The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-12-28

row, PROVIDED III the rule rcgula ting
II, the advocates uf the bill have one
credit, and the iopponcnts one hour and
four minutes.
At 10 o'clock the House adjourned
until noon Tomorrow,
Senate-The financial question came
To the front in the Senate TO,
day in the form of Joint rcso-
luton Introduced by Mr.. Hill To the
effect that all bo,tis 10 he hereafter
issued shall he made payable In gold
coin or In standard silver dollars at
the option OF the Holders: and that no
bond containing suSh option shall bear
n higher rate of interest than per
cent. He made n long carefully pre-
pared speech on the subject winding
up with the declaration that his propo-
sitton was measure simply for tenn
porary relief, init that us II measure of
permanent relief II was rcasona bly
clear that all the United states notes
and Treasury notes should be redeemed
and then cancelled.
Mr.. Teller was wrought up to state
of Indignation by MIR. Ililrs nroposi-
tion and speech. And In his invectivc
against the President the Secretary of
the Treasury and Treasury Subor,linatrs;
made contcmptuous allusion to tho
trlc waiter, who now assumes To speak
on the financial matter" Fvcrynody
understood that IT. was the New York
Senator who was thus ignoninjouslv
referred To. but when Mr.. hin suhsc-
guen'ly took UP the offensive cpithct
he was assured in the most nnsitivn
manner by Mr.. Teller that he had no
reference whatever Il the Senator from
New York. but had only meant to anply
the epithct to such Treasury SubortIl-
mates as the Director Of the Mint and
the Assistant Treasurer at New York.
MIR. Hill apparently accepted the dis
n - t-.ANN Il l,t.
degree by the intiinaton that the nj
rector of the Mint was as comprtrnt
to speak on the financial question as
gentlemen who hailed from the wilds
of Colorado.
In explaining and advocating his Joint
resolution Mr.. liiil said that under our
existing financial system. for which
candor compelled him TO say both OF the
principal political parties were largely
responsible. there were outstanding
to-day $3i600O.0 600 OF legal tender United
States notes. which this government
Is considered obliged to redeem In
gold whenever presented for redcmp-
ton. and redeemed those notcs-which
are demand notes Of the Government
could not be retifes,, or cancelled but
must he relssued and paid out AS n
redemption fund for this purpose the
Government was obliged To maintain
n gold reserve" so called Of 100000. 900
That fund was to-day. Mr.. Hill decinr-
ed, only about $1,000 900 and was disap-
Dcarlng by reason Of the large amounts
of greenbackS being daily presented
fer redemption. In n few days this
fund was likely To be less than $40 O00-
600. The honor and credit or the Gov
ernmcnt required that the fund should
be restored to the full amount Of $780,
900, COO
The question which now confronted
the country-thc practical question; the
ltt lac. y
said. the manner in which the gold re-
serve fund should be restored. Its
prompt restoration was the duty of the
hour. II could not safely be pos:-
poncd. Ii was the duty of the coming
wcek-not of two weeks hence. As
gold must he borrowed. and borrowed
ut once. 1t followed that the Govern
ment should he permitted to make lie
best terms possible for the people. IT 1t
Were unhnmpcrcd and unrcstricted-if
II could neGotiat" and borrow the SUM
as an individual-the task would he ma
tcrially icsscned: but II was restricted
by laws passed years ago. which must
he observed and respected. The laws
which especially controlled and rcgu-
lated the method of borrowing gold To-
supply the gold reserve was the re-
demption act of 1874.
Il krow." he said that 1t has been
claimed that this statute furnish
Is no HulntIIl! lcI present fcuelllI-
ton. but that cCntenton does not
seem To be very seriously insisted upon.
The power is alleged TO exist and haa
been repeatedly exercised. No court
has decided against its existence nor
is likely to.
lie, us he practical Unless this old
statute shall be changed unqucstionably
bonds must lie issued hereunder within
the next ten days II matters not that
as Il general principle we may be op-
posed To the further issuing of Govern
ment bonds and TO the further increase
of the national debt. the power exists
now provided by which to restore the
national credit and they will unuues.
tionahly be issued whether we approve
or not issued al Il high and unneces,
sary rate Of interest
The joint resolution remains on the
Vice President table to be taken for
further discussion IN connection with 81
substitute offered by Mr. Butler, OF
North Carolina. To make the interest
and principal of all coin lNaring bonds
payable in the cheaper of the two
metals.
Pending the debate on Senator Hills
Joint resolution, Mr. Butler offered as
n substitute for that resolution his own
ury notes and Grcenha cks IN either gold
coin or silver prcferentially in the
cheaper coin). He also introduced 81
constitutional amendment In favor Of
an income tax. Roth propositions were
laid on the table for the present
Mr. QUAY offered a resolution calling
upon the Secretary of Navy for n re-
port as to whether II Is desirable at
this time to contract cor civ h"ttI"-