The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-02-01
BOND BILL NEAR A BALLOT.
THE SENATE TO SETTLE ITS FATE
THIS AFTERNOON.

Before the Vote Is Tnken-SenatOr
Villas Speaks in Opposition to the
Bill and the Substitute-SenatOrs
Bate and PascO Speaks in Favor of
Free Coinage.
Washington, Jan. 31.-The Senate was
called to order by the vice president at
noon, at which time there were not over
a dozen senators present. As to-day's
session, through the parliamentary device
of taking a recess instead of an adjourn
ment yesterday was but a continuation.
the usual formalties of prayer, reading
the journal. presenting memorials, intro
ducing bills, and all the other morning
business was dispensed with, and the SEN
ate continued the consideration of the
bonds bill with the finance committees
free coinage substitute.
The end of the long debate on the bill
was sighted when a unanimous agree
ment was made that after an evening ses-
sion to be devoted to clearing off belated
speeches, a recess shall be taken till IL
a. m. tomorrow morning, and that then,
after Mr.. Morrill,, rep, Of Vermont, shall
have been heard, the discussion shall go
under the fve-minute rule until 2 p. m,
when the final vote is to be taken.
There was very little difficulty in reach
ing the agreement-the proposition COM
ing from Mr. Harris. Mr. Hill stipulated
that the agreement should not preclude
the Offering of amendments or substitutes
or motion to postpone indefinitely. and
Mr. Harris accepted the stipulation.
Three speeches We're made on the sub
ject to-day. Mr.. Villas spoke for two
hours and three quarters in opposition
both to the bill and the substitute. He
Il s.
Mitchell OF oregon, who characterized
the demand that the last issue of bonds
must be paid in gold after the syndicate
had obtained them at a lower price be-
cause they were specifically made payable
in COin' as a "bunco game" Mr.. Villas
however, declined to let Mr.. Tillman di-
vert him from his argument by ques-
| tions. He closed with an eulogium on The
democratic party yielding neither to the
reacionary forces of old absolutsm, nor
the lurid fires of anarchy"
The delivery of the speech occupied two
| hours and three quarters. Although it had
| been prepared in advance and was in type
written pages, there was so much spirit
and energy displayed in its delivery that
/ 1t was difficult to realize that it was be-
| ing read.
Mr. Bate next addressed the Senate de-
| claring that he Was unable to sustain
| either of the fiscal measures sent to the
Senate by the House. They made a COM
| bination, he said, directly in conflict with
| the opinions and wishes of the people, as
/ h understood ms drift OF public opinion.
L
/ to the support of the government; and
| the other imposed a heavy burden, both
| present and future neither just nor neces-
/ sary. The finance committee, however,
/ had by its silver substitute tried to bring
| the country back to the constitutional cur
| rency OF both gold and silver. to restore
/ the only legal tender medium mentioned
! i'll the constitution. The legal tender IA
Guilty had been given to the greenbacks
! by adding one justice to the supreme
| court; but the constitution had bestowed
1 ii on gold and silver. In providing for the
| free coinage of silver there would be no
| innovation upon the principles of sound
| money.
1t was an earnest and honest effort to
| restore to the currency of the country that
| money which had been since the days of
| Abraham current in all trades and with all
| peoples. 1t was a vain waste of time to
| tell the people that silver was not sound
| money. Such assertions was contradicted
| by the lesson of history.
| 1t might be patriotism; 1t might be
| pride; but 1t was also the positive con-
| Of the United States among the nations
/ of the world was potent enough to stamp
| its declared policy upon international ex-
| changes, and that when this country
| fixed the ratio and entered upon the free
| coinage OF silver the same ratio would
| force itself into recognition in other
| nations. The people believed also that
| the greater abundance of money which
| the coinage of the now idle silver in the
| treasury would throw upon the country
would result in an immediate rise in val
| ues of all kinds, that prosperity would
quickly take the place of depression, and
| the country would again enter upon that
| wonderful career of enterprise and wealth
| which had been SO rudely shocked and
| destroyed by the legislation of 1873. The
country demanded an American policy for
| American affairs-poliucal, financial and
Mr.. Pasco addressed the Senate in favor
| of the free coinage substitute. He as
serted that the great majority of the
| American people was bimetallist,
while the class of avowed monometallists
was small in numbers, but influential. BY
mOnometallism he meant a system which
| employed coins for two metals as stand
| ard money at a fixed ratio-the two con-
| stituting q medium to which all obliga-
| tions, promises and liabilities may be re-
| duced, each being measure of values, as
| well as a medium of circulation. fair
| analysis of the democratic and repubi-
can platforms of 1892 would demonstrate,
| he thought, that both parties had pledged
| themselves to such a use of gold and sill
yer in the national coinage; and the true
meaning of the statutory declaration of
/ the law of 1893, repeating the purchasing
| clause of the Sherman act, was in har-
mony with the same view. He believed
| that the true remedy for the present finan-
cial troubles was a return to bimetallism.
| The coinage would then rest upon a foun-
1 dation of gold and silver dollars equal
| in intrinsic and exchangeable value. With
/ that broad basis of support, the treas
| ury notes would cease to be a cause of
| He should vote for the substitute in the
/ hone that the former ratio of IS to /
/ could be returned 10 with Sdfety. Inc ul-
| innate settlement of the question had to
be upon the foundation of right and JUS
| tice. History and experience had demon
/ strated the wisdom of the fathers in es-
| tablishing bimetallism; and there was
| abundant reason to believe that business
activity and commercial prosperity would
| follow it's restoration.
Mr.. Pasco had not finished his speech
when the hour of 4 o'clock arrived and
| then, under the agreement, the Senate
| took a recess until 7:30 o'clock.
When the Senate met at 7:30 o'clock the
| attendance was quite small but gradually
| the number swelled until half an hour af-
| terward there were twenty-five senators
1 present. The galleries were pretty we'll
/ filled. Mr.. Pasco resumed his speech where
/ he had left off at the close of the after
noon session and continued It to the end,
which was reached at sos o'clock
Mr. Palmer. dem., of Illinois, gave notice
of an amendment declaring it to be the
pelicy of the United States to maintain
| the parity. between the gold and silver
dollars and to maintain the equal power
! of both gold and silver in the
markets and in the payment of debts:
| and it directs the Secretary Of the Treas,
| ury to exercise the discretion vested in
| him so as in his judgment to better adj
/ vance and promote the policy fhuS dacIar