The record-union., 1896-01-08


Postal Savings Notes, to Bear In
terest for Five Years and to be
Repaid in the Sort of Money De-
posted, Whether Silver, Paper or
Gold.
WASHINGTON, Jan. I'm the SEN
ate to-day Lindsay Dem) of Ken
tucky took the oath of office as a new
member.
In presenting a petition from the
Common Council of Worcester, Mass,
in favor of the Armenians, Hoar (Rep)
of Massachusetts inquired whether the
Committee on Foreign Relations had
taken any action on the numerous Pc
titions referred to in some character.
He was informed by Sherman (Rep.)
of Ohio that the Committee on Foreign
Relations was animated by a most
earnest desire to relieve the Armenians
ii possible, but had not yet taken the
subject into consideration. The COM
mittee had only recently BEEN ap-
pointed and the matter had not yet been
reached.
Jones Oem) of Arkansas reported
from the Committee on Finance the
House bond bill, with substitute, and
gave notice that tomorrow he would
ask the Senate to take it up for con-
Sideration. At the request Of Elkins,
his resolution requiring United States
bonds to be issued after public adver-
tiSement was referred to the Finance
Committee.
Chandler (Rep.) of New Hampshire
introduced popular loan bill and pro-
ceeded to explain it. He read the first
paragraph of his bill, which provides
for postal savings notes to bear interest
for five years and to be repaid in the
sort of money deposited, whether gold,
silver or paper. He said that he did not
regard the recent treasury notice, an
nouncing a popular loan, as being in
satisfactory form. He was grateful to
the Secretary of the Treasury for heed
ing the voice of the people as offered in
the Senate the other day by the Senator
from Nebraska (AIlen) and other tri-
bunes of the people Qaughter), but he
did not regard it as a wise method of
testing the Willingness of the people to
supply money to the Government.
Chandler's bill provides for the issue
of postal savings notes of the face value
of $100, with interest thereon at the
rate of So year, with a total interest
of SIG if the notes are not presented
at the expiration of five years. After
five years, in addition to the sum of
SIG, the Government is to pay S4 for
each years interest. These notes may
be issued in sums of $50 and are re-
deemable at the pleasure of the Govern
q 10 10 oYof feaH
the provisions of the bill and had it re-
ferred to the Postoffice Committee.
Lodge, referring to Chandler's state
ment as to the RothschiIds' dispatch,
read statute making it illegal for citi-
zens of the United States to correspond
with foreign Governments of officials
in regard to the public measures in the
United States, and he asked Chandler
whether he did not think that the tele-
grams from the New York World"
were not an illegal interference and an
attempt to throw doubt on the credit of
the Government.
Chandler agreed in these views. The
law certainly applied to the Pulitzer
telegram to the Prince of Wales. the
heir apparent to the throne, on public
question which made the relations be-
tween the two countries acute. And he
declared that if the President and the
Attorney General did their duty Mr..
Pulitzer, if he ever set foot on American
soil, which he occasionally did, would be
prosecuted.
The resolution offered by Sherman on
December 31st, declaring that the use
of the gold reserve to supply deficiencies
is of doubtful legality and greatly in
furious to the public credit, and that a
sum of not less than S100,000,000 in gold
coin or bullion should be restored to the
treasury and segregated from all other
funds, was taken up and Vest (Dem.)
of Missouri addressed the Senate upon
it. He repudiated the idea that the
Democratic party was dead, and de-
clared that when it did die the last hope
of popular government would have dis
appeared. If the income tax in the Will
son bill had been collected there would
have been no deficiency of revenue. He
reviewed the decision of the Supreme
Court of the United States, which de-
clared that tax unconstitutional For
hundred years, he said, no lawyer had
doubted that Congress had the right to
tax the income of real and personal
property without apportionment ac-
cording to population among the States.
He did not propose to analyze the de-
cision of the Supreme Court, nor should
he trust himself to enter into the con
lecture as to the reasons which caused
one member of that court, after agree
ing deliberately as to the constitution
ality of the largest portion of the law. to
reverse his opinion two weeks after
ward on a rehearing. The name of that
Justice was unknown. 1t was known
alone to himself and his official associ-
ates.
Vest then went on to reply to Sher-
mans speech in criticism of the Admin
istration, and he pointed out the fact
that during the four years of Cleve-
lands first term the export of gold was
only S79,000,000 while in the next four
years of Harrison's administration the
export of gold was S213, 900 900.
Coming to the question of the free
coinage Of silver, Vest declared that
the Republican party was as hopelessIy
divided on that question as the Demo-
cratic party was now "AlI the people
of this country Vest exclaimed. "ara
engaged in an irrepressibIe conflict as
irrepressible as that which marched
the armies of the North and the South
in the Civil War. I trust that the ar
bitrament will not be by violence. I
hope and believe that it will not be. But
the conflict is just as irrepressib1e and
must be fought out to the last ex-
tremity. All attempts to evade the is
sue are impossible. The sooner it is
settled the better for the tranquility
of the country and the better for the
public and private life of the land