The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-14
CUCKOO, VESTS BILL.
1t PrOvOkes n Brief, Spirited Discuss
sion in the Senate.

sion in the senate.
WASHINGTON, Feb. 13.-In the Senate
to-day Mr.. Villas brought on a financial dis
cussion by offering a bill granting to the
President the authority he had requested
in his recent message, for issuing per
cent. bonds, payable in gold. Mr.. Sherman
offered a substitute to the silver bill re-
ported yesterday, providing for gold bonds,
and temporary gold certificates. The two
Colorado Senators, Mr.. Teller and Mr.. VOL
colt, called attention to the fact that the
syndicate of bankers who had secured con-
troll of these bonds were now marketing
them in London at 1l21a, making net
profit of s per cent. at the outset. The de-
bate brought out frequent references TO the
contract between the Treasury Department
and the bankers, and as a result, MIR. Aid
rich offered a resolution calling the
President for copy of the contract.
Mr. Villas introduced his financial bill
at the opening of the session. The measure
is "A bill to save the American people
S16,174,770." 1t rectes the Presidents state
lnent that he had agreed to the issue of
So, ,40O, 900 of bonds payable in coin at an
interest equivalent to 334 per cent, but
had retained the right to issue bonds pay
able in gold at 3 per cent, II Congress
granted the authority The bill states that
per year, or $16,174770 in the thirty years
during which the bonds will run. It is pro-
vided that the Secretary of the Treasury
shall have authority to issue S65, o00000 of
bonds at per cent. interest, payable in
gold in thirty years The bonds are to be
be exempt from taxation.
Mr.. Hoar arose as soon as the bill had
been read, and, addressing himself to Mr.
Villas, said: win the Senator tell his
authority for the great savings he sets
1 Wno the 6r sayin Sdnd a hsTa
been made? Where is the contract? We
ought to be fully Informed"
Il am not the keeper of executive docu-
ments," responded Mr.. Villas. THE Presi-
dent has given us his views in his mes
But insisted Mr.. Hoar. I'VE should
have details. We have only statement of
certain facts and conclusions by the Presi-
asas fslis.' nut 'hefe IS an entire absence Of ae
Il have no more details than any other
Senator said Mr.. Villas.
Mr.. Wolcott gave new turn to the dis,
cussion. THE morning reports tell u.s.,
said he. that these bonds are being taken
in London at 1l21a. and by this means the
syndicate of Jewish bankers which has
taken. the bonds is netting profit of per
Mr. Villas said this was an additional rea-
son why a new form OF bonds should be
authorized.
Mr. Teller said the President had given no
details as to the contract with the bank
ers. The ways and means committee of
facts, but had not yet found out the names
of all the parties interested in the bond
sold sold easily at less less than per cent. interest.
1t could not be possible. said Mr. Teller,
that the utter lack Of fdsead tact Of the Treas
of interest from less than per cent. to
3s4 per cent interest when the last bonds
are much superior to. the former ones. If
these bonds were selling at such a hand
some profit in London it showed the credit
of the United States had not been so dis
astrously impaired the President sought
TO make the country believe.
At this point Mr. Sherman came forward
Wi me He of
fered it as a substitute to the bill for un-
limited silver coinage reported from the
bill Is similar to the one introduced some
time ago. although he now gets it directly
at per cent payable i in ~ gold s CO. coin, land and
for the issue of gold certificates.
sotn & .he 70 o5 M of r Was ana MI M sher %
raised the. point. that they ought to go on
the calendar, where they could be got at
silver bill reported yesterday. There was a
spirited debate, but the bills were left on
the table.
Mr. Aldrich had suggested during the de-
bate that If the Senate wanted more de-
20 and the the hn 'fe @
do was to call for the contract. He in
troduced a resolution to this effect. 1t
calls on the President to send to the Sem
ate, if not Incompatible with the public
interests, copy of the contract between
purchase of bonds. Mr. Aldrich sought to
have the resolution Immediately considered,
Dut MI. vest OD1ecIeQ ana IL went over.
With this financial prelude ended the Sem
ate turned to general business.
A movement was set on foot in the Senate
to-day to secure vote on the financial
question in the Senate next week The plan
as proposed is to devote Monday and Tues
day to debate on the question and to OBJ
tain unanimous consent to taking vote at
the close of the day Tuesday. large num-
ber of Senators have been seen by those in
teresting themselves in the movement but
the most that can be said is that the propo-
sition has met with considerable favor
There Is some hesitation the part of the
managers of the appropriation bills to give
the necessary time to the debate, and there
are several Sena tors who have not been
scheme succeeds the proceedings will be
on the basis of the Jones unrestricted coin
age bill, with votes on 1T after the various
amendments and substitutes shall have been
passed upon.
The substitute for the Jones unrestricted
coinage bill reported from the finance com
to-day proposed, is in most respects a COPY
of the bill introduced by him on the 18th
NIT the issuance of per cent. gold bonds
payable in five years. for the purpose SOLE
ly of maintaining the gold reserve and
not to meet current deficiencies. as in the
original bill. The certificates of Indebted
authorized by the original bill are con-
fined to the meeting of the treasury def
cheney, ''now existing which may here
after occur They are to be made payable
in lawful money of the United States and
the amount 10 be issued is left to the dis
cretion of the Secretary No limitation of
time is fixed upon the certificates
1t was learned to-day that Secretary Car
lisie was at the Senate end of the Capitol
for some time yesterday and that most of
the time was consumed in consultation with
Senator German in regard TO the advisa bill
ty of Incorporating the short time loan in
the sundry civil bill. Senator German is
understood to be of the opinion that pro-
vision should be made for 300, zoo coo OF the
proposed certificates.