Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1895-01-29
FIFTY-THIRD CONGRESS.
WASHINGTON, Jan. 90
SENATE.

were presented, reau anu piaceu VI
file.
Mr.. Hill presented resolutions of the
Chamber of Commerce of the city OF
New York on the subject of the national
finances; and said he did so on account
of the high standing of that body, one
OF the oldest PLANTATIONS of the kind
in this country. having been founded in
176S, and on account of other consider
atoms.
The resolutions, which declare hearty
concurrence with the recommendations
of the President of the United States,
were read and referred to the finance
committee.
Mr.. Manderson rose to offer resolu-
ton and said that he would make some
preliminary remarks upon it. The
country seemed to be, he said, in the
throes of great disaster. The minds OF
all men, without distinction of party,
were actively engaged in seeking some
| way out of the financial difficulties.
He did not pretend to have any special
knowledge on matters of finance. He
did believe, however, that ne had fair
Judgment and fair amount of COM
mon sense, and that drove him to the
conclusion that no mans personal
views on finance could obtain. AS the
Senate was organized, and under the
Senate rules there had to come an ad-
iustment of conflicting views-a com
ing together on the financial subject.
Unless that was done this session OF
Congress would pass away without f.
nancial legislation. "Tho danger MIR.
Henderson continued, sis upon US.
We see this constant out.go of gold.
There is but one way out of the exist.
ing difficulties and that is by way of
adjustment and compromise. The
evil of swapping gold for greenbacks
and greenbacks for gold has been well
depicted and properly described and
treated in the message OF the Presi
dent which came to US yesterday.
Undoubtedly if these conditions con-
tinue we will find a rise in gold, with
sll that is entailed with an increased
price of gold" Mr.. Henderson then
read his resolution. 1t directs The Fl
nance Committee to consider the adj
visibility of reporting to the Senate a
bill for relief of the Treasury, giving
stability to its currency, and advancing
the greater use and reconciliation of
silver with the following proposition :
First. Require the Secretary of the
Treasury to constantly maintain re-
serve of 200 millions in gold and 200
millions of silver.
Second. Authorize the issue and sale
of bonds, payable in gold or silver.
Third. Provide that United States
legal tenders, when presented for pay
ment, shall be paid in gold or silver, at
the option of the holder, and shall not
be reissued, but destroyed.
Fourth. Provide that for FIVE years
the treasury shall, on demand, ex-
change its gold coin for silver coin, and
its silver coin for gold coin.
Fifth. Authorize national banks to
use the new bonds as basis for their
notes fof not less denomination tnan
S10) and remove the tax on national
bank notes.
Sixth. Provide as to imports coming
from countries having gold standard
all duties shall be paid in gold, and as
to imports coming from countries hav-
| ing silver standard the duties shall
be paid in gold or silver at the option
of the importer.
Seventh. Authorize the free coinage
of silver and gold at the rate of 16 to 1,
within the limits of American produc-
ton aud provide an enlarged coinage
of subsidiary silver coin.
Mr.. Manderson admitted, in con-
cusion. that his proposition seemed to
be rather a hodge.podge; but it was
such a compromise as he thought ought
to be adopted.
Mr.. Teller remarked that the Sen
ator from Nebra ska was evidently not
in full accord with the President of the
United States. The President propos-
ed debt of 500 million dollars.
Running how long?" Mr.. Cockrell
asked.
II am coming to that" Mr.. Teller
replied. 1.-THE President wishes to en-
ter on system of perpetually main
tanning public debtor that is what
it amounts to-a fifty year bond. I do
not think that even that period is long
enough if we are going to enter on the
system suggested by the President for
the people will not be able to pay the
debt in fifty years. But the PROPOSE
ton is, not to pay it. The project is to
have perpetual national debt like the
English debt and the French debt. The
American people do not intend, 1 think,
to load this country with perpetual
national debt.
Proceeding to discuss the gold ques-
ton, Mr.. Teller declared that the only
real, sensible way of obtaining gold was
to buy it with the products of the
country. And the difficulty about that
was, that when the country was on a
gold basis, the prices of all products
were lowered. Three cent cotton and
forty cent wheat in the ports of Europe
would bring gold to this country; but
could the American people afford to buy
gold at such a price9 Did the country
need gold. at such a price? He
did not believe SO. He denied also
that there was any objection on the
part of the government to furnish gold
to the gold exporters free of charge.
He knew it would be said that the ma
tional obligations required that to be
done. He denied that there was any
such obligation. No obligation of that
kind existed, or ever had existed by
law. Nor was there any obligation Oh
the United States government to furn-
ish gold for export. The treasurer,
Mr.. Teller said, ought to adopt the pol
icy of the Bank of France and pay its