The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-05-07

would be unpleasant to have New York
or Boston placed under tribute for a few
hundred millions. While not opposing
the building up of the navy, yet he wanted
to put out the need of some harbor of
refuge for them in case of war.
Mr.. Allen Pop.) of Nebraska said the
Venezuelan scare had been started to
divert attention from the financial ques-
ton, and all the lingo speeches ON the
Monroe doctrine had gone for naught. 1t
was all political party play for party ad-
vantages. Criticising the bond-issuing
policy of the old parties, Mr.. Allen said
that shortly before the Harrison admins
tration closed Secretary of the Treasury
Foster called together a party of New
York bankers with view of forming
syndicate, and there was talk, added the
senator, as to profit which would have
come to Mr.. Foster by a bond transac-
ton.
Mr.. Allen declared that he made no
charge; he mentioned incidentally hav-
ing read somewhere to the effect that Mr..
Foster would have profted to the extent
of $2,500,00O.
Mr.. Allison insisted that no such state
ment should be made without producing
authority, and Mr.. Allen repeated that he
made no charges, merely repeating what
he had read.
Mr.. Allen predicted that the Republican
party would be victorious at the next
national election, and that the Demo-
cratic party would 60 out of power for Il
he said, there would be great bolt in
the Democratic ranks. one wing taking
refuge in the Populist party and the
other becoming gold bugs"
Then, turning to the Republican party,
Mr.. Allen accused it of frying the fat"
out of protected industries, and said that
party, too, would go out of power in
1900, giving place to party of the peo-
pie.
Mr.. Allen spoke until 4 o'clock, con-
Stunning over three hours. The question
reverted to the item of battleships.
Mr.. German made a point of order
against an amendment offered by Mr.
Quay, fixing the number of battleships
at six.
81 hope there will be vote" said Mr.
Quay. "The Republican party will be
in possession of the government before
the construction of these ships is begun,
with plenty of money in the treasury and
ample funds to pay for them"
The chair (NIr. Call presiding) sus-
tanned the point of order and the Quay
amendment went over.
Mr.. German then urged the adoption of
his amendment reducing the number
from four, as reported, to two, pointing
out that each ship, with its armament,
would cost about $7,O00,000, making a
large aggregate expense, in view of the
treasury's condition.
Mr.. Bacon lDem) of Georgia favored
four battleships as there will be large
fund in the treasury and this would help
put it into circulation.
Mr.. German said that while cOnceding
Il full treasury, yet there stood against
this balance S116,0O0,O00 appropriated
before this congress had assembled and
not yet paid. 1t would take every dol
| lar in tie treasury to meet current eX-
penses and present appropriations, and
there would be another run on the gold
reserve, running itself down below the
500. 100000. and another bond issue.
at is my judgment" said Mr.. German,
"that the amounts outstanding against
the treasury are enough to consume the
entire S160,000,000 in the treasury,
which balance does not include the re-
serve of $100000,00O held for the re-
demption of greenbacks.'
Mr.. German spoke of the need of gold
to pay salaries and other expenses,
whereupon Mr.. Tillman interrupted to
say he would like to know how the party
dared TO use gold, the proceeds of bonds,
to pay current expenses.
Mr.. Chandler said that the two battle
ship would employ the armor factories
to their full capacity. He suggested,
therefore. that in place of the two other
battleships the senate should substitute
large fast torpedoe boats. For this pur-
pose he proposed an amendment for two
torpedo boats to cost an aggregate of
S4,500,00O.
The bill was then laid aside.
Mr. Hale said he would endeavor to
get vote by o'clock tomorrow night
otherwise he would seek to secure night
session.
The bill was passed increasing the pen
sion of William Cross of the volunteer
forces. to S75 per month, and then, at
6 o'clock, after a brief executive session,
the senate adjourned.