The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-01-31

mndo The bonds of natiouul bank
circulation. Aud the President
therefore has III his hands oil the
power necessary to secure nll the
gold he may think should he put in
the Treasury of the country.
Every Intelligent man knows
that per. cent, running 80 yenrs
would he the ideal bond for tho
national banks. Every one knows
that the national banks arc inter.
ested exceedingly in single gold
standard and Ill the perpetuation of
their power for the issue of circnla-
ton. The President OF tho United
States wishes to force us to pe an
accessory TO the single gold stand
ard. wish to say for one that
never, never, in a time of profound
peace, will vote to Issue one bond
by this government for the purpose
of securing gold in order that the
country may remain on single
gold standard"
MIR. Cullom-''I would like to
henr from tho Senator whether the
finauco Committee is likely to mr..
rive Mt the adoption of any policy
which would produce moro money
for the use of the Treasury"
MIR. Nest-"It would bo proper
that the chairman OF the committee
should answer that question, but in
his absence | venture to remark that
l do not think there is the slightest
possibility of tho Finance Commit.
tee agreeing upon any bill to be re-
ported to this body. As to legisla.
ton to meet deficiencies, that Qucs.
ton is not now, in view OF the
statement OF the Secretary Of the
Treasury, OF any Importance. The
Secretary of the Treasury stated to
me the day before yesterday that he
needs no legislation to meet any de
iicicncles and that no deficiencies
exist"
Mr.. Sherman, member Of the
committee, said that tho contest.
whether this country should be on
standard OF silver or on standard
OF gold money, could not be longer
avoided. That was the question
which doomed in the distance. lie
had hoped that for the present ses.
Sion IT would not have to be taken
up. Every man who was familiar
with the financial Condition felt that
1t was necessary to extend TO the
Government some relief under pre-.
sent circumstances, and yet Senu-
tors were told that they should give
no relief whatever except with the
adoption OF measure for the free
coinage of silver.
"He believes that the adoption of
the system OF free coinage of silver
would degrade the nation among
the financial people of the world,
among the business men of the
world, yea, among the labcring mon
of the world. 1t would do so more
than nuy other measure that could
be devised. If, therefore, the choice
lay between q gold standard and
silver standard, and if one or the
other Must ba adopted, he was for
that standard which was the highest
and best, and which was tho stand
ard of all the civilized and Christian
nations OF Europe, while the other
standard had been rejected over and
over again.
But" MIR. Sherman continued.
HNS Aihuy UCIIcN6I NUl | Stlll
believe that both silver and gold
ought to be maintained as the circu.
latlon of this country-gOld rs the
highest measure OF value in all or
commercial relations abroad and ns
a basis of our commercial and bust
ness relntlOns at nome, and silver to
be nsed To the largest extent possi
ole. so long as 1t does not 1emone.
tlze gold. | am OF that belief now.
but | am bound to say that tho
Committee on Finance is utterly
helpless to deal with this vast ques-
tion."
Mr.. Hill contended that the first
duty of the Senate was TO ascertain
what WAS wanted by the adminlstrn
ton and the treasury; whether it
wanted temporary relief or some
elaborate legislation involving
change in the currency and hnan.
cal system OF the country.
Mr.. Vest Interrupted Mr.. Hill to
state that the president in his mes.
sage SAID there was not deficiency
but surplus, but that it was not in
gold.
Mr. LII replied that there were
those who thought the Presidents
measure took rather cheerful
view OF the condition of the finances.
However, he called attention to the
fact that the estimate of the Secre.
tary OF the Treasury suggested
deficiency Of $4,000. 0OU. The
Senate should have 1T definitely de-
termined whether any temporary
financial legislation was desired or
something more radical. Tor the roa.
sou that he believed tthe country