The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-01-02

lowing resolution, which was listened to
with keen interest in view of the sena-
tors utterances in reference to the re-
tirement of greenbacks. He gave notice
that on Friday he would submit some re-
marks on it.
The resolution was as follows:
"Resolved, That by injurious legisla-
ton by the Fifty-third congress the
revenues of the government were reduced
below necessary. expenditures, and the
funds created by law for the redemption
of United States notes had been invaded
to supply such deficiency of reserve; that
such a misapplication of the resumption
fund is of doubtful legality and greatly
injurious to the public credit and should
be prevented by restoring SAID fund to the
sum of not less than $100,000,UUO in gold
coin or bullion, to be paid out only i'll the
redemption of United States notes and
treasury notes, and such notes, when
redeemed, to be reissued only in eX-
change for gold coin or bullion"
Mr.. Mitchell (RepD of Oregon took the
floor and spoke in favor of his resolution
instructing the finance committee to re-
store the Mckinley duties ON wool III any
revenue bill reported to the senate.
Senator Mitchell declared that no in
dustry had received such a staggering and
deadly legislative blow as that inflicted
upon the wool industry by the Wilson
tariff act. 1t had drained from the
United States within the last year $S5,.
100000 in gold to pay for foreign wool
and had occasioned a loss to the wool
growers of this country of more than ST.
100000. Unless this legislation was
changed the sheep industry of the Pacific
coast would be killed. Continuing, he re-
ferred to the condition of the treasury
and the presidents appeal and added:
"While providing at the earliest possi-
BILE moment legislation which will pro
cure sufficient revenue to relieve the ad-
ministration of present embarrassment
other simple questions should not be lost
sight of in the performance of our patriot
ic response to the president. and we
should manage so as to relieve from
danger of destruction some of the great
Industries stricken down by the Wilson
tariff act"
Mr.. Mitchell said the tariff bill passed
by the house will probably increase the
revenue S40.000,000 year. Amended
PC " shorld be by affording wool. lumber.
barley, hops and other agricultural
products adequate protection. it will give
an additional revenue of S60,000,0O0 and
place paddock upon the so-called END
less cain" by which gold is drawn from
the treasury, stop all necessity for fur
ther issue of bonds, and rescue from i'm
pending ruin the wool and other agricul-
turnl interests of this country.
While llr. Mitchell was contending that
the secretary Of the treasury could have
stopped the gold raids by using his dis
erection to redeem notes in coin, Mr.. Hill
Dem.) of New York asked him if it was
not true that greenbacks had been re-
doomed in gold by every secretary since
1879
Mr.. Mitchell replied that it might be
true, but in his opinion it was very poor
policy.
cd in gold since 1891" interrupted Mr..
Cockrell Dem) of Missouri.
SIS that fact?" asked Mr.. Mitchell.
SIT is" replied Mr.. Cockrell, emphat-
ically. ''ln 1893, in response TO tele-
gram sent by me to Secretary Foster, ne
replied that the first treasury note had
been redeemed by him in gold in 1891"
Il am talking about greenbacks," said
Mr.. Hill. Have not all the secretaries
of the treasury redeemed these notes in
gold since 1892"
said Mr.. Cockrell.
"There was no demand for gold, and
that can be shown on the records The
senator from Ohio (Mr. Sherman) since
that time proposed to redeem, retire and
cancel everyone of those greenbacks with
silver dollars, and his amendment to that
effect is here on record. in which he pro-
posed to substitute for the greenbacks sill
yer notes, and in addition to that | want
TO say that Secretary Carlisle, January
2 1895, stated before the house commit
t,A nta,,i,, t,lr, flot ia fhn hn
ginning, the secretary of the treasury had
exercised his discretion of paying either
in silver or gold, it would have operated
well and would have been of great bene-
fit"
In answer to Mr.. Hill. Mr.. Cockrell said
he did not know whether Secretary Fos-
ter had redeemed grcenbacks in gold.
You said it had not been done"
Not on demand" said Mr.. Cockrell.
Il repeat that no secretary of the treas
ury, until October, 1891, ever yielded the
option to the holders of the United States
notes."
But United States notes were redeem
ed in gold"
Not at the option of the holder; the
option was never given the holder until
1891"
Mr.. Stewart recalled the fact that at
dinner at Delmonico's in New York, No
vember II, 1891, Secretary Foster had
declared that he would redeem United
States notes in gold and that President
Harrison, in his annual report the same
year, had said that the policy of the treas
ury department had done much to restore
confidence in the country.
Mr.. Elkins (Rep.) of West Virginia
asked for the immediate consideration of
a resolution declaring it to be the sense
of the senate that no bonds of the United
States should be sold at private sale or
ut private auction but they should be ad-
vcrtised and should be sold to the highest
bidder.
''As that resolution would seem to re-
fleet on the senator from Ohio (Sherman),
who, when secretary of the treasury, al
ways disposed of bonds by private con-
tract, and as he is now absent, think the
resolution should go over" said Mr.. Hill.
Il fail to see how the resolution reflects
on Sherman"
Il can not make it plainer," replied Mr.
Hill.
The resolution went over.
Mr.. Nelson Rep) of Minnesota ad-
dressed the senate on the great financial
question, maintaining that the great out