St. Paul daily globe., 1895-12-28
HILL WOULD HAVE THE
BONDS SO PAID OFF IF
HOLDERS DESIRED.
TELLER RAISES A RUMPUe,
SPIRITED PERSONAL DISCUSSION
ON THE FLOORS OF THE
SENATE.
DEFAMING THE PF
PRESIDENT.
Mr. Hiil Handles the Wild Man From
Colorado In Characteristic
Style.

WASHINGTON, Dec. 27.--The senate
was enlivened today by spirited and
somewhat personal debate, in which
MIR. HILL Of New York, and Mr.. Teller
OF Colorado, were the principal figures.
The New York senator precipitated the
discussion by offering a resolution Gi-
recting that future bond issues to re-
new the gold reserve should bear pro-
vision that they would be payable in
gold or silver, at the option Of the hold
er.- In support of this Mr.. Hill read
speech setting forth the difficulties of
negotiating bonds under the uncertain
ties. of the present law. Mr. Tcller's re-
ply to Mr.. Hill was cutting, sarcastic
and personal. He repudiated and pro-
tested against the efforts Of the presi-
cent and all his "tidewaiters' to de-
fame the credit of the United States
He spoke of the recent visit 20 Wash
ington of a great New York banker as
one OF those who had participated in the
"dishonorable or inbecile" bond trans
action of last year. The galleries were
crowded during the debate and the SEN
at0rs, as well as the spectators, keenly
ChJOJCb I1lC C6uSlIC Ill. MI. Alien
Pop, Neb) added his protest to that Of
Mr.. Teller against the defamation CT
our national credit. No final action on
the Hill resolution was taken. Two
tariff amendments made their appear
.ance, one by Mr.. Burrows and another
by Mr.. Quay.
When the senate opened the resolu-
ton was adopted directing the secre-
tary OF the navy to accept the ram
Katahdin.
Mr.. Cullon Qll) offered d bill COM
pensating the families of persons killed
by the explosion Of an ammunition Wag-
on in the streets Of Chicago q year
ago.
HILLS RESOLUTION.
Mr.. Hill On. V then introduced his
resolution, that any bonds hereafter is
sued under the laws now in force may,
in the discretion Of the secretary of
the treasury, be made payable in gold
or silver, at the option of the holders,
no bond containing such an option to
draw more than 8 per cent interest
Mr.. Hill spoke at some length in favor
OF his resolution. He detailed the Sc
rlous condition of the treasury. which
could only be relieved by another bond
issue. The secretary Of the treasury
was hampered under the present law,
and should be given the option Of is
suing gold or silver bonds. An amend
ment to the present law he believed i'm
perative. Mr.. Hill considered a popu-
lar bond issue under the present status
impossible, but his resolution would
take away this obstacle. No tariff law,
he said, would remedy the trouble The
executive authorities, he claimed, had
clearly shown that the tremendous ex-
pansion Of our paper. circulation was
the cause of our critical condition. His
resolution was temporary remedy.
Mr. Teller (Rep., COLI protested
against the assertion, first made by the
president of the United States, and now
repeated In the senate, that the United
States was bankrupt. He protested
against the repeated assertion that
United States bonds could not be sold
at a low rate Of interest, and he speci-
fed the sales Of bonds last year to
show that coin bonds were readily
sold.
HARD WORDS.
TN that transaction, which was an
everlasting disgrace, showing the dis
honesty or inbecility Of this administra-
tien, our bonds were eagerly sought
said Mr.. Teller
There was a sharp colloquy between
Mr.. Hill and Mr.. Teller as to the pur-
pose of the resolution. Mr.. Hill said
gold, as good fnanciers doubted our
ability to float bonds at less than per
cent.
WHO doubts 1t ?" asked Mr. Teller,
passionately I'VE are told that a great
banker from New York has recently
been invited to Washington to tell US
how to get out of this dilemma. This
is only one of the bankers concerned
in the disgraceful action of last year.
Is he the one who doubts our ability to
float bonds at less than per cent?"
Mr.. Teller proceeded with much vigor,
his wrath Of expression at times bring
ing forth ripple of applause from the
galleries. He repudiated the sugges-
ton that our credit was destroyed. The
securities Of the United States, he said,
are gilt-edged in the markets Of the
world. They were eagerly sought after
by f1nanciers. They had never been dis
honored, and their dishonor never pro-
claimed except by this president of the
United States and those who represent
ed him in the United States senate. Mr..
Teller entered his solemn protest
against the degradation Of our ma
tional credit.
Later" said the senator, "I will In
detail answer these assaults on our
national honor-from those of the pres
iGent down to his lowest tide-waiter,
who assumes to come here and speak
on financial affairs"
If the country was in danger, it was
because of the presidents Incorporate
financial utterances. 1t was a dis
grace to have this constant assertion
of national dishonor. Mr.. Teller de-
clared that the recent utterance Of the
president on finances was to reassure
his friends in New York, with whom he
always advised who had become
alarmed at the position the president
had taken on another subject.
ALLEN PROTESTS.
Mr.. Alien Pop., Neb.) protested
against the remarks Of Mr.. Hill and the
latters conclusions. Mr.. Hill had, he
said, given utterance to a statement
to the effect that all the treasury notes
and bonds were redeemable in gold,
but such was not the case. The green
backs were redeemable in coin, and
had been since the day when they were
first issued; so also the certificates
under the Bland-Aliison notes. The
notes issued under the Sherman act
were also redeemable in silver. He as
serted that when the president had
said that the greenback was redeem