The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-17
His Bond Contract with Foreigners
Called the Blackest Act in the His
tory Of American Finance.
MILD DEFENSE BY MR.. HILL
ONLY EUROPEAN BANKERS COULD
FURNISH THE GOLD, HE SAID.
The Democratic Congress Criticised
by the New YOrkcr-PropOsed Issue
of Certificates of Indcbtcdenss.

WASHINGTON, Feb. ia storm of
financial debate swept over the Senate to-
day, exceeding in intensity any discussion
the upper branch of Congress has had in
many days. 1t was brought on by Mr.
Hills advocacy of his resolution defining
the policy of the government for bimetallism
and for paying its obligations in the best
money in use. The New York Senator
spoke with his usual vigor, and was closely
followed in his plea for sustaining the ma
tional credit by declaration of policy to
the world. But MIR. HilPs speech was mere
y warning note of the storm. He
followed by Mr.. Wolcott, of Colorado MIR.
Lodge, of Massachusetts, and later by Mr..
Teller, of Colorado, in the most scathing
denunciation of the administration for its
bond contract with the Rothschilds and
other foreign bankers. Mr.. Wolcott made
direct and personal criticism of
the President. Mr.. Lodge was more
temperate, but quite as severe in his per-
sonal arraignment of the President de-
clarng that the recent bond contract was
the blackest act in the history Of American
finance. Mr. Teller added to the flood of
criticism on the recent acts of the admin
istration. Mr.. Hill replied briefly, and with
spirit. He declared that futile effort
being made to arraign the present admin
istration for it's appeal to the Rothschilds,
while, matter of fact, former Re-
publican administrations had sold bonds to
these same foreign bankers. Mr.. Hill de-
clared that the President and the Secretary
of the Treasury had secured the best terms
possible. The Senator closed his speech by
reading the press ceblegram from Berlin,
announcing the purpose of Germany to con-
vene another international monetary con-
ference. No action was taken the Hill
resolution and a renewal of the financial
discussion is expected Oh Monday, Mr.. Villas
having already given notice of a speech.
The Rev. DIR. H. S. Lunn. of London,
England, pronounced the prayer at the
opening of the session. DR.. Lunn is general
editor of the Review of the Churches, a
leading English church, review.
Mr.. Dubois presented a telegram from
Phoenix, A. T., which attracted attention
in view of the effort about to be made to
Mexico 10 statehood. 1t recited that at a
meeting of Republicans. OF Arizona, it was
sentiment of the Territory was ''unequivo-
cally in favor of the admission of Arizona
gress," and Republican Senator's were re-
quested to aid the bill for admission.
Mr.. Allen presented resolution which
| the Treasury for a list of national banks
which had been repositories of public funds
| during the last ten years, the interest,
| terms of contract, etc.
Mr. Hills resolutions, which announce
| the policy of the government on bimetal-
| lsm, and on payments of gold obligations in
| the best money available, then came up.
MI Mr. 3h May nf ta supsr,oe deear6hg
| toward maintaining the parity between the
two metals, so that every dollar coined
| Should there be any disturbance in the
parity then bonds should be paid in stand
| Mr.. Wolcott moved to lay both the reso-
| lutions and substitute on the table.
SENATOR HILLS SPEECH
Mr.. Hill then took the floor to discuss
| the resolutions. He accorded close at
| tention as he proceeded with great vigor
| and earnestness- This declaration of the
| policy of the government should receive
| the support of every Senator, said Mr.
| Hill, unless there sits about this circle
4 a gold mononetallist or silver monometal-
/ list. I have few words for them. But as
| Stunning that Senator is for bimetallisn,
| then this declaration of policy embodies
his views. 1t is a safe, wise and appro-
gency' Mr. Hill said the declaration e'firs first
| announced as the true policy of the govern
| ward the Accomplishment Of bimetalIism.
/ II need not remind both political parties
saded that this 81, is what they profess" he pro
that. We should declare to the country and
to the world that it is not our policy to
n1 hash1eaia nde IS single gold standard or the
Mr.. Hill said that on general financial
/ questions Congress further apart now
| than it was six months ago. The propo-
l sition for gold bonds, one hand, was
| met by the proposition for Unlimited sill
/ Yer coinage on the other hand What had
| become OF the proposition to redeem the
greenbacks and the finarcial plans? But
1 IN this condition of inaction, proceeded Mr..
Hi, Congress can at least take this one
/ step that will assure the world that al
these various measures our bonds bonds may may be be
taken with the full assurance that they
would , d,,,, be 3 paid by the best money in use.
issue of bonds Let US then keep down
the interest. What could either party gain
by inaction this subject by bringing
| on panic the coming summer and bring
| ing Congress back to Washington again
for further legislation. Mr.. Hill closed with
| an eloquent peroration for maintaining the
| national honor. AT least we can saw sa id
ne 1d t9at ,ba tins Congress ;1, Is not committed
| ward the realization of bimetallisYn. fha
we will maintain our national honor and
best money in use
wOLcoTT SCORES CLEVELAND.
| Mr.. Wolcott, who followed declared thai
| Mr. Hill was merely threshing old straw
The time was, he declared unpro.
pitions for such q resolution coming
as it does. on the very heels OF the mon,
strous attack which the President has made
upon the currency and credit of the coun.
try in lis bargain to sell our bonds abroad
on such terms as he had made with the
European bankers. This action pronounced
the most disastrous assault upon the coun
try's financial system which had ever beer
made and the worst feature of the who.t
! yretched business. he said. with growinc
| earnestness, rs that the attack is made
by the man. who. because of his position
should have stood the foremost in ou,
i defense. Our nest has been befouled by thu
| man who should have stood for our credit
Mr. Wolcott criticised the recent corstrac
made sor the sale OF bonds In Europe. Fl,
did MT believe the bankers through whom
n the siegotiations had been made would eve
be called on TO advance more than 10 PEI