The herald., 1895-12-28
THE f|FTY-FOURTH CONGRESS
Tariff Amendments Introduced
in the Senate
HILLS BOND RESOLUTION
Proposes the Issue of Securities Payable
in Silver
The Bond Bill Proposed by the COMMITTEES
Amended bv Members of the House.
The Business Transacted
Associated Press Special Wire.

what personal debate in which Mr.. Hill of
New York and Mr.. Teller of Colorado were
the principal figures. The New York sena-
tor precipitated consideration of the bond
question by Offering resolution directing
that future bond issues to renew the gold
reserve. should bear provision that they
would be payable in gold or silver at the
option of the holder. In support of this
Mr.. Hill read speech setting forth the
difficulties of negotiating bonds under the
uncertainties of the present law. Mr.. Tel
ler's reply to Mr.. Hill was cutting, sarcas-
tic and personal. He repudiated and pro-
tested against the efforts of the president
and his 'tide walters" to detame the
credit of the United States. He spoke of
the recent visit to Washington of a great
New York banker as one OF those who had
participated in the ''dishonorable and i'm
beetle" bond transaction of last year.
The galleries were crowded during the
debate and the senator's, as we'll as specta-
tors, keenly enjoyed the caustic tilt.
Mr.. Allen (Populist, Nebraska) added
his protest to that of Mr.. Teller against the
defama ton of our national credit.
No final action on the resolution was
taken.
Two tariff amendments made their ap-
pearance, one by Mr.. Burrows and another
by Mr.. quay.
A resolution was agreed to accepting the
ram Katahdin, which recently failed to
meet the speed requirements: also reso-
luton for the formal transfer of the Utah
administration from the territory to the
new state authorities.
Senators quay and BURROWS gave notice
which n
offer to the house tariff bill when it shall
reach the senate for consideration.
Senator Quay's resolution provides for a
duty on wrapper tobacco. making the duty
on unstemmed tobacco imported in bulk
50 per pound, and on stemmed tobacco
$3.50 per pound.
Senator Burrows amendment provides
for duty equal to 60 per cent of the Nc
kinley law duties on a large number of
articles of schedule A, concerning chem
icals, oils and paints; on manufactured
buhr stones and grindstones; on iron ores,
cotton ties and copper and manufactures
of; on large number of agricultural
products, including fresh milk, yolks OF
eggs, plants, fresh fish and salt; on lemon.
ade, soda water and other similar waters
on flax, hemp, straw and binding twine
and on feathers, pain tings. statuary, hat
ters' plush, coffee and hides.
Mr.. Hale (Republican, Maine) offered a
resolution urectllls tne secretary OF tile
navy TO accept tie ram Katahdin and
place her on the naval rolls.
Mr.. Pettigrew urged that this proposition
tended toward bad precedent. After
some discussion Mr.. Pettgrew withdrew
the objection, but Mr.. Allen renewed it,
but later withdrew it and the resolution
was adopted.
Mr.. Quay, Republican, Pa, briefly ex.
planned the nature of the bill he introduced
for increasing The duty on leaf tobacco.
The bill making Palm Beach, Fla.,a SUBJ
port of entry and delivery was passed.
The fatality at Chicago, when something
more than year ago, an army ammuni-
ton wagon exploded in the street, was re-
called by bill offered by Mr. Cullom of
killed
The bond question made its appearance
when Mr.. Hill of New York introduced
the following resolution:
Resolved, That any bonds hereafter is
Su d under the laws now in force may at
dis CT tion of lhe secretary of the treasury
be made payable in United States gold
tineness or in standard silver dollars, at
the option of the holders of such bonds,
but no bonds containing such option shall
bear rate of interest exceeding three per
cent per annum payable quarterly.
Mr.. Hill spoke in favor of the resolution
at considerable lenght. He detailed the
serious condition of the treasury, which
could only be relieved by another bond is
sue. I he secretary of the treasury was
hampered under the present law, and
should be given the option of issuing gold
or silver bonds. An amendment to the
present law, he believed imperative. MIR.
H,ll considered a popular bond issue under
the present statute impossible, but his res
olution would take away this obstacle. No
bx
BILE. The executive authorities, he claimed,
had clearly shown that tremendous eXpan-
sion of our paper circulation was the cause
of our critical condition. His resolution
was temporary remedy.
Mr.. Teller protested against the asser-
ton, first made by the president of the
United states and now repeated in the SEN
ate, that the United States was bankrupt.
He protested against the repeated assertion
that United States bonds could not be sold
at a low rate of interest. He specified the
sales of bonds last year to show that coin
bonds were readily sold.
''ln that transaction. which was an ever
lasting disgrace, showing the dishonesty or
imbeciiity of this ndministra ton. our bonds
were eagerly sought said Mr.. Teller.
Mr.. Hill said it simply sought to specify
payments in gold, as good financiers doubt
our ability to float bonds at less than 4
per cent.
"Who doubts?" asked Mr.. Teller pas
sionately. 'We are told that a great bank
er from New York has recently been in
vited to Washington to tell us how to get
out of this dilemma. This is only one of
the bankers concerned in the disgraceful
action of last year. Is he the one who
doubts our ability to float bonds at less
thau per cent?"
Mr.. Teller proceeded with much vigor.
his warmth of expression at times bringir &
forth ripple of applause from the gel
leries. He repudiated the suggestion, he
said, that our credit was destroyed. The
securities of the UniSed States, he said,
are giit-edged in the markets of the world.
They are eagerly sought by tinanciers.
They had never been dishonored. nor
their dishonor proclaimed except by this
president of the United States and those
who represented him in the United States
senate.
Mr.. Teller entered his solemn protest
against this degradation of our national
credit.
Later" said the senator, 81 will in de-
tail answer these ~: SALTS on our national
honor-from those # tue presid mt down
to his 'tide-waiters' who assume to coiue
here and speak on financial affairs"
If the country was in danger it was be-