The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-01-04


banking currency and coinage adopted by
the principal nations OF Europe c0nvinces
ne that our system, when cured or few
defects developed BY time. founded upon
the bi-metallsc coinage OF gold and silver
used at mar gtth each other. with free
national banks established in every city
and town OF ITnport rtance Of the United
States. issuing their notes secured beyond
doubt bv United States bonds or some
equivalent security, redeemable or demand
in United States notes, and the issue or
an amount Of United States and treasury
notes equal TO the amount now outstand-
ing. with a provision for raiaole in
crease with the fnc rease Of population. al
ways r4-tieenuable IN coin supported BY a n
ample reserve OF coin IN the treasury, not
10 be invaded ny deficiencies OF revenue.
and separated hy the sub-treasury system
from all connection with The receipts and
expenditures OF the g0vernyneut-slTch a
system would make our money current in
commercial circles in every and all climes.
better than the best that now exists in
Europe better than that OF Great Britain.
which now holds the purse-strings or the
world. All | ask now Is that you VIII
not disturb IL with your deficiencies; that
Won viii not rob il OF its safeguards; that
YOU VIII not return to the days of Wild
cat money: that you VIII not lessen the
savings Of prudent labor or the accunula-
tions Of the rich. Time makes all things
even Let US give 70 the executive author
ties anple means 10 meet the Gppropria-
tions YOU have made hut let US strengthen
rather than weaken our monetary sys-
fem which lies az the foundation OF our
prosperity and our progress"
Al the conclusion Of Sherman's remarks
Butler Pop. N c., renewed the request
for immediate consideration of his hlll 10
prohibit the future sale OF bonds, except
with the consent of congress. The news
papers. he said had told the story of the
impending bond issue. Action should be
had at once Butler asked unanimous con-
sent 20 put his bill upon passage Hill, who
happened to he in the chair. rather startled
the senate b. himself interposing az OBJ
lection.
Mills then took the fioor to reply TO Sher-
man lie repelled tire charge that the
Fifty-third congress was IN any way re-
sp0nsible for the present financial Crisis
The burden belonged 10 the Fifty-frst
congress. and Sherman was partly respon-
sfble for the legislation of that congress.
The Democrats had turned over 70 the
Harrison administration in 1889 $3.50 0t0,0n
How was it, he asked, If the claim that the
Mckinley bill had produced sufficient rev
enue was true. that in 1891, when the Dem
ocrats again assumed control, all that sur
plus was gone. consumed and dissipatedF
Mills COMPARED the Mckinley bill with the
Wilson hll. The former was entitled a
bin 10 reduce the revenues, the latter 10
reduce t1xation. The report on the Nc
kinney bill. written by Chairman Mckin-
ley. recited the problematic3l effect OF the
measure on the revenues of the govern
ment. And yet. with the Mckinley act re-
sponsihle for the reduction Of the revenues.
the CRY was now raised that the Wilson
act was responsible fer the deficiency.
Hill criticised the double play proceed
ings by the passage in the house or an
emergency bill" If this hill passed the
1T hx~ ha -
it would meet with swift and sure punish
ment on the part Of the president against
those responsible fer it,
Sherman's resolution was temporarily
laid aside. and that Of Elkins. directing the
disposal OF bonds by Inblic sale, was taken
up Elkins spoke vigorously in its sup
port lie referred 10 the fact that petty 4
government officials were compelled 70
make contracts after advertisement, and
Vet the president and the secretary OF the
treasury were entirely relieved OF this
valuable safeguard. Elkins reviewed the
commissions paid for floating loans during
the war. 10 show the enormous eNtorton
of the syudicates who had taken up the
loans Of the present administration only
about s. 80 0s0 had been paid IN commits
sions on loans aggregaung S-50,~'"N our
Irs the war In other words the bond sy n
aicate had made more in placing loan OF
So tg090 than was paid for floating the
entire war debt. The war loans were
fI0ated among the people, as ali loans
should be II was said that one banker
vas to obtain $l.0m.m1 commission Tor
floating the contemplated loan or $ln"".-
ee The people were unable 10 comprehend
sgch reckless and wantOn waste OF mill
ions lie did not mean TO criUcse the pres
i1aut the secretary Of the treasury or the
syndicate which was simply taking al
vantage of the opportunity, but ne insisted
that the people would take the bonds at
much higher figures than those pa4A 10 tha
government The credit Of the country
U.,s unass,ilshle. We are immeasurably
the richest country Of the globe. In con-
rlusfon EIkins moved that the senate pro-
coed with the considera tion of his motion
gu sought % object. hut was cut on 10y
the vice president ruling that the motion
was not debatlhle. Thereupon the vote
was taken. resulting as follows;
Yeas-Aldrich. Allen Allison, Baker
Bate. Berry. Burrows. Butler. Call, Cam
eron. Chandler, Clark. Cockreu Cullom.
Davis. Dubois. Elkins. Faulkner, trNe'
Ganingcr George, Hale. Hawley, Hoar
Jones Of Nevada. Kyle. Lodge. Mcbride
Mantle. Martin. Morgan. Morrill,. Nelson,
PETER. Perkins Pettigrew. Proctor Pugh,
Roach sherman Shoup. Teller, Turpe,
Vest. Voorhees,. Walthall. Warren. White
-i&
Esvs-Brice. Canery. chiffon. Hill.
Mitchell Of Wisconsin. Murphy-6
Kan M once moved 10 refer the resolu-
tiru 10 the finance committee.
.+I-t ,4s vote, on IL now" said Teller.
$50. not fust vet" replied Fiill. There
can d. To vote on this resolution for the
present"
The resolution already passed. for an ad-
i8urnment 70 Tuesday. made II readily
possible to prevent vote ON the resolu-
tian nv debating il at length. FiN de-
-ls~ef the resolution 70 he a futile move
u-ur. which could have 10 more effect