Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-01-04


which would noat the loan now pending
would make a profit OF si2V0.oco. The
bonds. which were to be sold at 1c3 3-4
per cent. were now selling In the mar
ket. no said. at III. He wanted no more
syndIcates to take government loans. He
wanted the people 10 have a chance TO
take them. He asked vote upon taking
up the resolution for present consiGera-
tion. The vote was taken, and resulted:
Yeas. As: nays, 6: as follows:
Yeas--Messrs. Aldrich. Allen. Allison.
Baker, Bate. Berry. Burrows. Butter
Call, Cameron, Chandler, Clark. Cock
rell. Cullom. Davis. Dubois. Elkins'
Faulkner. Frye. Gallinger George,
Hale. Harris. Hawley. Hoar. Jones
OF Nevada. Kyle. Lodge. Mcbride. Mar
tin. Mantle, Morgan. Morrill,. Nelson
PETER, Perkins. Pettigrew Proctor
Pugh. Roach. Sherman. shoup; Ieher,
Turpie. Vest, VOORHEES, Walthall ana
Warren-4s.
Nays-Messrs. Brice Cafery. Chiffon.
Hin, Mitchell of Wisconsin, and Muir
phy-6.
Mr.. Hill moved reference OF the reso-
luton to the Finance Committee. As
to the propriety OF his motion, II struck
him, there could be no question. The SUD-
iect was already before the Finance Com
mittee. and was being considered day
by day. The resolution would be or no
legal avail II would be like the Pope's
hull on the comet 1t merely declared
that so and so was the sense of the
Senate.
mo SENSE IN IT"
"NIr. President" he exclaimed. there
Is no sense In IL.
.Jt Is proposed" he said, "to tie up the
hands of the Executive. Were not the
President and the Secretary Of the Trea-
sury enough embarrassed dlready?
Were there not difficulties enough
pending on the finance question? What
was the necessity Of adding to them? II
was proposed to deprive the executive
authorities of the right to exercise powers
which had been exercised by all the
of the government since the
conclusion Of the war;
He thought II unbecomlpg, at least on
the part OF Democratic senators, TO vote
a want Of confidence in the Executive on
this question. He was not specially IA
vorable to syndicates, and would prefer
a popular loan, but he knew that what
was called popular loan was taken
generally by the agents and clerks OF
banking institutions; and "a popular
loan" was. therefore, mere play upon
words.
The practical effect OF popular lean
would be that the people who desired
to invest In government bonds would
draw grecnbacks from the savings bank.
take them to the Sub-Treasury and there
procure the very gold which the govern
ment had now In the Treasury.
He denounced the resolution as most
unwse step. and had a fling at the
"unholy alliance" which had given the
Republicans control of the Senate. He
did not believe that the people would ap-
prove of the resolution. They might
think. as he thought, that the bonds
should be first offered to the people. But
they did not know the dangers; they
did not know the risks; they were not
acquainted with the precise situation, as
the officials Of the government were. He
knew no reason why Mr.. Carlisle should
seek to do favors for the members of the
proposed syndicate. "Who." he asked.
was this man Morgan. of New York?
He was a man who was a liberal con-
tributor to the Republican cause. He was
a man who in every presidential cleo
ton came to the front with the sinews
OF war in favor of the Republican party.
And was 1t to be whispered or insinuated
that the President or the Secretary Of
the Treasury was anxious to do this man
q favor?"
Mr.. Hin declared tbet il ne were Sec
retary OF the Treasury he would not
be hampered by the Elkins resolution, but
would proceed under the law OF 1875.
and would issue bonds. Ii was a heroic
remedy, he admitted. for the purpose OF
solving the question. He would issue
bonds 10 the amount of s2co.oO, 20. and
thps obtain control Of the financial sstua-
tion. That would prevent the syphoning
OF gold out Of the Treasury.
PRICES OF PRODUCTS.
What would be the eject OF hat course
upon the prices of cotton and wheat!
Mr. George DemocraD, of Mississippi,
asked.
Temporarily, Mr.. Hill replied. 1t might
depress prices, but If the existing sltua-
tion continues these prices will continue
to be depressed. as they are now.
Coming to the question Of United
States notes and greenbacks, Mr. Hill
declared himself opposed to giving paper
the character of money. lie doubted its
He knew that by a close
vote the Supreme Court of the United
States had finally mustered courage to
say that it was constitutional. But ne
Justice Chase on that question over
thrown. in which the principle had been
laid down. in substance, that the govern
ment had no right to make its promises
TO pay" money. and that nothing Is
money except the gold and silver coin
of the Constitution That he thought
was good Democratic doctrine. 1t might
not be good Republican doctrine.
In conclusion, he declared that II the
resolution were agreed to he did not
believe that the President would pay the
slightest attention to it; and he ought
not to- The Presidents duty was 10 be
determined by the statutes. not by
resolution of one house Of Congress and
by the condition Of the Treasury. The
President could rot fall back and justify
himself on the ground that the Senate
had said by simple resolution that the
bonds should not be disposed OF i'm GER
tain way.
Mr.. Butler PopulisO Of North Caro-
line, moved TO amend The Elkina resolu-
ton by making ii read: That IT is the
sense of the Senate that hereafter nc
bonds OF the United States stall be sold
for any purpose whatever. without fur
ther authority from Congress ="
Mr.. Chiffon also moved to amend IL
by making il read: THAT IL is the sensc
Of the Senate that no further issue
Of bonds to procure gold 10 redeem United
states notes or Treasury notes shall be
made by the Secretary of the Treasury.
either by public adverti icmcnt. private
sale. or otherwise"
FREE SILVER.
\ colloquy ensUed between Mr. HI
and Mr.. Hawley In regard to the lkeii-
hood OF a free coinage OF silver amend
ment being reported 20 .he Senate from
the Committee on Finance. and Mr. Iaw
ley asked. shall We throw aside the
House. and vote frce-siver bill which
would discredit us in al the markets Ct
the world?'
..That is u dihicnlt snbiec." /" Mns M