Birmingham state herald., 1896-01-04
4 MOST SURPRISING VOTE Taken in the Senate on MT.
 EIkins' Resolution TOSTOP PRIVATE BONDS Senator Hill Flew to the Defense of President
 Cleveland. MADE SOME REMARKABLE ADMISSIONS Senator George Asked Him Question That Shows the Farmers What They
 May Expect to Get Out of
 the Bond Deal
TOSTOP PRIVATE BONDSALES
MADE SOME REMARKABLE ADMISSIONS

Washington, Jan. 3.-For over five hours today the senate was in a turmoil on the financial discussion. It was opened by an hours spesnh from Mir Sherman, a leading member of the finance committed in support of his res olution to set apart the reserve fund of $10O.00O,OOO in gold when in the treasury and to separate it from the ordinary cur rent receipts. He argued that there was no other cause for the financial difficult ties of the government than the unwise tariff legislation of congress, which had reduced receipts below expenditures; had impaired confidence and had compelled the government to sell bonds in order to meet deficiencies, and that there was no other remedy except to borrow money on the best terms possible to pay current deficiencies and to provide sufficient rev nue.
 The coin reserve must be- MT. sherman said, kept unimpaired instead of being drawnkNpon to meet current expenses. The inf<airing of that fund Qrom which $162 O00 900 had been paid out in the last two and a half years) was the source anu fountain of all the financial difficulties and the true remedy was to supply by taxation additional revenue and to Dor
  enough money to cover past and future deficiencies
 No action was taken on the resolution. which lies on the vice-president's table, to be taken up for further discussion.
 The resolution offered some days ago by MT. Elkins, declaring it to be the sense of the senate that United States bonds should not be sold under private contract and without advertisement was taken up and discussed with much spirit until the af odi r,onn A mOtiOn refer 1t to the finance committee was defeated by the immense majority of AS tQ 6, and the adjournment was carried by major ity of only l.
 The senate at 5:30 p. m. adjourned till Tuesday, leaving the Ekins resolution as unfinished business.
 MT. Morrill, chairman of the commit tee on finance moved that when the sen- ate adjourn today it adjourn to meet on Tuesday next. He expressed the hope that at that time the finance committee would be able to report both the bond and the tariff bills of the house. The motion was agreed to.
 Mr George introduced and asked unan- imous consent for the present considera- tion of a bill to repeal the law which re- quires proof of loyalty during the war of the rebellion as a prerequisite In any ap- plication for bounty land warrants to soldiers in the Mexican war. After ex- planatory remarks by MT. Hoar advo- eating the measure, consent was given and the bill was passed.
 Mr. Butler asked unanimous consent for present consideration of a bill 'to prohibit the further issuance of Interest bearing bonds without the consent of congress"
 Mr. Hill remarked that the bill would lead to some discussion and as the sena- tor from Ohio, MT. Sherman, was ready to address the senate on the whole finan- cial question, he thought it unwise to have the discussion preciDitated.
 Mr. Butler said that this bill needed no discussion. Everybody knew now, as well as he would know a year from now, how he would vote on this question. It had been discussed pro and con and this was to separate feelings in the country in regard to it. Still he would let the matter lie over until the senate could hear from the senator from Ohio.
 Mr Allen offered resolution, which was agreed to, calling on the secretary of the treasury as to whether the reserve fund in the treasury had ever been sepa- rated from other moneys.
 Mr. Lodge offered resolutions, which were agreed to- as to pneumatic dyna- mite guns and as to the cost of equip ping monitors. Also resolution in re- gard to the purchase of the Danish West Indian islands, which was referred to the committee on foreign relations.
 The resolution offered by MT. Sherman last Tuesday in relation to the reserve fund was laid before the senate and MT. Sherman proposed to address the senate, prefacing his speech with remark that, contrary to his custom, he had reduced his speech to writing on account of the importance of the subject and for the sake of clearness and brevity would pro- ceed to read it.
 The delivery of the speech occupied exactly one hour. It was read with dis tinctness and force and listened to with the closest interest and attention on both sides of the chamber.
 No vote was asked for on the resolu- tion. but the floor was taken by MT. But Ter of North Carolina, who argued in support of his bill to prohibit the issue of bonds without the consent of congress. The president, he said, was waiting to see what congress was going to do on the subject. Let us give it to him. he ex- claimed. "and let us give it to him and not from partisan standpoint"
 The immediate consideration of the bill was objected to by Mr. Hill, who was at the moment acting as president pro tenn.
 MT. Mills took issue with the statement of MT. Sherman that the tariff act of 1893 was the cause of the present financial difficulties. He spoke of MT. Mckinley as a man who never shirked or shrunk from the consequences of his act, and says that if he was to be the standard bearer of his party in the next cam paign he would stand upon the, doctrine congress to prohibit importations in or der to give increased prices to Ameri- can manufa cturers. He asserted that the present unhappy condition of affairs had come before the incoming of the democratic administration. and he re- called the fact that MT. Foster. when secretary of the treasury. foreseeing deficit, had sought to have a provision for the sale of per cent bonds inserted in an appropriation bill. and gone about calling to both houses, Help me, Cas- sius. or sink" and yet now, said MT. Mills, the nestor of the republican party declares for campaign purposes, that