The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-28
Dir. Hill Would Have Them Payable In
Either Cod or Silver
AT THE OPTION or THE HOLDER
And 90 Bear Rate Not Exceeding Three
Per Cent. Interest lie Makes "a
strong speech sustaining the
Side OF thc Administration.

after issued shall be made payable in
gold coin or ia standard silver dollars,
at the option Of the holders. md that
no bond containing such an option shall
bear higher rate than . per cent. IN
tcrcst.
MIR. HILLS SPEECH.
In explaining and advocating his joint
ScsoluuOu, Alr. ian said that under our
Existing financial system, for which can
dor compelled him TO say both OF the
political parties were largely responsible,
That there were outstanding S54b,W0WY
OF lcgal-tepder United States notes which
1his Government is considered obliged 10
redeem in gold whenever presented iof
redemption. and when redeemed these
rotas-Which are deemed debts OF the
Covcrnmcnl-C0uld not be- retired or can
relied. but must be rcissued and paid out
As redemption fund for this purpose
The Government was Obliged 70 MAINTAIN
a gold reserve" so-callod, of SlOVvWWU
That fund was to-day, Mr.. lIiil declar-
I'd. only about S6S, 10000, and was disap-
bearing by reason Of tne large amounts OF
greenbacks being daily presented for re-
ucmpuOn
I'm "A few days this fund was likely TO
b. ioss than $N.VNO00.
The honor and credit Of the Government
required that the fund should te re-
stored 10 the fun amount OF Sie3uwN'n
How is the Government with reason
able dispatch 10 procure the necessary
gold?' he asked.
EVERY AVENUE BLOCKED.
Every avenue of securing It IS blocked
except the one method Of borrowing IT.
The revenues of the Government are not
paid in gold and while the Government
Itself must pay IN gold. ST cannot compel,
under existing laws. its revenues 10 De
paid in that coin, and 10 has therefore
but one practical resource letii ana tlat
g. TO borrow the gold upon the best terms
possible II cannot refuse 90 redeem the
precnbacks whenever presented. It cam
not regulate their prcsentmenf. Ihe laws
require 10 90 pay redeem ana ihen 10 re-
issue them Any other course rs repudia-
lion. anything less is national dishonor
The question which confronted the coun-
Try the practical question, the condiloh'
not the theory. was. air. lilll saiu. the
manner in which the gold reserve inhu
should De restored. It's prompt resiofn-
ZION was the duty of the hour. II cOuN
not safely Zoe postponed. tt was the duty
Of the coming week. not OF TWO weeks
hence As gold must he borrowed, ana
borrowed at once. 10 followed that the
Government should Dee permitted 10 make
rho test terms possible Tor the people. II
II s. ere unhimuercd and uurcsuictcd-h
a. could negotiate and borrow the sum as
AN iudirdual-the task would Pc fnale-
rally lessened. but IL was restricted ny
Jaws passed years ago, which must ne on-
served and respected. Ihc laws Mhich
especially controlled and regulated the
method of borrowing gold 90 supply the
gold reserve was the redemption aci OF
"rhat statute. token in connection with
fhe act of July IS. 1870 regulated and
prescribed what bonds may bc issued fof
5hat purpose
THE ONLY FEASIBLE PLAN.
'l know, he said, that ~ has been
rlaimod that this statute furnishes m, no
authority for the present redemption
hut that contention does not seem 90 DE
very seriously insisted upon. Ahe poWt 7
j. alleged 10 exist ana has peen icptatrulS
exercised. 80 court has DECIDED against
its existence. nor Is likely 10. Ihe sec
retary ol the Treasury VIII continue 10
exercise the power. and may safely DO
SO. IL ia the only fea-lnlr mcln"i iVl'
ly (which 10 protect the credit oi the
Treasury.
There is no authority to issue gold
bonds, even though "a Joss rate oi interest
anirht Dc secured thereby. The proN-
ki0ns of the statute hamper, feSiict.
hnd emharras the Government, SO ldi
as the securing OF favorable terms ls
concerned Mess TINS statute Snouid
Dc modified. whatever bonds are now 10
be issued must Doe issued hereunder.
There is no other alternative. N me
the existence OF this old statute ls ihe
sole reliance and protection OF the hoF-
trnment at this timc my crlucism OF
tr is that its provisions are not suHieiehl-
IS elastic-not broad or liberal enousn
emergency More discretion snouiu ue
vested in the Secretary Of the Treasury.
Jie should be permitted go issue told or
silver bonds. as he may deem most cA-
tedient. the rates of interest should nc
PRESENT CONDITIONS.
"Thc conditions which existed 10 lNiV
and 1879 do not now exist, ana are map
ldcablc 60 tne present situtloh.
"Iet us Doe practical Unless this ola
statute shall he changed ungucsuoNahiy
bonds must be issted thefeuhuef W.thih
the next ten days. 10 matters not tnat,
Rs "a general principle. We may he cn-
posed 90 the further issuing Of Govern
pent bonds. and TO the lurtncr increase
OF the national debt, the power cNiatS 20
issue them 10 is the only authority now
proVided hy which to restore the pational
credit and they viii unQuestondpiy pe
ISSUED, whether we approve or hot-l-suod
bt high ana unnecessary rate OF "'-
Mr.. Hn said Il was this position which
was presented us. II did not Involve,
neither did 10 autaponize, any question
relating 10 the free coinage OF SILVER.
That question was wholly foreign 10 me
proposition submitted. There were $'4"-
pOlOpO OF Crveundcks auodJ WhlNh were
being cons family presented 10 tht HoN
ernment FOR payment Tor redemption,
md the gold must be forthcoming, or
else reputation would ensue. Ihete was
no adequate time 10 retire the green
backs. because the question or ftotmpueh
was actually upon as. Bonds must he
ISSUED under the old statute ana the
only question involved now, was whether
by inaction ,by am obstinate relusai. ne
might saD TO modify It's provisions 50
ns TO permit greater discretion 20 pe eN-
ercised so as TO permit the bonus 10
draw a less rate OF interest. We should
compel the Government 10 pay an ehol-
NOUS unnecessary sum of money III n
A LASTING CURE.
A lasting cure only could he enected
ty the retirement and cancellation OF the
entire grccnback currency, thus reieN-
ing the Government or the great burctI
Of supplying paper credit currency ana
which Is to be kept at par and TO be re-
I'M conclusion be said. why is IL not
The part OF prudence and wisdom 10
create a bonded debt for the "hoie
amount OF these notes, and then cancel
and extinguish them? That sensible
course would stop the creation OF any
further bonded indebtedness. OtherWise
tbe process Of borrowing and bonding
pust continue 10 what no one can tel.
TELLER'S INNECTfVE.
tfr Teller was wrought up 10 state
Of Indignation by Mr. Hilrs proposition
and speech. and IN his invective against
lhe President. the Secretary OF the Treas
AIRY and Treasury subordinatcs, made
tontemptuOus aiusi0n 90 the "Ndc waiter
nhO now assumes TO speak on the imam
eial matter.
New York Senator who was thus lgnomi-
oously referred 10. but when Mr Hsh
kubseQuently took up the offensive cpl
thet he was assured In the most positive
manner by Nj Teller that he had had
40 reference whatever 20 the Senator from
New York bot had only meant 10 supply
The cplthet 20 such Treasury subordinates
AZ the Director Of the Mint and the As
slStant Treasurer al New YORK.
Mr. Hill apparently accepted the dis
,vowal. hui avenged himself in some de-
-. ~ the fpflmafiOn tbs The Director