Birmingham state herald., 1895-12-28
SENSATION IN THE SENATE MT. Hills Resolution Recom- mends 3 Per Cent Bonds PAYABLE IN ETHER COIN Treasury Notes Should Be Redeemed and
 Then Cancelled. THIS SIMPLY FOR TEMPORARY RELIEF Senator Teller Becomes Very Much Wrought Up Over the Resolution
 and Applies What Mir. Hill Im-
 aglnes an Insult.
PAYABLE IN EITHER COIN
HIS SIMPLY FOR TEMPORARY RELIEF

Washington, Dec. 27 The financial question came to the front in the senate today in the form of a joint resolution introduced by MT Hill, democrat, of New York to the effect that all bonds to be hereafter issued shall be made payable in gold coin or in standard silver dollars at the option of the holders. and that no bond containing such option shall bear a higher rate of interest than per cent He made a long, carefully prepared speech on the subject, winding up with the declaration that his proposition was a measure simply for temporary relief but that as a measure of permanent re- lief it was reasonably clear that all United States treasury notes should be redeemed and then canceled.
 MT. Teller was wrought up to state of indignation by MT. Hills proposition and speech, and in his invective against the president, the secretary of the treas ury and the treasury subordinates, made contemptuous alluson to the. tide waiter who now assumes to speak on the financial matter" Everybody understood that it was the New York senator who was thus referred to. but when MT. Hill subsequently, took up the offensive cpl thet he was assured in the most posi- tive manner by MT. Teller that he had no reference whatever to the senator from New York, but had only meant to apply the epithet to such treasury subordinates as the director of the mint and the assistant treasurer at New York.
 MT, Hill apparently accepted the dis avowal, but avenged himself in some de- gree by the intimation that the director of the mint was as competent to speak on 6p ia1 n1IoCtiOn the gentleman who hailed from the wilds of Colorado.
 The joint resolution remains on the vice presidents table. to be taken up for fur ther discussion. in connection with substitute offered by the new popunst senator from North Carolina, MT Butler. to make the interest and principal of a coin-bearing bond payable in the cheaper of the two metals.
 A joint resolution for acceptance of the ram Katahdin was reported from the committee on naval affairs and adopted. MT Burrows, republican, of Michigan, presented and had referred to the finance committee a proposition to take certain articles from the free list and have rates of duty imposed upon them. He nau originally proposed 1t as bill, but on being reminded by MT. sherman, repupii- can of Ohio, that the senate had no rlght to originate revenue measure, ne put it in the form of an amendment 10 the house bill. ~
 Pending the debate on Senator Hills joint resolution MT. Butler, populist of North Carolina, offered as substitute for that resolution his own proposition for the payment of treasury notes ana ereenbacks in either gold coin or silver coin-preferentially in the cheaper coin. He also introduced constitutional amendment in favor of an income tax. Both propositions were laid on the table for the present.
 MT Quay offered a resolution calling on the secretary of the navy for report as to whether it is not desirable at this time to contract for six battle ships in- stead of for two, and asked for its adop- tion. "Let 1t lie over," MT. German in- terposed, and it went over.
 Mr. Lodge gave notice that he would on Monday next submit some remarks on the subject of the Monroe doctrine.
 The senate proceeded to the considera- tion of executive business. and at 2:40 adjourned until Mondaysnext
 In explaining and advocating his joint resolution MT. Hill said that under our existing financial system, for which. can dor compelled him to say. both of the principal political parties were largely responsible, there were outstanding to- day $346 OO0, ,000 of legal tender United States notes which this government is considered obliged to redeem in gold whenever presented for redemption, and whenever redeemed these notes. which are demand debts of the government, could not be retired or canceled, but must be ressued and paid out. AS a redemp- tion fund for this purpose the govern serve, so called, of $100, 100000. That fund was today, Mr. Hill declared, only about $6S, 100000, and was disappearing by req son of the large amount of green backs being daily presented for fund was likely to be less than S50,- 0OO000 The honor and credit Of the gov ernment required that the fund should be restored to the full sum of s100 100000.
 How is the government with reason able dispatch to procure the necessary gold?" he asked Every avenue for se- curing it is blocked, except the one meth- cd of borrowing it. The revenues of the government are not paid in gold, and while the government itself must pay in gold 1t cannot compel, under existing laws, its revenues to be paid in that coin, and 1t has, therefore, but one practical resource left, and that is to borrow the gold upon the best terms possible. It cannot refuse to redeem the greenbacks whenever presented. It cannot regulate their presentment. The law requires it to pay, redeem and then reissue them. Any other course is repudiation, any thing less is national dislionor."
 The question which now confronts the countryside practical question, the con dition,not the theory-is, MT. Hill said, the manner in which the gold reserve fund should be restored. Its prompt restora- Ilnn IS the uuty or the hOur IL cdiiot safely be postponed. It is the duty of the coming week, not of two weeks hence. As gold must be borrowed, and borrowed at Once, it follows that the government Should be permitted to make the best terms possible for the people, If it were unhampered and unrestricted, if it could borrow the sum as an individual, the task would be materially lessened but it is restricted by laws passed years ago. which must be. observed and respected IL r-l- tnII Ia regulated the method of borrowing gold to supply the gold reserve was the re- demption act of 1875. That statute taken in connection with the act of July