The record-union., 1896-05-23


ent delicate situation of the party on
the finance question. Democrats had
difficulties enough to contend with with
out adding to them.
Let it be only understood" he added,
that the party to which we belong is
attempting to cripple the finances of the
country by not maintaining a sufficient
fund to redeem the paper currency, and
there is an end to our prospects, of sue
cess; and we might as well count the
days within which we shall retire per-
manently from power. All my ambi-
tions and hopes are involved in the sue
cess Of the Democratic party. 1t is said
that represent the great financial CEN
ter of the country. But I remind my
Democratic friends that this is the great
city of New York, which has only once
in it's history given a Republican ma
jority, and that was on local issue. 1t
has by its immense majority saved the
party on many occasions. Thou
sands and thousands Of business men
and bankers have maintained the fidel-
ity Of the Democratic party. We cam
not maintain our party in the North on
any such theory as this bill. Provide
ample funds at all times with which to
redeem your paper currency, and we
will solve the gold and silver question
satisfactorily, and maintain the grand
old party which in all the history of the
country has done so much for it's glory
and honor
Hawley (Rep.) of Connecticut de-
nounced the bill Indignantly. It's pass
age would be the foulest-the only foul
spot in the record Of the Senate. 1t
was horrible. 1t was altogether impos-
sible. 1t was reputation 1t was
bankruptcy. 1t was anarchist infamy.
Mills Dem.) of Texas defended and
advocated the bill. and spoke contemp-
tuously of wealthy American families
who sent their daughters to Europe to
be sold for titles. 1t was such things,
he said, that tended to undermine the
institutions of the country and to de-
stroy the great democratic fabric Of
Government. He notified Sherman that
he would propose to amend his filled
cheese" bill by an internal revenue tax
on iron, steel, lead, zinc, fax, hemp,
jute and other articles.
Lodge Rep) of assachusetts op
posed the bill. He said: I'VE know, as
matter of fact, that the Government
revenues are short, and show a month
ly and annual deficiency; we know the
Senate is unable and unwilling to pass
the bill to give the Government addi-
tional revenues. If this bill passes it
means that we shall not only be placed
in a position where we cannot redeem
our coin obligations, but that we shall
be unable to meet the just debts in
in bn iyo nf hn
Government. This bill means the prac
teal repeal Of the Resumption Act,
for it takes away the power to sustain
the reserves of the treasury given by
that Act. 1t will amount in six months
to a virtual repudiation.
Mr.. President, am we'll aware that
this bill, if it passes the Senate, will
not pass the House of Representatives,
and the President, at least nominally
Democratic, would veto it If it ever
reached him. Business is very bad. 1t
has been very bad. Men are very SEN
sitive; business is very sensitive; the
action of passing this bill will be an
other blow to the business of this coun-
try The only plea / desire to make at
this moment is that the Senate would
spare this blow to the business of the
country"
Clark (Rep) of Wyoming disavowed
any purpose to give vote that would
bring dishonor or discredit to the Gov
ernment, and he asked Hill whether
there was anything in the bill which
would prevent the Government from
borrowing every dollar necessary, of
only to redeem the greenbacks, but
to pay the currency obligations of the
Government.
Hill replied that the Act Of 1915 was
the only authority on the statute books
that gave the Secretary of the Treas
ury authority to issue bonds for any
purpose whatever.
Clark said that the answer convinced
him of the necessity for the passage of
the bill at this time.
Gray Oem) of Delaware declared
that the passage of the bill would leave
the Government stripped stark
naked and helpless by the money
sharks and gold bugs of New York,
about whom the Senator from Ne
braska (Allen) had SO much to say.
Sherman said he was sorry that the
bill had been introduced-not that it
could do any harm, because it would
fall dead and not be acted upon either
by the House of Representatives or
the President. The agitation, how
ever would create alarm among the
most timid people in the world, bank
ers and business men. 1t would prob
ably lead to grave doubts as to the
ability of the Government to maintain
specie payment. 1t was a population
of the public debt and as such he de-
nCunced it,
Thank Cod" said he, "the House of
Representatives still stands there on
the right side, and the President of the
United States will aid the House in pre-
venting any such action
These remarks were applauded very
generally-the first instance of ap-
plause during the debate
Teller Rep) of Colorado character
lied some of Shermans statements as
arrant nonsense and sensational, which
he could not allow to go "unrebuked and
improved. The craze to maintain the
gold standard was rapidly DESTROYING
the Democratic party, and would de-
stroy the Republican party before it
got through.
After further remarks by Senators
Butler Pop) Of North Carolina and
Allen Pop) of Nebraska, the bill went
over without action.
An effort was made to have Monday
next at o'clock fixed as the time for
taking the vote on the bill, but objection
was made by Dubois. The bill comes
up again tomorrow as unfinished bust
ness, with Allen on the floor.
The final report on the river and har-
Dor bin was presented and agreed to.
and the Senate at 6 p. m. adjourned
HOUSE PROCEEDINGS.