The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-28

4 lasting cure, however. could only be
effected by the retirement and cancella-
tion OF the entire greenback currency, thus
relieving the government of the great bur
den of supplying a paper credit currency
always TO be kept at a par with, and TO
be redeemable in gold.
In conclusion, he said: Why Is II not
the part of prudence and wisdom to cre-
ate a bonded debt for the whole amount
of these notes and then cancel and ex-
tinguish them? That sensible course
would stop the creation of any further
bonded Indebtedness. Otherwise, the pro-
cess of borrowing and bonding must con-
tnue, to what extent,no one can foretell.
Mr.. Teller said that he did not desire
to enter into the discussion of the hnan-
cial question now. But he wanted to en-
ter his protest against the repeated asser-
tions made by the executive department
and now in the Senate that the govern
ment is bankrupt. He made that pro-
test because the securities of the United
States were "gilt-edged" securities I'm ev-
cry market Of the world; and never had
been discredited by any banker, or by any
body save the executive department un-
der this administration, and by that MEM
Der of it who now appeared as its cham
pion in the Senate. Mr.. Teller spoke Of
the contract under which bonds were IS
sued last year as "a lasting disgrace, due
either to the dishonesty or imbecility OF
the administration"
I'VE are told" he said, by the public
press that we are to have another bond
issue and that IL will not be as favorable,
at this time, as before, because the govern
ment of the United States is in greater
distress than a year ago. Against all that
Il do not intend" Mr. Teller contin-
ued, ito discuss the financial question
now; but do want to enter my protest
against this degradation of our credit
There Is not a financier in the country
who will not tell you that we can place
our bonds on the market at per cent,
and sell all that we want to. / do not
say that it might not be well to amend
the existing law on the subject; but
l say that we are not required to amend
the existing law on the subject because OF
our inability to get money on our secur-
tiles. At the proper time [ will express
my opinion upon the administration from
the President down TO the Ilde water s,,
The bitter and pointed manner in which
this last sentence was uttered created
slight sensation and some quiet laughter
in the Senate chamber
Mr.. Teller went on to speak Of the re-
marks attributed to officers of the treas
ury, and particularly of what the assist
ant treasurer at New York is supposed 10
have said about a hundred millions OF
American securities being likely TO. be
thrown upon the market
THAT was well calculated" Mr. Teller
exclaimed in a tone of sarcasm, to quiet
and maintain the market; was II not?
Mr.. President, every man connected with
this administration (whether the Secretary
of the Treasury, or the director of the
mint or the assistant treasurer at New
York, or a subordinate In the collectors s
office) has been talking for the last month
or two in the papers, about the lack OF
American credit. The only way we can
know of the lack of American credit is
through the markets of the world, and
they do not show that there is any lack
of American credit. 1t is true that the
American people should resent these re-
peated attacks upon the national credit
ny Dower len and wo once IAN he credit Of the
government is in danger to-day Il is be-
cause of the intemperate. uncalled for
utterances of the executive department.
l. propose to take up the question when
the times comes, and show that there is
not the slightest reason why any man
should be afraid of the American credit
l want to show that, in this country, no
matter what a man may have believed
on financial matters, no man outside Of
the executive department has ever sug-
gested that our credit would not be MAIN
tained to the highest possible degree; and,
therefore, there ought to be no more talk
about our lack of ability to maintain our
should suggest that there is not a uni
versal sentiment in this country to MAIN
tain the credit Of the United States to the
highest possible degree"
Speaking a second time, Mr.. Hill said
he did not know precisely what the dis
tinguished senator from Colorado meant,
unless he intended to- be offensive, by
the remark that somebody was "a tide
waiter" He hardly thought that the sem
ator would in his calmer moments"
Here Mr.. Teller broke In with a. complete
III lIt remark Indl DaQe
as to a tide waiter" he said, 81 had
certainly no reference to the senator from
New York. But 1 meant to say that un-
der this administration there had grown
up system from which every fellow
who stood at the door of the treasury
department seemed to feel he was Of
ficially connected with the department
and was competent to instruct the people
in matters of finance had
no reference whatever to the
senator from New York. Even the
to fabricate coin--is telling us daily,
through the public press, what ought to
be the policy of the United States
"Of course" Mr.. Hill resumed II am
not responsible for the utterances of the
director of the mint am one of those
who doubted the policy of his appoints
ment; but / suppose he has a right, Of
ficially, to discuss the finance question.
And he probably is as competent" Mr..
Hill added with a bitterness Of express
sion which showed that he did not really
accept Mr.. Teller'S disavowal in the mat
ter of the tide waiter ''as the gentle
man who halls from the Wilds of Colo
rado." Qsaughter.) l am not authorized
he continued, ito speak for the Secretary
of the Treasury. / am not authorized
to speak for the President. / speak for
no one except myself. / utter my own
sentiments. And because the Secretary
of the Treasury and the President have
seen fit to make certain recommendations
in accordance with views which / ex-
pressed year ago, the senator from Col
OfaQO CdnliOL CIOWA Otl my OWl pat
form"
The Joint resolution remains on the Vice
Presidents table. to be taken up for fur
ther discussion. in connection with sub
stitute offered by the new populist senator
from North Carolina, Mr.. Butler, to make
the interest and principal OF all coin
bearing bonds payable in the cheaper of
the two metals.
A Joint resolution with the acceptance
of the ram Katahdin was reported from
the committee on naval affairs and
adopted.
Mr.. Burrows, rep, of Mich, presented
and had referred to the finance commit
tee a proposition to take certain articles
from the free list and to have rates of
duty imposed upon them, in harmony with
the bill Just passed by the House. He had
originally proposed It as a bill, but on be-
ing reminded by Mr.. Sherman, rep, Of
Ohio, that the Senate had no right to origi-
nate a revenue measure. he put Il in the
form of an amendment to the House bill.
The House bill of yesterday, ITO tenn
porarily increase the revenue to meet the
expenses of the government and provide
against deficiency" was received from the
House read a first and second time and
referred to the finance committee.
Pending the debate on Senator HIPS
ioint resolution, Mr. Butler, pop. or
North Carolina, offered as a substitute
Tor that resolution his own proposition