The herald., 1896-06-03
INVENT Y-F1FTH YEAR. NO. 245.

7 DN
colleague. Mr.. Cannon. who replied to
structures made on the five Republican
senators voting against the Dingley
| Dill lie resented the charge of insn-
cerity. He characterized the tariff bill
| as an ''iniouity and morstrosity of leg
islation' sectional and unjust.
The sentiment of the great inter
mountain states is for the free coinage
OF silver" declared Mr.. Cannon in i'm
passioned tones, land they look to the
leadership of Henry NJ. Teller rather
than that of the distinguished senator
from Ohio" {Sherman).
AT this point report from the house
| was received as to the passage of the
river and harbor bill over the presidents $
veto. MI Vest asked that the bill and
| veto be taken up as soon as the vote on
the bond bill was taken.
| Mr.. Sherman objected unless an
agreement on the filled cheese bill was
| made. Thereupon Mr.. Vest gave notice
! that he would move to take up the river
and harbor bill and veto tomorrow. Be-
| fore continuing the bond debate Mr..
| Butler sought to have 5 p. M today fixed
for the vote on the bond bill. but Mr..
Teller objected on the ground that the
! present agreement for vote before
adjournment was ample.
Mr.. Allison spoke briefly on the bond
bill. He said it was we'll known that
the bill could be made law. 1t was
I agreed, he said. that the borrowing of
| money for the government was solely
Legislative power except as the statutes
conferred that power on the executive
branch. Under the circumstances the
adoption of the Brown resolution would
! be repeal of the only law allowing the
executive to borrow money on bonds.
Mr.. Allison reviewed the causes lead
| ing up to the bond law of 1875. which
was intended to overcome the ipstabi-
ity and panic following the war. He de-
MED the assertion made during the de-
/ bate that the bonds under the law of
! 1875 were for the sole purpose of redeem
! ing greenbacks aud then cancelng
! them, after which the bond power
ceased. On the contrary, he said, 1t
| was to be continuous power to give Il
! stability to values. No part of the peo-
| pie could be benefited by a huctuating
unstable. deprecated monometallic cur
| rency. No experiment should be made
| in repeating the very law which brought
| stability.
| AS to the seigniorage from silver. Mr.
! Allison showed that seigniorage could
| not arise until after the silver was coin
ed. that the present mint capacity was
restricted to forty or fifty millions a year
! and that on that account, the seignior-
age would be limited to twelve or fifteen
| millions. SO. he said, senators were
| playing horse with the great question
of the governments paper money.
They were running the hazards of go
ing back in thirty days to a paper basis
not convertible into coin. In a sharp
colloquy with Mr.. Butler. Mr.. Allison de-
clared his opposition to fiat money and
to the indirection by which the pending
bill sought to take a step toward free
silver coinage without waiting for leg
iSlative action.
Il believe that the United States can
not open it's mnts to the free coinage Of
silver without becoming a mono-me-
An
step without an agreement with other
nations" said Mr.. Allison, land I will
continue to vote against the free coinage
of silver at 16 to l by this country alone"
Mr. Chandler deprecated the spirit and
manner of the author of the bill (I3utler)
who had made threats and had talked
of revolution and blOodshed.
Mr. Butler arose to disclaim such ut
terances.
Mr.. Chandler insisted that the sena-
tors language had conveyed indirect
threats and had tended to revolution
and bloOdshed.
Mr.. Chandler held up a newspaper
which he said was the Caucasian, pub
lished by Mr.. Butler in North Carolina,
and which contained extreme and vio-
lent attacks on Senators Hill and Sher-
man and others with whom Mr.. Butler
was in daily Intercourse. AS to the
bond issues, Mr. Chandler declared that
the president and secretary of the treas
ury were men of sterling personal in
tegrity, standing as the representatives
of the credit of the government. No
one charges misappropriation or en-
beZzlement of the funds which had been
raised by the sale of bonds
Il am thankful that two-thirds of the
senators on this side of the chamber
said Mr.. Chandler, will vote against
this BILL and y ask senators who partici-
pated in the election of President Cleve-
,nd n sNfft ft,.,r = r. ~,
Isle. to join with us in at least one pa
triotic vote to protect our honor and
credit"
Mr.. Pettigrew (Rep.,S D. rose to chal-
lenge published statement that al
though an advocate of free silver coin
age, he had agreed to support "McKin-
ley and sound money" in order to be-
come a delegate to the national con-
vention. Mr.. Pettigrew declared that the
report was false. The South Dakota con-
Vention had referred the financial ques-
tion to the national convention and no
issue or vote was taken on silver. Mr..
Pettigrew declared that there was no
office which would lead him to sacrifice
his convictions on finance.
Mr.. Teller pointed out that the pending
Dill had no connection with the free coin
age OF silver He denied also the right
or Mr.. Chandler to speak for the Repub-
lican party In favoring a continuance
of bond issues. The American people,
ne believed, were not in favor of increas-
ing the public debt in time of peace.
Mr.. Teller referred cOntemptuOusly to
those "self-satisfied Pharisees" who de-
claimed that they were the only ones
willing to protect the honor and credit
of the country.
The senator declared that the silver
question, for which death and burial has
been predicted. was most lively corpse.
State after state had declared in con-
vention for silver. The great Demo-
cratic party was ready to inscribe on it's
banner Free Silver Coinage"
What the Republican party will do
Teller, but I believe know enough of
the sentiments of the west and of the
plain people of the country that the party
which inscribes on it's banner The Gold
Standard is doomed to defeat"
Mr.. Burrows. Republican, of Michigan
opposed the bill on the ground that it
was a virtual repeal of the resumption
act. which act sustained the paper money
of the government.
Before l vote for a bill carrying such
dishonOr," exclaimed Mr.. Burrows, 81
had rather a thousand times that the
country had gone down in the awful
storm of war. will never raise my hand
to remove the last prop that sustains the
credit of my country" Applause.
Mr.. Palmer, Democrat. of Illinois urged
that the bill sought to achieve free silver
at the cost of the credit of the country.
1t was $3.50 o'clock when the voting be-
ban. The presiding officer. Mr.. Faux
ner, directed the reading of the amend