New-York tribune., 1896-01-16
SILVER TALK GALORE.
MILLS AND PETER AIR THEIR VIEWS ON
FINANCE.
THE TTXAs FREE-sILvERITE DECLARES WAR oN
pOPUIIST PREDICTS THAT THE NIL

United States bonds and in favor OF the use of
silver money. The first made by Mr.. Mills
dem. Tex) and the second by Mr.. PETER (Rep.,
Kan) ,lr Millss speech bitterly denuncia
tory OF the National banking system and was an
arraignment OF the financial policy OF the Pres-
dent and the Secretary OF the Treasury. while Mr.
PETER denied that there any authority In ex
listing statutes for the issue Of United States bonds
Although the Kansas Senator spoke for two hours
and quarter. ne did no, finish what he desired to
say. preferring to so with the remainder OF
his speech tomorrow.
BIZ heretofore introduced by Mr.. Allen pop.
Neb) and referred TO the Committee on Foreign
Relations TO prevent United States citizens from
accepting titles patents of nobility from for
eiCn Nations. reported back adversely from
the committee and was postponed indefinitely.
\ joint resolution appropria;ing $500 to defray
the Joint expenses of locating the boundary line
between Alaska and the British North American
territory passed.
bill for the establishment Of a patriotic me-
mortal university" was introduced by Mr. Squire
CRep. Wash) by request. and was referred
The resolution offered yesterday by Mr.. Mills
(Dem Tex in favor of the coinage OF silver
and for other purposes was taken up and Mr.
Mills addressed the Senate. He SAID that the House
Bond bill might be considered as fair represen-
tation os an extreme view OF the financial subject
as entertained by the people OF the United states
while the substitute reported by the Finance CON-
m.ttee vas in some measure antagonistic to that
view. The criticism on the substitute was that IL
was avoidance than a joining Of issue on
the principles presented in the House bill The
real force behind the controversy. which had been
urgng it for years was, he said. the National
banks. They asserted that the prerogative of coin
ine and issuing money which necessarily belonged
to the Government. really belonged 10 Them and
that they must exercise the prerogative OF CON
tracing and expanding the currency, and OF chang
Ing the standard OF value as might suit thelr per-
sonal interests
At considerable length and with his usual display
Of fcrvor in manner and language Mr.. Mills reviewed
the history of the National banking system and
argued in favor of abolishing it, quoting from the
platforms OF political parties in several States
against the National banks and against bank-note
circulation which he said. the people 100000
0rD A year. He expressed his regret at having 10
differ with the President in his recommendation to
cancel and withdraw Government circulation and
to substitute bank circulation for it,
Mir Gray (Dem.. Del) asked Mr. Mills whether he
was in favor of the Government issuing notes pay
able on demand. and which were never TO be re-
deemed.
Just on the same principle" Mr. Mills replied.
'as am in favor OF keeping up taxation. which is
never to be stopped long as the Government
needs revenue"
Does not that make II nat money! MT. Eray
asked.
NO. sir: oh no." Mr.. Mills said Fiat money as
We understand it. Is money which has no basis
of intrinsic value. 1t is simply promise In the
ir. a
stricted i'm amount, so not 10 expel the standard
on which il is based is equal In value the stand
ard everywhere within the domain of the United
States
THE PRESI DENT CRITICISED.
Criticising the recommendation Of the President
TO fund the greenbacks and Treasury notes IN
interest bearing bonds Mr.. Mills declared That that
teaching was contrary to that Of all the parties
who had elected Presidents. The President. he said.
ol1 hat
good extremely good to come from placing debt
of SIS 900 year bonds and s35,O0ooo year on
circulation He (Mr. Mils) had always understood
that A National debt evil and misfortune.
which deprived a country of It's strength in time OF
peace and especially in time of On this point
he contrasted the views Of President Cleveland
with those Of President Washing on-"a patriot
President: not a political President he said-wso
recommended the payment of the existing National
debt and the avoidance OF new debts.
Summing up the views expressed by Jeherson
Madison Jackson. Van Buren. Buchanan and
other great of the past he declared that II had
been the Democratic policy from the organization
Of party pay the public debt and 10 Keep the
resources Of the country from being encumbered by
taxation Shall now" he exclaimed turn
round retrace our steps and both fortify and keep
a mcneyed aTistrOcracy in this country and stop
the vain efforts to maintain free institutions and
transmit them unimpaired to our children"
Mr. Mrls said that the Government had always
made its bonds redeemable after certain time, or
at it's pleasure. But now. he continued. I'VE hear
our President and Secretary OF the Treasury
asking not only for bondsbonds to be sold for gold
which is u be poured into sieve ana 10 come bacK
"FYfty-year bonds" Mr.. Cockreil Dem. MOI
@Fifty-year bonds. Mr.. Mills repeated That
oo years 1t means debt never 70 De
dares to 20 before the country In the coming cam
Pan and thai has ine aydT of 10 pppbc
debt as a pedestal on when 10 DuiIu Natohai
banking system, will be swept out of existence win
In Closing he said that it might be ridiculous for
on ra ago as isiS John Randolph had said that the
banking power so great that one might as wei
Chfistanity in the streets Of Consantnople to
fight against the banks. And If il were so then
said Mr.. Mills. what must 1t be to-day
THE PoPULIsTs' MILLENNIUM.
Mr. Mill, closed his speech at p. m, and then
the House Bond bill with the silver substitute re-
ported from the Finance Committee was taken up
and Mr. PETER Pop. Kan) addressed the Senate,
In the course OF his speech he referred 10 resoiu-
tons offered by him at the last session qucs'io,as
the authority Of the secretary OF me @ 20
sell bonds under any existing law TO me nact th tia
these were referred 10 the Committee on Finance
and the Judiciary, ana tnat no lcpot. '' - he
mad on that subject there was d. cis' ~ ~
said method in his madness for P1nT hnd Oh ,ho
people OF the whole country without speclhc, act
Of legislative authority was sreat puoi 10 intimate
that there any improper motige o.. l.c pa
the President Secretary OF the treasury o ,tad
they did not believe they were at least Juster
10y the language of such statutory ptoNi"'oHa 40
they could find TO do what they had done New!
theess he beeved-and he thought ne w0uia man any
appear-that there had been no need OF ndste u, i
that they had been simply bowling the neau n d .' f
lower to the power which was cursing the PtyoPe %
the country and the peop.c of the world ne oas'
some rdiculc upon the argument as 10 tne man.
tenance OF the parity between gold and silver an, am
said; When the POpulists come into power we VIII VIII
arrange that parity satisfactorily at least to some
people"
That will be-" Mr.. Hoar Rep. Mass) renarheo'
after the millennium" =,
The millennium is approaching now, sara MI, y.
Har1tI.. II. ranf ha z