The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-04
SHERMAN MAKES HIS SPEECH.
THE SENATE IN A TURMOIL OF FL
NANCIAL DEBATE.

reucy Receipts-A Bill to Repeal "a
Proof of Loyalty Law PaSsed-Sen-
atOr Butler Introduces BII to
Prohibit the Issuing OF Bonds
Without the Consent OF the senate.
I Washington, Jan. S.-For over five hours
/ to-day the Senate was in a turmoil Of
/ financial discussion. 1t was opened bv
/ an hours speech from Mr.. sherman. "a
| leading member of the finance commit
| tee, in support OF his resolution TO set
| apart the reserve fund Of SlO0OO0,OOO gold
/ when in the treasury and to segregate IL
/ from the ordinary currency receipts.
! He argued that there was no other cause
for the financial difficulties Of
/ the government than the unwise
/ tariff legislation of congress, which
/ had reduced the receipts below the eX-
| penditures. had impaired confidence and
had compelled the government to sell
/ bonds i'm order to meet deficiencies and that
| there was no other remedy except to bor-
| row money on the best terms possible
| 0o pay current dehciencies) and to pro-
vide sufficient revenue. To that extent
and for those purposes. he was willing
/ to support Mr.. Clevelands administra-
tion, however much he disagreed with
its general policy
The coin reserve must be, Mr.. Sherman
| said, kept unimpaired instead of being
| drawn upon to meet current expenses.
| The impairing OF that fund Qrom which
| $l62, 600 had been paid out in the last
| two and a half years. was the source
and fountain OF all the financial Difficult
| ties and the true remedy was to supply
| by taxation additional revenue and to
| borrow from the people OF the United
| States enough money to cover past and
| future deficiencies.
NO action was taken on the resolu-
| ton, which lies on the Vice Presidents
/ table to be taken up for further discus
/ sion.
| The resolution offered some days ago by
| Mr.. Elkins declaring it to be the sense
| of the Senate that United States bonds
should not be sold under private contract.
and without advertisement was taken
| up and discussed with much spirit until
| the time of adjournment. motion to re-
| FER II to the finance committee was de-
| teated by the immense majority of As to
g., and the adjournment motion was car
ried by majority of only ]. The Senate
at $50 o'clock adjourned until Tuesday
next leaving the Elkins resolution the un-
| finished business.
Mr.. Morrill,. chairman of the committee
on finance, moved that when the Senate
adjourn to-day it adjourn to meet on Tues
day next He expressed the hope that,
at that time, the finance committee would
| be able to nepOrt- both the bond and
tarlH bills OF the House. The motion
Mr.. George introduced and asked unani-
nous consent for the present considera-
ton OF a bill to repeal the law which re-
| quires proof Of loyalty during the civil
| war as prerequisite I'm any application
FOR bounty land warrants to soldiers in
| the Mexican war After explanatory re-
marks by Mr. Hoar. advocating the meas
ure unanimous consent was given and
the bill was passed
al MI
the present consideration of a bin 's'Fo pro-
hibit further Issuance of interest bearing
bonds without the consent Of congress. p
Mr.. Hill remarked that the bill would
lead to some discussion and as the sena-
tor from Ohio, Mr.. Sherman was ready To
address the Senate on the whole general
financial question, he thought It unWise
! to have the discussion precipitated
Mr.. Butler said that his bill needed no
discussion. IL had been discussed and
| there were two separate feelings in the
country in regard to IT. Still he would
let the matter lie over until the Senate
should hear from the senator from Ohio.
Mr.. Allen offered a resolution which
was agreed to, calling on the Secretary of
the Treasury for information as to wheth-
er the reserve fund in the treasury had
ever been separated from other moneys
in the treasury.
Mr. Lodge offered resolutions. which
were agreed to, as to pneumatic dynamite
guns, and as to the cost of equipping moni-
tors Also, resolution as to the purchase
of the Danish West Indian islands which
was referred to the committee on foreign
relations.
The resolution offered by Mr. Sherman
last Tuesday in relation to the reserve
fund was laid before the Senate, and Mr.
Sherman proceeded to address the Senate
prefacing his speech with a remark that
contrary to his custom, he had deduced
his speech to writing, on account of the
Importance of the subject and for the
sake of clearness and brevity and would
proceed to read it,
The delivery of the speech occupied ex-
nfl nVnn 3
tinctness and force, and listened to with
the closest interest and attention on both
sides of the chamber
vote was asked for on the resolution,
but the floor was taken by Mr. Butler OF
North Carolina, who argued in support
of his bill to prohibit the issue of bonds
President, he said, was waiting to see
what congress was going to DO on the
subject; Let us give it to him. he ex-
claimed, "and let us give 1t to him unanI-
mously, and not from partisan stand
point"
jected to by Mr.. Hill, who was at the mo-
ment acting as president pro tenn.
Mr.. Mills took issue with the statement
of Mr.. Sherman, that the tariff act of 1Sg2
was the cause of the present financial
difficulties. He spoke of Mr. Mckinley as
a man who never shirked, or shrunk from
the consequences of his act and said that
if he was to be the standard bearer Of his
party in theneXt campaign he would stand
upon the doctrine of the duty of the
American tOtibItSS 10 pfOniDlt Immortal
tions. in order to give increased prices TO
American manufacturers. He asserted
that the present unhappy condition of az
fairs had come before the'incoming of the
democratic administration, and he recalled
the fact that Mr.. Foster, when Secretary
of the Treasury, foreseeing a deficit had
sought to have provision for the sale of
3 per cent. bonds inserted I'm an appropria-
tion bill; and had gone about calling to
both houses, help me, Cassus, or /
sink" "And yet. now" said Mr.. Mills.
"the nestor of the republican party de-
clares, for campaign purposes, that the
democratic party was responsible, in 1894
for consequences which had their origin
in 1S90
AT the close of Mr.. Mills remarks. Mr..
Vest. DEM. of Missouri, asked what had
become of Mr.. Sherman's resolution. and
was informed by the presiding officer (Mr
Hill in the chair, that 1t had gone to the
calendar.
Mr.. Vest said that he desired to speak
upon IL next week and he asked that it
lie on the table until then and come up
when so ordered.
The resolution heretofore offered by
Mr. Elkins directing that no bonds shall
be sold at private sale or under private
contract, was taken up, and Mr. Elkns
addressed the Senate in favor of its
adoption.
Most of Mr. Elkins' speech was directed
cvftE of