New-York tribune., 1895-12-28
THE DEBATE IN THE SENATE.
MR. FILLS BOND SCHEME DIscrssED-A TILT
WITH SENATOR TELLER.

THE DEBATE IN IfiF St4NAl
MR. FILLS BOND SCHEME DIscrssED-A TILT
WITH SENATOR TELLER.
Washington Dec 27-Among the bills introduced
and referred in the Senate to-day was one by Mr..
Hawey (Rep Comm to establish University OF
the United States.
Mr. Burrows tRep.. Mch.) presented and had re-
ferrei to the Finance Committee proposition TO
take certain articles from the free list and to have
rates Of duty imposed upon them in harmony with
the bill jus, passed by the House. He had origi-
nally prepared 1t bill, but on being reminded
bv Mr. Sherman Oeep., Oho) that the Senate hac
no right TO originate a revenue measure he put IL
in the form of an amendment to the House bill.
The House bill of yesterday, Ito temporarily in
crease the revenue to meet the expenses OF the
Government ard provide against deficiency, was
received from the House read lrst ana second
time and referred to the Finance Committee.
Mr.. Hale (Rep., Me- introduced joint resolution
authorizing and directing the Secretary OF the
Navy to accept the ram Katahdin and make her a
part of the United States Navy. He asked present
considerat ton of the joint resolution, stated the
facts in the case-how the ram fell little below
the contract requirement Of speed-and said that
both the President and the Secretary Of the Navy
were in favor OF her acceptance and wished to
authorize It.
Mr.. Pettigrew 1Rep. s d. opposed the joint
resolution as establishing bad precedent but after
hearing Mr.. Hae's explanation he withdrew his
opposition.
Objection made to the present consideration
of the joint resolution by Mr.. Allen pop. Neb),
and it After brief interval Mr..
Allen was induced to withdraw his objection and
the joint resolution was again laid before the SEN
ate and passed.
House bill to make Palm Beach, Fla, sub
port of entry ard delivery reported from the
Committee on Commerce, and was. at the request
of Mr. Call (Den.. FlaD. considered and passed.
MR. HILLS PROPOSITION
Mr. Hill (Dem. y. " introduced JOINT resou-
ton, directing that any bonds heretfter issued
under the laws in force may in the discretion
of the Secretary of the Treasury. be made payable
/ in United states god coin OF the present weight
ard hneness. in standard silver dollars, at the
option of the holders OF such bonds. but bond
containing such option shall bear rate OF In
tcrest exceeding per cent per annum. payable
quarterly Mr. Hill addressed the Senate in
planaton OF the purpose ard effect OF the joint
resolution Under the existn- financial system he
sad, for which candor compelled him say both
tho principal political parties were largely respon-
sble there outstanding to-day s2i6 CC0.O10 OF
legal-tcnGer United States rotes which this Gov
ernmcnt considered obi sed redeem in gold
wherever presented for redemption; and when
redeemed those notes-wh!ch are demand debts
OF the Government-could rot be retired or can
celled. but must be relssued and paid out As
redemption fund for this purpose the Government
obliged to maintain gold reserve"
called OF Sl000O,OO0. That fund to-day. Mr.
III declared, only about S6SO0Oc0. Pad was dis
appearing by of the large amount o. green
backs being daily presented for rodeinpt on. In
few days this fund likely to be less than $50
OooO1o The honor and credit OF the Government
required that the fund should be restored to the
full OF slO00cO,00O.
How Is the Government. with reasonable DIS
patch. to procure this necessary gold?" he asked
Every OF securing il IS blocked. except
the one method of borrowing Il. The revenues OF
the Government are not pad in gold; and wh.le
the Government Itself must pay in gold II cannot
compel. under existing laws. is to be paid
in that coin and it has therefore but one practical
resource left-and that Is TO borrow the gold upon
the best terms possible. 1t cannot refuse to redeem
the greenbacks. whenever presented 1t cannot
regulate their preseniment. The law requires I TO
pay. redeem ard then reissue them. Any other
< reputation; anything less IS National
d.shonor"
The question which now confronted the country
the practical question. the condition. not the theory
was. Mr H sad the manner IN which the
sold reserve fund should be restored Its prompt
restoration The duty Of the hour. It could not
safely be postponed. Ii the duty OF the COM
ing week-aot OF two weeks hence. As god must
be borrowed, anl borrowed AT once 4 followed
that the Government should be permitted to make
the best terms possible for the people, II It were
unhampered ana unrostr'ctel-lf It could negotiate
ard borrow the rpm an ludlvidual--tae task
would be materially lossenod but II was restricted
by laws passed years ago wA.ch must be observed
and respected. The law which especially controlled
and regulated the method OF borrowing gold TO
supply the sold was the Resumpt,oa act
Of 1915 That statute. taken in connection with the