The record-union., 1896-01-16

WASHINGTON, Jan. 15.-The Senate
listened to-day to two long speeches
against the further issue of United
States bonds and in favor of the use
Of silver money The first was made
by Mills Dem) of Texas, and the sec
Ond by PETER CPOp) of Kansas. Mills
speech was bitterly denunciatory of
the national banking system, and was
ar arraignment of the financial policy
of the President and of the Secretary
of the Treasury, while PETER denied
that there was any authority in ex-
listing statutes for the issue of United
States bonds. Although the Kansas
Senator spoke for two hours and a
quarter, he did not conclude all that
he desired to say, preferring to go on
with the remainder of his speech to-
morrow.
On the same general subject a joint
resolution was introduced by Pugh
Oem.) of Alabama, being a reproduc-
tion Of what is known as the Stanley
Matthews resolution, declaring all Gov
ernment bonds payable, principal and
interest, at the pleasure of the Gov
ernment in standard silver dollars. Pugh
said he would ask a vote on the res
olution tomorrow, without debate, but
subsequently said he wuld not ask a
vote until Monday.
A bill heretofore introduced by Allen
Pop) of Nebraska and then referred
TO the Committee on Foreign Rela-
tions to prevent United States citizens
from accepting titles or patents of no
blity from foreign nations was re-
ported back to-day from the commit
tee adversely, and was postponed in
definitely.
A joint resolution appropriating S75,-
600 to defray the joint expenses of
locating the boundary line between
Alaska and the British North Amer
ican territory was passed.
The resolution offered yesterday by
Mills Dem) of Texas in favor of the
coinage of silver and for other pur-
poses was taken up and Mills ad-
dressed the Senate.
The real force behind the controversy
and which had been urging it on for
years was, he said, the national banks,
which claimed that the prerogative of
coming nd issuing money, which neces-
sarily belonged to the. Government,
really belonged to them, and that they
must exercise the prerogative of con-
tracing and expanding the currency,
and of changing the standard of value
as might suit their personal interests.
At considerable length, and with his
usual display of fervor in manner and
language, Mills reviewed the history
o. the national banking system, and ar
gued in favor of abolishing it, quoting
from the platforms of political parties
in several States against the national
banks and against bank note circula-
ton, which, he said, cost the people
500 100000 a year. He expressed his
regret at having to differ with the Pres
ident and his recommendation to cancel
and withdraw Government circulation
and to substitute bank circulation for
it.
Criticising the recommendations of
the President to fund the greenbacks
and treasury notes in interest-bearing
bonds, Mills declared that that teach
ing was contrary to that of all the par
ties who had elected Presidents. On
this point he contrasted the views of
President Cleveland with those of
President Washington ia patriot
President, not political President" he
said-who recommended the payment
of the existing national debt and the
avoidance of new debts.
Summing up the views expressed by
Jefferson, Madison, Jackson, Van Bu-
rem, Buchanan and other great men Of
the past, he declared that it had been
the Democratic policy from the organi-
cation of the party to pay the public
debt and to keep the resources of the
country from being incumbered by tax
alton.
.'Shan we now" he exclaimed, turn
round. retrace our steps, establish, for
tify and keep a moneyed aristocracy in
this country, and stop the vain effort TO
maintain free institutions and transmit
them unimpaired to our children"
Mills stated that the Government had
always made its bonds redeemable after
q. certain time, or at its pleasure. But
now" he continued I'VE hear our Pres
ident and our Secretary of the Treas
ury asking not only for bonds. but
bonds to be sold for gold, which is to be
poured into a sieve and to come back
again. but for longtime bonds
"Fifty-year bonds" Cockrell (Dem.)
of Missouri prompted.
Fifty year bonds,' Mills repeated
''That means fifty thousand years. 1t
means a debt never to be paid. The
rarity" he exclaimed, passionately
that desires to go before the country
in the coming campaign and that has
the honesty to write in its platform that
it is in favor of maintaining public
debt as pedestal on which to build
national banking system will be swept
out of existence with a storm of indig-
nation"
Mills closed his speech at , p. m, and
then the House bond bill, with the silver
substitute reported from the Finance
Committee, was taken up, and Peffer
(Pop) of Kansas addressed the Senate
Feffer yielded the floor temporarily
to Pugh CDem.) of Alabama, who Of
fered a joint resolution declaring (after
a long preamble) that all the bonds OF
the United States issued under the Acts
of March Is, 1869, of July IA 1870
and January IA, 1875, are payable, prin-
cipal and interest, at the pleasure of
the Government, in standard silver dol
lars. He said the joint resolution was an
exact copy of the Stanley Matthews
resolution, which passed both houses
in 1878 by two-thirds vote, and that
he would ask vote on it tomorrow
without debate
For a public officer, PETER declared.
to assume authority to bond the peop3e
of the whole country with a specific
act CT legislative authority. was great
public crime. 1t was not his business
nor his purpose tc intimate that there