
following resolution: Resolved That any
bonds hereafter issued under the laws now
in force may, in the discretion Of the Secre-
tary Of the Treasury, be made payable in
United States gold coin of the present stand
ard weight and fineness. or in standard Sill
Yer dollars, at the option of the boilers of
Such bonds, but no bond containing such
option shall bear a rate of interest exceed
ing ) per cent per annum, payable quar-
terly.
ton, reading from manuscript and receiving
close attention. He referred to the serious
condition of the treasury from the steady
depletion of the gold supply. This he said,
must be met by another bond issue. But the
government was hampered by the present
old law. failing TO specify the nature of the
money in which the bonds were to be paid.
The government was unable to deal like an
individual making the best terms possible
for the law tied the hands of the Secretary
of the Treasury. He should have the option
of issuing gold or silver bonds. Mr.. Hill old
not know that this resolution nIet the favor
of the Secretary of the Treasury. The lat
ter's report indicated desire for extreme
! legislation not possible to effect. But mod
| flied amendment to the present law was inn
| perative 1t would save the people millions
| of dollars in interest I'VE all agree said
| Mr. Hill, that the United States should pay
| its obligations in the best money available
If so. we should state our purposes in cur
| laws"
The Senator said this resolution was in
| no way involved in the question of the free
| coinage of silver. Under the present law,
| he said, a loss of SS0,oO0,o0o was probable.
As to a Popular Bond Issue.
Referring to popular bond issue. Mr.. Hill
said it was practically impossible under the
present law, which prevented investors
| calculating on their investment This
| resolution would make popular bond pos
sible. What private individual would hesi-
| tate to agree to pay in gold" said Mr.. Hill,
| ''if thereby he secured material mod;fica-
ton of INTEREST,""
If gold and silver We're kept at parity, as
all expected, it was of no practical import
ance that we obligated ourselves to pay in
gold 1t would not increase our payments,
and yet would save the people millions in
| interest Personally, Mr. Hill favored coin
bonds, although II made little difference to
him. He had no gold to lend to the govern
ment.
1t should be borne in mind, proceeded the
l l,s. a
revenue bonds, but only to those to REIN
force the gold supply. 1t was not govern
ment revenues that were in danger, for
there was a surplus of s106,O 900 But It
is the gold supply, constantly depleted by
the redemption of the greenbacks.
Mr.. Hill spoke of the able presentation of
the situation by the President and Secretary
of State. No tariff laws would remedy
the trouble The executive authorities had
clearly pointed out that the tremendous
"X' ansion of our paper circulation was the
of our critical condition. This resolu-
t.C.I was but a temporary remedy. The per-
manent remedy would come with the re-
demption and cancellation of all United
States and treasury notes.
But there is time enough for that within
the next thirty days" said the Senator.
For the present We can give the authority
for securing reduction on the interest on
the bonds"
MIR. Tellcr's Protest.
Mr.. Teller (Col) protested against the as
sertion. first made by the President Of the
United States, and now repeated in the Sem
ate, that the United States was bankrupt.
He protested against the repeated assertion
| that United States bonds could not be sold
at low rate of interest.
He specified the sales OF bonds last year
to show that coin bonds were readily sold.
..In that transaction. which was ever
lasting disgrace, showing the dishonesty or
imbecility of this administration, these
bonds were eagerly sought" said Mr.. Tel
| Ter.
A Sharp COlloquy.
| There was a sharp colloquy between Mr..
Hill and Mr.. Teller to the purpose of
the resolution. Mr.. Hill said 1t simply
sought to specify payments in gold, as
| good financiers doubted our ability to float
| bonds at less than per cent.
| .Who doubts it?'' asked Mr. Teller, pas
sionately I'VE told that great bank
| er from New York has recently been in
yited to Washington to tell us how to get
out of this dilemma. This is one of the
bankers concerned in the disGraceful trans-
action of last year. Is he the one who