The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-01-04
The Main Theme of a Stirring
Debate in the Senate.
Mr.. SHERMAN'S SPEECH
Senator Hill Gets Into Another
Personal Controversy.
BUTLER is AGAIN HEARD FROM
He Renews His Request for immediate
Consideration of his Bill to Prohibit
Sale of Bonds Without Con-
sent of Congress.
sent of Congress,

sent of Congress.
Washington, Jan. 3.--The Senate
heard a stirring debate to-day, the
bond question being the main theme.
Mr.. Sherman's speech, which had been
anticipated, with much interest for
some time, initiated the financial dis
cussion.
The veteran Senator was in good
voice, and his speech was closely fol-
lowed throughout. He attributed the
present financial situation solely to the
lack of revenue caused by the enact
ment of the Wilson tariff law, and as
serted that while the Congress would
support the President in the field of
diplomacy and foreign relations, for
the honor and integrity of the nation,
it would not adopt his financial recon-
mendations.
Mr.. Sherman launched into an elab-
crate elucidation of the requirements
necessary to meet the present none
tary crisis and inveigled strongly a
gainst the Presidents proposition TO
retire the greenbackS permanently He
insisted that at proper revenue. as un-
der the Mckinley law, the gold reserve
! would have remained at the Sl00, 0,OOo.-
900 mark and the present serious con-
dition of the national finances might
| have been averted. He, however,
thought a bond issue could not be u
rarre6, and under the circumstances
he believed it the one way out OF the
,e.e xF,.o,
|. Senator Sherman's speech created
a profound impression in the Senate,
but it was merely prelude to an un-
expected financial controversy, yigor-
GUS and personal in character.
Mr.. Elkins, of w. Virginia, sought to
secure an immediate vote on his reso-
luton directing that all bond issues be
advertised and the bonds offered to the
public. Mr.. Hill sought TO have the
resolution referred to committee burt
on roll-call the vote was oyerwheim-
ingly in favor of proceeding with the
question. Only six negative votes were
cast, viz: Chiffon, Gallery, Hill, Mitch
ell. of Wisconsin, Murphy, and Brice.
Mr.. Hill spoke vigorously against
the resolution. He asserted that Mr..
Sherman, when Secretary of the Treas
ury, had made bond contracts with
New York syndicates similar to the
sharp personal debate. in which Mr.
Hill, Mr.. Sherman, Mr.. Hoar, Mr. Tel
Ter and others participated
At $3.50 o'clock the Senate agreed to
adjourn, although the motion carried
BY bare majority of one. During the
day Mr.. Morrill,, from the Finance
committee, reported that the tariff
and bond bills would be ready on Tues
day, to which day the Senate adjourn
ed.
At the conclusion of Mr.. Shermans
remarks, Mr.. Butler. Pop. N. c., re-
newed his request for the immediate
consideration of his bill To prohibit
the future sale of bonds except with
the consent of Congress. He argued
that this was no time for discussion
The newspapers this morning had told
the story of the impending bond issue.
Action should be had at once Every
Senator understood the question and
should be ready to vote. Mr.. Butler
talked for some minutes and finally
asked unanimous consent to put his
bill upon its passage
Mr.. Hill, who happened TO be in the
chair, rather startled the Senate BY
himself interrupting an objection.
Mr.. Mills lDen.). Texas, then took
the floor to reply to Mr.. Sherman. He
repelled the charge that the Wilson bin
or the 53rd Congress, was in any way
responsible for the present financial
crisis. The burden belonged TO the
5fst Congress, and Mr.. Sherman was
partly responsible for the legislation
of that Congress. The Democrats
had turned over to the Harrison adj
ministration in 1889, S230,000,000. How
was it, he asked, If the claim that the
Mckinley bill had produced sufficient
revenue was true, that in 1898, when
the Democrats again assumed control,
all that surplus was gone, consumed
and dissipated?
The resolution of Mr.. Elkins
(Rep.1, West Virginia, was then
taken up. 1t directed the disposal of
bonds by public sale. Mr.. Elkins
spoke vigorously in support of his res
olution. He referred to the fact that
petty Government officials were com
PEELED to make contracts after due ad-
vertisement, and yet the President and
the Secretary of the Treasury were
entirely relieved of this valuable safe
guard.
II desire vote on this resolution" !"
said Mr.. Elkins, in conclusion.
''But this resolution was taken up
merely to- permit the Senator to make
a speech" said Mr.. Hill.
81 move to proceed To the considera-
tion of the resolution" said Mr.. Elkins.
Mr. Hill sought to object, but was cut
of by the Vice-president ruling that
the motion was not debatable. There
upon the vote was taken, resulting in
an Overwhelming affirmative vote fa-
yorable To proceeding with vote on