Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-01

IL drawn from the treasury, stop all
necessity for further issue OF bonds
and rescue from impending ruin the
woods and other agricultural interests
OF this country.
While MIR. Mitchell was contending
that the secretary OF the treasury
could have stopped the gold raids by
using his discretion to redeem notes In
coin MIR. Hill (Dem.. N. W asked him
II It was not true that greenbacks had
been redeemed In gold by every secre-'
tary since 1879 MIR. Mitchell replied
that 1t might be true. but In his opin-
ion II was very poor policy.
The treasury notes hav. only been
redeemed in gold since 1881" inter-
posed MIR. Cockrell (Dem.. MOI.
rs that fact?" asked Mr.. Mitch
ell.
1T IS, replied MIR. Cockrell, emphati-
cally I'm 1898. in response to tele-
gram sent by mo to Secretary Foster.
he replied that the first treasury note
had been redeemed IVY him in gold in
1891"
81 am talking about greenbacks,"
said Mr.. Hill. Have not all the secre-
taries OF the treasury redeemed these
notes In gold since lSIg?''
"Greenbacks were never presented"
said Mr.. Cockrell. There was no de-
mand for gold, and That can be shown
on the record. The senator from Ohio
tMr. Sherman) since that time pro-
posed to redeem, retire and cancel
everyone OF those Rfeenbacks with si'-
yer dollars. and his amendment Z
that effect is here on record, and IN
addition TO that, l want to say that
Secretary Carlisle, January 20. 1895.
said before the house committee on
appropriations that II in the begin
ming the secretary of the treasury had
exercised his discretion OF paying
either in silver or gold II would have
operated well. and would have been OF
great benefit
In answer to Mr.. Hill, Mr.. Cockrell
said he did not know whether Secre-
tary Foster had redeemed greenbaoks
In gold.
"You said II had been done" said Mr..
Cockrell. 81 repeat that no secretary OF
the treasury until october, 1871. ever
yielded the option to holders OF United
States notes United States notes were
not redeemed In gold at the option OF
the holder. The option was never given
the holder until 1891"
At the conclusion OF Mr.. Mitchell's
remarks his resolution was referred 10
the finance committee.
MIR. Stewart recalled the fact that Mt
n dinner at Delmonico's. New York.
November IL. 1891. Secretary Foster
had declared that ne would redeem
United States notes In gold and that
President Harrison in his annual re-
port the same year had said that the
policy OF the treasury department had
done much to restore confidence In
the country,
MIR. Elkins QRep., w. Va.) asked for
the immediate consideration OF reso-
luton declaring II to be the sense of
the senate that no bonds of the United
States should be sold at private sale or
ut private contract. but that they
should be advertised and sold to the
highest bidder.
AS that resolution would seem to re-
fleet on the senator from Ohio (Sher-
man. who. when secretfry OF treasury
always disposed of bonds by private
contract and as he 80 now absent,
think the resolution should so over"
said MIR. Hill Dem.. n. "
II do not understand how the reso-
luton can reflect ON Mr.. Sherman"
said Mr., Elkins.
81 cannot make Il palmer" replied
Mr.. Hill.
The resolution went over
Mr.. Nelson (Rep.. Ahnn) addressed
the senate on the general financial
question, maintaining that the great
outward movement OF gold could not
be stopped until the balance of trade
was In our favor, and that that result
could not be obtained without an ade-
quate Increase of tariff rates. An in
creese of tariff rates and adequate rev.
enue In the treasury would solve the
problem. He thought the banks should
bear their share OF the burden OF
maintaining our vast paper currency
on a parity with gold When he took
his seat Mr.. Elkins renewed his re-
quest for immediate consideration of
his resolution. but Mr.. Hin objected,
and at 2:20 o'clock the senate adjourned
until Friday.