The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-01-30

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the personal qualities of the secretary
of agriculture, but added that the secre.
tary did not always confne himself to
his proper sphere. He was apt to discuss
finance, usurping to some extent the
functions of the secretary of the treas
ury.
Mr.. George Dem.) of Mississippi said
the senate could not act as a court and
issue its mandamus to the secretary of
agriculture.
Mr.. Hansbrough, he said, was acting as
prosecuting attorney and was arraign
ing the secretary of agriculture as though
impeachment proceedings were contem-
plated.
At 2 o'clock the Hansbrough resolu-
tion went over until tomorrow and the
silver bond bill was taken up.
Mr.. Nelson (Rep) of Minnesota ad-
dressed the senate for the first time since
he entered it. He read from manuscript
and spoke in a clear, strong voice.
| Mr.. Nelson said the free and unlimit-
ed coinage of silver at the ratio of 16 to
l by the United States alone at this time
and under existing circumstances would
destroy the last vestige and the last hope
of genuine bimetallism and would reduce
us to basis of monometallism with Mex
ico China and Japan as our chief metal
| lie money associates.
Metal may be freely coined, he argued,
and yet be powerless to maintain itself in
circulation as long as the cheaper metal
| can not be exchanged for gold-dolar for
dollar. The American people are in fa-
vor of ample and complete bimetallic cir
culation-it is because they have good
ground to feel that free and unlimited
coinage would destroy such bimetallism
| that they are opposed to such coinage.
| nf har n fnil ilC ha nd
vOcates of free silver appeal to our nreju-
dices and say that by aiming to keep our
money up to the gold standard we are
merely knuckling down to England, put
ting ourselves in her grasp and placing
ourselves at her mercy. England, said
Mr. Nelson, occupies the vantage ground
because her exchanges are made in the
universal money of the world. The
| United States should stand at the head
If we would win that high place we must
adhere to the universal money standard of
the world.
Mr.. Bacon Dem) of Georgia followed,
it being his first speech since he entered
the senate.
He spoke deliberately and with earnest
ness. The senator said that the ire
pressible conflict over the restoration of
silver which had been waged for 20 years
Mr.. Bacon compared gold monOmetal-
lism with true bimetallism, viz: Silver
and gold as primary money. The evi-
dences were abundant that gold alone
was not sufficient for all redemption pur-
poses. The United States continued pay
ing gold only by continual borrowing at
a ruinous cost. OF the seven great pow
ers, only Great Britain and Russia had
sufficient gold to maintain the gold pay
ments.
At the present time the United States
stood begging the whole world for gold
although the richest nation on the globe
We are rapidly becoming the yassals of
England, said Mr.. Bacon.
Bond, Ara being issued for the sole pur-
pose of maintaining the gold standard.
The senator compared the country's at
titude toward the gold loan. Mr.. Bacon
expressed his belief that there was no
law. allowing the issue of bonds and said
if there was it should be repealed. There
Mr.. Bacon, Mr.. Hill, Mr. Lind
whether the demand for gold was caused
by the desire to maintain gold payments
or the redemption of greenbacks. 1t de-
veloped that the new senator from GeOr-
gia was to be an active and skillful de-
batter
Mr.. Bacon showed cost of $4,0O0,0OO
annually to the State of Georgia in meet
ing its share of bond obligations incur
red by the government.
Mr.. Lodge Rep.) of Massachusetts Of
fered an amendment to the pending bond
silver bill providing for an issue of $780,
100000 for coast defenses, the issue to
be 3 per cent 20-year bonds
Mr.. Lodge said that the amendment
had no bearing on the main financial is