Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-01-31
SENATE AND HOUSE.
LAST HOPE OF FINANCE COMMIT
TEE AGREEMENT GONE.
Mr.. Vest Attacks the administrator
Poiicy-Mr. Hill Asks What Legfs-
lntion IL Desircd-Mr. sherman
Speaks.


the course OF discussion which broke out
In the Senate to-day. one OF the leading
| Democratic members OF that committee
! Mr.. Vest. Of Missouri-in presenting reso-
luiions Of the st. Louis Merchants Ex-
change favorIng legislation on the lines
Of the Presidents recent message. took
firm stand against any such legislation,
and expressed the opinion that the Mer-
chants Exchange had not given proper
consideration TO the subject, end did not
| represent the intelligent opinion of ma
| jority OF the people of Missouri. He de-
clared that he would never vote 10 issue
one bond for the purpose Of securing gold,
In order that the country might remain
on a single gold standard. And he replied
TO a question as to whether the Finance
| Committee would agree upon "A plan that
there was not the slightest possibility Of
its doing so.
A leading Republican of the same COM
mittee-Mr. Sherman. of Ohio-expressed
the same opinion. saying that the Com
mlttee on Finance was utterly helpless TO
deal with the question, and that the best
|
be to discharge the committee from its
further consideration, take up the ques-
don Itself and give the necessary re-
lief TO the country.
After the subject was dropped the
| Senate proceeded to the consideration OF
| executive business, ana. having ratified
the japanese treaty, adjourned.
MIR. VESTS REMARKS.
! Il nj q 3
upon the Senate at the very opening OF
the session. After presenting the tele-
| grams and resolutions from the St. Louis
| Merchants Exchange, Mr.. Vest said:
mir. President: | have very great re-
| sDect for the St. Louis Merchants FIX
change and for the opinions and wishes
| Of the gentlemen who constitute that
body. But l am unable 10 meet their
Views in regard 10 the recommendations
| In the Presidents message ! DO not
| think that the Merchants Exchange Of
| ST. Louis represents the intelligent opin-
| ion OF n majority OF the people Of Mis-
souri,. ] do not think that its members
! have given proper consideration to the
! legitimate effect Of the recommendations
| which his Excellency has made 10 Con-
| gress.
| Il do not believe that n majority Of
| the people Of Missouri. or Of the people
| Of the United States. favor the retire
ment of 100000 nOn-interest-bear-
| ing Treasury notes, and the substitution
| I'm place Of them Of no currency AZ all.
| do not believe that they propose 60
| retire those notes by substituting gold
obligation. running for ifty years, with
| interest I'm gold. payable every year. 10
the amount Of $l5Oo0OD. and with an
aggregate amount Of interest at the end
of fifty years Of Nj0Ol0O00 in gold.
SELFISH SUGGESTION.
| 1T Is a selfish suggestion that the
/ principal. or a large part Of ii, is to b.
| paid by pOsterity The obligations on
| this Senate in regard TO posterity are
as binding as they are In reference 70
the present generation. We leslslate no,
for ourselves alone, hut for those who
come aftcT MS. And ii might just as
we'll be said that we can ignore the au-
| tonomy OF the government as TO future
/ ages. and leave To our desc andants prob
lens to be settled which might involve
I TIE country ~ all sorts Of diiticul'ies. as
/ 20 say Cas the President suggestD that
we must look alone to the present aud
| let the future take care Of itself.
"Mr President with great respect q
| the ST. Louis Merchants Exchange,
| deny their faculty as soothsayers In re-
1
| Exchange telegraphed me- 10 vote for the
unconditional repeal Of the purchasing
clause Of the Sherman act. and said that
| It's repeal would bring prosperity To the
country. and that sunshine would again
| ilmmine the land. That repeal took place
| Internationally. and what was the re-
suit? So far from bringing prosperity
| II brought additional adyersity. and the
prophecy made by self-consiituted finan-
| ciers turned out TO be a mere Illusion
| the baseless fabric of vision
SINGLE GOLD STANDARD.
"AIr. President the Congress Is now
| being assailed because II will not put
this country permanently on a gold
| standard basis, and viii not perpetuate
| the national banks as banks OF circula-
| ton The President OF the United States
/ has issued a proclamation OF war against
| the silver issue Of the country; and he
| seeks now Il do not speak Of his motives,
! but Of the results) IN rake those Of MS
who do not believe in single-goll
standard accessory to the destruction OF
silver and to the perpetuation of the sys-
| tenn 10 which he is devoted.
rs II possible that intelligent men be-
| lieve that the President has not now the
power to secure all the gold that Is ne
cessary for the Treasury Of the United
| States, even on his own theory in re-
| gard 10 finance? The Secretary Of the
| Treasury openly avows (and the Presi-
| dent repeats) that they need no more
money to meet the current expenditures
| Of the government. There Is TO use
the Presidents own language "A COM
| Portable balance Of $i3.O0O.00O I'm the Treh-
sury.' They openly avow that they want
| gold 10 maintain the sinve-gold standard
| and for no other purpose.
And yet the impression Is made on
| the country that unless Congress gives
additional legislation power is taken
away from the Executive. and the coun-
try will be involved In one common
ruin.
PLENTY OF POWER.
"Mr President. under the resumption
act (so-callecD. the President Of the
United States has the power 10 issue AZ
per cent bonds or per cent. bonds. the
| latter TO run thirty years. These bonds
can be made the basis OF national-bank
| circulation. Ard the President, there
| fore. has I'm his hands to-day all the power
| necessary to secure all the gold that he
may think Should be put In the Treasury
| OF the country Every intelligent man
knows that a 4-psr-cent bond. running
| thirty years. would be the ideal bond for
| the national banks. Every one knows
| that the national banks are interested
exceedingly in a single gold standard and
I'm the perpetuation Of their power for
the issue Of circulation.
THE President OF the United States
wishes to force us TO be an accessory
70 the single gold standard. | wish 10
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 a single-gold
| standard"
FINANCE COMMITTEE STATUS.
| Mr.. Cullom: would like TO hear from
| the Senator what the Finance Committee
| is likely 10 arrive at toward the adoption
| of any bill
Mr. Vest: II would be proper that the
| chairman OF the committee should an.
| swer that question, but I'm his absence
| venture to remark that | do not think
| there is the slightest possibility OF the
| Finance Committee OF the Senate agree
| ing upon any bill 10 be reported 10 this
| body. AS 10 legislation to meet def
| ciencles, that question is not now Din
| view OF the statement Of the Secretary
| OF the Treasury one OF any Importance.
| The Secretary of the Treasury stated 10
me the day before yesterday that he
needs no legislation TO meet any def
ciencies. and that no deficiencies exist.
SHERMAN'S VIEWS.
Mr. Sherman, a member of the Finance
| Committee. said that the contest whether